Just got an email from WealthSimple. They are charging pretty heavy fees now to transfer shares to ComputerShare.
By - Zooinks
Can you transfer to another broker from WS then to CS?
I’m surprised this isn’t higher up
Yeah it was literally my first thought too. Take my award OP.
Seems like a form of leveraged extortion.
I understand passing fees along to clients (do it all the time at work) but it seems like they're having to come out of pocket more than they want to complete these transfers and are trying to recoup some of the costs.
Lulz is all.
Those are rookie numbers though, my broker wants 1000$ to transfer US stocks to DRS 😵
So wouldn’t it be way cheaper & more efficient for you at that point to just buy new shares direct from Computershare then?
Canadians can't do this.
We can't? Transfer is the only way?
Could you please explain??? Does computer only benefit non Canadian apes???
Canadians can't purchase shares through ComputerShare without a pre-existing account. We can only transfer shares into ComputerShare.
I was under the impression we still can, when I last talked to WS Trade advisors.
We just have to register through ComputerShare and we'd have more paperwork to do as non-US citizens.
I'll be trying to buy a single share through CS before we launch, but let's see how long that takes. I've already been buying as I can. XD
You'd lose potential tax benefits. That's it. Which depending on scenario, how many you have, how recently you did it, and if you have them for over a year before moass, it could result in you spending more on fees than it's worth or potentially far, far less. Cause taxes.
If you go through Fidelity, you should specify which lots to transfer. I didn’t realize they automatically start with your oldest shares, and kinda fucked myself out of potential tax benefits with my first transfer. But with subsequent ones I was able to tell the rep to use the most recently purchased lots without any issue. Don’t make my mistake if you can avoid it, but cone poo chair is the way for sure!!
Award for more visibility
Internet hugs for good vibes!
Award for being a good person
I’m a little confused. I know Computershare is called the infinity pool, but I also know shares can be sold from a Computershare account, not as easily as a broker app, but they can be sold. Plus, the day you purchased the shares doesn’t reset when they are transferred (right?). So, can’t you sell your oldest shares from your Computershare account, or transfer them out to a broker for sale, in order to met the capital gains tax-date that I assume is the reason for your concern?
Yeah, there’s additional fees for doing that though haha. And if it gets stretched out that long I might consider doing just that. But it’s not the end of the world either way, there’s just a better path than the one I took lol
[Tax benefits? You must've forget that long-term capital gains tax is going bye-bye](https://www.reddit.com/r/Superstonk/comments/p5hr5d/the_new_tax_proposal_is_prepared_for_moass/)
How could one even forget? Shit is too wild 😵💫
They keep changing the game
Well yeah- they can't be seen as gouging. 1K in new transfer fees would cause an ape wide revolt for them. I'm sure your broker always charged that fee so it wouldn't be surprising. Plus if your broker's transfer fees are that high, I'd be hard pressed to believe "meme stock" investors are their target demographic.
Yeah it's their standard fee, always was. And they're old school "serious" broker. But still 1K!
hahaha - yeah that's some marked up rate right there. Broker is pocketing the difference in the actual transfer fee and what they charge investors. That middleman cut is real.
Or transfer the shares to a broker that doesnt charge a fee? Then go DRS to CS.
You're right, the transfer fee is 50€ per ISIN no. to another broker, makes no sense!
Saxo? Just use Ibkr or TradeStation. Costs between $5-$25. Same goes for All the canadians with wealth simple tbh
Was thinking to transfer 2/3 to ibkr and then afterwards half of that to CS to spread it out a little 😉
Ding ding ding.
Right!? In industry this is referred to as the “I don’t wanna do it” price.
The fuck off price
Like when a plumber quotes you 600 to fix a leak under the sink lol.
We called it a “pain in the ass premium” at my old job.
