iii introducing quarterly £20 charge

guitarman001

Selftrade still have an inactivity charge.
As long as there are no charges on normal trading accounts it looks like I'll be getting one of those, probably with Motley Fool.

Awaiting the 2nd part of this article tomorrow (may have been posted here):
http://monevator.com/interactive-investor-fee-hike-rdr/

Bob_Bridges

Evening All,

Have had this in my messages on iii.
Looks like they are happy to some people go.

Think I'll be off soon,
Cheers, Bob



Thank you for your secure message.

I can confirm that our new pricing structure applies to all accounts from 1 July 2012 (with some exceptions, noted below*) and is a compulsory charge. We believe that the charges, taken as a whole, will be advantageous for many customers.
As states in our terms and conditions, we are entitled to introduce change to commission, charges, tariffs and interest rates. The terms and conditions which include the agreement between yourself and Interactive Investor can be found in the following link. http://www.iii.co.uk/trading/share-dealing/terms
We would be very sorry to lose any of our customers and if you would like to talk through your specific circumstances, you are welcome to call us on 0845 200 3637 or 0845 88 00 267.
If you wish to close your account, you will need to take the following steps:
First you will need to transfer your existing holdings out of your account. You can either transfer them to another broker or withdraw them as cash. Please ensure you understand the implications of withdrawing money from your ISA account. If you wish to transfer to another broker you will need to set up a new account with them and fill in their relevant transfer forms. Your new broker will then liaise with us directly.
The transfer out fee to transfer your stocks and shares to another broker is £15.00 per line of stock. If you wish to re materialise your holding into paper certificates, the cost is £20.00 per holding. Furthermore if you wish to sell your holdings and transfer out the cash balance, commission is charged at £10.00 per trade.
Once the transfer is complete or your account balance is £0, you will then need to send us a secure message confirming your instruction to close your account with Interactive Investor.
Whilst we appreciate our new pricing structure may be an unwelcome development to a small number of customers, we consider our new charges fair and that our new pricing structure and prepayment of trading commissions per quarter still remains extremely competitive.
We have taken a lead in rebating all the income that we receive on funds holdings ahead of any forthcoming changes required by the FSA and believe that many customers will benefit by consolidating their holdings with us.
Kind regards

guitarman001

First Direct also do share dealing accounts SEEMINGLY with no admin fees...

sabretoothtigger

That would be HSBC I guess. ST is SocGen. Barclays is shutting theirs down?

guitarman001

Turns out I applied for the ONLINE PLUS banking which is NOT the same as First Direct's normal internet banking (to see your First Direct accounts). I rung them up and got it sorted, should be all flowing within a week. VERY good customer comms, phone was answered PRONTO!

kfm

Has everyone had a reply to their formal complaints regarding the quarterly fee?

I submitted two complaints, one about the fee and one about a late/missing dividend. You can guess which one got a reply.

tomo21217

I too got the pre written, we arent refunding any fees and see you later email, I then forwarded a formal complaint but doubt this will get any where.

I will complain to the ombudsman out of principle, they are making me have an undue hasstle and cost so they can too. I shall be going on the slant of only 1 month notice and the fact of the cost of leaving, its a win win for III.co.uk.

I have been reading wit great interest about where to go next and I feel that Self trade might be the one.

I have a small holding and just do regular monthly investments.
So the inactivity fee wont matter plus the fact that they will pay the leaving charges is a big bonus in my eyes as wont actually cost much to move rather than the £15 X5 lines to any other providers.

At least in the short term and avoiding the £20 on the july first I think Self trade could be a winner, and you never know might even get a few £ from financial ombudsmen complaint.

MrDaLi

Have I got this wrong? The way I read it is that if I make 2 trades a quarter then I don't have to pay the fee.

tomo21217

MrDaLi wrote: »

Have I got this wrong? The way I read it is that if I make 2 trades a quarter then I don't have to pay the fee.

I belive its you pay the fee and you get two free trades.

Fine if you deal regularly on the account not so good if you are just holding shares/funds

Mach4

Commiserations to everyone involved with this.

I have no doubt that everyone that continues with their complaint will eventually get a free transfer out.
The change is clearly material and being unilateral they need to waive any exit fees if they want to do it.

On new providers I am with TD Direct. They have no annual fee / inactivity charge as long as you account is over £5100 at the end of May. Their platform has been robust and I've had no issues with needing to chase dividends etc. Dealing is on the high side at £12.50. Less if you trade 15 times a month I think though if you're doing that this change won't hurt you!

Would be interested to hear what people think of XO as Im thinking of putting this years allowance with them due to £5.95 fees.