RBC Direct Investing (formerly Action Direct) experience

Discuss your favourite picks, broker, and trading or investment style.

Postby ward » 28 Apr 2008 15:20

I'm just pointing out here, Shakes, that my wife's experience is opposite of yours. She had dropped her balance in RBF 1002 to about $3,000 and then was permitted to invest another $200 or so in the D-class units.
ward
Silver Ring
Silver Ring
 
Posts: 188
Joined: 19 Feb 2005 13:27

Postby Shakespeare » 28 Apr 2008 16:43

Sorry, that wasn't clear. I tried to invest more and was refused.
“Never appeal to a man's better nature. He may not have one. Invoking his self-interest gives you more leverage.” -- R.A. Heinlein, Time Enough for Love.
User avatar
Shakespeare
Diamond Ring
Diamond Ring
 
Posts: 18231
Joined: 16 Feb 2005 00:25
Location: Lethbridge, AB

Postby ilovemycat » 29 Apr 2008 12:08

I recently disagreed with a decision made by DI compliance and started complaining. I started with Royal Circle moved on to escalations then discussed the issue with management. Since I was getting no satisfaction I wrote to the RBC Ombudsman. I guess they were in touch with DI and I got a call from DI yesterday. They checked with compliance and yes, everything was done correctly. What a maddening, unproductive circle. So much for the fresh eyes the Ombudsman are supposed to cast on an issue! We are now deciding where to move our accounts.
ilovemycat
Bronze Ring
Bronze Ring
 
Posts: 30
Joined: 15 Mar 2006 15:38

Postby biker » 07 May 2008 08:39

FREE STUFF------------------------------------------------------------

Free Laptop @ RBC w/ signature No limit banking account or RBC VIP Banking account opening.
It's an "Eee PC"

www.rbc.com/greatoffer

Valid between May 1st - Sept 12, 2008.
Live like you are dying but invest like you are immortal.

"Men do not quit playing because they grow old ; they grow old because they quit playing" Oliver Wendell Holmes
biker
Gold Ring
Gold Ring
 
Posts: 2297
Joined: 19 Feb 2005 09:57

Postby Bylo Selhi » 07 May 2008 09:41

Is it really "free" like they say it is?

From what I can see Signature No Limit Banking costs $14/month and VIP Banking costs $30/month. You have to keep either account active until year end, so that means at least 7 months, i.e. at least $100 in fees. That plus all the hassles of moving accounts, credit cards, direct deposits, PACs, etc. into RBC and then out again in 2009.

Seems like quite a hassle to me.
Sedulously eschew obfuscatory hyperverbosity and prolixity.
User avatar
Bylo Selhi
Diamond Ring
Diamond Ring
 
Posts: 22717
Joined: 16 Feb 2005 11:36
Location: Waterloo, ON

Postby spencer » 09 May 2008 15:10

Of course it's not free. You can buy the ASUS Eee PC 2G Surf for less than $300 online, and in my opinion the whole thing is not worth the hassle.
Never spend your money before you have it. -- Thomas Jefferson
Loans Canadian Banks
spencer
Bronze Ring
Bronze Ring
 
Posts: 43
Joined: 09 May 2008 11:16

Postby jeebuz » 12 May 2008 09:52

Is anyone else finding that real-time quotes on RBC Direct Investing's "new" website are no longer available for ETFs (both Canadian and American)?

When I get a quote for XIU I see this:

Quotes delayed by at least 20 min.As of 12 May 2008 at 9:46 AM EDT.NYMEX and/or COMEX data is 30 minutes delayed.


When I get a quote for an actual stock like ECA I see this:
As of 12 May 2008 at 9:46 AM EDT.


I see the same thing for US stocks (example: ECA on the NYSE and VTI on the AMEX)

I am hoping this is a glitch with the new website and not a permanent condition...

- Jeebuz -
jeebuz
Silver Ring
Silver Ring
 
Posts: 152
Joined: 18 Dec 2006 17:30
Location: Ontario

Postby Shakespeare » 12 May 2008 10:34

The watch lists are terribly slow and it gets confused between US and Canadian listings for some stocks like BMO and TRP, which I already corrected once and seems f*cked up again.

