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Discussion Starter #1 (Edited)
This is probably not news to anyone that has a Scotia iTRADE account, but since their 'back end' conversion a few weeks ago (part of integrating iTRADE with Scotiabank back-end I guess), there have been several technical issues and they seem to continue. Note that before the conversion, I had 100% perfect experience with iTRADE.

I have no stock or private $ interests in any discount broker, I do not work, nor no anyone that does work, at any of the discount brokers. So this is coming from a frustrated customer only. ;)

Sorry for the long post....

First let me say that the support people have have spoken too have been quite nice and helpful in general, so this is good.

I am posting this mostly so that people considering an iTRADE account can know that right now, things are not so good at the site in my opinion. There are still tech. issues with the site. I am sure they will get fixed, but if planning on starting to use iTRADE, maybe wait a bit until they get things right again.

Here is my list of issues that I have had so far:

1) Site not accepting my user name and password for a few hours during trading hours. Called tech support and they admitted the issue. No issues since for this one.

2) Account summary page not showing correct balances. There was one morning (last Monday) where I could hit refresh and each time the page would seem to randomly show me 1 of 3 different balances, with the differences in the $20,000 range. Called tech support; at first they said that the account summary page issue had been fixed the week before so they did not 'believe' me. After insisting to speak with a manager, the support rep put me on hold. When he came back, he said my issue had now been fixed and now my account summary should be stable, which it was. No issues on account summary since.

3) Unable to modify existing trades. Two times I tried to modify an existing trade and got an error saying that I could not modify it and I needed to phone iTRADE support. I did call; in both cases I was told that the modify was not being accepted by their system for an 'unknown' reason. In one case, they pushed the modify through and everything was OK. In the second case, by the time the support person found the error on their end, markets had just closed, so the modify could not be done. The support rep said they would give me my 6.99 commission fee as a credit for the error since it resulted in a part fill of only 100 of 700 units. I did receive the credit as promised, but had to pay more for the stock the next morning to get the share count I wanted. ;(. I have not seen this issue for a week now, so maybe it is fixed.

4) Account history showing duplicate trades and one trade with incorrect number of shares purchased. This is still an outstanding issues. I talked with a support rep yesterday and he said this was a known issue and would be fixed by end of this week.

5) Charged incorrect commissions. While updating my own books Sunday, I noticed one trade had been charged a commission of almost $60. I called and they said that their system had wrongly listed the trade as a broker trade, thus the high fee. He said that they would credit my account so I only paid $13.98 for the trade since it was 2 part fills at 2 different prices. I pointed out that I always used to be only charged 6.99 for a trade even if I modified the price of the trade after a part fill. After putting me on hold again he came back agreeing I should only have been charged 6.99 and would get the overcharge as a credit.

That is it so far.

So, anyone with an iTRADE account, I suggest checking your statements carefully. ;)

I also wonder whether there is anything us active iTRADE users can do, other than move to a different discount broker, to get some compensation from iTRADE for the frustration and time at least I have had to spend on the phone with them (2 - 3 hours now). I feel like sending them a bill for my time!

Also, in a way it makes me not trust the service at all anymore; several weeks after conversion and they still have technical issues to fix? This seems crazy to me. Again, before the back-end conversion was done (when we got new account numbers), I had zero issues with the iTRADE service and loved it.

Thank you.
 

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Tell me about it I am so frustrated with them.

First of all - Their conversion occured on December 4th and I had outstanding orders to be filled all of which were cancelled. The reason this is important is because I lost my place in the queue.

Second I placed a trade for 225000 warrants which was filled but then they charged me 2 cents per share for the trade. $4500 for the trade. I contacted them and they did fix it but it did take several days.

During this time I could not trade.

I did not receive any free anything from them for the inconvenience.
 

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ssimps, I am with iTrade and have been with them for 3 years now.
Like you, I was very satisfied with their service.
However, it's been going downhill since Scotia bought them out.
And since the backend conversion 2 - 3 weeks ago, I have faced similar issues - not as many as you probably because I don't trade as much as you.
All the account numbers have changed which is a big inconvenience since I need to fix all my bill payment setups.
The account login issues were there for the first few days and when I called them they admitted.
Those have since been fixed.
There are other quirks that I notice every now and then.
For now I am sticking with them.
I plan to make some trades early next year in my RRSP and TFSA and we'll see how that goes.
 

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So far so good for me.

The only odd thing to happen is I got a reprint of the November statement in the mail instead of the December one - but the Dec one followed shortly without my complaining.

And now when I have to phone for stuff that the website cannot do, the wait is half an hour at least. Before I had a direct line to either a rep or voicemail for them to call me back.

I'm willing to give them a break for a while. The other brokers have just as many problems.
 

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I experienced all those problems and had two trades go screwy. The first was a sell and I never got the money from it. All went to the commission and of course the money wasn't available for... The second was a buy where about 15% of the dollar value went to the commission putting my account in the hole. That was automatically fixed a couple of days later. The first trade issue took several phone calls and now hopefully has been fixed. I'm expecting to see the money tomorrow or Wednesday. The normal trade commission amount, $19.99, has been cut in half. Predictably the wait times on the phone were quite long.

I would hate to have been involved in that back-end conversion project. I can imagine the crap they're getting for this botch up.
 

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Discussion Starter #6
I'm willing to give them a break for a while The other brokers have just as many problems.
I'm willing to give them a bit of time too. But I have to look out for my own interests here, which does not give iTrade indefinite time to sort things out. When the dust settles, I think we should all expect some form of significant in-kind free trades or something to make up for the stress and time this has cost us. To my knowledge, Scotia never once indicated that that this account number change would cause so many issues to active traders; if there was even a small chance that it would or could, they should have disclosed this so that people had time to move their securities if they wanted.

