Scotia iTrade (was: Etrade)

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Re: Scotia iTrade (was: Etrade)

Postby IdOp » 19 Jan 2011 02:27

marty123 wrote:I don't know how close SCI and spot are ...

It would be good to know if there's a small institutional sized commission built into this or not, but even if so it probably wouldn't amount to anything significant except for a very active trader who kept hitting it.

... hold USD cash in a MMF.

It's not clear if a Canadian U$ MMF would qualify for a preferential purchase rate as a "US security", or if they only mean US-traded stocks and bonds. At any rate, I expect for most there may, in iTrade's setup, be no real need to hold a US MMF.

So, except for the cost and the fact that iTrade will continue to take its pound of flesh on USD dividends, it appears superior to RBCDI because the Norbert Gambit doesn't need to be applied, and the rejournaling unnecessary.

I disagree with this. The cost of NG is two commisions plus a small spread; probably about $30 or less in most cases. The U$ generated by a NG can be used anytime thereafter at RBCDI, whether the same day, week, month, quarter or next quarter. So it's really more flexible than a $30/quarter charge. Moreover, how many NG's is it really necessary to do in an RSP? I expect most sensible investors could arrange things to do at most 1 NG per year from their RSP contribution. So it's a cost of $30 vs $120 per year, and if you get into a steady state with the US holdings, there are no NGs.

You are right though, the iTrade method is more convenient than doing the buy and sell of NG (there may be no need to journal in an RSP), and it would avoid the worst-case scenario of the NG intermediary stock cratering before it was sold.

As far as the cost is concerned, $30 per quarter should be attractive for someone that pays the FOREX vig once or twice per year. A 2% vig on $6,000 (often just 1 board lot of one share) would be the break-even point.

Yes, it's cheaper than an eggregious 2% vig, that's the "better than nothing" part. But given that NG is now possible at RBCDI (and the equivalent at TD with their RSP washes), a 2% vig is no longer a very interesting point of comparison.

Another question: How would a US stock taken over for cash be treated? If it was like a dividend, with presumed large vig, then you might want to sell it rather than tender to the bid.
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Re: Scotia iTrade (was: Etrade)

Postby travesty » 20 Mar 2011 22:41

Before this announcement, Scotia iTrade would do wash trades on request. Does anyone know if this is the still the case if you choose not to pay the $30 USD fee?
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Re: Scotia iTrade (was: Etrade)

Postby mario 1 » 25 Mar 2011 07:20

Anybody else have problems trading yesterday (mar 24) ?
I-trade said they could not execute my trades and cancelled them.
When I called they did not know if it was them or the TMX.
What is their legal obligation in that case?.
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Re: Scotia iTrade (was: Etrade)

Postby marty123 » 25 Mar 2011 08:26

No longer with iTrade, but 2 trades I placed yesterday at RBCDI took forever to post with RBC saying that they were awaiting confirmation that the orders were successful. That was despite the fact that 100x the volume traded on one of the shares, and the limit order was at a price that ended up exceeding the daily high. I had assumed that it would get fixed overnight, and it did for me. Again, that was RBCDI, but maybe something odd happened system-wide yesterday.
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Re: Scotia iTrade (was: Etrade)

Postby mario 1 » 25 Mar 2011 10:13

I thought that's what had happened with mine .
Sometimes they don't show up right away, but they actually cancelled the orders.
I've never had that happen before.
I may be in the longer with Itrade camp soon.
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Re: Scotia iTrade (was: Etrade)

Postby thegov » 27 Sep 2011 13:23

Just got a letter from Scotia McLeod Direct Investing dated Sep 23 telling me I'm one of their clients & they're launching a new Scotia On-line banking and trading site for all of our Scotiabank Group clients .... will be adding some new features powered by Scotia ITrade,

Includes a new commission sheet effective Oct 27 -- that looks worse than current Itrade -- e.g. doesn't have the flat rate bond fee.

Talks about using ScotiaCard login numbers etc.

Considering I'm an I*Trade client & have no other dealings with Scotia -- this looks bizarre.