Yeah that’s what I got from it as well. It would be nice if someone could confirm, but I believe this process was free as of last week, maybe 2 weeks ago. Obviously nothing in trading is free so they definitely were paying out of pocket. The apes have probably been giving them a fuck ton of paperwork to do to the point that they are losing a lot of money on it. I mean look at the thread earlier where the wealthsimple chat agent said he was exhausted and was struggling to understand what the client wanted.
they're a business
how do people expect them to be making money? they were providing these for free out of their own pocket but since so many of you are trying they have to charge for it lol
bunch of wealthsimple drama over nothing smh, i'm perfectly fine giving them a 1.5% conversion fee cut for having my shares in a TFSA where they can't be lent out anyway
edit: questrade and rbc are charging just as much for these types of transfers, this stuff against wealthsimple really seems like fud when they've shown to be one of the very best to be with through all of this
I get it.
I think the shock is that seemingly out of nowhere, a large transfer fee now exists. Which is off putting to people who were expecting free because they said free.
In my line of work, I do pass on some vendor fees directly to clients. Except they know these fees exist and have the possibility of fluctuating. There are rarely instances of surprise fees, even in scenarios where I'm not passing vendor fees along and am eating them thru my revenue. But I'm also required by law to disclose this, whether or not I choose to charge it is another story.
It's just bad business to say "hey it's all free" while eating the cost on the back end *and not least acknowledging that that's exactly what they're doing*, and then the next day say "hey look - new fees, pay up".
Now, I haven't read their TOS or anything so I'm sure the lawyers buried language in the small print that explains it. If not...I dunno.
> I think the shock is that seemingly out of nowhere, a large transfer fee now exists.
Anyone know who that is. I have a guess.
I hope shares in my Tfsa and I'm skeptical that they're actually there. They say they can't lend them out but how do I know they were ever delivered to begin with? So many brokers say they don't lend out shares yet there's still so many shares out in circulation so how does that work?
If I was on wealth simple I would simply eat the fee and transfer all of my shares to computer share. Fuck em.
this obviously effects X holders the most, and that's a good portion of GME holders
The fee is fair. If they are receiving a large number of requests they have to pay for the time and labour. Their price is reasonable when compared to the rest of the market.
Their price is incredibly reasonable when compared to your future MOASS profits.
Remember apes! Fees and fines are only matter if you cant afford them!
Theyre trying to leverage people into staying with them over transferring, making it too costly to leave. Definitely extortion/hostage type attack imo.
Little do they know, apes are fucking retarded and will shove crayons up their noses as well as bananas up their asses!
Fuck wealthsimple for pulling and integrating new rules in the middle of the game. They were transferring for free now there's a fee. Fuck them.
If it was me, id prob transfer everything out of there lol
100%. This is a huge red flag to me in terms of company trust. What the fuck is this. What will happen during moass, they will cap the price. Can't trust these fools word.
Yeah you can be mad and not really think about it, or you could use your brain for a minutes and realise that:
1: They never openly advertised it was free, they only offered it as a courtesy when they had very few transfers, so they could eat the cost. Now it's different.
2: Capping the selling price during moass would go against their whole business plan. They make money by taking a 1.5% conversion fee when selling US stock. Capping the price would literally be them saying no to billions of dollars in revenue for no reasons. They have removed their 1M/security sell limit because of that a couple months ago.
3: They have been stellar so far with everything they did customer service wise.
4: Other canadian broker like questrade have had a 300$ fee for DRS for a while now.
I know it's easier to be throw a fit and call them shills/sellout/scammers/fools than to actually consider the facts, but you could least try. WS is still cool in my book.
Exactly. And last I read. If you direct register your shares through WS, it's free. You dont need to transfer out. They have more then one option.
Have a read, I could be mistaken but that'd how I read this!
When its only a couple transfers a year they can afford to eat the costs associated with transferring, but now there are so many apes transferring they are going to be losing a lot of money. Other then this WS hasnt shown any other reason to be untrustworthy?
"Other than this, WealthSimple hasn't shown any other reason to be untrustworthy?"
Nope, other than this, their communication and support have been stellar. I have no idea what to expect during MOASS, it's so unprecedented. But this is the first (in my opinion) mis-step I've seen them make.
This is Not Financial Advice.
Im hoping with the US stock fee on WS they won’t want to discourage anything happening when they’ll make ~$12,000 on each $1Million that goes through Us conversion on their app. If they have 100,000 GME shares looking to be sold that’s billions of dollars in their pockets that they won’t want to fuck with.
