RBC DIRECT INVESTING

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Shakespeare
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Re: RBC DIRECT INVESTING

Post by Shakespeare »

Well, that was fast. I put an online signatureless [they already have it] application for an RRSP to RBCDI Friday afternoon and just received an e-mail saying it was approved. Now I just have to wait for the transfer from BMOIL to show up.

I may RRIF it later this year; I must do so this year or next.
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Re: RBC DIRECT INVESTING

Post by Ken »

Shakespeare wrote: 19 Feb 2018 00:19Well, that was fast. I put an online signatureless [they already have it] application for an RRSP to RBCDI Friday afternoon and just received an e-mail saying it was approved.
My RRSP is there so I'm consolidating there. Last month it took 3 weeks to open a TFSA account. This month it took 2 days to open a non-registered account. LOL
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Re: RBC DIRECT INVESTING

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Can't sign in this morning.
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Re: RBC DIRECT INVESTING

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Still down.

Added: can get in via RBCDI portal.

Added: deleted card and reentered. Worked. ?????
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Re: RBC DIRECT INVESTING

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I had no issue earlier this morning at about 6:30am eastern and just a few minutes ago after seeing your post.

In 20 years or so IIRC I've yet to have a problem logging in.

EDIT: other than the times I've made a mistake with PW or card#
Last edited by RBull on 28 Feb 2018 13:56, edited 1 time in total.
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Re: RBC DIRECT INVESTING

Post by Shakespeare »

My cookie must have been corrupted.
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Re: RBC DIRECT INVESTING

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Good to read you think you found the issue.
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Re: RBC DIRECT INVESTING

Post by mewmew »

Thinking to open a RBC DI account, is it easy to link to other CAD and USD bank accounts?

It's pretty expensive to hold RBC bank accounts.
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Re: RBC DIRECT INVESTING

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mewmew wrote: 15 Oct 2018 22:27 Thinking to open a RBC DI account, is it easy to link to other CAD and USD bank accounts?

It's pretty expensive to hold RBC bank accounts.
I have found it seamless as it gets. Don't think there costs are much different then any other discount broker. Slightly more then CIBC but I think you get better choices and research tools.
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AltaRed
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Re: RBC DIRECT INVESTING

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Unless RBC DI has changed its processes, it is not possible to move money electronically out of a RBC DI account without a RBC bank account. That was the key reason for me to leave RBC DI years ago. IOW, it is (or at least was) not seamless... I refused to have a RBC bank account.

That may be the case with most big bank discount brokerages though BMO IL have a Link account option that acts like a chequing account... directly linked to the cash in a non-reg account. I find it handy to move money out of BMO IL.

Also, some years back I was able to set up an EFT transfer option at Scotia iTrade to/from my CIBC chequing account I had at the time by filling in a form. Not aware if that exists any more.

You need to ask specific discount brokerages if you can move money out to a non-affiliated bank account. It is easy to move money in by using Bill Pay from most bank accounts.
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Re: RBC DIRECT INVESTING

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AltaRed wrote: 16 Oct 2018 00:28Also, some years back I was able to set up an EFT transfer option at Scotia iTrade to/from my CIBC chequing account I had at the time by filling in a form. Not aware if that exists any more.
It exists at TDDI. Don't know about RBCDI.
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Re: RBC DIRECT INVESTING

Post by mewmew »

AltaRed wrote: 16 Oct 2018 00:28 Unless RBC DI has changed its processes, it is not possible to move money electronically out of a RBC DI account without a RBC bank account. That was the key reason for me to leave RBC DI years ago. IOW, it is (or at least was) not seamless... I refused to have a RBC bank account.

That may be the case with most big bank discount brokerages though BMO IL have a Link account option that acts like a chequing account... directly linked to the cash in a non-reg account. I find it handy to move money out of BMO IL.

Also, some years back I was able to set up an EFT transfer option at Scotia iTrade to/from my CIBC chequing account I had at the time by filling in a form. Not aware if that exists any more.

You need to ask specific discount brokerages if you can move money out to a non-affiliated bank account. It is easy to move money in by using Bill Pay from most bank accounts.
Totally! That's why I picked BMOIL too. However, I find it's interest rates on HISA not adjusting as fast as other bank brokerages though. That's why I'm thinking to opening another one and considering RBC.
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Re: RBC DIRECT INVESTING

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mewmew wrote: 01 Nov 2018 09:10 Totally! That's why I picked BMOIL too. However, I find it's interest rates on HISA not adjusting as fast as other bank brokerages though. That's why I'm thinking to opening another one and considering RBC.
That is easily solved by simply having an external HISA account at the likes of EQ Bank which currently pays 2.3% and then move money to/from EQ and your bank account, e.g. chequing account, and then off to your brokerage account. Banking regulations were recently changed to make it very easy to open online accounts at the likes of EQ without sending in anything via paper.

