# I am done with RBC direct investing



## supermikelala (Feb 8, 2011)

The funny thing is that I haven't even started using RBC direct investing yet. But I am done with them. They are the worst I have ever seen.

I have a regular RRSP account with RBC for years. This year I decided to open a self-directed account in direct investing. I went to a branch and opened the account in Feb.

My new account was ready early March. I went to the branch and a guy helped me transfer my funds from my old account to the new account. Some cash and some in kind. The funny thing was that their network wasn't even working in their office. So the guy filled in the form for me and faxed it.

8 days later, I checked my account online and found they sold one of my funds, and transfered it to the new account as cash. Other funds were still sitting in the old account. I called, the lady told me she would take care of it.

more than 10 days later, I found those funds were still sitting there. I called again. The guy on the phone just asked me to submit a transfer form again. I did the same day.

Then almost 1 week later, I found they just sold one of my funds and transferred it to the new account as cash. AGAIN!! The other funds are still sitting in my old account!

I can't believe they just can't transfer some funds in almost 1 month! Can you trust them as your trading broker? I can't. I am done with RBC, and transferring out all my funds. Whatever closing fees they ask, I will pay. Just want to stay away from them.

Moreover, they asked me to open a banking account while opening the direct investing account. You know how long it took them to mail me the bank card and other material? almost 1 month! wow, RBC!


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## webber22 (Mar 6, 2011)

This is the exception rather than the norm. I haven't heard too many problems with RBC or any of the large banks. It's the smaller firms that have always given me the headaches.


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## Four Pillars (Apr 5, 2009)

I had a few issues as well, when I set up an account at RBC Direct.

However, once it was set up - things were fine. 

Had they not insisted that I couldn't transfer money in or out unless I had an RBC bank account (which later turned out to be a lie), I would have considered staying there, rather than going through the hassle of transferring back to Questrade.

Hopefully they will have another 1% deal soon.


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## Guest (Apr 6, 2011)

supermikelala said:


> The funny thing is that I haven't even started using RBC direct investing yet. But I am done with them. They are the worst I have ever seen.


I started out with them, went to QTrade. RBC may be ok if you're a long term investor, but for me who trades, and needs to move cash in and out of trading accounts, RBC is just not obliging. And dunno how it is now, but the cash had to be in the RBC trading account to trade, not be in transfer from another institution which is fine with QTrade. I could go on ...


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## Kim (Jan 10, 2011)

We USED to have our business accounts at RBC ( last year )- went through the hoops to get trading account set up and like you never used it - the service was so bad we just got out put $$ with TD, trading went to Qtrade. 

What is up with poor service?


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## I'm Howard (Oct 13, 2010)

I like RBC ,in my opinion their site is the best of any of the Banks, something I even got the TD Rep to agree with.

The Research Tools are great, their Bond Inventory the best, I can buy GIC's directly, which you can't with TD, my account is updated every fifteen minutes, and there is a daily update as to the amount of cash flow generated that month.

I manage several accounts worth several millions of dollars, and am in the process of moving from Scotia and TD to RBC.

I especially like the ability to set up an account goal and to get the feedback as to how the portfolio compares to a model to achieve that goal.


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## marina628 (Dec 14, 2010)

I used RBC until 2007 ,never had any issues with them and had about $130,000 with them.We moved everything to TD in 2007 just for convince an would not have any issue recommending RBC based on my own experience.


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## LOST (Aug 30, 2010)

I, too, also have an account with RBC direct and have had no issues to speak of.


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## slacker (Mar 8, 2010)

That sounds very bad. Questrade has definitely not done that to me (yet).


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## gibor365 (Apr 1, 2011)

I think all big banks' discount brokarege are the same [email protected]$... This year I transfered some funds from different institutions to CIBC Investor Edge and to TD Waterhouse. Everywhere I had similar problems.


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## J3ff (Mar 20, 2011)

*Not to take anything...*

Not to take anything away from the original topic, I wanted to confess that the worst discount brokerage I've had to deal with is by far Virtual Brokers. Just my personal opinion. Maybe it's because they are a fairly new discount brokerage firm but they have really inexperienced staff that are not all too familiar with their online systems and an appalling record of committing to something (e.g., returning a phone call) and not delivering. 

In addition, there is a significant discrepancy between the data you view in the account web-site and the trading web platform. The web platform, for example, showed my sell trade executing at $20.71 while the account web-site showed my trade executing at $20.14. I called about the discrepancy and they mentioned to me, "Oh because Bloomberg said it executed at $20.14 that must be the right price". I was a little more than a little agitated with this response and the worst part is, there was no follow-up explanation as to why their is this discrepancy between the two online web-sites. 

Anyway, as for RBC Direct Investing, I have not tried them so I can't really comment. Sorry for the side track...


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## gibor365 (Apr 1, 2011)

All of them stealing your money! In TDW I bought PRF at market, they bought it for $59.21 , I check this date charts and found the the highest price for this date was $59.18. When I called them, they started to give some stupiid excuses ...at the end gave me back$20 as a goodwill gesture.

And how they paly with DRIP?! TDW always reinvest at highest price of the day, if range of the stock was for example 10.01-10.10, in best case they will buy for 10.09
Investor Edge for the same scenario bought for 10.15, when I called them, they said they they calculate price based on 3 last dates before executing trade....
CHEATERS


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## BC_Doc (Apr 8, 2010)

Hi, I've used RBC DI since late 2007. All my contacts with them have been great so far. Their agents have always been extremely helpful whenever I've phoned in (e.g. yesterday I phoned to get some ideas where to park a pile of US cash which has accumulated). The trading platform is very good to use. The ability to hold US dollars in RRSPs is a significant plus.

Your experience thus far sounds pretty crappy. If you can get in touch with one of their managers and make things work to your satisfaction, it may be worth your time and effort.


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## cwnomad (Apr 29, 2011)

Staying away from RBC DI is a good choice. I made the mistake of moving some funds from TD about a year ago. Since then there have been 5 or 6 occasions where their on line system was unavailabe (usually at market opening time) which causes major delays if you try to phone in. Monday this week was the last iteration.

This morning 5 minutes before opening my account was locked due to 'unknown address'. No phone calls, no e-mails, no warning, just lock you out so you cannot get to your funds. I had made an address change at the RBC branch a few weeks ago and they apparently forgot to notify Direct Investing.

As soon as my account with Virtual Brokers is completed I will rectify this problem. 

I haven't heard of any inherent problems with VB but would like to hear of anyone's experience.

Good Trading to all.

CW


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