Do other online discount brokers really also have the issues I mentioned? If so, iTrade should have been #1 ranked before the back-end switch. I had never had one issue with iTrade before account # change, not one, zero. ;)

The thing that gets me worked up is that we have a lot of $ via this broker and I worry they will mess things up to the point where we loose actual cash or securities, not just hours of time pointing out their errors! Maybe this is not possible, in which case it is just a sever annoyance and I can take a bit of the pressure off myself (maybe not them).

Thanks again.
 

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New bulletin being displayed since this afternoon upon login:

December 21, 2009

Dear Scotia iTRADE Customer,

During 2009, we completed a significant upgrade to our systems and also centralized record keeping and back office functions under Scotia Capital Inc. We strengthened our technology architecture and deployed a new order routing infrastructure to improve execution speed and quality. These changes provide the new platform for future product and service enhancements and will help us deliver a more robust and efficient customer experience.

A project of this size touches every part of our business from account opening through to statement design, and we have strived to deliver these changes with a minimal amount of disruption in the services we provide to you.

The more recent conversion of our back office functions did result in challenges for some of our customers. As a result, wait times to reach our Customer Service team have been longer than we would like.

You can be assured that providing you with the ability to view your positions and trade your securities remains our top priority and we have been working diligently to ensure that all customer issues are resolved. You can also rest assured that the security and privacy of your accounts and transactions was not impacted in any way.

I wanted to take this opportunity to thank you for your patience during these changes and apologize for any recent difficulties you may have experienced. Our Customer Service team stands ready to assist you with any issues you may have, and our team of developers and engineers will continue to work behind the scenes to deliver the products and service you've come to expect from Scotia iTRADE.

We are very excited about what lies ahead now that our system upgrades are complete. On behalf of the entire Scotia iTRADE team, I'd like to thank you for your business and wish you the best over the holidays.

Sincerely,
Duncan Hannay
Managing Director, Head of Online Brokerage
 

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I to experienced most of those same problems, they have now finally been resolved. Although it was a frustrating experience for a lot of people the grass is not always greener on the other side.
I had been with two other Bank brokerages and they were a real nightmare and that was during regular service. E or I trade was far superior in every way IMO.
Hopefully things have returned to normal.
 

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Discussion Starter #10
I to experienced most of those same problems, they have now finally been resolved. Although it was a frustrating experience for a lot of people the grass is not always greener on the other side.
I had been with two other Bank brokerages and they were a real nightmare and that was during regular service. E or I trade was far superior in every way IMO.
Hopefully things have returned to normal.
I hope so too; I would like to stay with iTrade too and pre-account number changes I had 100% positive experience with them. I guess people are saying this is an exception, not the standard in the industry. People / sites rating discount brokers should factor this in heavily in their ratings IMO.

I still feel iTrade should give us loyal customers something to help compensate for the 2 - 3 week mess instead of just a 'thank you and sorry for the problems'.

Yesterday when I was talking with a support person about a still outstanding issue they offered me 5 free trades for all my troubles. I told them that 2 - 3 hours of my time is worth way more than $35 bucks and when the dust settles on the site and they are stable again that I'd be calling looking for much more than $35 in ''compensation''. Maybe I should have just taken the 5 free trades. :rolleyes:
 

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of course not. It's a reference to your friend duncan.

as a matter of fact the discounters seem to be bulging at the seams w new business. But imo their absolute first concern should be system engineering. So clients who shine the light on shortcomings are benefiting all.
 

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Discussion Starter #14
as a matter of fact the discounters seem to be bulging at the seams w new business. But imo their absolute first concern should be system engineering. So clients who shine the light on shortcomings are benefiting all.
I totally agree with this, and I get it. :D

of course not. It's a reference to your friend duncan.
Did duncan post a reply to this thread; I can not see it, but maybe I'm missing it. No offense intended, but maybe I'm also stupid cuz I still don't get your post. Can you help me get your point please?

duncan, are you and I friends? Never met you or penpalled with you, so not sure how we are considered friends. Not saying I wouldn't mind being your friend, but is it possible to make 'friends' on a forum?

Again maybe I'm just forum stupid so I'm not following things here. Any help in my forum education would be greatly appreciated. ;)

Thanks again.
 

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Did duncan post a reply to this thread; I can not see it, but maybe I'm missing it. No offense intended, but maybe I'm also stupid cuz I still don't get your post. Can you help me get your point please?
humble pie's post was in reference to the following phrase from the iTrade bulletin:
and we have strived to deliver these changes
Get it? :p
 

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Discussion Starter #16
humble pie's post was in reference to the following phrase from the iTrade bulletin:
and we have strived to deliver these changes
Get it? :p
Sorry humble pie; now I get it and now I feel as stupid as I was wondering if I was. ;) See my foot in my mouth. Again, sorry for mistaking your post. I thought when you said my friend duncan you were referring to another forum user.
 

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I've also faced frustration with iTrade. I liked E*Trade - it wasn't perfect, but it was better than others I've worked with.

I complained and all I was offered were 3 free trades. I told them it is ironic that a loyal customer who sticks with them through this mess is treated less favourably than a new customer who is often given 50 free trades.

I've seen my account balances showing that certain positions are underwater - the book value is so far wrong that it really makes it hard to trust any of their numbers.

I will just have to keep my eye on everything for the next couple of months.
 

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Discussion Starter #20
I complained and all I was offered were 3 free trades. I told them it is ironic that a loyal customer who sticks with them through this mess is treated less favourably than a new customer who is often given 50 free trades.
I never thought of that, but you are so right, what a joke (I'm not laughing).
 
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