BMOIL Problems

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Mouly
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BMOIL Problems

Post by Mouly »

BMOIL has had a bad week:

- earlier this week the Level II quotes got so messed up they took them temporarily off the system. The day traders freaked so BMO put it back with a warning that essentially said the data is useless.

- checking my holdings just now I see that the Current Market Value for holdings is not current but the prior day value even though the current price per share is showing correctly. Not sure how long before they yank that.
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Post by Springbok »

Mouly,

It IS Friday 13th!
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Post by investor99 »

More huge problems today with their system...
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Re: BMOIL Problems

Post by CROCKD »

As reported elsewhere on CMF, the Income Received on the much vaunted new format Monthly Statement is incorrect. I checked my statements from the inception month of December 2016 to March 2017 and it is incorrect in all cases.
I have sent them a complaint on MyLink.
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AltaRed
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Re: BMOIL Problems

Post by AltaRed »

I sent BMO IL a MyLink complaint as well. What is actually happening is they are only reporting Dividend income in the "Income You Received" sub-section. They don't report Other Income, trust distributions, interest, etc. there..... They obviously can choose to do that, but only IF they qualiify it to say it is dividends only... which of course, on the surface, seems to be plainly stupid.

I'd never bothered to even look before since that section is meaningless to me but not that people are picking up on it, is timely to dump all over BMO IL :twisted:
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CROCKD
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Re: BMOIL Problems

Post by CROCKD »

This is the crap answer that I received from BMOIL to the statement complaint I sent them.
Please accept our apology for any inconvenience, in order to further investigate the issue for you, please send in detail what transactions and on which month you have the discrepancy in income reporting.
In other words they want me to do their work for them as I already told them that it was incorrect in every month since inception. I shall continue to ignore this part of their report and wonder if I can escalate this to a higher level. :evil:
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Re: BMOIL Problems

Post by Hogwild »

You all got me concerned, so I called and spoke with a BMOIL rep. He spoke with his supervisor and then told me that the "dividend" term under "income" meant only pure dividends.
It does NOT include fund distributions
It does NOT include income trust distributions
It does not include interest.

I wouldn't normally assume interest (e.g. from a bond), but this is a bit confusing to me the way my HISA funds refer to distribs as "dividends". Shouldn't they be called distributions, or are they called dividends because I'm reinvesting in more units?

When I calculated it that way adding up only pure dividends, my numbers in that section were correct.

When I asked, they said the only category under income was dividends. Does anyone else have any other category listed, or do we all just have "dividends"? I found this a funny thing to do on the statements, and wonder if, in future, they are going to add other categories other than divs?
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Re: BMOIL Problems

Post by Norbert Schlenker »

I've been a customer of BMOIL for almost 15 years. Until November last year, when they changed their statement format, they reported dividends and interest separately. That breakdown has never been accurate since day one, and the breakdown never included anything which might be even the slightest bit unusual like a mutual fund or ETF distribution. Now they report only dividends, and it's messed up too.

For example, I own PVS.PR.B, which pays an eligible Canadian dividend (always reported on a separate T5 for no reason known to me), and XIC, which pays a quarterly distribution whose exact components aren't known until after year end but is almost certain to be 90+% eligible Canadian dividend. Both of these paid in March 2017; neither one is included in the summary "dividends" line on the monthly statement.

I'm sure other FWF members own XIC or XIU or VCE through other brokerages and can relay how their broker reports distributions on those ETFs on an account statement. I'd be interested to hear what's done, but I will point out that no broker can possibly know in March how to classify the distribution, so chances are it's wrong everywhere.

I can't imagine that complaining to BMOIL - or any other broker - will do any good. There are cases where all they know is that you've been paid, but not what that payment is. How can you expect them to classify it?
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Re: BMOIL Problems

Post by CROCKD »

Fair enough Norbert and indeed a major part of my income flow is from 4 BMO ETFs.
But my point is why even report it at all if is going to be incorrect.
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Re: BMOIL Problems

Post by Shakespeare »

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.
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Re: BMOIL Problems

Post by Shakespeare »

BMOIL won't let me buy any more RBF2010 HISA. What HISA do BMOIL people use?

Added: found it

High Interest Savings Accounts at Discount Brokers | Canadian Capitalist
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Re: BMOIL Problems

Post by AltaRed »

Notice that AAT770 has a unit price of $1 rather than $10? Is fairly unique in that regard but I like that better. Can do the math in my head. :wink:
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Re: BMOIL Problems

Post by Peculiar_Investor »

Imagefiniki, the Canadian financial wiki New editors wanted and welcomed, please help collaborate and improve the wiki.

