BMOIL Problems

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Shakespeare
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Re: BMOIL Problems

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How do I transfer money to my BMO chequing account from RBC? It won't accept "BMO chequing account" as a payee.
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Re: BMOIL Problems

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Shakespeare wrote: 16 May 2017 10:50 How do I transfer money to my BMO chequing account from RBC? It won't accept "BMO chequing account" as a payee.
Chequing account Bill Payment does not work to move money to chequing accounts, but RBC should let you Bill Payment funds to a BMO IL brokerage account. It is how I move money to/from Scotia and BMO, e.g. Scotia chequing to BMO IL brokerage.... or BMO Chequing to Scotia brokerage.
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Re: BMOIL Problems

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Yes, but the only brokerage account I have at BMOIL is an RRSP and I have no more contribution room. Is there an alternative to writing a cheque to myself and going to BMO to deposit it?
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Re: BMOIL Problems

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Not that I know of directly. You could indirectly with another online bank, e.g. PCF and others I assume, where you do a me-2-me transfer from RBC chequing to PCF chequing/savings (a pull from PCF) and then a me-2-me transfer from PCF (push from PCF) to BMO chequing. Don't know if you have other online bank accounts like PCF, Oaken, etc.

RBC brokerages don't have an EFT capability like some others, e.g. I can actually via Scotia iTrade set up an EFT mechanism to send funds to another institution's chequing account. I left RBC DI partly for that reason alone.
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Re: BMOIL Problems

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Shakespeare wrote: 16 May 2017 11:07 Yes, but the only brokerage account I have at BMOIL is an RRSP and I have no more contribution room. Is there an alternative to writing a cheque to myself and going to BMO to deposit it?
Can't you use an Interac email transfer to yourself?
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Re: BMOIL Problems

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longinvest wrote: 16 May 2017 11:54 Can't you use an Interac email transfer to yourself?
Indeed. That method had escaped me...even though I've done it myself :oops: For relatively small amounts though. Hard to move $100k that way.
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Re: BMOIL Problems

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IIRC, if you have a non-reg account at BMOIL you ?automatically? get a linked chequing account. Could you access a N-R account at BMOIL from RBC?
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Shakespeare
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Re: BMOIL Problems

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I don't have a non-reg account at BMOIL, only an RRSP.

The easiest way to but a couple of hundred hold money in the BMO chequing account still seems to be a cheque deposit.
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Re: BMOIL Problems

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So now when I want to set up a transfer from my BMO chequing account to RBCDI it asks for a 10-digit account number. The RBCDI accounts are 8 digits. WTF????

Added: RBCDI did not display all the digits; I found the missing ones on my statement. :roll:
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Re: BMOIL Problems

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longinvest wrote: 16 May 2017 11:54
Shakespeare wrote: 16 May 2017 11:07 Yes, but the only brokerage account I have at BMOIL is an RRSP and I have no more contribution room. Is there an alternative to writing a cheque to myself and going to BMO to deposit it?
Can't you use an Interac email transfer to yourself?
Set that up today and worked fine at $500. Not sure it will work for major withdrawals from the RRSP but I can always go:

RRSP->BMO chequing->RBCDI margin->RBC chequing.
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Re: BMOIL Problems

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Shakespeare wrote: 17 May 2017 22:08 RRSP->BMO chequing->RBCDI margin->RBC chequing.
There you go... You got it!

FWIW, I partly moved my RRSP from RBC DI a year or two ago to Scotia iTrade (bribe at that time) because there was NFW I was going to open an RBC chequing account just for a once/yr withdrawal come RRIF time.

Had I waited to make the change until now, it would have gone to BMO IL (their bribe). I actually could have moved it again of course (from Scotia to BMO IL), but I felt a little guilty about screwing Scotia over. Gawd... what a conscience!
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Re: BMOIL Problems

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there was NFW I was going to open an RBC chequing account just for a once/yr withdrawal come RRIF time.
If you're old enough, it's free. :wink: But I put $500 in BMO chequing as a token of good faith.

