9 replies to this topic

[MrDividend]

So - just refreshed my absa account and you get this message about FICA:

 

Until we receive the outstanding Identity Document, your account will be placed in restrictive control. This means that you will not be able to transfer funds, shares or instruments out of your account, or purchase shares or instruments.
You will, however, be able to sell your shares or instruments and close out your existing positions.

 

No previous warning at all!

 

Last week received a text from Capitec nicely asking me to FICA myself at my closest branch by the end of January. No threats at all.

 

Why couldn't ABSA ask us a month back to do this nicely. What a holes.

 

Anybody thinking of switching or starting with ABSA - don't. 

 

Just looked at the bottom of last months statement - no mention of FICA

 

*** not only that, they just ask for ID - no mention of latest muni bill - thought they would need that???

Edited by MrDividend, 13 January 2015 - 01:59 PM.

[MrDividend]

ABSA stockbrokers just called. Sounds like there are going to be lot's of changes happening over the next year including better research, CFD's, derivatives ect. So you will eventually get a fully fledged stock brokering account - hence the need for upping the admin fee's. Unfortunately the email explaining these changes was not ready when they needed to send out the statements warning of the changes.

 

Probably would have been better if they just said - fees are going up a bit, but you are going to get a lot more. And the email explaining the changes would have cleared up some of my peevishness, ha ha.

 

I for one, would like to dabble with CFD's and am always up for better research and analysis - so looking forward to the changes and accept that it will cost a bit more.

 

Will also second an earlier comment - up and till now, have never had a problem with trading on their system - seems more stable than some and the back office staff, the few times I've need them, have been easily contactable, friendly and knowledgeable.

 

Will be awaiting their new website (and features) with interest.

 

 

 

 

 

[Robbie]

I don't deal with ABSA in general for anything anymore, not very good at anything in my opinion. Your new broker will normally be able to pull your portfolio over for you.

[vlam]

Other things I've noticed

 

1 - The copy on their website doesn't yet reflect this new fee structure...

 

2 - Their FAQ doesn't mention anything about a cost when you move your shares (but that doesn't mean there isn't a cost):

 How do I transfer my portfolio from Absa Stockbrokers to my new stockbroker

and how long will it take ?

Send us a signed instruction to transfer the portfolio to your new broker, providing a list of shares and details of the contact person at your new stockbroker.
We will contact your new stockbroker to arrange transfer.

If there is no change in beneficial ownership the transaction is completed the following working day.
If however there is a change in beneficial ownership the transaction is completed after 5 working days.

 

V

Edited by vlam-hobbyist, 02 December 2014 - 05:50 PM.

[vlam]

Soutie - look at the bottom of the last page in last months statement.

 

 

No answer yet

 

Somehow, them charging me more is going to make me "a smarter and better investor" .....

 

And when they say "This is in no way an increase" ---> a blatant lie!!!

 

Thanks for bringing to my attention MrD!  (Didn't look at the monthly statement)

[MrDividend]

Hey Mr D I'm with ABSA for my long term portfolio. For the same reasons mentioned above.

What's the deal now..? Or is it on their website somewhere.

 

A side note I've always been very happy with their service.....so bit confused...

 

Soutie - look at the bottom of the last page in last months statement.

 

 

ABSA Stockbrokers are on the path to helping you become a smarter and better investor. One of the changes is the way we charge our admin fee.

From the 1st February 2015 we will be charging a monthly fee (in arrears)of R58.48 (ex-vat). This is in no way an increase and you are now only

being charged the annual fee on a monthly basis. Once you have traded 5 times in the year ABSA Stockbrokers will not charge the monthly fee

going forward for the remainder of the year

 

No answer yet

 

Somehow, them charging me more is going to make me "a smarter and better investor" .....

Edited by MrDividend, 02 December 2014 - 05:12 PM.

[soutie]

Hey Mr D I'm with ABSA for my long term portfolio. For the same reasons mentioned above.

What's the deal now..? Or is it on their website somewhere.

 

A side note I've always been very happy with their service.....so bit confused...

[gamma]

Mr D, when (if) you receive a reply please post here.

[gamma]

Email I have just sent them:

 

 

Pisses me off that they just changed it - it's why I went to them in the first place. Min trade R120 is hardly a bargain.

 

Wish I started with someone else.

 

Thanks for letting us know. My long term holdings are with them as well and I wasn't aware they had changed the terms. Keep us in the loop.

 

Went with them originally due to the low commission (0.4%) and lack of fees (with 5 trades). 

 

By the way, you may be able to transfer your holdings to another broker without selling/rebuying.

[MrDividend]

Email I have just sent them:

 

 

Before, if I did 5 trades with the last being in November I would not have to pay an admin fee – now I will not be charged for the remaining months of that year. So get 1 month free.

 

How is this – and I quote my statement here “This is in no way an increase...”?

 

Do you think your customers are too clueless to work this out?

 

I have recommended your offering to a few people, some of whom I know have open accounts – as I felt it was a good, basic account for guys putting together a long term portfolio and just need a basic but not very feature rich account. As long as you did your 5 trades it was reasonable.

 

Not any more. You’ve moved the goal posts and your offer now looks pretty poor compared to most other online accounts.

 

But of course, it cost’s quite a bit to move an account and you know that, right?

 

Pisses me off that they just changed it - it's why I went to them in the first place. Min trade R120 is hardly a bargain.

 

Wish I started with someone else.