If you fully close or transfer out all the Questrade accounts attached to your user ID, you will cancel Questrade Plus.
However, if you have at least one active account, your Questrade Plus access will still be enabled for that account and your monthly billing will continue as usual.
What qualifies as an active account?
- An account for which you haven’t submitted any closure, total withdrawal, or transfer request; or,
- An account you have started to close (either by withdrawing all funds and investments or transferring) but haven’t submitted an account closure request.
When you submit the account closure request and your account is closed, your Questrade Plus will be cancelled and you won’t be charged a monthly fee.
Here are a few of the different billing scenarios that could occur if your account is still active.
Insufficient funds
If you have a registered account with insufficient funds and have selected your Questrade account as your payment method, Questrade will not process the transaction. We’ll reach out to you over email, asking you to fund your account or change your
payment method. This reminder will be sent three times. If your payment still does not work on the fourth day of the month payment is due, we will automatically de-activate your Questrade Plus access.
Credit card as payment but all accounts are transferred out
If you transfer out all of your accounts and your credit card is your payment method, you won’t be charged for Questrade Plus, as long as your account is closed.
For example: if you transfer all of your investments away from Questrade to another brokerage and complete the account closure request, your Questrade Plus access will be automatically cancelled and your credit card won’t be charged moving forward.
Remember, all of your Questrade accounts must be fully closed for Questrade Plus to cancel automatically. Cancel your Questrade Plus manually if you have concerns about whether your account will be closed or not.
Account closure
with other active accounts
If you close the Questrade account that you’re billed from but have another account with sufficient funds, the payment won’t automatically change to use the account with funds. This change has to be done manually. In this case, you wouldn’t
be charged but you will, however, lose access to all your Questrade Plus benefits.
For example: you have an RRSP and a TFSA, and have Questrade Plus. You’re billed directly from your RRSP. If you close the RRSP, the fee won’t automatically come from the TFSA, even if it has funds. Instead, your Questrade
Plus access will be cancelled.
Account balance withdrawal
If you’ve withdrawn your account balance but not fully closed your account, you’ll still be charged for Questrade Plus.
For example: you sell all the stocks in your margin account and transfer the cash out to your bank, but don’t submit the account closure request.
Even though there's no money in the account, it’s still considered active.
There are also a few scenarios that we’ll cancel Questrade Plus for you:
Unsuccessful credit card charges
If we attempt to charge your credit card three times unsuccessfully (including if your credit card has expired), we will cancel your Questrade Plus access.
For example: You have set up credit card payments. We’ll attempt to bill your card on the 1st of the month. If that does not go through, we’ll email you to let you know there’s been a payment issue and attempt to bill
you again the following day. We’ll repeat this process on the 2nd and 3rd day of the month if the payment issue persists. After three failed attempts, your Questrade Plus access will be cancelled and you’ll lose access to its features.
Account closure or freeze
If the selected self-directed account for payment is closed or frozen, we will cancel Questrade Plus.
For example, if you decide to close your Questrade trading account, Questrade Plus will be cancelled and you’ll lose access to its features.
