Questrade

How To Cancel Questrade Account, Account Closing Fee and ACAT Charge (2020)


Questrade account closure fee and ACAT fee. Cost and how to close brokerage investing or retirement accounts online. Questrade TFSA/RRSP/RRIF termination fee.



Questrade Account Closing Fee


Questrade does not charge account closure fees for both regular brokerage joint or individual accounts or TFSA/RRSP/RRIF accounts.


How To Close Questrade Account


To cancel Questrade account, you first move your cash to your bank or to another broker. If you have investments you can either sell them or transfer to another company. Then you call Questrade customer service and ask them to cancel your account.


Questrade ACAT Fees


If you decide to transfer your Questrade account to a different firm, Questrade will charge you $150 for a full account transfer and $25 for a partial account transfer.


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Additional Features


One fantastic feature of Questrade is the ability to buy, sell, and hold physical gold for $20 per trade. The broker will also lend up to 80% on gold bullion in non-registered accounts. This gives customers the ability to buy gold on credit and borrow on the bullion already in their margin account. The client's gold is safely stored at the Royal Canadian Mint. The cost of storage is $0.10 per ounce per month for gold, and $0.01 per ounce per month for silver. 

Questrade also allows its clients to hold U.S. dollars. This feature is unique among Canadian brokerage firms. It could save some investors a small fortune in currency conversion fees.


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Customer Service


A company is only as good as its customer service. It holds true that any customer support team should be able to provide accurate, timely and relevant information, whenever needed.

Questrade’s customer support team can be reached via phone Monday through Friday from 7:30 AM ET to 8 PM ET. This does fall short of other stock broker’s offerings, for example Scotia iTrade offers support until 9 PM ET as well as support on Saturday from 8 AM ET to 6 PM ET.

Questrade also offers a convenient online live help where account holders can chat with a live agent. There is also the option to visit a learning centre in person, although there is only one location across Canada - on Yonge Street in Toronto. Unfortunately, this falls short of the dozens of seminars that TD Bank offers across all of Canada.

Customer service is where a company can make or break a reputation and it is well understood by management.


Disclaimer


For the most recent information on broker fees, including Questrade closing fees (charge to leave Questrade), visit their website.