So it is easy enough to connect an online banking account to your BMO chequing account and then transfer funds to/from BMO IL. A few extra mouse clicks, but so what?
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Re: RBC DIRECT INVESTING

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AltaRed wrote: 01 Nov 2018 10:57
So it is easy enough to connect an online banking account to your BMO chequing account and then transfer funds to/from BMO IL. A few extra mouse clicks, but so what?
Not a solution for a registered account, though.

I am also with BMOIL and find it excellent in most respects but they should be matching rate hikes for savings, not just lending rates and they should also improve the fixed income holdings section of their platform as well which I find tricky to navigate, with high spreads in addition to a newish, tacked on commission. I am nearing the time to change my RRSPs into RRIFs and I've indicated to BMO that I may switch to a different brokerage then, at least for my registered investments, because of these issues.
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Re: RBC DIRECT INVESTING

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I agree options are more limited in registered accounts. Mewmew didn't specify what type of account so I assumed non-reg,

If you are talking about bonds in BMO IL, I've not bought bonds through them, so don't know if the spreads have increased over time. The 'newish' commissions is, as I understand it, transparency demanded by the regulator to disclose commission model. iTrade has had a transparent commission model for some time at $1/$1000 face value with a minimum of $24.99 and a maximum (I think) of about $40. Which is what anecdotally has been stated in the media from time to time regarding $20k being about the minimum one wants to buy (my minimums have usually been in the $20-25k range).
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Re: RBC DIRECT INVESTING

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AltaRed wrote: 02 Nov 2018 10:57 I agree options are more limited in registered accounts. Mewmew didn't specify what type of account so I assumed non-reg,

If you are talking about bonds in BMO IL, I've not bought bonds through them, so don't know if the spreads have increased over time. The 'newish' commissions is, as I understand it, transparency demanded by the regulator to disclose commission model. iTrade has had a transparent commission model for some time at $1/$1000 face value with a minimum of $24.99 and a maximum (I think) of about $40. Which is what anecdotally has been stated in the media from time to time regarding $20k being about the minimum one wants to buy (my minimums have usually been in the $20-25k range).
Interesting. BMOIL does not publish a schedule of commissions but their rates are much higher . No maximum that I can see. To buy a Molson/Coors bond, BMOIL charges the following commissions: $12.50for $1000; $100 for $10,000, $250 for $25000, $937.50 for $100,000 PLUS, of course, the "usual" spread.

However, on a Laurentian Bank bond, the commission charged is $80 for $20,000 and, for a Cdn Gov't bond, $50 for $20,000, $200 for $100,000. No explanation.
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Re: RBC DIRECT INVESTING

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Pickles wrote: 02 Nov 2018 15:24 Interesting. BMOIL does not publish a schedule of commissions but their rates are much higher . No maximum that I can see. To buy a Molson/Coors bond, BMOIL charges the following commissions: $12.50for $1000; $100 for $10,000, $250 for $25000, $937.50 for $100,000 PLUS, of course, the "usual" spread.

However, on a Laurentian Bank bond, the commission charged is $80 for $20,000 and, for a Cdn Gov't bond, $50 for $20,000, $200 for $100,000. No explanation.
That is quite bizarre and outrageous. I was slightly wrong on Scotia iTrade. It is $1/$1000 with a minimum of $24.99, but the maximum is $250 (obviously if buying $250k face value). https://www.scotiaitrade.com/en/direct- ... -fees.html and click on Fixed Income Securities.

Anecdotally, bid/ask spreads vary a bit. I think I find the spread is minimal if inventory is low and they likely want it off their books but I can't be sure. I rarely buy bonds so it is mostly anecdotal.

I never did buy bonds when with RBC DI. They seem to be less than forthcoming in their schedule https://www.rbcdirectinvesting.com/pdf/ ... nglish.pdf Minimum is $25 and maximum is $250 but they don't disclose formula.
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Re: RBC DIRECT INVESTING

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AltaRed wrote: 02 Nov 2018 15:41
I never did buy bonds when with RBC DI. They seem to be less than forthcoming in their schedule https://www.rbcdirectinvesting.com/pdf/ ... nglish.pdf Minimum is $25 and maximum is $250 but they don't disclose formula.
Still beats $930 dollars commission.... I may get a "play account" from RBCDI to see how their commission works. Clearly I need to look for alternatives to BMOIL for at least that portion of my RRSPs I want to keep in fixed income when I convert to a RRIF.
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Re: RBC DIRECT INVESTING

Post by AltaRed »

Off-topic to this thread, but you may wish to send a Secure Message to BMO IL advising them they are way out of line relative to their competition on their Fixed Income commission schedule and you may vote with your feet. FWIW, I will remember this whenever (or if) they send out a survey to their BMO Advisory Panel. I like to bitch about stuff like that.