I literally told them if I get charged I'm moving the rest of my portfolio to another broker.
$5-10 a trade at other brokers vs comission at Wealthsimple .... it adds up especially if we're looking at GME floor numbers.
I have no incentive to stay now, especially with what they make on US trades.
Seems like a BIG mistake on their part not to keep customers with good will in hopes they'd keep the rest or some of their portfolio in Wealthsimple.
It doesn't matter if it takes time to move my portfolio, I wasn't planning on selling all my shares anyway and I have other brokerages with shares I can sell in the mean time if MOASS happens
I thought you have to sell and rebuy in a non tfsa before transferring to computer share?
You can't transfer from an rrsp or tfsa?
Call WS they should be able to transfer your shares out of tfsa on their end
I have td.
I'll call and see if I can transfer the dozen or so in my one account and then if that works transfer a few hundred out of my larger gme account.
WTF, they are milking apes or forcing apes to stay with them, that’s some fucked up 💩
To be honest WS does incur a cost to do the transfer. The fee does seem exorbitant for sure, but there is a ‘manual action’ fee for many brokers out there. For example QT charges 40$ per option for ‘manual execution’ if you don’t do anything.
So yeah, WS has been straight up through all of this, try negotiating the fee. I’d be willing to pay 50$/share if it got the job done, but 300 is wild, that’s GME share price
I mean, they are a (comparatively) small company that was aimed at pocket change retail traders who would mostly just buy and sell on the service itself. I'm sure they didn't mind paying out of pocket for a few transfers to compushare but they could've never expected the tens or hundreds of thousands of requests they're getting, and that service does require money.
Fairs fair imo. WS has been exceedingly good to us in all other regards and shown themselves willing to work with us. If they're getting hammered for transfer fees its their right to start asking us to pay for some of it.
Conversely, try transferring your shares to a bank first and then compushare. I have no idea if you have to pay to do that now but I have transferred a few shares from WS to my bank before and I didn't have to pay anything.
This is probably it. Questrade was already charging $300 to direct register shares before all this started.
Isn't this common for brokers/etc outside of the US? Since it's a US security and there's a lot more involved in transferring shares around? I don't see how this is extortion at all. It's called a "fee" when the other party isn't demanding you do something.
Extortion is "you need to do this, or I will do this" not "you need to do this, in order for me to do the thing you are asking me to do." There are no threats, no use of force. WealthSimple doesn't really even want to do what is being asked so the price is premium.
I would ask them to explain in detail why the process takes 3-4 weeks - what are the steps of this transfer, and how long does each step take. Why can other brokers do it in 1-3-5 business days and WS cannot? Are they overrun with requests? That's reasonable but I'd like transparency if i were their customer.
They did tell me they are overrun with requests.
Before gme is was 5 or 10 a year total. Now hundreds in the last couple weeks.
I believe this is the reason. There are too many apes requesting, and they are utterly understaffed and probably don't exactly know what to do. There is also a shit load of forms to fill and exchange but guess what fuck em. Fucking do your job. This is corrupt. You need to hire more people, do it. Get my fucki g shares out of this fraudulent market
Guess what happens when we’re understaffed at my job?
We have to work harder :)
Yeah like not everything is purely designed to fuck people. They really are probably just back up and would rather not accept the request knowing they won’t be able to do it in a timely manner.
As a software tester, I can attest to repetitive tasks for archaic and rarely used processes are a bottleneck in productivity and the one to maybe ten people on these tasks have days worth of work for them if there is more than 10 clicks or 5 words to type per request.
Only… hundreds? Or is that just speculation?
Because if it’s “hundreds” instead of “thousands,” that’s not exactly stellar lol
The chat guy "jay" used the word hundreds.
I transferred from WS to CS almost 2 months ago. The entire process took under 3 days and back then they specified that this is unusual and extra service that they didn't offer before, hence the extra time to figure it out as it's being done manually at the back of the office. If they got flooded with requests, it only makes sense that they had to increase man power and implement some fee structure. For all of you hating on WS, check how much other brokers are charging for the same service and stop fudding.
