BMO Investorline

[snowback96]

I'd like to know when BMOIL's promised USD RRSP feature will be added. Earlier this year they said it was planned for the future. Me thinks it may be a loooong wait.

[Descartes]

BMOIL site appears to be having technical difficulties this morning (at least for me).
No quotes, no access to any markets. Waiting on hold for a while now.
Anyone else seeing this?

Update - you are expected to try the alternate server when this happens: https://www1.bmoinvestorline.com/

[Springbok]

BMOIL are offering a bonus on investment transferreed to them. They offered me $300 on $300k.

And agent I spoke to said he personally would add another $200 (or was it $250) if the account was $500k. Based on past experience, they only pay out the bonus about 6 months later.

I still have an account at RBCDI and haven't yet decided if I will consolidate all accounts at BMOIL.

(If anyone is interested, I could PM agents name and phone number.)

[Bylo Selhi]

At the rate markets have behaved in the past couple of years there's probably more money to be made on transfer bribes than on the investments themselves

[marty123]

BMOIL are offering a bonus on investment transferreed to them. They offered me $300 on $300k.

Yes, it's on their main page: 1% up to $300. The offer to increase that amount for larger account appears undocumented.
http://www.bmoinvestorline.com/2for3/de ... orline.com

[DavidR]

BMOIL are offering a bonus on investment transferreed to them. They offered me $300 on $300k.

$300 on $300k is one-tenth of 1%.
That's a far cry from the full 1% that RBCDI was offering a few years ago.
Will we ever see offers like that again?

[Springbok]

BMOIL are offering a bonus on investment transferred to them. They offered me $300 on $300k.

$300 on $300k is one-tenth of 1%.
That's a far cry from the full 1% that RBCDI was offering a few years ago.
Will we ever see offers like that again?

Phew! - For a moment I thought I had said it was 1% Wish it was! I took advantage of that RBCDI 1% offer, but have moved a good part back to BMO on another not so good BMO offer, but also boosted by agent personally. I suspect they must get a bonus for customers they get to switch.

[Pickles]

Still no movement on BMOIL permitting USD in RRSP accounts but for those who qualify as "Gold Star Clients", the following positive changes take place January 1, 2011:

Gold Star Clients assets $500,000 - $999,999:
# 50% off RSP Deregistrations/Additional RIF payments
# 3 free SWAPs per year
# No fee for internal securities transfers
# Free Homebuyer/LLP withdrawals

Gold Star Clients minimum assets of $1 million:
# Deregistration fees will be waived
# One free additional RIF payment per month
# SWAP fees will be waived
# No fee for internal security transfers
# Free Homebuyer/LLP withdrawals

edited once to change date

[squid]

Still no movement on BMOIL permitting USD in RRSP accounts but for those who qualify as "Gold Star Clients", the following positive changes take place January 1, 2011:

Gold Star Clients assets $500,000 - $999,999:
# 50% off RSP Deregistrations/Additional RIF payments
# 3 free SWAPs per year
# No fee for internal securities transfers
# Free Homebuyer/LLP withdrawals

Gold Star Clients minimum assets of $1 million:
# Deregistration fees will be waived
# One free additional RIF payment per month
# SWAP fees will be waived
# No fee for internal security transfers
# Free Homebuyer/LLP withdrawals

edited once to change date

I wonder if that is 3 SWAPS per account, or 3 shared amongst all client accounts?
Also, what is an internal security transfer?

[Pickles]

I wonder if that is 3 SWAPS per account, or 3 shared amongst all client accounts?
Also, what is an internal security transfer?

I'm assuming three swaps per customer not 3 swaps for each of the accounts the customer combines to qualify for gold star status (if each account qualified on its own, the customer would have more than $1,000,000 at BMOIL and get unlimited swaps). I wondered what an internal security transfer was, too. I assume an example might be transferring a bond from your unregistered account to your RRSP account as a contribution (ie. half a swap).

[squid]

Thanks. I suppose this helps to placate big customers who might bolt due to no USD in RSP yet, as it allows one to buy US securities in non-reg using gambit, USD on account, etc., and transfer over to RSP cost effectively.

[snowback96]

Thanks. I suppose this helps to placate big customers who might bolt due to no USD in RSP yet, as it allows one to buy US securities in non-reg using gambit, USD on account, etc., and transfer over to RSP cost effectively.

Me thinks BMO's promise of USD RRSPs was just a ruse to try to retain customers as long as possible; more of a stalling tactic than anything. It'll be a miracle if this is offered in the next couple years.

[Descartes]

$100,000 new funds moved to BMOIL = 150 free trades + $150 by March 1st.

