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Tuesday, August 14, 2012

TD Waterhouse Brokers: Sexy voice, but bad customer service


What I had been waiting for so long finally happen: I had received my $50 per stock for my TMX Group. Owning less than 200 stocks, I taught TD Waterhouse would had the common sense it take to sell all of my TMX Group see at $50, but NOT. Don't expect too much from TD Waterhouse. TD is part of the Maple Group, so they are not really reliable anymore.

I have more than 90 stocks of TMX Group Inc. (X) that got sell at $50 per stock, but I have a few stocks remaining in my portfolio while I wanted ALL of my XXX stocks to be sell LOL. See what I mean? Maple Group is only garbage and I told so to the TD Waterhouse broker. I was talking to a smoothhhh voice, but not an intelligent one. I wanted a $9.99 credit so I can sell the remaining left of TMX Group sh@t. But the TD Waterhouse monster broker REFUSED to credit me 9.99 so I can freely sell the salvation stocks of TMX Group remaining in my portfolio.

I am really disappointed at TD Waterhouse and I am SERIOUSLY thinking about switching of broker.


Anonymous said...

I hear RBC has a good brokerage account, LOL

Anonymous said...

Wouldn't it take up to 10 days to be final when there us a take over. The ticker symbol will likely change in your account also. I had three take overs happen and that was the case

Anonymous said...

Man oh Man I am soooo not used to Canadian bank charges. Been gone from Canada for over a decade but still keep my bank account (mostly for our life insurance) but recently I started using it again, same with our TD Waterhouse

10.95 S/C cause I changed the plan on the second so had to pay for the whole month

Then $25 charge for having a TD Waterhouse account and not using it enough.


Few phone calls latter I managed to get it all sorted out and should avoid charges like this in the future, but still.

BTW don't you do all your trading online?

Anonymous said...

PS just read your previous post, you are having a bad hair day:)

Liquid said...

Quality service appears to be hard to find these days. If you were to switch brokers, which one would you choose?

Anonymous said...

Hi Sunny, be prepared for another haircut in case you change from TD. They will charge you $9.99 for each kind of stock you transfer out of the account. Your new broker usually pays for part of these expenses but only up to a certain limit!

Anonymous said...

I have to agree with Liquid, and currently use TD Waterhouse, Scotia iTrade and Virtual Brokers. By far the worst is TD Waterhouse and really don't use them anymore. If you buy less than 100 shares frequently consider Virtual Brokers. Selling 90 shares would cost $1.00 in commission. I never buy less than 2000 shares so it's capped at $9.99

Anonymous said... thats one confusing post!! I'm guessing you tried to sell off less than board lots into the market for $50.00 & wound up selling for less snd or leaving unfilled remainders. If so, you should find out how sell orders can be executed & the various options. The TMX/Maple deal from what I've read seems a messy affair.

Sunny said...

Maple had acquired TMX Group. People like me holding some TMX shares had two option: cash in a maximum of cash or get a maximum of share. i selected a maximum of cash since the early beginning of this affair. I made several hundreds by doing so. the deal is, Maple Group is giving $50 per share to up to 80% of the TMX shares been hold.

At the time of the sell, I had a bit more than 100 stocks of TMX in my portfolio. The vast majority of my stocks had been sold to 50$ per share, commission free (at no cost).

However, i still hold to a few stocks of TMX shares in my portfolio. Its kind of a bit stupid to have to hold to less than 10 stocks of TMX when the vast majority of my stocks were successfully sold at $50. I try to make the rep of TD Waterhouse understand that, but he didn't.

I may try to call again or visit the TD Waterhouse office at the Eaton Centre. But I want a 9.99$ credit to be apply in my account so I can sell the remaining of the TMX stocks that I hold in my portfolio.

I had been a customer of TD Waterhouse for 5 years now and I am not getting from them the respect I deserved. My business is simply going to go someplace else if this problem persist.

Maple Group acquisition over TMX is just a big joke. It allows smart investors like myself to make some valuable $$$. As for the rest, it doesn't make any sense that banks and pension funds hold the TSX operator.

Yes, it will take 10 days to be completed finalize the money had already been distributed. Now, only the remaining shares have to be "treated".

What a joke.

Anonymous said...

That was a much better explanation. IMHO its often better to sell into the market on the bounce & when the bounce solidifies a value rather than to hold for some future payout, especially when its a complicated deal. Let the big institutional holders deal with the slicing & dicing even if u leave $ on the table. I haven't followed TMX so I don't the value fluctuations.


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