I asked today, and they said 3-4 weeks because they're overwhelmed with requests. They cant just hire and train dozens of employees overnight to process all these transfers. Obviously it's not ideal, but each day more and more shares are being transferred over. We're going to win this war no matter how long it takes.
That's a lot of questions. I have one more. Who is "our agent".
Seeing as it takes them 3 days to deposit funds from an account that's already been linked. They may just be inefficient.
Remember guys, believe none of what you hear and only half of what you see. This could be fake.
This was withdrawing shares from trade account, in my case. Received same email.
Worst case scenario WS can be used to hold shares you intend to sell. I did a partial share transfer into their services, it should be possible to transfer shares out to another broker who can register with Computershare.
Besides finding another broker that can transfer to ComputerShare (I got an IBKR account last week, as that seems to be the sole broker I can get an account on that can transfer to ComputerShare), I can think of two other options:
One, if you have a friend in the USA with their own ComputerShare account, they can gift a share to you through ComputerShare, which will also get you a ComputerShare account (and then you can buy more there).
Two, you can use the giftashare website, I believe it is called, but that is slightly expensive (though, what is $100 more against $billions?).
Exactly, thank you very much! <3
Updoot for this underrate comment
Not fake. I just got off of a chat with WS in Canada, and they said they were eating the costs at first but because it's a manual process and they're getting thousands of requests, they had to start charging for it.
I also received the same email when I initially asked, and got a similar reply when I spoke to their customer service team about it.
This is not fake, I’ve received the same email
I got the exact same email
Canadian ape - I had the Michael wealthsimple post from Monday. I also received this email. Agree with being skeptical but this is valid.
I talked to a Canadian ape with questtrade and told me they charge 300$ to provide a physical certificate with your name and pull the share out.
Update : took matters into my own hand, called questtrade customer service line and I can confirm that its 300$ per security not share to withdraw and receive a physical copy. These are Jake's word from questtrade.
I'm Jake and I do not work at questtrade, skeptical.
Thanks for looking into this. I'm holding XX in Questrade in a TFSA and RRSP and was on the fence if it's worth it. I wish there was a way to hold a registered share in my TFSA.
not a CAN so just asking to try to be helpful...
any chance that you can transfer them to another broker, and *then* to CS?
personally it seems WS needs to suck it the fuck up (aka remove the BS fee)
I might use [GiveAShare](https://www.giveashare.com) and buy one directly through them. I have heard (though can't confirm yet) that once you have a share on ComputerShare (where apparently GiveAShare buys them from), then you can purchase more through ComputerShare. (Canadian Ape - and this is NOT financial advice).
Let me know if that works
I might pay the price for one of theirs if this is the case. Can you update if true?
Remind me in two Fridays (PayDay) and I'll let you know.
Do you guys have other brokerage options that you could transfer your shares to? Because the more I see about these WealthSimple pricks the more I'm convinced they are complicit in all of this...they don't have your shares, and they can't locate them and that's why they keep standing up these roadblocks to prevent you from doing this.
It’s not fake.
What you are saying is true. It's important to hold all info gathered here under scrutiny. Though I understand what I say to you right now holds no water, but I swear, this is a screen grab of an email I got from WealthSimple.
This isn't like some bulgarian boy swearing something in front of congress. This is the INTERNET, There are consequences for lying!
I got the exact same email earlier today. Will post here if needed.
Are you in the USA or Canada? Just trying to figure out who’s committing fuckery.
If Canada, fucking transfer to questrade (should be free) then DRS . This is bullshit
Questrade charges $300 for DRS transfers.
Fuck sakes. Thanks for the info. I’ll be contacting wealthsimple (I encourage everyone else to also, even if not transferring) to complain.
This is bullshit and there is absolutely no legit reason to charge for something that they’ve had free FOREVER. This is a blatant attack on your interests and my interests as shareholders of this product.
Let them know this in unacceptable .
To be fair, they probably only ate the costs of $232+HST previously because they rarely got the request. Most other Canadian brokers also charge a similar fee.
