What Does TD Waterhouse Consider As “Quarterly”?
If you glanced at TD Waterhouse Canada’s active investor policy. You might have been enticed by the following marketing message (quote accurate as of December 27, 2006): Investors who trade equities or options at least 30 times per quarter, using any of our Electronic Brokerage Services, will pay as little as $9.99 per trade. What does “per quarter” mean to you? You will find that TD Waterhouse has a totally different definition for that! First, the new policy was instituted effective October 30, 2006. It’s strange to have the policy in effect for an off-calendar-quarter date. I suspected that TD Waterhouse was not playing by the rules that ETrade had established. Wary that they were trying to sneak one in on customers, I went straight to the fine prints. Here’s what I found, and I’ve italicized key points. Your household’s quarterly trading activity and asset level are reviewed on a monthly basis. Active Investor Commission Rates are automatically effective on the 4th business day of