Anybody else get this or hear anything about an imminent merger of accounts that affects I*Trade clients -- or is this another case of a screw-up in a Scotia implementation -- getting the mailing lists mixed up.

Thx
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Re: Scotia iTrade (was: Etrade)

Postby Jaunty » 27 Sep 2011 15:30

I have an iTrade account and like you have no other dealings with Scotia. I haven't received a letter (yet) but I just moved so Canada Post could be in the process of redirecting it, although I've updated my address with iTrade. I'll report back if I get a letter.
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Re: Scotia iTrade (was: Etrade)

Postby CaptChaos » 28 Sep 2011 15:22

It has long been rumored that SMDI and iTrade would be merging. Sounds like its finally happening.
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Re: Scotia iTrade (was: Etrade)

Postby BRIAN5000 » 29 Sep 2011 09:49

Just got a letter from Scotia McLeod Direct Investing


I got the letter yesterday, left it at home, didn't see anything about a merge.

I have accounts with BNS so when I sign in with my card I can access SMDI without signing in again.

$6.99 for 150 trades per quarter
$9.99 for 30 trades or $50,000
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Re: Scotia iTrade (was: Etrade)

Postby Wallace » 29 Sep 2011 11:07

I got the letter today. I have a small account with ScotiaMcleod, now merging with itrade in BNS, balance less than $50,000

150+ trades per quarter = $6.99
30+ trades per quarter or >$50,000 = $9.99
<$50,000 = $24.99 up to 1,000 shares, plus 3 cents per share thereafter
as of 27 October.

So my fees will go up from the present $9.99. I sent them an e-mail asking if they would "grandfather me in at my present rate. We'll see what they say. In today's market $24.99 is simply not competitive.
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Re: Scotia iTrade (was: Etrade)

Postby AltaRed » 29 Sep 2011 11:11

It has always been known that SMDI would be aligned with iTrade, if not completely merged. Scotia bought iTrade to provide the platform for the rest of their discount business. One should expect the same benefits and losses at the new SMDI as exist at iTrade.

Wallace: Good thought to push for that, but OTOH, why would you even have an account at a discount broker for less than $50k?
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Re: Scotia iTrade (was: Etrade)

Postby Wallace » 29 Sep 2011 11:35

Hi AltaRed

It's a "grandchildren's" account. I like to keep it separate from the main portfolios. Also I think diversification among financial institutions is as important as diversification in investments so I have trading accounts with three separate financial institutions.
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Re: Scotia iTrade (was: Etrade)

Postby Jaunty » 29 Sep 2011 15:11

Yep, got the letter today too - with the updated address I gave to iTrade. Like thegov I have no other dealings with Scotia yet they address me as a ScotiaMclead Direct Investing client. Guess somebody has programmed something wrong!
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Re: Scotia iTrade (was: Etrade)

Postby multi » 03 Oct 2011 19:44

I received the letter today as well. It doesn't look good for small investors. 5$ more per transaction for accounts with less than 50,000$ in combined assets. Also, they no longer have a "No Annual Fee, No Minimum Balance RRSP". There is now a minimum of 25,000$ or else the fee is 100$/year. Finally, they changed the wording of the "Low Activity Account Administration Fee". It seems that this applies per account now, so each account must either have 10,000$ or execute one trade per quarter.
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Re: Scotia iTrade (was: Etrade)

Postby AltaRed » 01 Dec 2011 22:27

New offer from Scotia iTrade does not seem all that great except for perhaps traders. Is not attractive for folks like me who make perhaps half a dozen trades per year.
We’re going to drop your equity commission from $9.99 down to $6.99 for all of January, all of February and March! All you need to do is transfer $25,000 or more in assets into one or more new Scotia iTRADE accounts, OR fund an existing Scotia iTRADE account with $50,000 in cash before Dec. 31st, 2011.
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Re: Scotia iTrade (was: Etrade)

Postby Taggart » 08 Apr 2012 10:54

New rates and fees effective April 2012 from Scotia iTrade.
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Re: Scotia iTrade (was: Etrade)

Postby adrian2 » 08 Apr 2012 11:27

Taggart wrote:New rates and fees effective April 2012 from Scotia iTrade.

