iii introducing quarterly £20 charge

brineybay

Got email today telling me my account had be closed, so tried to log-on to my account only to find that my account was still active. What's more, there was a Secure Message saying that my account could not be closed (there was £3 cash left and £20 in dividends which had been credited just as my shares moved to XO) and that if I didn't sort it out by 30th June (tomorrow) I'd be charged £20!

Methinks Interactive is a bit disorganised!
Phoned Interactive immediately and was spoken to within 5 minutes. The operator confirmed my account has been 'marked' so that I wouldn't get any charges.

Once the remaining shares are sold (which should be free) I will move the cash back to my current account. Then my Interactive account will be closed for good!

My advice: phone 'em quick before you get hit with a £20 charge! (Don't worry - they're nice people on the end of the line (though not sure I'd say the same for the management!))

koru

Sharjah_Wanderer wrote: »

Hi BLB,
I had a similar gut feeling about a cash flow issue with iii and this 20 quid lark.
Any idea where I can get more info on this ?
Thanks and regards


Things seem to have gone downhill very quickly and I can only assume this is down to poor management. From what I can gather, iii are far from profitable and had to have an injection of capital from the parent company to get this years accounts past the auditors.

The introduction of charges feels like a panic response and I fear things will go from bad to worse over the coming year.

I think they handled the change very badly, but if you compare their new charges (including dealing charges) and 100% commission rebates (the only firm that does this, as far as I can tell), they look a heck of a lot better than the new charges announced by Alliance Trust Savings. iii could well get a lot of new business from people who want to invest in unit trusts and who have large portfolios and/or do not want to deal very often.

IronWolf

after a lot of pondering I've decided to just stick with iii. I hold mainly individual shares, but do have fund holdings and will add to these in future. Overall I think the trail commission Ill be saving will cover maybe £20, and Id expect to do at least a few trades a year so am not expecting to be that worse off. Theres too much uncertainty over whether other providers will be changing their charges at the moment for me to move.

But I will be writing to iii saying I expect to have the option of completing a W8BEN form now as opposed to the usual "we dont do those" attitude, now that they are charging me for "administration" of my account.

sabretoothtigger

^^ Yea I noticed they lost half my dividends also on USA shares. Strange because Halifax let you claim the tax back

2012-06-28
Dear Tigger,



I have sent your request to my settlements team, this request can take up to 10 working days to be sent to your home address. Once your transfer has completed and you have received your share certificates then please call ii to close your account. You will not be charge the 1st quarterly while your transfer is under way.

gadgetmind

sabretoothtigger wrote: »

^^ Yea I noticed they lost half my dividends also on USA shares. Strange because Halifax let you claim the tax back

Even the likes of HL have managed to grasp why W8BEN forms are a good thing.

Gambler

Am I too late to move from these muppets!?!?

adamt

*** Not sure if this has been discussed already **

But i called iii a week ago telling them im moving to SVS and have submitted the form to svs, and asked them if it doesn't transfer out by 1st July will i be charged,, the guy said he has put a note on my account saying i informed them, so i wont get charged if i had not moved to SVS by July,

Well i didnt transfer to SVS as they told me i couldnt transfer my iii holding as it wasnt in the FTSE 350 (My mistake) -

So i called ii today and told them i now wont be going to SVS but simply stockbroking, but this hasnt been processed yet,

the girl then checked my account and read the note on my account and told me i was placed on the new fee waiver list, so i wont get charged in July, even if i still hold stock

she went on to explain everyone is entitled to go on this 'waivered' list you just need to call them and confirm, you will Not be charged unless you are still active by October

She did state there is no transfer fee. but if you havent transferred out by the end of July there will be a £15 transfer out' fee

hope that helps others

TechnoBadger

pescmy wrote: »

Hi,

I want to transfer out from iii but not sure where to go? I rarely trade but I do use the protfolio builder & I reinvest dividends. Are there any good places to move to that will allow me to keep on doing what I do with no/little cost?

Thanks

Checkout iWeb Share Dealing, owned by the company who ran iii's share dealing prior to last October's 'migration' to iii's own 'service'.

TechnoBadger

Gambler wrote: »

Am I too late to move from these muppets!?!?

No. You've got a few more weeks, and if they've already charged a £20 quarterly fee they'll refund it.

IanSt

Hello all,

I was filling in the transfer form to move from iii to x-o when I came across the section regarding the existing ISA manager details and wondered what people have put in for the ISA manager address and telephone. I'd contact ii directly, but previously have had to wait for ages, so thought I'd ask here to save time.

I've looked on the iii site and can see a Glasgow and a London address but nowhere which states which is the proper one to use. And as for telephone numbers, I've found umpteen, but anyone have any idea on what the correct one to use would be.

Thanks for any assistance.