Posted by Tim Stobbs on January 16, 2008
Ok I normally don’t rant too much, but this has got me so pissed off. I started investing my wife’s and mine taxable accounts with RBC Action Direct because they didn’t have any maintenance fees at the time. I knew the trading fees where not cheap, but in an effort to keep everything from being too complicated in our finances we both setup accounts there.
Then they introduced quarterly fees of $15 if your account value was below $5000. Ok that wasn’t great, but it didn’t take too much to increase our values beyond that. So no big deal. Then yesterday we get our latest statements and enclosed is a notice. They are increasing the quarterly fee to $20 unless your account value is over $10,000 as of March 15, 2008 (there are some exceptions, but I don’t qualify for them).
All I can think is what the hell are you people doing? You already charge over priced trading fees and now you are increasing maintenance fees every year or two now. Are you really trying to lose my business? That maintenance fee is like $80/year just to have an investment account with high trading fees. Do I really look that dumb? You [insert the next six swear words of your choice] bastards!
So in the end I’m looking for a new taxable account provider, any suggestions? I don’t trade much and the account values will be below $10,000.