A few months ago I transferred 18 shares of Pepsi from my traditional DRIP held with Computershare to my Questrade margin account and then into my RRSP account with Questrade. What I thought was a fairly standard transfer almost turned out to be an expensive lesson. When I transferred the shares into Questrade, I was charged $200 by Questrade. I made a bit of a stink about it and Questrade eventually returned the $200. Ultimately it made me realize that I needed another broker so that I could complete these types of transfers without fees in the future.
Related article: What Is A Dividend Reinvestment Plan (DRIP/DRP)?
My original intention was to consolidate the DRIP Pepsi shares with the shares already in my RRSP. Computershare (Pepsi’s transfer agent) will not charge you to transfer shares out of a DRIP, unlike a discount broker which will usually charge you a fee. Because I wasn’t actually selling any shares just transferring I didn’t think there would be any fees. A few years ago when I was more active with my DRIP investments I did these transfers numerous times without fees. Apparently,
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