iii introducing quarterly £20 charge

nearlyretired2004

Guitarman - QUOTE:

. I've also sent iii a third e-mail asking for confirmation of no fees

See my post about nine posts above this - not sure what they are like replying to emails but if you send a message via their website you should get a reply within 24 hrs - sent mine in evening and had reply by 10 next morning.

you should get this reply

'As you have provided written confirmation that you will be processing a transfer from Interactive Investor, I have provided you(r?) details to our Accounts Department to ensure that there is an exemption on your profile for the initial Quarterly Fee due on 01 July 2012.'

Same for you jiggy ......

laughingboy

Wonder if anyone could check my calculations/assumptions for how much this charge were to cost me if I stayed with II?

I only hold funds (~£7000) that I pay £200 into each month.

So assuming 0.64% rebate, £45 credited to me

Annual charge £80 which provides (80/1.5) 53 regular investments over the year.
Given that I invest in 7 funds each month = (7 * 12) 84 regular investments per year, minus the 53 I get 'free' so I will have to pay for the remaining 31 which will cost 31*£1.50 = £46.50

So annual cost to me is £80 + £46.50 - £45 = £81.50 (roughly) Does my calculations stack up?

eslick

not sure if you have seen this, new message in your iii inbox slight difference to what they said before. They have also told me in another message as long as they know we are moving there is no charge in July.

"Fee Free Exit
If you have fund holdings elsewhere, or currently place trades through a number of broking accounts, you are likely to benefit even more by consolidating your fund investments and other equity trades with us.

We believe that these changes provide a real benefit for many of our customers, however if you do wish to close your account with us in light of these changes, we will make it as simple as possible and offer a fee free exit for all customers who do wish to close their account.

• We believe that any customers who do not agree with pricing changes are entitled to receive a fee free exit
• Any customers wishing to close their account should contact us by 5 pm on 31 July 2012 with their intention to close their account.
• Customers who want to transfer their holdings to a new broker will have their transfers completed free of charge if we have received the new brokers' transfer request before 5pm on 31 July 2012
• If we have received a customer's notice of intention to close their account or to transfer holdings as set out above before 5 pm on 30 June 2012, we will not apply the first quarterly fee while the transfer or closure process is underway. Otherwise we will refund the first quarterly fee as part of a fee free exit as set out above. If we have already received instructions regarding your account, you do not need to contact us again."

guitarman001

So my broker has to get the transfer form to them pronto. Must get calling..


Nearlyretired - I've been sending the messages via secure messaging after logging in - is that what you mean, because I'm still not getting replies... I did get the new message the poster above me just mentioned but that's just not good enough IMO - they've had ages to reply. I'll be pretty peed off if I get charged £20 - going to ring Hargreaves when I can.

brineybay

Another email from iii today, with more helpful information:

"If you trade more than 10 times in any month you will benefit from our low £5 charge on the 11th and each subsequent trade in that month."

Yet another great benefit for us small-time investors, who of course have the time and money to be making 10+ trades per month.


Bye Bye II...

nearlyretired2004

yes thats what I mean - who are you messaging? is it help? They say they aim to reply within 48 hours from memory but mine was much quicker.....

antonio1

TechnoBadger wrote: »

If you were with iii before the migration last October, then you were actually dealing with Halifax Share Dealing, who own iWeb. So if you were happy then, perhaps you'll be happy going back to them. I found opening an iWeb account a doddle - no electricity bills or whatever to send on. Presumably this was because they'd dealt with me before (when they provided iii's service.)

I've just found this thread after receiving the III we'll let you leave without charges email some received weeks ago. xo or iweb for me I think. Didn't realise but not surprised there was so much activisim about this but then I hadn't researched it til now. Just to say I also was very happy with III until they took the service back in house last October. So many problems since, particularly slow dividend payments and annual tax certificates not available until end of June. Services more usually deteriorate when a service is outsourced, because it's usually done to cut costs which means service quality often suffers. Ironically this deteriorated coming back in house, which suggests they can't cope with the increased work levels or there are other problems.

lvader

brineybay wrote: »

Another email from iii today, with more helpful information:

"If you trade more than 10 times in any month you will benefit from our low £5 charge on the 11th and each subsequent trade in that month."

Yet another great benefit for us small-time investors, who of course have the time and money to be making 10+ trades per month.


Bye Bye II...

I would probably never normally trade 10 times a month, but it will make a difference if and when I decided to sell everything.

chubbybrown4real

I'm moving to X-O

I've already got a Fool one but would pull the pin out of there too,no point paying to lots of fees is there :-)

TechnoBadger

guitarman001 wrote: »

So my broker has to get the transfer form to them pronto. Must get calling.

Reading an email I received today from the FSA, and an email that iii sent me themselves, it appears that if you miss the 30th June deadline for no £20 quarterly charge, but move before the end of July, iii will refund the quarterly charge. Please check this for yourself. Easier to do it sooner rather than later though, I'm sure.

Here's a useful 'Thinking of Changing Broker' page from iWeb:

http://www.iweb-sharedealing.co.uk/trading-services/switching-to-iweb.asp