RBC Direct Investing (formerly Action Direct) experience

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Springbok
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Re: RBC Action Direct experience

Post by Springbok » 09 Feb 2011 10:07

BRIAN5000 wrote:
But time has probably come to consolidate everything in one place.
I had the same idea but with everything in one account, protected by one password, accessable with one trading platform (which may be operating or not) I think not.
That was one thought when I first moved some investments to RBCDI. US banks were failing and we were heading into recession. Probably better to not have everything in one place. There was a discussion here about this.

But, RBCDI need to pull their socks up. Lack of Level II quotes regardless of account size is another weakness. I have to go to BMOIL to get those quotes and then back to RBCDI to do the trade :(

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Re: RBC Action Direct experience

Post by BRIAN5000 » 09 Feb 2011 16:10

have to go to BMOIL to get those quotes and then back to RBCDI to do the trade
I have to go to RBCDI to get an idea of reasonable GIC rates then go somewhere else to get the best rate. :(
“Sometimes you are going to sell early and wish you would’ve held on, other times you will hold on a
little bit longer and wish you would’ve sold early - this is just part of the game.” - Frank Zorilla via Abnormal Returns

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Re: RBC Action Direct experience

Post by Springbok » 09 Feb 2011 18:26

Being away from home, I have been communicating with RBCDI by secure mail. I have had two completely contradictory responses from them as to why my order was rejected, neither of which are correct. But both tell me I am wrong and I should go read their site FAQ on how to place orders! I will close teh account when I get home.

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Re: RBC Action Direct experience

Post by Springbok » 14 Feb 2011 23:00

Springbok wrote:Being away from home, I have been communicating with RBCDI by secure mail. I have had two completely contradictory responses from them as to why my order was rejected, neither of which are correct. But both tell me I am wrong and I should go read their site FAQ on how to place orders! I will close the account when I get home.
I asked for the issue to be moved to a higher level. They finally reviewed and understood the issue and contacted me admitting the error was theirs. They put the rejected order through at the price I had asked. Good resolution but too bad the on-line reps couldn't see the problem.

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Re: RBC Action Direct experience

Post by marty123 » 19 Feb 2011 11:25

Well, I finally transferred everything to RBC Action Direct. The main driver was the US RRSP feature.

I booked an appointment with an RBC Investment advisor at my local branch. Part of it was to give him (an acquaintance), the reference to go towards his (or his branch's) quota. We're talking about 2 RESP (now combined into 1 family one), 1 corporate account, 3 RRSP (mine, wife's and wife's spousal), 1 LIRA, 1 taxable account and 1 TFSA. I created the RRSP and TFSA accounts online (entirely electronic, followed by mail-in of a single form). It took me 4-5 hours to prepare for all that, with most of the time spent on gathering and filling the corporate and RESP documentation. The LIRA was going to be a pain, so I let the RBC advisor do the planning. We showed up to the appointment with a 1.5" pile of documents fully completed (except the LIRA) and learned that the advisor had booked 3 hours for us. We were out in 50 minutes including chatting, confirming Bylo's experience. Most of the time was spent ensuring forms were filled and signatures were present, with a bit of extra time spent on the corporate documentation, a bit extra diligence spent on RESP forms, and the LIRA being moved totally by the advisor.

3 RRSP and 1 TFSA created within 24 hours (they were created before our appointment via the online process)
1 LIRA, 1 family RESP & taxable account created within 48 hours
1 corporate account created within 72 hours

Money from iTrade RRSP, taxable and TFSA was transferred within 4-5 days. Amazing considering that my transfer to eTrade several years ago had taken weeks.
Money from TD eFunds not yet transferred (it's been 2 weeks), money from corporate account also still waiting for transfer
LIRA is taking a while, I was told it could be 1 month.

A few details were forgotten:

- My first transaction was $28.95, despite having more than enough to qualify for $9.95. It so happens that $10 transactions are granted monthly upon account review. It was automatically set to $10 for further transactions upon me raising it via secure email, but the $19 refund was denied. I got the $19 refund after escalating.
- It appears that 1 PoA form was not witnessed properly by the RBC staff. We were asked to resend a new one (which we haven't done yet)
- The W8-Ben for corporate account wasn't sufficient. We were mailed a form that's required, which is basically a resolution allowing the W8-Ben to be filled.
- The rep who refunded the $19 (in a TFSA) pointed out that we don't have a beneficiary election. I thought I made one in the electronic form, but it appears there is no room for one due to provincial discrepancies. I was provided with a link to the form to be filled.
- RBC Royal Circle benefits granted automatically once I called RBC RC rep (the site said it would require 3 (or maybe it was 4?) months of qualifying balances.
- I haven't put in for my transfer fee refunds, which will exceed $1,000. I was reassured that they'd be authorized though. I just prefer to send them all at once.

