Complaint Review: questrade canada - Internet
- questrade canada Internet United States of America
- Phone: 1.888.783.7866
- Web: www.questrade.com
- Category: Investment Brokers
questrade canada How Questrade is Ripping Off Customers on Margin Interest, Internet
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I am a client of questrade since last several months and have been noticing excess interest charged on my margin account. I decided do calculations and have discovered that questrade is ripping me off on margin interest.This may be happening to other clients too. I am in the process of contacting other clients who may be in a similar situation.I am requesting questrade to review this complaint very seriously and investigate this issue that i am bringing up.If questrade does not refund the excess interest charged (starting from the time i was a client), I would be launching a lawsuit on my own account and if warranted a class action lawsuit.
Interest charged on 16 Mar - 843 $ - on debit balance of 230,794
If you check my holdings, there is cash balance of 132,886 Cad (which is at par with usd)
So interest should be charged only on 230,794 - 132,886 = 97,908
Interest @ 4.75% = 387
So questrade has overcharged me by 843 - 387 = 456$
Similar pattern of overcharging has occured in past months I want all the excess interest credited back from all past months I will also be writing to the news media , business media about this problem i am facing (probably other clients too) (i wrote to questrade execs - they are refusing to refund the interest, a manager called me saying its their business practice)
This report was posted on Ripoff Report on 03/21/2012 09:53 AM and is a permanent record located here: https://www.ripoffreport.com/reports/questrade-canada/internet/questrade-canada-how-questrade-is-ripping-off-customers-on-margin-interest-internet-857269. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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