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Author: sstackho One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1193  
Subject: Re: capital gains in american accounts Date: 8/21/2000 10:08 PM
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I'm a Canadian in the process of opening an account with an American online broker (Datek)

I've also considered opening an account w/ a US discount broker. My preferred broker would be BuyAndHold.com, but they shun us foreigners. So I figured I would go w/ TD Waterhouse (US) with $12 market and limit orders. However, I haven't actually gone through with it yet, and would like to hear the experiences, advantages and drawbacks of Canadians using US discount brokers.

I had taken a look at Datek, and their policies for foreigners seemed very restrictive and their extra fees outweighed the reasons for using a US broker in the first place.

This is from Datek's web site:

-It is highly recommended that all International Customers send checks drawn on U.S. banks. Checks from non-U.S. banks take two to four weeks to clear, and during that time Datek Online will not credit your account.

All checks drawn on non-U.S. banks are subject to the following fees:
$20 Fee - charged by our bank
$8 Overnight Fee - charged by our bank
$35 Fee (topmost) - charged by your bank
$15 Fee (topmost) - charged by our bank


Were you aware of this? Is it still worth it for you?

Thanks,
Shawn
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