Web interface is much better than iTrade, and so is the research. Only disappointment is that Level II quotes are not available, no matter what balance is held. I thought RBC RC qualified, but it seems that only frequent traders do.

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Re: RBC Action Direct experience

Post by newguy » 19 Feb 2011 11:38

marty123 wrote:Money from TD eFunds not yet transferred (it's been 2 weeks)
Since you have to hold e-funds at TD I'm not surprised.

newguy

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Re: RBC Action Direct experience

Post by marty123 » 19 Feb 2011 14:57

newguy wrote:
marty123 wrote:Money from TD eFunds not yet transferred (it's been 2 weeks)
Since you have to hold e-funds at TD I'm not surprised.
They were proactively switched to standard TD funds a few weeks before the transfer. These are RESP, so it might take longer.
Last edited by marty123 on 19 Feb 2011 14:58, edited 1 time in total.

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Re: RBC Action Direct experience

Post by northbeach » 19 Feb 2011 14:57

marty123 wrote:Well, I finally transferred everything to RBC Action Direct. The main driver was the US RRSP feature. ...........
I have all my investments with RBCDI for the last two or three years. To date, I am very happy with their service. As you are probably already aware there is separate phone number to get to the Royal Circle anytime you phone in. I use +1 (866) 888-3938.

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Re: RBC Action Direct experience

Post by bbsj » 19 Feb 2011 15:05

northbeach wrote: I have all my investments with RBCDI for the last two or three years. To date, I am very happy with their service. As you are probably already aware there is separate phone number to get to the Royal Circle anytime you phone in. I use +1 (866) 888-3938.

I also have access to RBCDI Royal Circle through my daughter's account, but I want to know whether there is RBC Research available on RBCDI similar to what TDWH provides to its customers. For TDWH I get almost daily research reports in the morning around 9 am, and once a month they publish their Action List ( and of course, some of them bomb out). Does RBCDI has something similar? All I see is weekly S&P Outlook. Where do I find their Canadian Research Reports on RBCDI? Thanks in advance for replies.

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Re: RBC Action Direct experience

Post by deaddog » 19 Feb 2011 15:52

"Research at a glance" gives daily reports

Under RBC CM Industry/Sector Reports and Strategy you will find the New Year 2011 FEW And FOCUS list updates. Look for feb 15 for the latest.
Not sure if its the same as TD but I'm guessing somewhat similar.
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Re: RBC Action Direct experience

Post by bbsj » 19 Feb 2011 17:14

deaddog wrote:"Research at a glance" gives daily reports

Under RBC CM Industry/Sector Reports and Strategy you will find the New Year 2011 FEW And FOCUS list updates. Look for feb 15 for the latest.
Not sure if its the same as TD but I'm guessing somewhat similar.
Thanks Deaddog.

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Re: RBC Action Direct experience

Post by northbeach » 19 Feb 2011 19:34

You can find specific detailed company research from both S&P and RBC when you look up a specific company in Get Quote or click on a company you own within your portfolio(s).

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Re: RBC Action Direct experience

Post by Springbok » 19 Feb 2011 20:35

marty123 wrote: Only disappointment is that Level II quotes are not available, no matter what balance is held. I thought RBC RC qualified, but it seems that only frequent traders do.
That was mentioned a little earlier in this thread.

It is one reason I did not move all my accounts to RBCDI and why I maintained my account at BMOIL when RBCDI offered 1% for transfers. Since moved all accounts but one back. Still have RC but I don't see any benefits from it.

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Re: RBC Action Direct experience

Post by like_to_retire » 19 Feb 2011 20:59

Only disappointment is that Level II quotes are not available, no matter what balance is held.
That would be a show stopper for me. How can you make a trade without knowing what's behind the limits? You're blind without it.
I want to know whether there is RBC Research available on RBCDI similar to what TDWH provides to its customers.
I have to say that TD has exceptional research and reports. The monthly fixed income report that highlights bonds, preferred shares, income trusts, high yielding equities and convertible debentures is my favourite.

ltr

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Re: RBC Action Direct experience

Post by ig17 » 19 Feb 2011 21:58

US Level II quotes are available for free at

http://www.level2stockquotes.com/level-ii-quotes.html

Disclaimer: I used them only a few times. I cannot vouch for how reliable their data feed is.

