I’ve been getting my trading account active again recently, and it’s been an absolute mess. The confusion started because there is the illusion that CIBC bank and Investors Edge are tightly linked when infact they are completely separate companies. Despite the fact that when I log on online there is a simple tab that lets me bounce back and forth between my two accounts, and my investing stuff is displayed right next to my other account balances. The illusion that somehow the accounts are linked is a hack. The reality is that the only place that seems to be able to connect one to the other is the website, when I go into the bank, they can’t see any evidence that I have an investors edge account, and when I’m talking to the investor’s edge people they keep their own records of what bank account is associated with an investing account.
What happened was I bought some shares, and I didn’t have enough money in my account to settle, so I transferred money from an account that didn’t exist, not knowing that they had the wrong bank information. A couple of days later, I realized that they had the wrong information, and called to update, and again transfer the money from the correct account this time. The original transfer was rejected, the second one went through, and they created a third one. There was a transfer to cover the cost because I had selected to buy shares with debit difference from bank setting. At the time, there wasn’t any money in the investing account so it was apparently sent off to another department and they issued a bank debit, which for some reason only was just posted today. At this point there is as pending transfer that I expect will be rejected.
I’m holding off buying more shares until all this settles out.
The past week has been really good to my investments. I’m so glad I got back into it.