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HSBC Introduce “safe custody” charge.
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# 1
Mr Tambourineman
Old 25-07-2007, 11:05 AM
MoneySaving Newbie
Join Date: Jul 2007
Posts: 1
Default HSBC Introduce “safe custody” charge.

HSBC wrote to me many months ago stating that they would introduce “some time in the future” a “safe custody charge” for investments they held on my behalf. I hold only one investment (a unit trust) with HSBC and they have just made their first bi-annual “safe custody charge” for this investment. This investment has NO paper hard-copy share certificate associated with it. The investment is held on the HSBC computer system which has now started making this arbitrary “safe custody charge” on my HSBC account. Is this legal? Can I have this charge stopped and re-claim the one charge so far made by HSBC? Any help gratefully received!
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# 2
Old 25-07-2007, 7:05 PM
Deliciously Dedicated Diehard MoneySaving Devotee
Join Date: Aug 2004
Posts: 20,853

Tell them that you longer wish them to hold your investments and that they should return them to you.
Are you sure that they do not hold any paper certificates or something else on your behalf?
What goes around - comes around
give lots and you will always receive lots
jonesMUFCforever is online now
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# 3
Old 25-07-2007, 10:25 PM
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Join Date: Nov 2006
Posts: 2,238

Is it for holding the investments that underlie the unit trust? The shares/bonds will have to be held by a custodian somewhere and they will be charging the fund for this. HSBC may now be passing on this charge.
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