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  1. #11
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    BMO IL has a feature called something like 'Link Account' or 'MyLink' or something like that which could have been opened at the same time as the BMO IL account(s), and allows those that otherwise do not bank at BMO to use it as a chequing account ( 1-2 free transactions a month). It has a bank transit number, etc. and provides all the features of a chequing account (Interac, Bill Payments, Transfers, etc.) It "holds" the balance of cash from your BMO IL account so that you can use it like the balance of a chequing account. You might be able to still set that up simply by calling BMO IL (avoid anyone at the BMO bank branches as they have little idea how anything works with BMO IL). You can also set up a USD bank account with Harris Bank in the USA, owned by BMO, and that will show up on your online banking. I liike those features from BMO IL.

    BMO IL is a good discount brokerage in my opinion but it still is a little behind in some things. It does not yet issue online PDF tax documents, does not offer IPOs, and does not yet have an integrated BMO IL and BMO Banking online page (all of which I get with Scotia iTrade).

    Added: As previously stated, all the big banks/brokers have trouble dealing with out-of-country individuals.


  2. #12
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    Quote Originally Posted by humble_pie View Post
    ...for USD deposits, i believe one still has to visit a teller in a branch. It's also possible that, if your pay cheque is drawn on a US domestic bank, BMO might put a hold as long as 30 days on said cheque. However, these little drawbacks won't be the end of the world...
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    As the beneficiary of my late American husband, I receive both a U.S. Social Security pension and a retirement pension from his pre-retirement employer. The Social Security payment is automatically deposited into my US dollar bank account at my local branch of ScotiaBank. But my pension cheque from from his employer is mailed to me in US dollars every month, and the bank doesn't place any hold on it at all. I can convert it to Canadian dollars and withdraw it or transfer it into my Canadian dollar chequing account on the day I deposit the cheque if I want to. I wouldn't be very pleased if the bank held it for 30 days!

  3. #13
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    holy moley chipotle guacamole that is not a good BMO branch story. But altaRed is right, don't deal with the branch when it comes to BMO broker Investorline, the branch personnel don't really understand how the broker side operates.

    instead, go directly to BOMIL. The reps are trained to be responsible, most are responsible. Find one of these & ask him or her to stick on your case until the problems are straightened out.

    AFAIK you *had* to have been given both a CAD bank account & a USD bank account when you opened your BOMIL accounts, assuming both those accounts were unregistered. That's how BMO broker operates. The banking service is called AccountLink.

    BOMIL might have neglected to send you the introductory booklets of cheques & the plastic bank card, but you should be the proud owner of both those broker-linked bank accounts at this very minute.

    so phone BOMIL the broker, 1-888-776-6886. You're wishing to see your Accountlinks, you want to receive your introductory booklets of cheques, you need your ATM bank card. You will have to go to another website - the main BMO bank website - it will have a different log-in & a different password - to see your broker bank accounts in fullest detail, but the BOMIL rep can show you how to navigate there.

    re tangerine: can your US pay cheque be scan-deposited into your tangerine account? this might be an advantage for you. From tangerine, you can migrate your USD into your BOMIL USD account via AccountLink. You would need to link tangerine to BMO.

    alternatively, you could take your US pay cheques to a teller at a BMO branch.

    re holds on US source cheques: if you are a new client, a new bank is likely to put holds on US cheques from a private source. Once they get to know you, these holds should cease.

    wishing you the best of luck. It has not been an easy road for you so far, but with the dual-country background, yours is not an average simple case. Courage!


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  5. #14
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    Thanks for the correct term "AccountLink". I was too lazy to look it up when I posted. I do recall when I filled out my BMO IL application that I had to proactively tick off a box to get AccountLink at the time.....but there should be zero issue getting it in hindsight, along with a few cheques and that plastic BMO ATM card. Now if they would only integrate online BMO IL and online BMO banking into one location like at least some of their competitors. I don't much like having 2 signon pages.

    P.S. I had issues with the local BMO branch as well when I opened my BMO IL account some years ago. I used the branch to overnight courier my package....and to validate my identity, but they screwed that latter process up royally. It too 2 more trips to the branch to sort out my identity credentials. It would have been better to mail the whole lot in via Express Mail or Purolator or similar. Sometimes saving $20 causes $200 worth of grief.

