March 14, 2012 at 2:07 pm
(Sorry if you have read this already as I am cross posting to several blogs… That’s how angry I am…)
Glad to see even after all these years this thread is still alive… I have had nothing but nightmares with everything I do at Questrade lately. It all started well with margin trading in US & CDN and I never really had any issues. Seeing that things were good and trades on the cheap side I decided to entrust my TFSA contributions for my wife & I in 2011. That’s when the problems started… Still to this day, March 2012, zero of my 2011 contributions have been recorded with CRA (over 1 year). I have simply given up after phone calls, emails, reports generated & the BS excuses they keep giving me. They did’nt believe me on anything and expected me to call the CRA on their behalf! Huh? What a nightmare that is still unresolved. No idea if they will ever report our contributions. These will be cashed out in December of this year without a doubt and moved to my TDW account.
Being a little naive and trusting, I also signed up for direct withdrawals and purchase of Claymore ETF’s on a monthly basis. Well, that really started off on the wrong foot when they deducted 2 securities payments/purchase correctly but my third was 3x (!!!) the requested amount. I was lucky that I had the funds to cover it in my originating account but it took 2 deduction cycles (read $900 taken) to correct the problem and 3 weeks for them to actually send my money back. The onus was on me to prove they had actually taken the money, they had not purchased the securities on my behalf and for me to involve my bank in the process! It was brutal arguing with them constantly over a two week period.
Anyway, there is more but I digress… I am really happy with TDW and moved all my business there. They have been absolutely amazing for customer service, accuracy of request processing and just fantastic to deal with overall. Trading execution is noticeably faster for buy & sell requests. In my opinion, it is well worth the $9.99 per trade for the type of long term investor that I am. As Chris says: Let our experiences be a lesson to others.