Scotia Itrade reviews and complaints
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...
Read full review of Scotia Itrade and 9 commentsMargin 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.
The complaint has been investigated and resolved to the customer’s satisfaction.
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I am so fed up with ITRADE representatives who do a careless job with important communications that I'm gone ASAP. They are the same inept staff that Scotia McLeod Direct Investing had--changing the name didn't improve things. Communication was ignored, causing my account to be in arrears by $10.00. Now my account is frozen. I wasted a whole day waiting for call backs from a supervisor. I called the complaint number twice and received a message I would receive a return call shortly. Well guess what? DONE WITH THOSE CLOWNS.
MARK