  6. #15
    Senior Member m3s's Avatar
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    Quote Originally Posted by AltaRed View Post
    P.S. I had issues with the local BMO branch as well when I opened my BMO IL account some years ago. I used the branch to overnight courier my package....and to validate my identity, but they screwed that latter process up royally. It too 2 more trips to the branch to sort out my identity credentials. It would have been better to mail the whole lot in via Express Mail or Purolator or similar. Sometimes saving $20 causes $200 worth of grief.
    Did they apply a wax seal before handing it to a carrier pigeon or something? You can do everything online with Questrade, Tangerine etc including electronic signatures and documents, scanned ID. It is nice that my TD bank login is the same as my TD insurance login, but there isn't really much benefit. I must have hundreds of logins by now and it might be better they are separate in the case of joint accounts or something.
    amat victoria curam

  7. #16
    Senior Member humble_pie's Avatar
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    ^^


    m3s u are incorrigible with your questrade touting!

    one of these years i'm going to drive up in my own personal MRR truck & turn the radar onto questrade's weaknesses. As you say, we need these safeguards in northern canada nowadays .


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  8. #17
    Senior Member m3s's Avatar
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    Hah

    disclosure: long BMO
    amat victoria curam

  9. #18
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    Quote Originally Posted by m3s View Post
    Did they apply a wax seal before handing it to a carrier pigeon or something? You can do everything online with Questrade, Tangerine etc including electronic signatures and documents, scanned ID. It is nice that my TD bank login is the same as my TD insurance login, but there isn't really much benefit. I must have hundreds of logins by now and it might be better they are separate in the case of joint accounts or something.
    I suppose if they access your credit file to validate your identity when opening accounts, that would seem to be reasonable check and balance. Lots of IDs can be faked so the big boys want to have 'certified' copies of DL's/passports, i.e. a bank employee/officer initialling the copy that essentially says....they saw the originals to verify the copy was indeed a copy of the original and the person presenting the information indeed matched the photo on the ID. I really wouldn't want it much simpler than that for brokerage accounts especially.

    Added later: Now once the account is opened, then I agree with electronic signatures, scanned documents, etc. It is the opening of the accounts where I think 'over-the-top' scrutiny is required. Note that with online banks, new applications are validated by that institution by virtue of: 1) one's credit history AND 2) a cheque with pre-printed name and address...which essentially says this person had been validly identified by that institution whenever that account was opened. One might argue that should be good enough for a brokerage as as well....but WTFDIK?
    Last edited by AltaRed; 2017-02-21 at 12:17 PM.

  10. #19
    Senior Member humble_pie's Avatar
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    long BMO? my goodness, this is precisely on the radar issue ... let's look ...


    questrade is privately owned by one edward kholodenko of toronto, therefore we cannot know the capitalization of this firm or any details whatsoever as to who its bankers are or what its solvency might be. As a private company, there is no public disclosure.

    my attention is also drawn by the fact that there are no cash accounts at questrade, other than registered accounts. All non-registered accounts are margin only. This means that the broker, once the margin of an account has been impaired for whatever reason by even one holding - selling an option will impair, for example - the broker can borrow stock from the entire account, although within IIROC limits of course.

    for some time I've wondered whether the backside of questrade is, in reality, a wholesale lending house of shortable stock to other brokers, who need the stock to lend to their shorting clients.

    you know that clients often pay for the privilege of shorting, right? certainly hedge funds pay. Brokers can also easily go outside the loan posts of their own individual firms for a client who wishes to short & they can usually source the desired shortable shares very easily, from another firm.

    it's obvious that a firm which could reliably provide shortable stock to other brokers, for a fee, would have a viable business, if run properly. There's every reason to believe that kholodenko could & would run such a business well. So me i have always wondered whether that is what questrade might be up to. The front of the house - the retail accounts - are the outside of the business, which on its backside is a wholesale short-lending operation. Pretty ingenious, one would have to agree. Entirely legitimate. Very smart. Just wondering.

    there's more. Questrade could attract more institutional clientele for its front-of-the-house broker division if it would lift the veil of secrecy to reveal something of its financial infrastructure, by going public with a tiny fraction of its shares. An IPO of even 10% of existing shares would require the same disclosure filings as an IPO for the entire business.

    such a tiny public filing from questrade would be enough to greatly reassure the financial community in north America. After all, Interactive Brokers went this route. IB sold 10% of what had been a privately held business to the investing public a number of years ago.

    but questrade never goes public. This, in turn, causes one to wonder ...


    (signed)
    skeptical shortbread


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  11. #20
    Senior Member m3s's Avatar
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    There are many other reasons to not to go public though. That would just put a lot of pressure to increase profits to keep shareholders happy etc

    I was reading about all the changes that came to Tim Hortons when it went public. Basically screw the customer in many covert ways to maximize profits

    Me I look for the privately owned local cafes with freshly baked goods. Sure it could be a front for anything as far as I know, but the coffee is so good

    amat victoria curam

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