Questrade question - how long to open new account online ?

[laptop-tech]

Quick question for those who are using Questrade. How long does it take to get the account open, and ready to use ?


I opened an account with Etrade a few WEEKS ago and everyday they ask me for a new form to be signed and mailed out to them. Once they get it, it takes 3-5 BUSINESS DAYS to confirm the date on the forms, another 2 days to pass anti money laundering laws, another 3 days to verify my identity, another 3-4 daus for the funds to show up in my account, another 4 days to confirm I'm the owner of the bank account used to fund it, and an average of 25-35 minutes (during peak hours) to speak to a human being when I call them.

At the same time, Questrade tells me I can open the account online and could be trading within 3 days. Most likely in the next 3 days ETRADE will ask me for another form and it will take another 30 days to get it all done.

Has anyone here opened an account online with Questrade and had it up and running in such a short time ?

Thanks for your input.


Note - AIG went from $1.65 to $ 1.87 while Im waiting for ETRADE to open the envelope I sent them.

[Nuprapture]

Quick question for those who are using Questrade. How long does it take to get the account open, and ready to use ?


I opened an account with Etrade a few WEEKS ago and everyday they ask me for a new form to be signed and mailed out to them. Once they get it, it takes 3-5 BUSINESS DAYS to confirm the date on the forms, another 2 days to pass anti money laundering laws, another 3 days to verify my identity, another 3-4 daus for the funds to show up in my account, another 4 days to confirm I'm the owner of the bank account used to fund it, and an average of 25-35 minutes (during peak hours) to speak to a human being when I call them.

At the same time, Questrade tells me I can open the account online and could be trading within 3 days. Most likely in the next 3 days ETRADE will ask me for another form and it will take another 30 days to get it all done.

Has anyone here opened an account online with Questrade and had it up and running in such a short time ?

Thanks for your input.


Note - AIG went from $1.65 to $ 1.87 while Im waiting for ETRADE to open the envelope I sent them.

Ford went from 1.28 to 2.60 in the 11 business days it took Questrade to open my account.

I just recently opened my Questrade account and I think they have the most ridiculous system out there. They tried the online validation for the signature and apparently I was getting my drivers license number wrong on the security question... this is a really buggy system that other forums out there bash too.

I sent in my copied ID via express mail and they received it within 2 business days. After receiving the dox (confirmed wiht them over the phone), they took another 8 business days to open the envelope and activate my account. I funded my account via bill payment online, but it ended up taking almost a full week to have this go through.

I like questrade, but their sluggish account setup process cost me literally thousands!

(btw, I can refer you if you'd like.. you'll get $50 in free trades and I'll get some too. see pm.)

[sjweyman]

I would plan on at least 3 weeks for the account to be opened and funding to be transferred in from another account you are having closed. I'd say it took at least that long for me with no intervention from me (i.e. I never called them). I also made extra sure I met all of the requirements properly before I mailed in my documents.

I never had to agree to so many things in my life! It was kind of scary really.

[NUTS]

Quick question for those who are using Questrade. How long does it take to get the account open, and ready to use ?


At the same time, Questrade tells me I can open the account online and could be trading within 3 days. Most likely in the next 3 days ETRADE will ask me for another form and it will take another 30 days to get it all done.

Has anyone here opened an account online with Questrade and had it up and running in such a short time ?

Thanks for your input.

.

pretty much as you described, however you need to make sure they have your money in the account before you can trade.

Unless something has changed, you will also need to provide them with a signed copy of the application along with photo ID & proof of identity, which is what I had to do when I applied on-line 3-years ago

I would call them back - ask them about the money bit as well as about them having your proof of identity on file

Questrade for me is value for money