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Re: BMOIL Problems

Post by Shakespeare »

True, but Google took me to the Canadian Capitalist post.

Added: It's too bad the FWF Google box died.
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Re: BMOIL Problems

Post by Shakespeare »

I see BMOIL's monthly statement does not show accrued interest, unlike RBCDI's. A minor :( .
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Re: BMOIL Problems

Post by AltaRed »

Shakespeare wrote: 06 May 2017 12:31 I see BMOIL's monthly statement does not show accrued interest, unlike RBCDI's. A minor :( .
For GICs? Never bought a GIC with BMOIL so don't know. I do know Scotia iTrade shows new Market Value end of each month for Compound GICs, which is nothing more than accrued interest of course.
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Re: BMOIL Problems

Post by Shakespeare »

For GICs?
Yes. I haven't checked the RRB but suspect it also does not show accrued interest.

RBCDI calculates accrued interest for both and shows them in the monthly statement but not online.
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Re: BMOIL Problems

Post by AltaRed »

When I transferred my RRSP from RBC DI to Scotia iTrade, I seem to recall it took a month or so for them to calculate the accrued interest (and thus market value) for existing (transferred) holdings. Either wait another month to see if they catch up to what may be a backlog of new accounts, or consider using the MyLink contact feature to ask them to show the accrued interest (Market Value) of your GICs.

I have also found that when I tell them they need to do something via MyLink to be competitive with X, Y and Z, I usually get a proper response (saying when or where they plan to do something). For example, I've hounded them twice in the past to provide tax documentation online in PDF and they now say tax slips will be online for the 2017 tax year.
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Re: BMOIL Problems

Post by CROCKD »

The GICs I have in my BMOIL LIF show accrued interest.
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Re: BMOIL Problems

Post by snowback96 »

AltaRed wrote: 06 May 2017 13:21For example, I've hounded them twice in the past to provide tax documentation online in PDF and they now say tax slips will be online for the 2017 tax year.
I hounded them in 2010 for for online tax reporting and was told "it's a high priority and should be available next year".
I hounded them in 2011 for for online tax reporting and was told "it's a high priority and should be available next year".
I hounded them in 2012 for for online tax reporting and was told "it's a high priority and should be available next year".

If nothing else, they are very consistent in their response. I think they need to either get this done or update their talking points. :roll:
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Re: BMOIL Problems

Post by milton »

AltaRed wrote: 06 May 2017 13:21 When I transferred my RRSP from RBC DI to Scotia iTrade, I seem to recall it took a month or so for them to calculate the accrued interest (and thus market value) for existing (transferred) holdings. Either wait another month to see if they catch up to what may be a backlog of new accounts, or consider using the MyLink contact feature to ask them to show the accrued interest (Market Value) of your GICs.

I have also found that when I tell them they need to do something via MyLink to be competitive with X, Y and Z, I usually get a proper response (saying when or where they plan to do something). For example, I've hounded them twice in the past to provide tax documentation online in PDF and they now say tax slips will be online for the 2017 tax year.
Funny thing is that BMOIL has PDFs available. When I called in mid-March looking for my overdue T5, they said it had been sent out a few weeks earlier and emailed the T5 on PDF.
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Re: BMOIL Problems

Post by snowback96 »

milton wrote: 06 May 2017 21:58Funny thing is that BMOIL has PDFs available. When I called in mid-March looking for my overdue T5, they said it had been sent out a few weeks earlier and emailed the T5 on PDF.
So they appear to have the capability to create PDFs. I guess that's a start. Unfortunately, it seems that actually posting those PDFs to their website is an excessively complex task requiring many years of development effort.
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Re: BMOIL Problems

Post by leoc2 »

How about letting us use more than 6 characters for a password?
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Re: BMOIL Problems

Post by longinvest »

I voted with my feet. I left BMOIL a couple of years ago.
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Re: BMOIL Problems

Post by AltaRed »

Personally, I like BMOIL as a discount brokerage (been with them 4 years now). I've been with RBC DI (now gone) and am currently with Scotia iTrade (and its predecessor) as well.

BMOIL has effective real time Level 2 quotes, online GIC purchases, CAD/USD sides of reg and non-reg accounts, and an effective Norbert's Gambit. I don't know what there is not to like (well... no IPO offerings but that is a mug's game anyway) and to date, no PDFs for tax documents (but that is coming).
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