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Bank of Nova Scotia - iTRADE
November 14, 2022
11:31 am
Denise
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Has any one here, had difficulty in 100% closing of their iTRADE account?

November 14, 2022
3:39 pm
AltaRed
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Do you mean all of one's accounts at iTrade? Or simply one out of multiple accounts at iTrade and if so, which one, i.e. cash account, RRSP, TFSA? I've closed a cash account with no issues some years back but I still have 3 accounts with them.

November 14, 2022
4:27 pm
Denise
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@altared

We had a cash, TFSA, RRSP and RRIF accounts.
A very long time ago we successfully cancelled the RRSP and RRIF accounts.

Recently we asked, in written and signed letters to cancel or close our cash and TFSA accounts. That required numerous follow ups to have that completed.

The process, in my mind, is still incomplete as I can still sign info iTRADE and see no accounts. But they say they cannot cancel the ATM like card login. And that kind of angers me to know I still am associated to iTRADE/Bank of Nova Scotia.

November 14, 2022
5:12 pm
Loonie
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It's BS to say they can't close it. Of course they can, but it sounds like they won't, which is a different matter.
Sounds to me like they want to keep you on file so they can keep sending you advertising etc.

One of my FIs, can't remember which, still sends me ads about RSP contributions, even though I'm too old to contribute and they know it. They just can't quit!

November 14, 2022
5:20 pm
AltaRed
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It is odd you cannot get them to cancel the iTrade login card unless you still have a BNS bank account still in operation that uses that card as a debit/ATM card. That card, by the way, also allows one to have an iTrade practice account. Maybe that is the glitch?

It seems to be a common problem. I still get emails from RBC Direct Investing on new offerings such as IPOs even though I closed my RBC Direct Investing account at least 5 years ago.

November 14, 2022
5:22 pm
Denise
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@loonie.
Lol....my lady like demeanour will change appropriately if they send any advertising. I will expect replacement of ATM cards in the next year or so....not sure what I will do.

My complaint/requests went much further than the first point of contact bimbo, I can assure you. It went to some guy that actually gave me his name, position, phone number and email address, that is, after I guessed and actually sent my concerns by email to the VP of BNS.

The guy said iTRADE did not issue the card so they cannot cancel it.

November 14, 2022
5:23 pm
Denise
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@altared

I have absolutely no accounts with BNS.

November 14, 2022
5:25 pm
canadian.100
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Loonie said
It's BS to say they can't close it. Of course they can, but it sounds like they won't, which is a different matter.
Sounds to me like they want to keep you on file so they can keep sending you advertising etc.

One of my FIs, can't remember which, still sends me ads about RSP contributions, even though I'm too old to contribute and they know it. They just can't quit!  

They likely need to keep the account open until the Taxation year is done because Tax slips/Tax Information may need to be issued for 2022 and filed with CRA as well.
I know some here just love to bash the banks for both valid and non-valid reasons.

November 14, 2022
5:56 pm
AltaRed
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Denise said
The guy said iTRADE did not issue the card so they cannot cancel it.  

So who was the issuing entity? In my case, my card was issued by iTrade and not BNS because my trading account was the successor to E*Trade Canada when Scotia bought out E*Trade. My BNS banking accounts came later and BNS tellers are still amused by my iTrade card which is also my bank/ATM card.

November 14, 2022
6:03 pm
Denise
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canadian.100 said

They likely need to keep the account open until the Taxation year is done because Tax slips/Tax Information may need to be issued for 2022 and filed with CRA as well.
I know some here just love to bash the banks for both valid and non-valid reasons.  

Good point. It was TFSA only and cancel request was one year and after needing any reporting of TFSA from iTRADE to CRA.

November 14, 2022
6:10 pm
Denise
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AltaRed said
So who was the issuing entity? In my case, my card was issued by iTrade and not BNS because my trading account was the successor to E*Trade Canada when Scotia bought out E*Trade. My BNS banking accounts came later and BNS tellers are still amused by my iTrade card which is also my bank/ATM card.  

Actually I started out with TradeFreedom. And we were given numeric log in. Then the ATM card. Oh. And I had my Sears card and Sears MasterCard cleared away years ago too.

Mine says iTRADE.

I too am mused. If iTRADE accepted its use then they should be able to cancel it or know who can.....would you not think? Some where in the universe of Bank of Nova Scotia there must be a solution and I sure tried hard and would not accept the BS that iTRADE could not cancel. Oh....is iTRADE in that big black hole and not part of the BNS universe?! That’s what it feels like to me. sf-frown

November 14, 2022
7:05 pm
AltaRed
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You may have to zero in on iTrade's tech support to have them cancel the card, or failing that, ask for the fraud department to tell them you might sell your login credentials on the street if they don't cancel the card. Seriously...... threaten them.

November 30, 2022
8:44 pm
Fritz23
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Does iTrade still have the $25.00 inactivity fee if you don't do a trade in a quarter?

December 1, 2022
7:32 am
AltaRed
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Fritz23 said
Does iTrade still have the $25.00 inactivity fee if you don't do a trade in a quarter?  

Only if it is a non-registered account and only if total account value is less than $10k. There are no inactivity fees for registered accounts nor for account balances exceeding $10k. https://www.scotiaitrade.com/content/dam/itrade/documents/iTRADE_Commission_Fee_Schedule_English.pdf

December 1, 2022
9:16 am
Norman1
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This is the fine print of Scotia iTRADE's low activity admin fee from the commission fee schedule. There's now an exemption for accounts of those under age 26:

The Low Activity Account Administration Fee (“LAAA Fee”) is charged on a per account basis each calendar quarter. This fee will be assessed based on the client’s account balances, trading activity and age at the close of business on each of March 15, June 15, September 15 and December 15 of each year. The LAAA Fee will be waived;

i) for new clients who have opened their first account at Scotia iTRADE within the 6 preceding months,

ii) for client accounts where at least 1 commission-generating trade was executed in any one or more of client’s Scotia iTRADE accounts during the preceding 3 months,

iii) for Registered Plan accounts (RRSP, RIF, LIRA, LIF, RESP, TFSA),

iv) for Cash Optimizer Investment Accounts,

v) for clients with total account equity at Scotia iTRADE greater than $10,000,

vi) for accounts of clients who have achieved the age of majority but are under 26 years of age at any point during the year for which LAAA Fees are assessed and

vii) for Unclaimed Accounts,

provided that in each of (i), (ii), (iii), (iv), (v) and (vi), all accounts of the client are fully activated and the client has a valid and current mailing address on file with Scotia iTRADE. With respect to (vi), if applicable, the LAAA Fees will be charged for the year subsequent to the year during which the client turns 26 years of age. Commission-generating trades are buys and sells of: Equities, Options, Mutual Funds subject to commissions, and Fixed Income instruments. Buys and Sells of GICs, ETFs which do not generate a commission, Canada Savings Bonds and Provincial Savings Bonds, are examples of trades that do not generate commissions.

December 3, 2022
9:42 pm
Fritz23
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Thank you!

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