Not very impressive. :evil:
“Never appeal to a man's better nature. He may not have one. Invoking his self-interest gives you more leverage.” -- R.A. Heinlein, Time Enough for Love.
User avatar
Shakespeare
Diamond Ring
Diamond Ring
 
Posts: 18231
Joined: 16 Feb 2005 00:25
Location: Lethbridge, AB

Postby jeebuz » 12 May 2008 10:51

I've found a work around to get a real-time quote for an ETF: attempt to buy or sell the ETF and you'll get a real-time quote on the order screen.

I was more then happy with the "old" site. I wish RBC would concentrate on providing a simple and efficient (read: responsive) web site and do away with all the bells and whistles like the interactive charts and the news feeds. If I need fancy charts or news feeds I'll go to Yahoo Finance. I don't expect my broker's web site to provide this.

Then again someone must be asking for all this stuff if they are trying to provide it...

- Jeebuz -
jeebuz
Silver Ring
Silver Ring
 
Posts: 152
Joined: 18 Dec 2006 17:30
Location: Ontario

Postby griffie » 12 May 2008 16:04

Before the redesign I would see my 20 most recent quotes on my home page in real time. Now those are gone. Any idea how to get them back or is that feautre no longer available?
griffie
Newcomer
Newcomer
 
Posts: 5
Joined: 04 Feb 2007 21:48

Postby rhenderson » 12 May 2008 16:38

jeebuz wrote:
Then again someone must be asking for all this stuff if they are trying to provide it...

- Jeebuz -


Seems to be mundane info that is readily available anywhere on the net for free. :?

When I was at RBC I enquired about level II quotes and was told that I didn't qualify so I looked around and ended up at TDW.

Does RBC now offer level II quotes free to Circle clients ? :?:
rhenderson
Silver Ring
Silver Ring
 
Posts: 316
Joined: 22 Jan 2007 14:38

Bug with trade?

Postby Dilettante72 » 11 Mar 2009 14:37

Hi!
I switched (second time!) to RBC DI for their 1% incentive and made a couple of trades today. One of them was a market order to buy VPL that I set close to the ask at the time. After a couple of minutes, the order hadn't filled and when I checked the current bid and ask, the ask was below my limit!? I refreshed the order status screen a couple of times to make sure it still was not filled. I modified it by lowering my limit, to no avail, and resorted to modify it again to a market order. It still wasn't filling, so I cancelled it about a minute later, waited for the status to change to 'cancel submitted' and placed a new market order which filled right away.
In the end, I got my VPL for less then my limit, so I'm happy, but I just don't feel this is acceptable. I thought I'd give RBC the opportunity to know why I'll be switching back to TD as soon as I get my 1%. Talked to Dawn who confirmed that the ask was lower than my limit 4 minutes after I placed my order and 1 minute before I modified it, talked to the trading desk, and came back with the explanation that the quotes I saw were from the "marché hors cote" (not sure what that is - Over the counter or third market?) and thus not available for them to trade at.
Not only would this not explain why the order didn't fill when I modified it to 'market order' but this sounds like complete bs to me... I'm no trader, so I thought I'd ask around here if someone can tell if that reason makes any sense or not...
Thanks!
Last edited by Dilettante72 on 11 Mar 2009 14:59, edited 1 time in total.
Dilettante72
Bronze Ring
Bronze Ring
 
Posts: 28
Joined: 02 Nov 2006 18:03
Location: Montréal

Postby Shakespeare » 11 Mar 2009 14:39

marché hors cote
After-hours quote.
“Never appeal to a man's better nature. He may not have one. Invoking his self-interest gives you more leverage.” -- R.A. Heinlein, Time Enough for Love.
User avatar
Shakespeare
Diamond Ring
Diamond Ring
 
Posts: 18231
Joined: 16 Feb 2005 00:25
Location: Lethbridge, AB

Postby marty123 » 11 Mar 2009 16:04

Shakespeare wrote:
marché hors cote
After-hours quote.


I've heard "cote après-Bourse" as a translation for "after-hour quote", although I don't know if it's the only or the main way to express that.

