Avoid td waterhouse

Crabber

Dear Investor,

Has anyone else had problems with TD Waterhouse failing to send their cheques out over a week late after a two-week settlement date?

Has anyone else been told by their (former) broker that the cheque is "in the post" when it isn't?

Has anyone else had to accept a "sorry but we do 20,000 trades per day" and we don't care if we get one wrong?

I sold my shares with ample time to complete a financial obligation and now I'm left in a potentially emabarrassing situation because TD Waterhouse had made a series of clerical errors (which they accept). They seem to feel that a 'sorry,' which sounded very much like 'tough,' was sufficient.

A four figure sum is still sitting in their account rather than mine and all I appear to be able do is make the world aware.

Former TD Waterhouse client.

blinko

posts 1 !!!!

Crabber

Well if that is that the standard of your 238 posts!!!!!

purch

Dear "other" Investors,

I have had nothing but excellent service whilst trading with TD Waterhouse.

Current TD Waterhouse client.

THRIFTY_GIRL

We are in the 21st century Crabber. Brokers have a facility to pay funds directly into your Bank Account; if you haven't done so already then I suggest you do so ASAP.

I do not deal with TDW personally, but have heard good feedback from others.

Did you have a nominee account or was this a certificated trade? You will find that for a certificated trade they will not act until they receive the share certificate. For a nominee account you normally have to request the funds, but cannot have them before the settlement date; this means that the cheque is issued after the 2 weeks are up (that's the way it works with my nominee account - not with TDW so maybe an actual customer can advise).

I think there has been an unfortunate mix-up between what you think should happen and what actually happens. I would advise you to check the exact terms of the new account now so you do not end up in this situation again.

Crabber

I am aware of the process.
This was a certificated trade and the share certificate was personally delivered and accepted at TD Waterhouse, Leeds. I signed the Crest form in their reception. The settlement date was two weeks hence and we are now 9 days beyond this date and still no cheque.
When it was chased on the Friday I was told that there had been an error on their part and that they would post cheque that day. When it didn't arrive by Monday I was told that the cheque had been posted on the Monday! Still no cheque and today (Wednesday) I have again been told that "the cheque is in the post."
I am told that a cash transfer is not possible, a cheque is the only way that I can be paid, yes, in this day and age!! I can accept that clerical errors occur but I can't accept being deliberately mislead or the intransigent manner in which they deal with their errors.
As for setting up a nominee account for the rest of my shares I do not think that there is any chance whatsoever of TD Waterhouse acting as my 'nominee.'
Good luck to their remaining (but declining) clients.

consumer

Crabber wrote: »

I am aware of the process.
This was a certificated trade and the share certificate was personally delivered and accepted at TD Waterhouse, Leeds. I signed the Crest form in their reception. The settlement date was two weeks hence and we are now 9 days beyond this date and still no cheque.
When it was chased on the Friday I was told that there had been an error on their part and that they would post cheque that day.
Good luck to their remaining (but declining) clients.

I think it's unfortunate to be in this situation..because of their errors.

If you need money so urgently, is it not possible for them to offer to collect in person with id and address proof?

talexuser

I had a similar experience with td waterhouse wanting to sell a single company pep this year and transfer to another isa. It took ages, much longer than the recommended inland revenue 30 days and several phone calls which actually lied to me about the dates they had recieved the instructions (I know because reyker securities got a similar transfer at the same time and did their job much better and faster). The attitude on the phone was less than interested in giving me my money back to say the least. Avoid this company.

Crabber

I lodged a complaint with TD Waterhouse and oddly enough the cheque arrived on the same date as the acknowledgement of the complaint - 12 days after their 14 day settlement date. The delay is poor but their attitude and incorrect information means that my (humble) portfolio will go elsewhere.

talexuser

good you got it at last.

What annoyed me was Reyker sent the cash balance in the pep straight away to the new isa for unit buying, then sold the shares and sent the balance later - very fair. Waterhouse held on to the cash for over two months, my complaints met the answer "this is our system, we only send the cash after the shares have been sold" - with all their stupid delays and settlement dates etc etc.
The attitude was almost as if they did not care it was MY money they were holding on to.