Dorian Daily Review of Quest Trade
UPDATE: it has now been well over 10 calendar days...
UPDATE: it has now been well over 10 calendar days and the cheques have still not been deposited. I have tried contacting Questrade Support as you recommended, but they do not have the authority to rectify the situation. I asked them to have a supervisor - Jay - contact me over the phone on Friday morning to which they replied you will be contacted within a day. I have still not been contacted and it is now Monday (still no funds in account 14 calendar days later). To date, I have lost $1,126 in dividends. I intend on filing a complaint with IIROC.
Extremely poor service costing customers $1000s to $10,000s in lost income. Questrade has been holding two cheques of mine since June 12, 2020. It is their policy to hold CAD cheques for up to 10 CALENDAR days. This is fine except for a) it has now been 14 calendar days (still no cheques released) and ii) the policy is not communicated to customers by service reps accurately. One rep advised on June 18 it would be 1-3 business day, another rep advised the cheques were released June 23 and would be ready on the third business day (today, June 25). One rep tried to reach out but now continually avoids phone calls. In any good service marketing, the promise should be to under promise and over deliver. Questrade's strategy is to over promise, under deliver and provide misleading (inaccurate) information. I have missed several ex-dividends and claims of future cash distributions as a result of Questrade which has personally costed me thousands (if not tens of thousands compounded over decades). Be wary of using this online brokerage and understand that "discount" may mean long processing times, getting the runaround, and frustration.
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