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Messages - gcr

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Off topic / Re: Live chat
« on: April 25, 2018, 02:59:57 pm »
Anyone care to explain the huge drop in the Rand/Dollar exchange rate 16 cents is worrying - can't believe it is due to the Dollar strength as we have also lost 1.03% against the Pound

Off topic / Re: Live chat
« on: April 23, 2018, 12:07:26 pm »

Shares / Re: ABSA stockbrokers becoming more expensive
« on: April 22, 2018, 11:21:51 pm »
On March 3, 2018 Martin Hesse wrote an article for IOL's Personal Finance section on the ability to move TFSA's from one provider to another and it is apparent that there are no transfer fees to be levied and the issue around selling ETF and then moving the cash is covered.
Suggest you read the article and any others before making any decision to move from one provider to another

Off topic / Re: Taking the plunge to EE or not
« on: April 18, 2018, 04:54:39 pm »
I was actually planning to blog a little about TFSAs this month and how there really is only one provider to use now which is EE.

EE vs. Sygnia's index tracking unit trusts?
Sygnia isn't bad especially now that many of their funds have a TER of 0.35%, but their international stuff is expensive, and it a new ETF comes on the the market that is fantastic, you can't really switch easily. I'll stick to Sygnia for RA's though.
Patrick - not sure why you still consider RA's the fees levied, and the returns one gets its probably easier to run ETF's via your TFSA account and the excess over R 33,000 pa into non TFSA ETF. I am fairly convinced that this approach will out perform a conventional RA

Introductions / Re: hi!
« on: April 17, 2018, 01:39:39 pm »
Welcome - here's hoping less scars going forward ::)

Shares / Re: Avoiding Sagarmatha Technologies private placement
« on: April 11, 2018, 02:12:03 pm »
AmaBhungane did great work on this too. To summarise it's a total scam and all you'll be doing is handing over money directly to Survé and his relatives.
What is more disconcerting is that the PIC and the trade unions are saying this is a great deal - can't understand why the employees of government aren't instructing PIC to disassociate from what looks like a Ponzi scheme

Off topic / Re: Blackwater Global
« on: April 10, 2018, 06:00:29 pm »
Try a lawyer

Shares / Re: ABSA stockbrokers becoming more expensive
« on: April 10, 2018, 10:21:18 am »
Seems I was wrong, ABSA now wants to charge me R172.50 per ETF to move. Quite a cheek considering my motivation for moving is them changing their terms compared to what I signed up for.
I think you may have a case against them if the document you signed was silent on the matter of transfer charges and now they have instituted such rules without getting your consent. Banks are notorious for invoking terms and conditions and charges without engaging their clients - my bank sends me sms' each month advising me of my current outstanding balance per card - I have written to them instructing them not to follow this practice with me but they neither care or heed my instructions and still persist. Now I will engage the CEO with the hope that he has more influence in stopping this practice where clients have issued an instruction

Off topic / Re: Live chat
« on: March 29, 2018, 11:48:43 am »
The whole world is getting a walloping. I blame trump.
Not really - you need to include Russia, China and North Korea in this stupidity in the market - I think it is the traders buying on tick who move the market - the robots are trading as they have been instructed to, think it could progressively worse as more robots are brought onboard to trade - conventional investor could get hurt 

Shares / Re: Pulverized Sand Box
« on: March 28, 2018, 04:55:30 pm »
Hey jaDEB how come you overlooked todays rout or +2.1% not significant to qualify :'(

