iDealing - Charges!!

cloud_dog

Have recently been consolidating my investments and had stock in an iDealing trading account. As they charge £5 per quarter for the privillege of this account I decided to liquidate the asset, close the account, and open a new account with ComDirect (they don't charge an admin fee).

Now I consider myself fairly savy, financially, but to my disgust iDealing charged me £60 to close the account. Yes, its in their T&C's and I know they have a small amount of admin to do but............ still I find it disgusting that they should charge so much just to close the account.

cloud_dog
p.s. Comdirect say in their T&C's that they 'may' make a charge for closing an account.

MJSW

You should have just done a direct transfer of the stock from iDealing to Comdirect. Comdirect refund up to £100 of fees charged by a previous broker if you transfer to their Dealing account (plus another £100 for a PEP, £100 for an ISA and £100 for a SIPP).

plumb1_2

MJSW wrote:

You should have just done a direct transfer of the stock from iDealing to Comdirect. Comdirect refund up to £100 of fees charged by a previous broker if you transfer to their Dealing account (plus another £100 for a PEP, £100 for an ISA and £100 for a SIPP).

Further info here about comdirect and their £100 refund of transfer fees
http://forums.moneysavingexpert.com/showthread.html?t=235

cloud_dog

Yes, yes, yes. I should have checked their T&C's before doing what I did.

Ahhh, Plumb1, so nice to here from you - shall I PM you my address???? ;-)

cloud_dog

plumb1_2

cloud_dog wrote:

Yes, yes, yes. I should have checked their T&C's before doing what I did.

Ahhh, Plumb1, so nice to here from you - shall I PM you my address???? ;-)

cloud_dog

By allmeans,send me a PM

XXXX

cloud_dog wrote: »

but to my disgust iDealing charged me £60 to close the account.

To my further disgust, recently I wanted to partially transfer some funds out of iDealing to another ISA provider,

iDealing Admin wrote:

If you wish to transfer cash to another ISA provider there is a Transfer charge of GBP 60.00 and a cheque charge of GBP 5.00.

When they treat partial funds transfer as account closure, there seem to be no incentives for customers to stay with them any longer.

I have been a customer of idealing since 2001, honestly I am not impressed with their customer services at all. They were never helpful, too many things were not dealt with satisfactorily. When will they ever stop treating customers like trapped fools?! :(

maxi_isa

My wife and I have maxi and mini ISAs with idealing and wanted to merge them into one account each. idealing said it would cost £5 per line of stock plus £60 to close each account.
I pointed out to them that I could consolidate with another provider (where we had PEPs, now ISAs) for nothing as they would pay for the transfer charges. I asked them if they would reconsider rather than lose our business. A week later, they have not replied, so we are transfering the old mini ISAs and will probably do the same with the maxi ISAs too.
I am apalled by their crassness in not replying to a reasonable query from a client of 6 years who has been an active share trader. They have done ok out of me and their attitude is unprofessional and bad for their business.