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Discussion Starter #1
Hello,

Would like to know if any other banks besides mine charges an administration fee for holding mutual funds via the bank. My Bank is BMO and every 6 months I am charges 5$ + TX for this admin. fee. :eek:

I would understand if I would have bought a third party fund, but all the funds are BMO's, so I don't get it?

Is it only BMO or do they all charge this no nonsense fee?

Thanks
 

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From my experience, there are no fees with a CIBC mutual fund account. However, I've had an account for them for ages (~15 years), I'm not sure if that they waive the fee or not.
 

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That fee looks so nominal that I wonder if it might just be there to urge you into some service or another.

For example, some TD accounts have small nominal charges, but these charges are waived if you sign up for online account statements.

Have you tried calling BMO and asking if there is any way to waive this fee?
 

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Discussion Starter #4
The account is my wifes. I myself an with investorline.

True they are nominal but she only has about 6000$, so a fee like that hurts overall return. Then again they want our business so why should they charge.

Last year I went with my wife to the bank, she needed to rebalance, and I did ask the so called investment specialist and he had to go ask someone else, his reply everyone pays it!
 

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Hello,

Would like to know if any other banks besides mine charges an administration fee for holding mutual funds via the bank. My Bank is BMO and every 6 months I am charges 5$ + TX for this admin. fee. :eek:

I would understand if I would have bought a third party fund, but all the funds are BMO's, so I don't get it?

Is it only BMO or do they all charge this no nonsense fee?

Thanks
You didn't mention if this was an RRSP account or not. Many (most institutions?) charge an administration fee. Most will also waive the fee if your assets are enough.
 

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With TD, there are no admin fees associated with owning TD Mutual Funds via the bank.

However, there are admin fees associated with TD Waterhouse discount brokerage accounts. These fees are waived if you're signed up for eServices (paperless).

With that said, I know that is true to a point. Perhaps someone can provide a breakdown of TD Waterhouse services and their associated admin fees/eligibility to be waived (i.e. I think there is an admin fee with a TFSA account).
 

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I don't think i've ever seen such a fee from RBC for a mutual fund account. My wife and I have registered & non-registered accounts, and my Dad had one. But maybe it's a hidden benefit of having bank accounts at the same place. Does your wife have a bank account at BMO or just this mutual fund account?
 

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Discussion Starter #11
We both have savings and checking accounts at BMO, She holds mutual funds via the bank.

I will recontact them about the fee and see what they say.

Oh Great GUru..thanks for the link. I will take a look at it.
 
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