Not as easy as ING was, though. :roll:

Nor as convenient as having everything at one place, but having taken BMO's bribe (next year) I'll leave it there.

P.S. The bribe is $1000. Setting everything up probably cost $500 of my time.
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Re: BMOIL Problems

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Quick question: If I enter 5 orders to buy the same security on the same day, does BMOIL charge me 5 commissions or 1 commission ?
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Re: BMOIL Problems

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fundamental wrote: 18 May 2017 08:39 Quick question: If I enter 5 orders to buy the same security on the same day, does BMOIL charge me 5 commissions or 1 commission ?
If they are separate orders, each gets charged a commission. If one order gets more than one fill on the same day, only one commission is charged. I typically use one order and then make changes to it, e.g. price, as the day progresses to get the fill that I want. Rarely do I let a partially filled order go past the end of the trading day, because the next day it is like a new order.
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Re: BMOIL Problems

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AltaRed wrote: 18 May 2017 10:31 I typically use one order and then make changes to it, e.g. price, as the day progresses to get the fill that I want.
Have I understood correctly that If I put in an order to buy 1,000 ABC at $10, get 500 shares filled @ $10, but then change the unfilled portion of that trade to say $9.60 and get the remaining 500 shares filled there, there is only 1 commission for both?
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Re: BMOIL Problems

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fundamental wrote: 18 May 2017 11:13
AltaRed wrote: 18 May 2017 10:31 I typically use one order and then make changes to it, e.g. price, as the day progresses to get the fill that I want.
Have I understood correctly that If I put in an order to buy 1,000 ABC at $10, get 500 shares filled @ $10, but then change the unfilled portion of that trade to say $9.60 and get the remaining 500 shares filled there, there is only 1 commission for both?
Indeed... if it happens the same trading day. IIRC, BMO IL proportions the $9.95 commission across the two partial orders on each trading confirmation slip.
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Re: BMOIL Problems

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I assume that's if you use a limit order and change the price. But changing a limit order to a market order would be interpreted as two orders, wouldn't it?
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Re: BMOIL Problems

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Shakespeare wrote: 18 May 2017 12:37 But changing a limit order to a market order would be interpreted as two orders, wouldn't it?
Never tried it. Probably is written in their fine print. Let us know when you find out. :wink:
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Re: BMOIL Problems

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This came up a lot of years ago, maybe with RBCDI, maybe with someone else. Changing a limit to a market was two orders for whichever brokerage it was.
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Re: BMOIL Problems

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Why not change the price to a value that will ensure a fill and leave it as a limit order? Assuming the equity is somewhat stable (not too volatile).
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Re: BMOIL Problems

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Shakespeare wrote: 18 May 2017 12:59 This came up a lot of years ago, maybe with RBCDI, maybe with someone else. Changing a limit to a market was two orders for whichever brokerage it was.
At TD Waterhouse, there is no such rule.
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Re: BMOIL Problems

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leoc2 wrote: 18 May 2017 13:24 Why not change the price to a value that will ensure a fill and leave it as a limit order? Assuming the equity is somewhat stable (not too volatile).
Agreed that is what I'd do as well, but the question is interesting, none the less.
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Re: BMOIL Problems

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Shakespeare wrote: 27 Apr 2017 18:04 For those of you transferring new accounts to BMOIL: you need a full quarter above $250K and won't get 5-star service until Oct. 2.
:(

Will they at least agree to reimburse the transfer out fees before Oct 2?
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Re: BMOIL Problems

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The transfer fees were refunded a few days after I sent the letter with the copy of my final statement from RBCDI.
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Re: BMOIL Problems

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Shakespeare wrote: 07 Jun 2017 00:01 The transfer fees were refunded a few days after I sent the letter with the copy of my final statement from RBCDI.
:thumbsup:
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