General Category > Shares
ABSA stockbrokers becoming more expensive
Mr_Dividend:
Talking about the standard account. As you say the TFSA is free to move.
For those that are interested is R171 per counter - going up to R200 in May.
Patrick:
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.
gcr:
--- Quote from: Patrick on April 10, 2018, 07:45:43 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.
--- End quote ---
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
Patrick:
Yeah GCR I'm going to try fight it. The terms they changed wasn't the application of the moving fee, as when I signed up moving wasn't possible, but it's the application of the inactivity fee which was only added on the 1st of April 2018. I'm going to request they either drop that or allow free moves to other providers. Failing that I'll take the fight to twitter.
Hamster:
Well, was cashing out my ETF only portfolio anyway. Thought I'd leave a tiny bit to keep it going but they can go ahead and just close it after I'm done. Luckily (and this was close) I never moved my TFSA to them from EE. It'll have to stay there for now.
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