I'd be more inclined to think that she meant OTC or third market, more specifically anECN quote. I have no idea why it wouldn't have been filled, other than maybe some third market asks and bids are not shown in real time by RBC DI. Never had that kind of problem at etrade.
marty123
Gold Ring
Gold Ring
 
Posts: 2950
Joined: 23 Feb 2007 14:36
Location: Ontario

Postby Shakespeare » 11 Mar 2009 16:29

I'd be more inclined to think that she meant OTC or third market, more specifically an ECN quote.
That's what I get for misremembering forty-year-old high school French.OTC seems reasonable.
“Never appeal to a man's better nature. He may not have one. Invoking his self-interest gives you more leverage.” -- R.A. Heinlein, Time Enough for Love.
User avatar
Shakespeare
Diamond Ring
Diamond Ring
 
Posts: 18231
Joined: 16 Feb 2005 00:25
Location: Lethbridge, AB

Postby marty123 » 11 Mar 2009 17:52

Shakespeare wrote:That's what I get for misremembering forty-year-old high school French.


You get an A for effort. A+ for correcting your answer and finding an online source to confirm the corrected answer.
marty123
Gold Ring
Gold Ring
 
Posts: 2950
Joined: 23 Feb 2007 14:36
Location: Ontario

Postby BRIAN5000 » 16 Mar 2009 14:04

May or may not be of interets

Although not totally confirmed it appears swaps in RRSP's are free if your a Royal Circle member.

"As a Royal Circle member you are exempt from a variety of everyday administrative fees†. This includes annual registered administration fees for RSP, RESP, and RIF/LIF accounts; RSP partial withdrawals; Confirmation/statement replacement up to the previous 12 months; Cheque request fees; Dishonoured items; Swaps/substitutions; Additional RIF withdrawals and Internal transfers. "
BRIAN5000
Gold Ring
Gold Ring
 
Posts: 4460
Joined: 08 Jun 2007 23:27

Postby Shakespeare » 16 Mar 2009 14:08

Yes, supposedly three a year. But I've never been charged.
“Never appeal to a man's better nature. He may not have one. Invoking his self-interest gives you more leverage.” -- R.A. Heinlein, Time Enough for Love.
User avatar
Shakespeare
Diamond Ring
Diamond Ring
 
Posts: 18231
Joined: 16 Feb 2005 00:25
Location: Lethbridge, AB

Re: RBC Action Direct experience

Postby Shakespeare » 25 May 2010 23:29

So today I bought 100 D.UN in my LIF. The intraday balance quite correctly went negative after the purchase. I entered the appropriate dollar-rounded negative value (i.e. the next largest integer in absolute value) as a sale in MIP510 to provide the cash exceeding the ~$270 balance in the account. The intraday cash available then correctly showed as $0.24.

All correct, and I'm pleased that the MIP510 sale was put into the intraday balance immediately. :thumbsup:
“Never appeal to a man's better nature. He may not have one. Invoking his self-interest gives you more leverage.” -- R.A. Heinlein, Time Enough for Love.
User avatar
Shakespeare
Diamond Ring
Diamond Ring
 
Posts: 18231
Joined: 16 Feb 2005 00:25
Location: Lethbridge, AB

Re: RBC Action Direct experience

Postby bwalter » 26 May 2010 13:04

Shakespeare wrote:So today I bought 100 D.UN in my LIF. The intraday balance quite correctly went negative after the purchase. I entered the appropriate dollar-rounded negative value (i.e. the next largest integer in absolute value) as a sale in MIP510 to provide the cash exceeding the ~$270 balance in the account. The intraday cash available then correctly showed as $0.24.

All correct, and I'm pleased that the MIP510 sale was put into the intraday balance immediately. :thumbsup:

One minor gripe I have is the intraday cash available balance goes negative when you place the order, not when it is filled. That means if you place stink bids, your intraday cash available immediately becomes negative. This doesn't seem to stop you from placing additional orders however, and also doesn't affect your "real" balance. (I.e. While your intraday cash available remains negative as long as the order is open, the "previous day's" balance remains correct if your order is open over multiple days.)
bwalter
Silver Ring
Silver Ring
 
Posts: 163
Joined: 17 Sep 2009 18:19

Re: RBC Action Direct experience

Postby Pickles » 26 May 2010 13:29

bwalter wrote:One minor gripe I have is the intraday cash available balance goes negative when you place the order, not when it is filled. That means if you place stink bids, your intraday cash available immediately becomes negative. This doesn't seem to stop you from placing additional orders however, and also doesn't affect your "real" balance. (I.e. While your intraday cash available remains negative as long as the order is open, the "previous day's" balance remains correct if your order is open over multiple days.)