Off topic / Re: Live chat
« on: March 22, 2018, 03:45:09 pm »
I want to relate a story which quite simply is making me livid and it involves  my bank - Nedbank for whom I worked for neigh on 40 years
About 6 weeks ago I wanted to load a new beneficiary to my list on my profile - and the banks system returned an error message. I detest visiting my bank because I find the staff clumsy and award (read inefficient and poorly skilled) to resolve the matter. The bank were unable to tell me why the condition had occurred and upon writing to senior management of the bank they informed me that they had my landline as the mechanism of contact and as such that's why the error message happened, yet when I told them that all previous beneficiaries had been loaded successfully and that the authorization to proceed to load the beneficiary had always been on record and used - I merely had to respond to the message ye or no. When I pointed this out to the bank that this was the case they then informed me that the reason for blocking my ability to load beneficiaries was because I had not completed a FATCA declaration. On questioning them on what this was all about they informed me that all clients and not only clients of Nedbank are required to sign this declaration. In 2014 SA signed (along with many other countries) an accord with the USA wherein, foreign country banks provide data to SARS of all USA citizens who are holding banking accounts in these foreign countries. The principle behind this is that the IRS is trying to determine which of its citizens are holding funds in a foreign country and why they have not been declared to the IRS - this has a lot to do with terrorism and the curtailment of these activities.
So given that all bank clients are supposed to sign this declaration (my bank says it is similar to FICA - which I dispute as this legislation was tackled far more professionally to get everybody on board) I checked with a number of existing Nedbank staffmembers/and pensioners whom I know to gauge whether they had signed such a declaration - of the 8 approached not one had signed the declaration. When I visited the designated Nedbank branch to sign the declaration with a particular person he was unavailable (I have yet to sign the declaration) ask asked the frontline staff of Nedbank whether they had signed such a declaration and only 1 of 4 confirmed signing such a document. I then visited Standard Bank and ABSA in the Northgate (JHburg) centre and proceeded to engage some of their staff on this whole FATCA matter and only Standard confirmed to me that their system flags customers who have not signed a declaration but they did indicate that it was not a general rule that all their clients were required to sign the form. I further learnt that though this legislation has gone to parliament it has not been approved so in essence this is not eligible for enacting until such time as it is passed by parliament

So my question is rather who has signed this document with their bank - because to ask who has not may end up with an overwhelming no answer

Maybe one of the clever ones on this forum can run a survey schedule allowing 1 of 2 option either forumites have or haven't signed a FATCA declaration. Just as an aside those who have in fact signed this declaration are you aware as to what you signed - especially since you may only have a single citizenship, that being RSA

Interested in seeing responses


Off topic / Re: Live chat
« on: March 21, 2018, 09:37:09 pm »
My Luno account was hacked - all my money gone - lovely :'(
jaDEB - I'm coming in a bit late on this matter - did you sign a contract with whoever Luno is - if you did, did they explain the T & C's or as is normal said to you read through the T & C's and then sign the form. In many cases they ask you to sign the document with all the T & C's but fail to explain those where you are at risk and which T & C's you should take note of specifically. They are also required to explain to you what their roles and responsibilities are and what the consequences are in your decision making process. If something is "hacked" then that is not due to your lack of security protocols but theirs and there well may be a case to answer by them that they are culpable and responsible for your loss due to their inability to secure your funds
I'm no lawyer but in banking one learns something about contracts - so the important issue here is whether a contract is in place, did they explain T & C's sufficiently for you to know what security arrangement you need to put in place and what were their responsibilities and accountabilities.

Off topic / Re: Live chat
« on: March 16, 2018, 04:43:35 pm »
Here's something I'm exploring a bit. If you look at the ETF's in the top 50 - 60 positions in the competition maybe it makes sense to select a few and have them in your TFSA as bankers and/or as growth stock. I'm sure it would make more sense than being in bank investments which are subject to monetary erosion at the hands of inflation. Also because you can effectively trade these EFT's in your TFSA you can as an when prudent sell and bank profits and then reinvest in the same ETF and or change your portfolio holdings

Shares / Re: TFSA
« on: March 13, 2018, 04:02:41 pm »
I see from 10/4 you will be able to buy STXNDQ which will have a Nasdaq as a basis - will wait a few days to see how its price tracks and if ok will put some in my TFSA account

Off topic / Re: Live chat
« on: March 06, 2018, 02:17:05 pm »
Good. Maybe now they'll improve their quality control on the Weetbix line  :mad:
What's wrong with their weetbix?
Found the complete body of a fly about 3 weeks ago, wings still attached. And before that it was what looked like a tadpole. Have a pic of the fly somewhere.
Well they do say its SA favourite breakfast cereal, and you can be thankful that all the bits and pieces of the fly and tadpole were intact  :LHST: :LHST:

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