Complaint / review / scam report
Scotia Itrade
Margin loan interest rate

When the Bank of Canada REDUCED the overnight rate Mar 3 '09 & Apr 22 '09, Scotia iTrade INCREASED their markup from the Prime Rate rather than decrease it as has been done by other financial institutions.

Considering that there is no risk with Margin loans as the portfolio is the collateral & they can unilaterally sell some of the holdings to cover any shortage, this is excessive abuse of power expecially in an financial environment where the government and the Bank of Canada are trying to assist Canadians & Canadian companies (some of US ownership) I reiterate that this is extreme excessive abuse of power.

In addition, considering the bonuses these sharks are getting, the insult is compounded.

A previously satisfied eTrade client of many years, now looking for a new discount brokerage, hopefully a non-bank brokerage.
Author: Contact with Author

Offender: Scotia Itrade

Country: Canada   Province: Canada

Category: Business & Finance

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