P.S. Just remember if you go to RBC DI, you will need a RBC chequing account to receive withdrawals from your DI accounts (or a paper cheque). RBC DI does not (or did not a few years ago) have an EFT option to transfer money to other FI's bank accounts, the reason I left RBC DI in the first place. Any outfit that 'constrains' me to their products gets punted.
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Re: RBC DIRECT INVESTING

Post by twa2w »

Pickles wrote: 02 Nov 2018 17:15
AltaRed wrote: 02 Nov 2018 15:41
I never did buy bonds when with RBC DI. They seem to be less than forthcoming in their schedule https://www.rbcdirectinvesting.com/pdf/ ... nglish.pdf Minimum is $25 and maximum is $250 but they don't disclose formula.
Still beats $930 dollars commission.... I may get a "play account" from RBCDI to see how their commission works. Clearly I need to look for alternatives to BMOIL for at least that portion of my RRSPs I want to keep in fixed income when I convert to a RRIF.
I am afraid that may not help you much. If I am correct, RBCDI includes their commission in the quoted price. So you will likely just see a price and rate/yield info for the bond which you would then have to compare to other rates/prices available.

Although I no longer buy bonds, RBCDI always had far greater inventory of fixed income than other brokers when I checked in the past.
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Re: RBC DIRECT INVESTING

Post by AltaRed »

Maybe. Bond commissions were supposed to change per the regulator and I will look for the source when I am not running out the door to Bohemian Rhapsody. RBC DI's linked schedule suggests separate commission pricing, but it needs to be confirmed.

AFAIK, Scotia McLeod has always been a big fish in fixed income so I wouldn't bet on who has more inventory, i.e. RBC or Scotia. Probably doesn't matter though to the retail investor as the list seems endless at iTrade, and probably at RBC too.
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Re: RBC DIRECT INVESTING

Post by twa2w »

AltaRed wrote: 02 Nov 2018 21:21 Maybe. Bond commissions were supposed to change per the regulator and I will look for the source when I am not running out the door to Bohemian Rhapsody. RBC DI's linked schedule suggests separate commission pricing, but it needs to be confirmed.

AFAIK, Scotia McLeod has always been a big fish in fixed income so I wouldn't bet on who has more inventory, i.e. RBC or Scotia. Probably doesn't matter though to the retail investor as the list seems endless at iTrade, and probably at RBC too.
From your link above to RBCDI
"FIXED INCOME -Treasury bills, bonds, strip bonds, debentures and other money market instruments
Commission is included in the quoted price:

Minimum commission: $25 per transaction ($43 for orders placed using an Investment Services Representative) Maximum commission: $250 per transaction"

Yes Scotia McLeod was the other heavyweight in fixed income. Not sure who the big guys are now.
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Re: RBC DIRECT INVESTING

Post by AltaRed »

I didn't think investment dealers could bury the commission any more. I thought CRM2 took care of it. https://business.financialpost.com/opin ... nd-trading G&M seems to think so https://www.theglobeandmail.com/globe-i ... e19803062/ as does this link https://www.investingforme.com/-underst ... ase-2-crm2

Maybe I have been spoiled by iTrade's disclosure for a number of years. It always shows separately on my Trade Confirmation slip.
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Re: RBC DIRECT INVESTING

Post by RBull »

With RBCDI bond commissions are shown after passing through initial purchase screen and before confirmation.

For a couple of issues I looked at using 20K par value the "estimated commission" is $100 or $50/1k. In my experience if any final difference to the estimate it is negligible. IIIRC I have seen a few issues higher or lower than this rate.

The number of issues offered for corporates with maturities 2-5 yrs for example is 72, not counting strips. Not sure how any of this compares to other brokers.

ADDED: terms above were 2-5 yrs.
I checked longer terms 5-8 screen and seems to make a difference. ie Alimentation June 02, 25 20K = $170 commission ($85/k), same for Altagas similar term.
For 1-2 yr screen I checked Hydro one NOv 18/ 2019 and for 20k par commission = $50 ($25/k).

So clearly term is also a factor on pricing.
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Re: RBC DIRECT INVESTING

Post by RBull »

Pickles wrote: 02 Nov 2018 15:24
AltaRed wrote: 02 Nov 2018 10:57 I agree options are more limited in registered accounts. Mewmew didn't specify what type of account so I assumed non-reg,

If you are talking about bonds in BMO IL, I've not bought bonds through them, so don't know if the spreads have increased over time. The 'newish' commissions is, as I understand it, transparency demanded by the regulator to disclose commission model. iTrade has had a transparent commission model for some time at $1/$1000 face value with a minimum of $24.99 and a maximum (I think) of about $40. Which is what anecdotally has been stated in the media from time to time regarding $20k being about the minimum one wants to buy (my minimums have usually been in the $20-25k range).
Interesting. BMOIL does not publish a schedule of commissions but their rates are much higher . No maximum that I can see. To buy a Molson/Coors bond, BMOIL charges the following commissions: $12.50for $1000; $100 for $10,000, $250 for $25000, $937.50 for $100,000 PLUS, of course, the "usual" spread.

However, on a Laurentian Bank bond, the commission charged is $80 for $20,000 and, for a Cdn Gov't bond, $50 for $20,000, $200 for $100,000. No explanation.
I looked but neither of these corporates are offered at RBCDI to compare for you. If you come up with a few more I can try again.

For the govt of Canada 20K par commisssion = $50 (same), 100K par = $250 (more)
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