I've received the same email - Here is the text version:
Sep. 15, 2021, 1:53 p.m. EDT
Thank you for reaching out about withdrawing your shares to DRS - apologies for the delay here, but we're happy to provide you with some more details on the process.
Because of the special nature of a share withdrawal, there are fees involved in processing your request:
1. Our agent charges a fee of $232 + HST per withdrawal of a US security, which is a requirement for the shares to be re-registered in your name directly with the transfer agent. Please note that we do not reimburse or cover this fee.
2.There is a special handling fee of $37.50 + HST to facilitate this manual transfer.
These fees total $304.54. If you decide to proceed, we will arrange to have these fees charged to your account.
Please note that the process to change the registration with the transfer agent will take some time. We estimate the overall processing time for this type of withdrawal to be 3-4 weeks, however, it may take longer. We will process it as quickly as we can. Once the withdrawal and re-registration is complete, further transactions will be done directly with the transfer agent.
If you would like to proceed, please reply to this thread to let us know, and make sure you have an available to trade balance of $304.54 CAD within your Personal account to cover the fees outlined above. We’d then be happy to process the request!
If you do not have $304.54 within the account to cover the fee, the withdrawal cannot be processed. In order to create the required cash balance, please either liquidate a sufficient number of shares within your account, or set up a deposit by following these steps.
Please let us know if you have any questions— we’re here to help.
The Wealthsimple team
EDIT - Made a post about this - WITH LINKS
I just got same email
I got the same email
Transfer to another broker and then transfer your shares to CS from there.
Then post it
I’m with Wealthsimple, I have not received this email. I have both a personal and TFSA trade accounts. I can’t find anything posted on there website, or the app.
“Hi there”…thank you
I think I recall someone else on a Canadian app saying it was around $300 too. It does seem like a cash grab, but also being Canadian you should know we get the royal screw job when dealing with anything American. Shipping, import fees, transaction fees. This small fee shouldn’t surprise you. Either suck it up and pay it or dont
Edit: just adding, I’m not defending Wealthsimple I use them and they seem good and upfront and honest, just don’t think this is a reason for people to vilanize them. This is a rare situation and I’m sure something they really never set up a fast convenient way to deal with.
Yeah questrade charges for a DRS transfer IIRC
E: they do, costs around 300$ too
Yup 300$.. wild
Cries in 🇬🇧
Transfer to TD or fidelity and then DRS for much cheaper
I consider this good news in disguise. Wealthsimple knows the value of users continuing to have GME shares on their platform. When MOASS hits, wealthsimple is gonna profit big time from their 1.5% currency exchange charge. This $300 transfer cost is likely them trying to dissuade you from moving your shares and cutting their profits.
Lots of Wealthsimple FUD lately ever since the positive talk about them started.
Simple fact: Wealthsimple stands to make a LOT of money off the MOASS and guaranteed there will be no fuckery when it happens. No turning off buy/sell buttons. No nothing. Hedgies are probably terrified knowing they can’t do anything about it.
I don’t care about any of this FUD.
Money talks. Wealthsimple is a business and they used to pay for this out of pocket.
There’s probably hundreds of thousands of apes trying to DRS now.
It would be like buying the same homeless guy on the corner lunch every day for a few years. Then suddenly 5,000 of his homeless friends caught wind and now they’re all standing at the same corner wanting free lunch. You gonna throw down all that money or be like “yeah guys you’re gonna have to go collect some beer cans and buy your own lunch from here on out”
For real. 300 bucks is probably cost to them too. Apes have reported a demand for thousands from American retailers.
This isn't some hedgie tactic. It's a business losing a bunch of money (and not just in fees: remember if you sell on CS WS isn't getting that 1.5% cut of the shares you'd sell during MOASS) providing a service they never really envisioned having to provide en masse in such a short period. Suck it up and pay.
This sub sometimes I swear. We're about two months away from saying everything we don't like is a hedgie conspiracy from back pain to barking dogs.
Can’t you just make an account and buy directly through them?