Existing clients also need to "opt in" (see you MyLink message).

http://www.bmo.com/smartstepsportal/inv ... Terms.html

[Springbok]

I wonder if that is 3 SWAPS per account, or 3 shared amongst all client accounts?
Also, what is an internal security transfer?

I'm assuming three swaps per customer not 3 swaps for each of the accounts the customer combines to qualify for gold star status (if each account qualified on its own, the customer would have more than $1,000,000 at BMOIL and get unlimited swaps). I wondered what an internal security transfer was, too. I assume an example might be transferring a bond from your unregistered account to your RRSP account as a contribution (ie. half a swap).

I asked BMOIL to make a couple of swaps yesterday. The agent asked if I knew it would cost me $50 per swap. I advised her that there was now no charge for swaps. She went away and came back and said I could have three free swaps per year. But I am a 5*Gold , so she had to go away and confirm again that there is in fact no charge if you are a 5*gold for an unlimited number of swaps. She took my oder and then had to call me back later to tell me that I could not do the swap anyway (not allowed because I was asking to swap shares out of TFSA for cash in taxable a/c (I had forgotten the rules had changed)

Didn't ask what the difference was between a swap and an internal security transfer.

Regarding RRIF withdrawals, it seem I could now have a monthly scheduled withdrawal and then on top of that request another non-scheduled withdrawal each year. They used to charge for each unscheduled withdrawal. But I only want one withdrawal anyway - on Monday!

Am having trouble getting them to carry out my RRIF withdrawals properly. They want a written request to schedule the withdrawals. But when I send it, it somehow doesn't get to the right people and the whole process gets screwed up. Happened 2 years in a row now.

I was going to consolidate everything with BMOIL, but have decided to keep my options open and maintain the RBCDI account.

[Springbok]

Am having trouble getting them to carry out my RRIF withdrawals properly. They want a written request to schedule the withdrawals. But when I send it, it somehow doesn't get to the right people and the whole process gets screwed up. Happened 2 years in a row now.

I was going to consolidate everything with BMOIL, but have decided to keep my options open and maintain the RBCDI account.

It's hard to believe, but BMOIL listened to me and have modified the letter they send out concerning regular RRIF withdrawals. They will now accept changes over the phone.

But reason for this post, is that BMOIL now have a new incentive offer. They are offering $250 if $100k is transferred in or a new account is opened. Alternatively, they will give you air mile points:

You choose your reward!

Sign up to receive $250 cash back OR 1300 AIR MILES®† reward miles

Deposit or transfer $100,0001 into your existing account or open a new BMO InvestorLine account with $100,000 by August 31, 2011 and you have a choice of $250 cash back OR 1300 AIR MILES®† reward miles.

If you’re using an existing account, select the account you will be using to opt in with below. The $250 cash back or 1300 AIR MILES®† reward miles are ONLY eligible in the account you select.

To qualify with a new account, enter the promotional code 250CHOICE for the $250 cash reward or 1300CHOICE for 1300 AIR MILES®† reward miles into the Online Application Form.

Registered accounts only qualify for the $250 cash reward.

the kicker:

Maximum one (1) offer, and one (1) Award per client, for the Promotion Period. If you open more than one Qualifying Account using the promotion codes 250CHOICE, or 1300CHOICE, the following criteria in the following order will be used to select the Qualifying Account that will receive the Award:

Cash Qualifying Accounts will be selected over registered Qualifying Accounts
The Qualifying Account with the most recent opening date will be selected
If more than one Qualifying Account is opened on the same date, the Qualifying Account with the higher account number will be selected.

[ockham]

$250 max, if I read this correctly, is simply not worth the PITA of switching, IMHO. There'd have to be other reasons.

[Descartes]

Swaps no longer allowed, for now, at BMOIL.

The June 6, 2011 Federal budget introduced new rules for RRSPs and RRIFs, designed to prevent 'tax planning schemes' that provide RRSP/RRIF owners with an unintended tax advantage. Currently, the parameters around what is permissible and what is not remain unclear. Until further clarification is provided by Canadian Revenue Agency and/or the Department of Finance, BMO InvestorLine is taking a conservative approach to protect our clients against potential penalty taxes.

Effective August 1, 2011, all swap transactions (involving the movement of securities into or out of an RRSP/RRIF or other registered account) will be suspended until further notice.

[squid]

Finally:

Now you can hold Canadian or US dollars in your registered* BMO InvestorLine Account

BMO InvestorLine is pleased to announce that registered account holders* can now settle their trades in Canadian and US dollar. This dual currency feature is available for most registered accounts, including Retirement Savings Plans (RSPs), Tax Free Savings Accounts (TFSAs) and Retirement Income Funds (RIFs).

