What are the real fees for buying stocks? (BMO fees?)

[Impossibles]

I'm planning on starting to buy some stocks in the near future for my RRSP portfolio.

I'd like to stick with BMO, but I'm not dead-set on doing that.

According to this site: http://www.bmoinvestorline.com/Commissions/Default.html?WT.ac=LowerRates2ndSlotEN10012007#9

Transactions under $2000 are $40 + x cents per trade.

Is that the total fees? Is it worth going to Scottrade or E-trade if I plan on making 15-30 transactions per year? Are there hidden costs I should know about?

[TheDude79]

For any trades with under 1000 shares, it's $25 for a market order and $29 for non-market orders. For greater than 1000 shares it depends on the share price, but the website you gave has all of the info. Read it carefully.

[fastlayne]

And if you have $100,000 BMO has flat rate trading for $9.95. Or if you qualify as an "active trader" - 30 trades per quarter - the $9.95 price applies as well.

The $9.95 pricing is a good incentive to consolidate all RRSPs into BMO to reach the $100,000 mark.

[Thalo]

Those commissions are in line with what the other bank owned discount brokerages are charging. I hear BMO Investorline's interface is pretty slick too.

You might save a little bit by going with E-trade or Questrade, but sacrifice service and a branch network. Also, I think Questrade charges some ridiculous fees for buying mutual funds, but I can't back that up, just from what I've read on the forum.

Scottrade only operates in the U.S., I believe.

[nobody1234]

. Also, I think Questrade charges some ridiculous fees for buying mutual funds, but I can't back that up, just from what I've read on the forum.


"Mutual funds are offered through Questrade's clearing firm, Penson Financial Services Canada, Inc., however, clients cannot trade mutual funds online.

To trade mutual funds, clients have to contact the trading desk via phone and request the trade to be made by one of the traders.

Questrade currently charges $35 for each mutual fund trade."
From QT FAQ
http://server.iad.liveperson.net/hc/s-82013505/cmd/kbresource/kb-8814058681811946735/view_question!PAGETYPE?sq=mutual%2bfund&sf=101113&sg=0&st=916243&documentid=162721&action=view

[Thalo]

"Mutual funds are offered through Questrade's clearing firm, Penson Financial Services Canada, Inc., however, clients cannot trade mutual funds online.

To trade mutual funds, clients have to contact the trading desk via phone and request the trade to be made by one of the traders.

Questrade currently charges $35 for each mutual fund trade."
From QT FAQ
http://server.iad.liveperson.net/hc/s-82013505/cmd/kbresource/kb-8814058681811946735/view_question!PAGETYPE?sq=mutual%2bfund&sf=101113&sg=0&st=916243&documentid=162721&action=view

That's pretty lame. They already make money off the trailers (without even having to provide any advice), no reason they should charge transaction fees.

[ghostryder]

And if you have $100,000 BMO has flat rate trading for $9.95. Or if you qualify as an "active trader" - 30 trades per quarter - the $9.95 price applies as well.

The $9.95 pricing is a good incentive to consolidate all RRSPs into BMO to reach the $100,000 mark.

Not sure if BMO's fine print is the same but RBC's direct investing is $9.95 if you have $100,000 in "household assets" with them, it appears from my personal experience to include non-reg, RRSP & RESP accounts.

"Household asset accounts are defined as RBC Direct Investing accounts for clients living in the same household, with the same address. You must advise RBC Direct Investing of these multiple account relationships."

http://www.rbcdirectinvesting.com/commissions-fees-schedule.html

[TheDude79]

^ yeah, it's pretty much the same at BMO

[Just Confused]

BMO Investorline allows you to have a master login that can link all your personal and business accounts to the same login. Each account retains its individual login, but the master account can see (and trade in) them all.

It is the combined assets of these accounts that is used to determine the $100K limit. BMO refers to this aggregate as the household asset accounts.

I have multiple trading accounts (including a minor's trust account), RRSP, spousal RRSP and a business trading account all under a single ID.