How Do I Get $9.95 Trades for my RESP Account at BMO InvestorLine

So I opened a RESP account at BMO InvestorLine. We already had other accounts there with enough in them to qualify them for $9.95 trades. (At InvestorLine you need to have at least $50 000 in your account or in your accounts in total.) Although I added the account to my User ID and requested it be included in the calculations for the 5 Star Trader program in the future, nothing happened in the next few days to give me the Flat Trading Fee rate. So I wrote InvestorLine using the MyLink Secure email service. Here’s how they said I can get the $9.95 trades for my RESP account.

BMO InvestorLine Better Beware RBC Direct Investing and TD Direct Investing Are Making a Better Offer!


InvestorLine had better perk up its ears and pay attention. In the past few weeks, in early 2014, both RBC Direct Investing and TD (Waterhouse) Direct Investing have changed their rules to offer every customer $9.95 trades regardless of their account balance. For now, InvestorLine still requires a balance of at least $50 000, which can be achieved by grouping accounts under one User ID, or by meeting certain trading quotas.

What Did InvestorLine Say about $9.95 Trades When I asked by MyLink Secure Email

The BMO InvestorLine MyLink Advisor responded: “I have sent a request to enroll your new RESP account into Flat fee pricing. Flat fee evaluation takes place at the end of each month and any inclusion is done manually. It would be enrolled within 2 business days.”

I expect that means that the account will not be enrolled until 2 business days after the end of January. I’m not certain, though, so I’ll keep an eye on the account and see if it happens before month end.

When Did I Actually Get the $9.95 Trades at InvestorLine?

Aha!

The morning after the email arrived via MyLink telling me that it will be enrolled within 2 business days, it was enrolled! So I guess it means if you don’t phone or email InvestorLine, the automated process won’t pick up the account until the end of the month. But if you phone or email, you should be able to get them to set up the $9.95 trades in two business days.

Of course I don’t think I actually want to buy any ETFs or stocks today, so it’s almost irrelevant, but it’s still good to know.

How Long Did It Take for MyLink To Respond to My Request?

Unfortunately, MyLink isn’t responding as quickly as it used to. I sent my question on January 23, and only received a reply on January 27 (although it says it was emailed on January 26. If so, it must have been after hours, ET.)


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To get $9.95 trades in the “old days” at RBC Direct Investing, I had to phone them once the required minimum balance was in my account. Now all of their customers get that rate immediately. BMO InvestorLine seems stuck with a month end system. What does your brokerage do? Do you have to phone or email to get a better rate for trades? Please share your experiences with a comment.

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