I would see that as a plus. Each of those stink bids is committing real money; don't you want to know how much you've committed?
Regards,
Pickles
User avatar
Pickles
Gold Ring
Gold Ring
 
Posts: 3526
Joined: 27 Sep 2006 09:44
Location: Toronto

Re: RBC Action Direct experience

Postby tedrfnwr » 20 Jul 2010 12:51

I hope you guys don't mind me asking a question in this thread instead of starting a new thread.

I currently have a margin account with TD Waterhouse. As pointed out by iluvnascar on Feb 20, 2010 in viewtopic.php?f=35&t=111286, deposits in money market fund equivalents such as Manulife Investment Savings Account (MIP510) or Renaissance High Interest Savings Account (ATL 5000) are not "marginable" at TDW because they are priced at $1. If one has a typical margin account with $50,000 in MIP510 and nothing else in the account, there is zero margin available and one would not be allowed to place any buy order online. The alternative would be to place the buy order through a live TDW Rep and hope that you would not be charged the full commission. Deposits in Dundee Investment Savings Account (DYN 500) priced at $10 are 95% marginable. If one has $50,000 in DYN500, there is $47,500 margin available and one can buy up to $47,500 worth of stocks (commission included) before redeeming whatever is needed one day before settlement in order not to pay any margin interest. At TDW, a person's buying power in a margin account is only the margin value of the holdings.

The word "margin", however, seems to be interpreted differently at RBCDI than at TDW. I was just given to understand that at RBC DirectInvesting, while MIP510 remains not marginable in a margin account, a person with $50,000 in MIP510 and nothing else is allowed to place buy orders online and buy up to $50,000 worth of stocks. On a fill, the person can redeem the required MIP510 one day before settlement. That means at RBCDI, a person's buying power is the sum of the margin value of the holdings plus the actual "equity" value of the holdings in the margin account. Of course if one uses the margin, one has to pay interest. I would appreciate it very much if someone would kindly advise if my understanding of RBCDI's practice is correct.
Last edited by Peculiar_Investor on 07 Feb 2014 08:04, edited 1 time in total.
Reason: replace old domain name with www.financialwisdomforum.org to reflect new domain name effective 19-Jan-2014
tedrfnwr
Bronze Ring
Bronze Ring
 
Posts: 23
Joined: 14 Aug 2009 19:49

Re: RBC Action Direct experience

Postby Shakespeare » 20 Jul 2010 13:23

Yes, RBCDI will allow purchases in a registered account up to the value of the account. It is your responsibility to sell enough to have enough funds for settlement.

FWIW, on Monday I went slighlty negative (~$1K) in my RRSP to get a board lot of VT after sales of VGK, VPL, and VWO. I immediately entered a MIP510 sale for the difference. A later check showed I had underestimated the FX slightly so today I entered another sale ($50) of MIP510.
“Never appeal to a man's better nature. He may not have one. Invoking his self-interest gives you more leverage.” -- R.A. Heinlein, Time Enough for Love.
User avatar
Shakespeare
Diamond Ring
Diamond Ring
 
Posts: 18231
Joined: 16 Feb 2005 00:25
Location: Lethbridge, AB

Re: RBC Action Direct experience

Postby tedrfnwr » 21 Jul 2010 08:37

Shakespeare wrote:Yes, RBCDI will allow purchases in a registered account up to the value of the account. It is your responsibility to sell enough to have enough funds for settlement.


Thanks for advising what happens with registered accounts at RBCDI. It is very similar at TDW.

I am more interested in how RBCDI treats non-registered margin accounts (not cash accounts) though because it seems that is where significant differences occur.
tedrfnwr
Bronze Ring
Bronze Ring
 
Posts: 23
Joined: 14 Aug 2009 19:49

Re: RBC Action Direct experience

Postby Shakespeare » 21 Jul 2010 08:49

Sorry, I don't use margin.
“Never appeal to a man's better nature. He may not have one. Invoking his self-interest gives you more leverage.” -- R.A. Heinlein, Time Enough for Love.
User avatar
Shakespeare
Diamond Ring
Diamond Ring
 
Posts: 18231
Joined: 16 Feb 2005 00:25
Location: Lethbridge, AB

PreviousNext

Return to Stocks, Bonds, ETFs, Funds, REITS and More

Who is online

Users browsing this forum: No registered users and 4 guests