Category Archives: Money Tips

Using Your RBC Direct Investing Account for the First Time

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UPDATE: This article is historical, from 2013. I no longer invest with RBC Direct Investing.

Ok, on October 16, I mailed in my application for a RBC Direct Investing RRSP account. On October 24, they sent me an email welcoming me and telling me I could use my account the next business day, October 25. It didn’t have an account number or a client card number, though, so I couldn’t do anything. Then on October 31, I received a client card in the mail. Closer! But without the account number I still couldn’t do anything. Finally today, November 1, I have received my Welcome Kit in the mail. It has my account number. It’s time to finally access my RBC Direct Investing account for the first time.

For those of you who are trying to do the math, I finally have all the numbers I need to sign in 12 business days after I mailed in my application. That’s actually pretty fast for a brokerage.

To Sign In to your RBC DI Account for the First Time

Have your client card number and your account number handy.

  1. Go to http://www.rbcdirectinvesting.com/
  2. On the left side of the screen, click on the Sign In button.
  3. On the next screen, beside the Sign In button, click on the link: First Time Sign In.
  4. On the screen
    • In the Client Card Number: field, type your number.
    • In the Account #: field, type the first 8 digits of your number with no spaces or hyphens.
    • In the Postal Code: field, type the postal code used in your application with NO SPACES.
    • From the drop-down lists, select the year, month and day of your date of birth.

    Click on the Continue button.

On the First Time Sign In – Select Password screen

  1. Check your client card number is correct.
  2. In the Enter your password: field, type your choice of a password of 8-32 characters. You can use some special characters as well as letters and numbers.
  3. In the Re-enter your password: field, type it again.
  4. If desired, in the Email Address: (Optional) field, type your email address.
  5. Click on the Continue button.

The First Time Sign in – Complete screen should state your password was accepted.

To actually sign in to your account
Click on the link: Proceed to sign into RBC Direct Investing Online.

On the Sign in to RBC Direct Investing TM Online screen

  1. In the Client Card Number field, type your number.
  2. Do not click on the selection box for Remember My Client Card Number.
    Why make it easier for someone to hack into your account?!
  3. In the Password field, type your new password.
  4. In the Go to: field, select your choice from the drop-down list, from the choices
    • Pre-set Home Page
    • Summary
    • Order Status
    • My Portfolios
    • Markets Overview
    • Stock Order Entry
    • Mutual Fund Screeners
    • Mutual Fund Order Entry
    • Fixed Income Screeners
    • Fixed Income Advanced Search
    • Option Order Entry
  5. Then click on the Sign in button.

And you’re in! Time to start looking around the screen to see what’s where.

Fascinatingly enough, exactly after I set up my account, I received an email claiming to be from RBC asking me to click a link to Please Sign in to complete the verification process and ensure you fill in the required information.

Of course this was a PHISHING attack! The timing was a little spooky though. I reported the email to RBC at: phishing@rbc.com.

What’s Next? Trying to Use RBC Direct Investing!

Unfortunately, although the account is now set up I am still waiting. I am funding the account by transferring in funds from a RSP Investment Savings Account at ING Direct. I figure that they could not send my T2033 to ING until they assigned my account number on or about October 31. So it may be a few weeks before I can use one of my “free” trades.

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Do you use RBC Direct Investing as your brokerage? Are there any things you’d like to warn me about before I start using my account? Please share your views with a comment.

PC Financial Joint Accounts are NOT Joint: One Person Will Have All of the Control

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I’ve mentioned before that PC Financial treats our joint accounts as if they are two separate accounts. If I set up bill payments, for example, under my PC Financial card, I can see and pay them when I sign in. My husband, though, can neither see them nor pay them. Similarly, our joint PC Financial chequing account is linked to our joint Big 5 Canadian bank chequing account. The link to transfer funds between the two accounts was set up by my husband. If he signs in using his PC Financial card online, he can see the external bank account and move money between the two chequing accounts. I can’t. In order to see the external account, I would have to apply all over again! Tonight’s problem was even worse, although it’s very funny in an exasperating computers-are-incredible way. It proved yet again that PC Financial joint accounts are NOT joint; one person has all of the control.

PC Financial is Offering Another Short Term Bonus Interest Rate

Today I found out on RedFlagDeals that PC Financial has just begun another short-term bonus interest rate promotion. The deal runs from November 1 – January 31, 2013. For new deposits that increase the total in all of your savings and chequing accounts above the total amount you had in the bank on October 31, 2013, you will earn a higher rate of interest. So any combined balance up to and including the amount you had on October 31 will earn 1.35% (less on the chequing account) and any amount above that will earn 2.25%.

We have some money sitting around at the Big 5 bank that needs to be kept in cash because it’s earmarked for certain upcoming bills. It seemed sensible to move it for a month or two to PCF to get the extra 0.9%, especially since it’s not even earning 1.35% at the Big Bank. (At that rate, it’s only $7.50 per month, per $10,000 deposited, but still every bit helps.)

This promotion is not automatic. You have to phone in to get it.

So I phoned. I answered the security questions. We both agreed that I am me, and that I have joint accounts with PCF.

BUT I can’t get the promotion.

Why Can’t I Enroll in the PC Financial Bonus Interest Promotion? Because Secondary Means Second Class

The only reason I can’t enroll the accounts in the promotion is that I am not the “Primary” account holder. My husband is. He has to phone in and ask for the rate.

For our JOINT accounts.

Yes, that’s right. I can take out every cent in the accounts. I can put a million dollars into the accounts. But I can’t increase the interest rate.

Why Are Secondary Account Holders So Insignificant?

Even my polite and courteous telephone representative wasn’t quite sure why I couldn’t enroll. She put my on hold and went to check on it.

Apparently it’s the computer system that is at fault.

Believe it or not, the way the system is set up, we could get TWICE the bonus interest if I (or any other secondary account holder) was allowed to apply for the promotion.
That’s right: the system doesn’t just have ONE place to check off to start the bonus calculation. It has one on EACH cardholder’s profile. So if she changed my profile to allow me to earn the bonus interest, and THEN my husband phoned in and asked for the promotion, we’d be enrolled twice and get twice the interest.

Cool!

To avoid this problem, the powers that be decreed that only the primary cardholder can request to be enrolled for the promotion.

Too bad my husband is way, way, way too busy at work to be bothered phoning banks.

Too bad for PCF that is. I’ll simply move the money to an ING Direct account I have that’s currently paying 2.27%.

PS The customer service rep did offer to open a brand new account just for me so that I could get the bonus interest. I give her full marks for trying to be helpful, even if she was hobbled by system constraints.

The Moral of the Story: Don’t Let Your Computers Run Your Business

Computers should do what people want them to. People shouldn’t have to do what computers constrain them to do.

PC Financial should consider taking a few $$$ and using it to upgrade their computer program rather than paying it out in interest. In the long run, it will keep customers happier and their money rolling in to their bank’s coffers.

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Have you ever been forced to do silly things by a computer program? Please share your frustrating, but admittedly funny, escapades with a comment.

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In general, I don’t have anything against PC Financial. I love the fact that I can get all of the cheques I want and need for free. It makes paying all these tiny bills from our kids schools cost much less. Unfortunately, PC Financial doesn’t offer any sign up bonuses, though, so I can’t add a bonus sign up link here. If you want to sign up, just visit their website or a kiosk. They won’t ask if I sent you.