accountingsucks
Recycles dryer sheets
- Joined
- Jan 28, 2006
- Messages
- 346
On Thursday I sold some units in a mutual fund I had here in Canada held thru Scotia Direct. I was unable to do the trade online so I called it in. I specifically asked if there was any kind of fee and the rep said that if it was held for less than 90 days that there should be no fee but that she could not tell for sure on her screen. I had the fund for nearly 6 months so there should not have been a fee. I see now that it has settled they charged me a 3% fee... I went to the mutual fund companies website and I see that they do charge a 3% fee on any fund that is sold within 180 days of purchase (I owned the fund for about 160 days unfortunately). It worked out to about a $350 fee on the sale. I sent the bank an angry email disputing the charge, but I doubt it will go anywhere. Doesn't help my mood any that the fund dropped 7% on the day either.....
I should also point out that nowhere on the bank's site does it list an early termination fee for this fund.
I should also point out that nowhere on the bank's site does it list an early termination fee for this fund.