Hoodless Brennan to close online share dealing

King_Weasel

ian-d wrote: »

Can someone just confirm, if we transfer to TD are we then liable for the charge for not making 10 trades per quarter? I'm new to shares and signed up with HB because of their single fee for dealing and nothing more; I planned to retain my shares for a few years without use, so don't want to get stung by TD's fee's.

What's the other option of sending share certificates, how would you sell these when that time comes, is it expensive?

I can only assume we are not liable for the first year. as we are under HB's pricing structure until then.

But what about Frank40's message 13 above? Can anyone confirm this?

Granville23

I dont get this, Sharecrazy are run by HB, so why is HB off loading the execute only share trading to TD. If we all decided to got to Sharecrazy we would more or less be with HB but with different rates and they would be back to square 1. Perhaps they got too many customers, I dont't know

pagan705

£12.50 + vat or £9.95 + vat for frequent traders is quite a LOT more than Hoodless. I know we won't have to pay that for a year but we all know how quickly a year goes ..& what then ???

We'll either have to pay higher charges, deal with long tranfers to other brokers & possibly charges for transferring in or out..& in the meantime our shares could be dropping like stones or rising high but we won't be able to buy or sell them.

I am seriously considering selling everything & buying back with a new broker but I have nearly 20 shares so thats a lot of fees!!!!

My partner suggested taking the TD Waterhouse option but when I sell anything to transfer the money to a new broker account this sounds like a good option but I want to hang on to most of my shares for the long term.

frank40

I'm with Pagan's partner on this one, and am in a better position as I generally invest short term. This option has the added advantage of being able to trial the TDW service. I'll probably run an alternative service alongside if I can find one cheap enough.

I still think the TDW terms and conditions may not suit my trading style if prices change regularly from those quoted during trade.

k8r4u

pagan705 wrote: »

£12.50 + vat or £9.95 + vat for frequent traders is quite a LOT more than Hoodless. I know we won't have to pay that for a year but we all know how quickly a year goes ..& what then ???

We'll either have to pay higher charges, deal with long tranfers to other brokers & possibly charges for transferring in or out..& in the meantime our shares could be dropping like stones or rising high but we won't be able to buy or sell them.

I am seriously considering selling everything & buying back with a new broker but I have nearly 20 shares so thats a lot of fees!!!!

My partner suggested taking the TD Waterhouse option but when I sell anything to transfer the money to a new broker account this sounds like a good option but I want to hang on to most of my shares for the long term.

A couple of points that might help:
1. I've never heard of any broker that charges VAT on trades (inc. TDW);
2. I've transferred shares into one broker from another (inc. TDW), transfers in were free and fast (days, not weeks). Some brokers charge a fee for transfer out, don't know about Hoodless Brennan.

amitahuja

how is e-trade?

What about the terms & condition clause, which says the trade will be only complete once accepted by TD Waterhouse and we cannot refuse the trade

frank40

E-trade Terms and Conditions also indicate that a firm price will not be given, orders will be aggregated etc. Nice surprise when you get less for selling the shares than the price at which you made the decision to sell (sarcasm).

Share crazy are using the same system and Ts and Cs as HB and are the only discount broker I have found that gives a firm price, but will they continue to trade.

TDW are using a Dutch registered firm for banking. This worries me also. Not for any reason, just worry.

k8r4u

amitahuja wrote: »

how is e-trade?

What about the terms & condition clause, which says the trade will be only complete once accepted by TD Waterhouse and we cannot refuse the trade

I can't shed much light on this one as it's never applied to me. I only tend to deal in shares that are on CREST and that are highly liquid, so trades go through "immediately" (well in microseconds anyway ). Any time I've ever sold, it's been at the market price, I've never been told retrospectively that I've got less than the quoted price. On the flip side, because TDW deal in large volumes, and are passing trades constantly, I generally get told that the price has actually been improved over the quoted price - not by much, usually tenths of a penny per share. All adds up I suppose.

TDW allow you to place three types of order: Market (whatever they can get when the trade goes through), Fill-or-kill (try to place the order at the price you specify, and don't do the trade if they can't get that price), and Limit (execute the trade if the price passes the limit you set).

In the first case, you're asking them to sell at the market rate - even if they've given you a quote, it's just that - a quote. It's not a guaranteed price because they can't guarantee what the price in the market will be. I guess this falls under the T&C mentioned above. Same for a limit order - it's your instruction to your broker to sell or buy at whatever the market price is when the shareprice passes the price you set. Same deal - they'll execute the trade but can't guarantee the price. For a fill-or-kill, it's binary, you either get the price or the trade diesn't happen.

That's my reading of it from using the service anyway, hope it helps.

Annahoo

Just visted the sharecrazy.com site but can't seem to locate their FAQs or how much they charge per trade - could anyone point me in the right direction?

Annahoo

It's alright - found them after some searching!

I am wondering why are Hoodless Brennan wanting to transfer us to TDW and not sharecrazy (which they own) ?

Strange...