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Re: RBC Action Direct experience

Post by BRIAN5000 » 13 Mar 2012 16:25

I have a friend who wants to open a RBCDI account the REP said he would need to open a chequing account at RBC to be able to transfer money. Anyone know if this is true? He would like to be able to move money from RBCDI to Coast Capital and from Coast Capital to RBCDI.

Can these transfers all be done online with NO RBC account? Can he provide a Voided cheque from Coast Capital to RBCDI and pay a bill online to go the other way similar to TDW.
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little bit longer and wish you would’ve sold early - this is just part of the game.” - Frank Zorilla via Abnormal Returns

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Re: RBC Action Direct experience

Post by tedrfnwr » 14 Mar 2012 13:19

BRIAN5000 wrote:I have a friend who wants to open a RBCDI account the REP said he would need to open a chequing account at RBC to be able to transfer money. Anyone know if this is true? He would like to be able to move money from RBCDI to Coast Capital and from Coast Capital to RBCDI.

Can these transfers all be done online with NO RBC account? Can he provide a Voided cheque from Coast Capital to RBCDI and pay a bill online to go the other way similar to TDW.
RBCDI only allows funds to be transferred out to RBC bank accounts. Not sure if it is possible for them to mail a cheque to you if required, too slow anyway.

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Re: RBC Action Direct experience

Post by BRIAN5000 » 14 Mar 2012 17:21

mail a cheque to you if required, too slow anyway.
Yup for $10 they will mail a cheque.
“Sometimes you are going to sell early and wish you would’ve held on, other times you will hold on a
little bit longer and wish you would’ve sold early - this is just part of the game.” - Frank Zorilla via Abnormal Returns

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Re: RBC Action Direct experience

Post by Shakespeare » 30 Mar 2012 12:56

I sold the last of my MIP510 yesterday, pending an RRSP withdrawal early next week (income tax and new windows). Checking online today the real-time funds availability seems to show only 90% of the funds available. That should be fixed overnight as the sale settles. But I'm wondering if there is a 10% holdback on the forecast (not actual) funds in case there is a DSC.
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Re: RBC Action Direct experience

Post by Shakespeare » 31 Mar 2012 10:14

Update - correct value for MIP510 sale shown today. I had noticed a difference on the nominal funds available earlier, but had not calculated it. 10% seems to pure a number to be coincidence, and is reasonable for a temporary system holdback while any charges are cleared.
“A wise man should be prepared to abandon his baggage at any time.” -- R.A. Heinlein, The Door Into Summer.

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Re: RBC Action Direct experience

Post by Shakespeare » 05 Apr 2012 08:48

RBCDI is changing the fee schedule. One of the changes is that trades will no longer be consolidated.
“A wise man should be prepared to abandon his baggage at any time.” -- R.A. Heinlein, The Door Into Summer.

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Re: RBC Action Direct experience

Post by AltaRed » 05 Apr 2012 11:12

Shakespeare wrote:RBCDI is changing the fee schedule. One of the changes is that trades will no longer be consolidated.
To be clear, that means trade orders will not be consolidated but there will be only one commission per order (e.g. multiple partial fills). What it does not say is anything about partial fills over more than one business day......
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Re: RBC Action Direct experience

Post by rhenderson » 07 Apr 2012 01:23

AltaRed wrote:
Shakespeare wrote:RBCDI is changing the fee schedule. One of the changes is that trades will no longer be consolidated.
To be clear, that means trade orders will not be consolidated but there will be only one commission per order (e.g. multiple partial fills). What it does not say is anything about partial fills over more than one business day......
IIRC, partial fills over more than one business day were always treated as separate orders.

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Re: RBC Action Direct experience

Post by AltaRed » 07 Apr 2012 12:35

As I would expect they will continue to be, but the material is silent on this and could be legitimately interpreted otherwise.
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Re: RBC Action Direct experience

Post by DenisD » 12 Apr 2012 23:55

Shakespeare wrote:RBCDI is changing the fee schedule.
And we will be able to trade with a mobile application. AFAIK, it hasn't been released yet?

Commissions and Fees Schedule as of July 1
Orders placed using our online investing site or our mobile application

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