Commissions quite comparable to TDW.

Margin interest rates worse than TDW. One data point is my scenario, borrow CA$100k+ at TDW at prime, at Scotia P+0.5% until $1MM. Between CA$25k and $100k, TDW at P+0.75%, Scotia P+1.25%.
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Re: Scotia iTrade (was: Etrade)

Postby BRIAN5000 » 09 Apr 2012 21:01

So how can Scotia Itrade let you trade these ETF's for free and why only VEF from Vanguard?
https://www.scotiaitrade.com/pages/quot ... list.shtml
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Re: Scotia iTrade (was: Etrade)

Postby AltaRed » 10 Apr 2012 00:06

Depends on the arrangements with the vendors.
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Re: Scotia iTrade (was: Etrade)

Postby thegov » 13 Apr 2012 12:24

They're "updating/migrating" their system this weekend. All open orders close today.
So look out on Monday for some fun

Dear Valued Client,

We will soon be migrating all of our tools and services from the Scotia iTRADE online trading platform to Scotiabank’s newly designed secure site.

At the time of the new site transition, you will be required to complete a new first-time log on process. This process is simple and will only take a few minutes of your time. For your convenience, please record or print the following steps to assist you with logging on to Scotia iTRADE:


There's a long blurb on the site about it -- but doesn't say much.

P.S. They changed their statements last month -- now in colour and almost readable -- unlike the abhorrent thing Scotia gave us after taking over.
My name is no longer my apt # -- amazing!
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Re: Scotia iTrade (was: Etrade)

Postby Bylo Selhi » 13 Apr 2012 12:35

thegov wrote:They're "updating/migrating" their system this weekend. All open orders close today... P.S. They changed their statements last month -- now in colour and almost readable -- unlike the abhorrent thing Scotia gave us after taking over.

Yeah, I've been getting their letters and now full-colour statements as well. What's astounding is that my account balance has been a whopping 17¢ (yup, you read that correctly) going back to the days when E*Tard drastically cut the interest rates on their Cash Optimuzer accounts to way less than everyone else's ISAs (and I voted with my mouse.) That's got to be at least 5 years now. As a BNS shareholder I'm mad as hell :rofl:
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Re: Scotia iTrade (was: Etrade)

Postby AltaRed » 23 Apr 2012 15:21

I got the new interface today. Seems they are transitioning clients over a period of time. It is mostly directed to former clients of Scotia Macleod Direct Investing but the look is different for iTrade clients such as myself as well. Not sure I like the new look (yet) but it is likely a good move especially for Scotia clients. The new look has integrated banking and investment tabs much like RBC DI. I have yet to peruse much of the new look so do not know if anything has been taken away.
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Re: Scotia iTrade (was: Etrade)

Postby consultant » 23 Apr 2012 18:25

I am used to the old Itrade system and was directed to the new site today. Noticed few odd things:
The new interface will take a while to get used to.
The Scotia Red is too intense and interferes with red alert (or down indicators) colour.
Fixed Income Search by Offer Yield displays all bonds available in the inventory.
In Accounts, can only display transactions from mid March (says 45 days on the screen). Seems that the rest of history is lost (again).
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Re: Scotia iTrade (was: Etrade)

Postby Inquiring Mind » 24 Apr 2012 08:52

The bond listings now include bonds that indicate 0 inventory, which I don't recall being the case before. Also, when I clicked on one of the bonds to get more info, I couldn't return to the bond listing from the screen that came up.
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Re: Scotia iTrade (was: Etrade)

Postby Jo Anne » 26 Apr 2012 13:36

In the process of doing the switch from SMDI to iTrade, the commission level on all of our accounts has been changed from $9.99 to $24.99. You have to call them and have a manager re-set the commission level, and in order to be reimbursed for the overcharges you have to give them a list of all the transactions where you were overcharged.

This is something that I don't think a lot of people will notice, and I think it stinks.
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