How it works

Like BMO InvestorLine cash and margin accounts, registered accounts can now hold Canadian and US dollar balances. The US dollar side of the account will automatically appear once you settle a trade in US dollars or maintain a US dollar cash balance. There is no registration required – effective September 6, 2011, registered account holders* will now have the choice of settling in Canadian or US dollar.

[snowback96]

BMOIL's USD RRSPs look like the real deal. Nice! No smoke & mirrors like TDW's "amateur hour" solution.

BMOIL was a little slow off the starting blocks, but now they seem to be working very hard to provide quality solutions. They also seem to take client feedback seriously. For example, they brought back the original BMO Streamer pretty quickly after they tried to change it.

I don't know any details, but I understand there are more enhancements in the works.

[Descartes]

You can now buy physical gold and have it delivered to your house (@ $100 an ounce service charge + taxes) through BMOIL.

I am personally waiting for other commodities to be available although I don't know how many pork bellies I can store in my available freezer space and I don't know if it is permitted to keep West Texas Intermediate in empty paint tins and Ziplock baggies...

You can now diversify your portfolio with gold bullion. Having the ability to own physical gold is an option many investors find appealing. With the launch of our new Gold Deposit and Delivery Program, you will be able to purchase physical gold in a simple and cost effective way. This unique program allows you to purchase gold and either have it held in a custodial account operated by BMO Nesbitt Burns at an approved third party storage facility or delivered to your home.

# Deposit Program Purchased gold is deposited in a custodial account operated by BMO Nesbitt Burns at an approved third party storage facility
# The facility is responsible for, and bears the risk or loss of, and damage to, the gold bullion in its custody
# You pay no annual storage fees or annual MER. Withdrawal and delivery fees may apply. The program offers daily liquidity and physical withdrawal and delivery options1

# Delivery Program2 Purchased gold is delivered to your home Physical gold can ONLY be purchased through our investment representatives. Minimum purchase is one troy ounce of gold.

For details about the programs or to buy gold, call us at 1 888 776-6886 during our business hours from 8:00 a.m. - 8:00 p.m. ET, Monday to Friday.

1 Your completed Delivery Order form is required to request the physical delivery of gold to your home. Withdrawal and Delivery Fee is equal to CDN$100.00 per ounce, plus applicable taxes.

2 Before participating in either Program, Clients should be aware that electing to take physical delivery of gold bullion involves certain considerations, risks, and limitations, including, without limitation, that an investment in gold bullion is speculative and past performance of the price of gold bullion is not indicative of future performance. Clients should carefully review fully and in its entirety the Disclosure Statement and related Terms and Conditions applicable to the Program before participating in either the Gold Deposit Program or the Gold Delivery Program. Once physical gold bullion is taken out of the deposit system (i.e. physically delivered), neither Bank of Montreal, BMO Nesbitt Burns Inc., BMO InvestorLine or any other party will buy it back from you. The Gold Deposit Program is not available to residents of PEI or the Territories. The gold under the Programs will not constitute deposits that are insured under the Canada Deposit Insurance Corporation Act or any other deposit insurance regime.

[fundamental]

Thinking of moving my TFSA from TDW to BMO to take advantage of the 250 trades or $250 promotion.

The fineprint says the 250 free trades only apply to accounts of $100,000+

Anyone try calling them for a negotiated account opening ?

Anyone try asking TDW to match ?

i.e. My TFSA is only $21,000 .... would this be enough for, say, 50 free trades ?

[GWN789K]

I first got an iPad in December 2011 and have been using it to access my BMOIL accounts. It was very handy when I was away for most of January or when I am working away from home.

However lately, I have been not been able to login and a pop up informs me Safari is not supported. I sent a message to support and they replied that, yes, some people have been not been able to log in using Safari and they were working on a solution.

In the meantime I tried to use Opera Mini. I can log in but a lot of the functions on the BMOIL software like drop down menus do not work.

Anybody else have the same problem? Any solution while we wait for BMO to fix the problem?

[Pickles]

My blackberry PlayBook has full functionality on the new bmoil account. Does your Ipad have flash?

[AltaRed]

Does your Ipad have flash?

Therein lies the rub with Apple. AFAIK, the answer is No and I don't know that it is possible to do so. I know I could not do so some months ago. Apple and Adobe had a falling out on certain things.

[Bylo Selhi]

Saint Steve comes to bury Flash, not to praise it

I wanted to jot down some of our thoughts on Adobe’s Flash products so that customers and critics may better understand why we do not allow Flash on iPhones, iPods and iPads...