Outrageous cost of "assignment"
So I sold a covered call on RY in my scotiaitrade account and they gouged me with $65 in fees when the call got assigned... What is up with that?
Here's what I did (in my TFSA):
Bought 100 shares in Nov for $4533... Then sold an Apr call at 54 for $1.25 (in Jan) (received 113.76 in premium)... it was assigned last week... and they put $5345.01 in cash into my account... Which means they took $11.24 + $64.99 = $76.23 for doing almost nothing... basically moving electrons around... I only got $113.76 - $76.23 = $42.53 (plus the increase in value of the stock)...
When it was "eTrade" assignments were a lot cheaper and cash balances earned some interest... I'm seriously thinking of switching brokers...
I'm thinking scotia bank is loving me right now.
Does anyone know if there is a cheaper way of doing this?
(I suppose I should start by trading more contracts at a time).