Scotia Itrade

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Category: Business & Finances

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Scotia Itrade Reviews

dbl-nkl January 13, 2010

iTrade website

Jan 13 '10: another day when the discount brokerage website is not available, at all. Of course telephone help is obviously busy and trading is impossible.

This is not the first time since Scotia has taken over eTrade & definitely not the first time since a disastrous conversion executed at the beginning of December '09.

eTrade was a great non-bank brokerage for me for many years, with knowledgeable personnel & excellent website performance & great rates; now we're dealing with banking attitudes, arrogance, and outright incompetence when requesting technical assistance and website design & programming.

I'm looking for a new discount broker, non-bank... I wonder if eTrade would come back to Canada...

dbl-nkl January 13, 2010

Margin loan interest rate

When the Bank of Canada REDUCED the overnight rate Mar 3 '09 & Apr 22 '09, Scotia iTrade INCREASED their markup from the Prime Rate rather than decrease it as has been done by other financial institutions.

Considering that there is no risk with Margin loans as the portfolio is the collateral & they can unilaterally sell some of the holdings to cover any shortage, this is excessive abuse of power expecially in an financial environment where the government and the Bank of Canada are trying to assist Canadians & Canadian companies (some of US ownership) I reiterate that this is extreme excessive abuse of power.

In addition, considering the bonuses these sharks are getting, the insult is compounded.

A previously satisfied eTrade client of many years, now looking for a new discount brokerage, hopefully a non-bank brokerage.