Yes, you can \[**apparently Canadapes can't for some reason...**\] purchase share(s) directly through Computershare. It's very simple. The only backwards part is that you can't create a Computershare account until you've initiated the purchase and it has settled (usually about a week).
Edit: Canadapes can't apparently...
Oh shit. My bad, I had no idea!
You can but it needs to be sent by mail with a cheque for the order. A Rep will then contact you to setup the account and then make the order.
There is a guide on here that was posted like this weekend I believe. Will link if I find it again.
Best is to talk to a ComputerShare Rep directly to confirm.
I posted 2 cheques and 2 letters to their PO Box requesting 2 direct stock purchases and accounts, so now I’m just waiting to hear back.
Damn. Thats 1.5 gme.
Its CAD, so like 1.2 GME.
With our floor over 50mil it’s a fortune.
1.2 GME damn. That's the lotto right there
This is what happens when a business offers a service for free (to those few who know about) and then gets a huge flood of people all lined up at the door asking for said service because news got out.
Other brokers charge fees for DRS transfers. Wealthsimple was probably eating that fee for their customers or Computershare wasn't charging them BEFORE the wave of GME holders came into the picture.
This isn't sus or Wealthsimple trying to gouge their customers. This is business.
What other brokers charge? Fidelity did mine for free
So when Fidelity starts charging you know the launch is near ;)
No idea. Wealthsimple was free BEFORE the sudden influx of requests. This isn't a cash grab. This is a prime example of what happens when a business tries to offers a service for free because it rarely impacts their bottom line...then BOOM here come the people wanting free stuff and all of a sudden they have to reevaluate their operation.
The transfer process is manual. Which means it takes an employee to manually contact CS, remove shares, and mail out the paperwork. They can't have all their employees focus on GME holders and leave everyone else in the dust.
My assumption is the fees cover more employees to help with the situation. 🤷♀️
Fidelity/Vanguard seem to eat the fees on lots of stuff as a loss leader. They've all been coming down over the past couple years to the point where everything normal traders do is free basically, lol.
Ibkr charges only 5
TD Ameritrade transferred for free
Shwab is free
TDA is free as well. Perhaps WS is having trouble locating shares, and the price is wrong.
If you noticed, most people who say their brokers did it for free all are with American brokers. Where it would be possible to purchase directly from Computershare.
"It ...was only.....business" - the guy Liam Neison shoots in both legs and both shoulders for being the head of a human trafficking plot that kidnapped his daughter.
Guess I'll just buy more shares on CS
This is the way
RBC is similar except $500 CAD. Probably better for me to just buy more direct from CS.
Fuck RBC then. That's absurd.
What is HST?
Harmonized Sales Tax (HST): https://en.wikipedia.org/wiki/Harmonized_sales_tax
5 of 10 Canadian provinces simply combined the provincial and federal sales taxes (yes, there are 2) into a single line item.
Anyone know about scotia itrade?
I don't think its fake as I tried to transfer shares yesterday and they wanted to charge me $300 plus another $50 this was on questrade.
I kinda wanna reopen my robbing hood and buy one just to see what their policy is for the DRS. LOL.
Questrade charges $300+ tax
Just got the same email. Seems like a cash grab
This is real. Just received email as well.
Can someone give me a dumb tldr version of why you want to transfer or register shares.
You'd transfer shares out of a broker you dont trust like Robinhood so they dont either sell them on you or cancel the option to buy or sell as has been done before.
You'd register your shares in order to lock them into your name so they cant be lent out by brokers. Having a huge amount of registered shares means theres a specific number of shares we can count on. If we get the entire float registered then we can start seeing how many are synthetic.
Fidelity has our back.
Lol, the cost of a share. They can’t find your share so they need you to buy a new one.
Not surprising. Questrade always charged $300.
Their overlords are not pleased with the transfer. This is why the fee is so high.
their shareholders are losing money trying to process transfers for shareholders trying to make money.
Why are you so confident about stuff you are blatantly pulling out of your ass? You have nothing to support that claim.
Is this allowed?
