BBS Securities Reviews (%countItem)
BBS Securities Rating
Address: 2600 - 199 Bay St, Toronto, Ontario, Canada, M5L 1E2
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Virtual Brokers took over my trading account from *** when they bought *** in Year 2012/13.
Around Feb 2015 they started charging admin/ inactivity fees but they did not notify me either by sending an email or mailing address. As per them notification was sent to messaging center which I did not access from 2013 until 2018 when I called them regarding the debt charges which in this case sent to my personal email address around Nov 2018.
Have all my account/any other fees/charges waived till date $US1000 compensation for time spent resolving the issue and causing mental stress.
Contact Name and Title: *** To,Compliance Manager
Contact Phone: XXXXXXXXXXx117
Contact Email: ***@bbssecurities.com
Our firm provided a substantive response to both client and *** already identifying the reasons why we felt there were no merits to clients complaint.
1, All *** clients received notice from *** to transfer their accounts or their accounts would be transferred to Virtual Brokers and be governed by VB agreements. The notice also provide clients with 30 days to move their accounts out of ***.
2, Clients received Welcome emails from Virtual Brokers showing them their login ID and temporary password on Dec. 8th, 2018. These emails were sent to client's email address on record, and for your case, the email was sent to your email address, the same address you sent your inquiries from.
3, As for inactivity fee charges, this only started in 2015 when we informed all clients via our Messaging Centre. A message was sent to you on 2014-11-25 at 18:20:40.270 informing you of the new "Inactivity Fee" charges and that they would commence effective Feb. 1, 2015.
4, To accommodate client's transition to these new fees we actually delayed charging clients until April 2015.
In conclusion, although we do regret the distress that you have experienced, we found that your complaint without merit. All *** clients received prior notice to this change, clients received welcome emails with their login and password, and statements were continually sent to the client's account and can be accessed from their E-DOCUMENTS section.
(The consumer indicated he/she DID NOT accept the response from the business.)
I do not accept the response as I explained earlier
- First notification method should have been my personal email or regular mail for the account charges specially for dormant accounts.
- For the account which was taken over in 2013 welcome email sent in 2018 ? does not make sense
- all other communications sent to my personal except the admin charges.. why
***
Thanks
Client had brought the exact same questions to us and to Regulators which we've already responded to both client and regulators.
Once again:
1, That was a business decision, but as client's were informed by *** and clients are responsible for their own accounts, it was assumed that clients would know that they have an account opened with investments in it. Once again, login's were also sent to client's email account.
2, My apologies for the typo, the year is 2012 and not 2018. Account was taken over on Dec. of 2012
3, That is simply not correct, we communicate with client primarily via message centre and there are over hundreds of messages sent to all clients, including Mr. via message centre. This statement is simply false and inaccurate.
Thank you.
Chose Virtual Broker for my online investment firm, after a lot of research. Chose due to them being Canadian and a low cost, low fee broker as I didn't know what I wanted to do with my money yet, but wanted to start the process of getting it to someone in the event I am ready to invest. However, after just a year, and zero notifications, updates, reports from VB I come to find out, it isn't no fees at all. In fact I am not out $300.00 from not doing anything with my money? No where do I recall seeing this, certainly not in any of their marketing or I would have instantly crossed them off the list. The sad part is, they know this and won't do anything about it. ***. ***. Please help, by their response, they don't see anything wrong with it and won't do anything to make this right. A company who is solely designed to help you make money/invest money shouldn't take LARGE amounts of dollars for doing NOTHING for you.
I would them to refund, most or all the money, what would be reasonable as the ration of $300.00 off of $2,000 for doing nothing is ridiculous. I would also like them to have to show this clearer and have clearer reports/emails when they are taking money from you or changing their policies/fees. Never had any clue about this, or I would have left them long ago.
I have gone back and checked all the activity in the clients two accounts and can confirm that the client was charged a total of $ 140.95. This is based on the account administration fees that are listed on our website. There is a note on the bottom of the website that reads " $24.95 per quarter will be charged to each client's account where their combined total assets are lower than $ 5,000.00 and they do not complete at least one trade with a minimum commission of $ 6.49 per calendar quarter. As a gesture of goodwill, we have cancelled the fees in the clients account totaling $ 140.95. The client can now request an EFT out for these remaining funds. I appreciate your honest feedback and will work with the marketing team to try and make these fees clearer to understand for the consumer.
. I signed up early when the *** and other cites pushes them as an upstart low-fee product great for entry level. They changed their fee structure through fine print to layer on a nearly $30/quarter administration fee ($120/yr). When I tried to leave, their fees for transferring or closing accounts is so prohibitive it would eat through a significant amount of the money I invested. Now I'm stuck, and they continue to charge me but do little to help or even explain their charges.