eNorthern Shuts Down - Questrade Takes Over
Canadian, DRIPs, brokers July 10th, 2008
It’s too bad, because eNorthern had really cheap prices on share certificates, which is one of the reasons I was interested in them in the first place. Only $20.00. I’m not sure why, but now eNorthern is closing its “doors” to new business. Here’s what they posted on their site, if you click on “Open A New Account” (why they don’t just put it on the homepage, I’m not sure).
Notice from eNorthern:
“On or about August 1, 2008, eNorthern will wind up its online discount brokerage business. To maintain uninterrupted access to your trading account, Questrade, Inc., a Toronto-based securities firm, will assume the role of your online broker on or about August 1, 2008. Questrade is a member of IIROC (Investment Industry Regulatory Organization of Canada), CIPF (Canadian Investor Protection Fund), and a participating organization of the Toronto Stock Exchange, TSX Venture Exchange and the Montreal Exchange. Questrade also offers unique services such as the $4.95 stock trade and USD in RSP. For more information on Questrade, please visit www.questrade.com.
Your account will be automatically transferred to Questrade on or about August 1, 2008. In order to trade in your new Questrade account, you will need to complete and sign Questrade’s account opening documentation. Questrade will provide you with further details on this transfer after July 15, 2008. If you do not want to transfer your account to Questrade you must inform eNorthern in writing by July 30, 2008 or inform Questrade in writing thereafter by August 31, 2008 and your account will be transferred to another brokerage without charge. Questrade wants your transition to be as seamless as possible. Questrade has set up a special customer service team for eNorthern clients to answer any questions that you may have regarding the transition. To speak to a dedicated Questrade representative, please call 1.888.QUEST.66 (1.888.783.7866) or go to Questrade’s website to email or start a chat. To speak to an eNorthern representative please call 1-888-829-7929. Questrade looks forward to serving all your trading needs.”
Questrade Certificate Prices Outrageously High
I keep going on about these certificate prices because they’re one of the ways you can enrol yourself in a DRIP. Buy a share, then have it certificated. But the certificate prices at Questrade are something like $300. It’s like they’re really trying to discourage it for some reason - saving paper? I doubt it.
I have my own reasons for not following the switch over to Questrade, however. I’ve read a lot of negative word-of-mouth about their brokerage service. Enough that I don’t want to try it. You can always try to convince me otherwise, though. Right now it looks like I just wouldn’t need them. I’d go with TradeFreedom before Questrade. What about you? Are you really disappointed with this move by eNorthern? I didn’t have a big account there, anyway, so it’s not going to be a real problem for me to move it out.
One less discount broker in Canada… making some of the others look even more attractive.