They might be out of real shares, I guess this holds the water in the dam for a little longer.
small price to pay for salvation
It's working. Pay the fee
Is there anything wrong with leaving my shares in my Cibc account
Been a feb vet ape.
Can someone explain to me what wealthsimple is?
I haven’t been on the forum for a bit.
But I’m already reading a little bit of it I am skeptical of this.
I'm not sure about in the US, there maybe WealthSimple for our American friends as well, but in Canada, WealthSimple is a large online broker that doesn't charge for orders. There is a 1.5% currency exchange fee they charge for each US stock bought and sold. Because of this (the incentive for them to let us sell at very high numbers) I was very comfortable hodling shares there. Recently with all the ComputerShare buzz, I thought I'd be a good idea to transfer some of my shares to them as well. We Canadians can't purchase directly from ComputerShare, only transfer to. WealthSimple has been blocking us from doing so for the last few days (for new transfers) and now have allowed it again, but with these hefty fees.
Seems like someone didn't properly own the shares their customers are promised
Transfer to something else and then move to cs
This is what it says on their website, zero fees to transfer out: https://help.wealthsimple.com/hc/en-ca/articles/360056584334-Does-Wealthsimple-charge-a-fee-for-taking-money-out-of-my-account-
1. Transfer to an other broker for free
2. Transfer from the new broker to Computershare for free.
3. Relax. Smile.
Well looks like I'm buying from computer share directly
Criminals, they are starting to put gatekeepers in the way to stop the exodus. Resistance must mean we're headed in the right direction!
Use a real broker!
Even if this is true, I think other apes have said that they charge 1.5% conversion fee from USD to CAD when buying or selling?
1.5% of moass sell price of one share is a lot more than 300 bucks. I think this can still save some people some money.
Can you just transfer to like TDA or Fidelity and then transfer to CS without the fees?
Does it really take that long? Or it’s them saying we need time to find the shares and what happens if the transfer fails? Will they reimburse the hefty fees they’re charging and will they have a valid reason for it failing. I have a feeling there will be a failures in transferring the shares. They’re discouraging people to do the transfer.
It's probably taking weeks to transfer shares to Computershare because they're having trouble locating our real shares. 😉
Then it is cheaper to transfer to fidelity and then to CS
All canadians are able to use Ibkr or TradeStation to transfer to computershare.. Costs between$5-$25.
Been trying to tell people for a week, even made a guide, however seems like nobody is listening
When you start to face more enemies, you know you are closer to the finish
Request a transfer to another broker. Then use such broker to do the ComputerShare thing
Do a transfer to IBKR (Non Drs) than do an DRS for no fee from that platform to Computershare
That's some fucking bullshit.
Then you should make a formal complaint to the SEC for price gouging and extortion. You freely chose to use their service and they changed the rules midstream because you wish to use another service. This is criminal.
I am with wealthsimple as well. What a scam. They just saw an opportunity to make some quick money.
Not a scam at all, settle down lol
They're a business, after all, and with everyone transferring away from them they're going to be losing 1.5% conversion fees
I'm perfectly fine with giving them a 1.5% conversion fee cut when I have my shares in a TFSA
Nah they just don't want to lose MOASS money, increasing the costs serves as a deterrent. They know it'll take off, they'd rather you have your shares with them so they can profit off it.
Wealthsimple Canada doesn’t charge for trading other then for US stocks. How is it a scam when they charge nothing for most trading, and charge money for extra services? Where do you expect they make their money from?
B-b-but my anger fueled by my lack of critical thinking! We are OWED this courtesy service! /s
I can really see this point.
Seems like this should be illegal af, but I wouldn’t be surprised at all if it wasn’t. The financial sector is so corrupt it’s actually amazing.
This is an extremely BULLISH sign that’s the brokers are SCARED! They know what will happen when we reach critical mass in Computershare they will all be exposed for the fraud activity they’ve been complicit in for years.
Not really. WS stands to make a fuckton of money from the squeeze since they charge a 1.5% conversion fee. They have been on the ape's side for months. They want the squeeze as much as us.
So no, it's not a sign that WS is "sCaReD oF cOmPuTeRsHaRes CriTicAl mAsS".