SVS Securities - shut down?

plodder73

Thanks I figured as much

pafpcg

plodder73 said:

My email has just come through, what on earth is client classification status? Retail or professional? Also who has utility bills these days everything is online! 

Presumably you can download a PDF version of the utility bill.  Can't you then upload the PDF file to ITI?  Surely that's easier than scanning or photographing a paper bill and uploading the image file...

snipkin

Yes, pafpcg, that was what I did - I think all these utility companies offer the option to download a recent bill which looks like the kind of thing you would once receive in the post with your name and address on it. It will be in pdf format - but that seems to be OK - my pdf utility bill was approved immediately on uploading to ITI. I never used a webcam before but I realised my wife's laptop has one and it was easy to do the 'selfie' although it took a couple of attempts before the photo was accepted by ITI (bad lighting etc). And scans or a good sharp photo of passport and/or driving licence uploaded as jpeg files complete the requirements.
One thing they don't tell you is that everything you input is saved so you can come back to it later - just log in again and you get a new 6-number one-time pin immediately by email (and by text message apparently although I never got the texts). I could not find the 'Save for Later' button which is mentioned but it seems it is not necessary.

Ravima

Still nothing received here in Ireland.

johnburman

My2penneth has a VERY interesting point:
Taking a flyer - I prepared the iWeb transfer forms using the current existing SC numbers as my ITI Capital account code.
Going through the very simple iWeb transfer procedure, it would appear that one can transfer shares and residual cash to iWeb. .(Thinking about it, why not, as this is exactly what has just happened from SVS to ITI.)

same for my 1 account (only 3 more to go for self and family members who have yet to receive an email).  If this is the case we can start the transfer to a third party broker NOW, and get things moving ASAP, rather than wait.
Any problems with my thinking? 

My2penneth

Just had an email to say my second account is now approved..There is nothing to ientify it as an ISA and it shows holdings in dollars.

I originally scanned my passport and uploaded it .
I downloaded a bank statement in pdf and uploaded it.   Both seem to have been accepted.

I'm surprised to see that they breakdown the cash holdings into US dollars, Euros and Sterling. Three separate cash sums ($54 in one bucket, 15 euro in another bucket and £xxx in a third bucket).

I can now thus see a cash balance and it looks to be approx correct - the only way to verify is to get a list dividend payments off LC.

My2penneth

johnburman said:

My2penneth has a VERY interesting point:
Taking a flyer - I prepared the iWeb transfer forms using the current existing SC numbers as my ITI Capital account code.
Going through the very simple iWeb transfer procedure, it would appear that one can transfer shares and residual cash to iWeb. .(Thinking about it, why not, as this is exactly what has just happened from SVS to ITI.)

same for my 1 account (only 3 more to go for self and family members who have yet to receive an email).  If this is the case we can start the transfer to a third party broker NOW, and get things moving ASAP, rather than wait.
Any problems with my thinking? 

Note the 3 buckets of cash (Euro, Dollar and Sterling). There seems to be a button to cash in the euro and dollars. maybe one has to convert it to sterling before converting. Perhaps iWeb will simply auto convert  on receiving the account...I might ask them.

p.s. Whilst my 2 accounts are progressing with ITI, my wife (same surname) has received nothing other than a we are running late email at 6pm on Thursday night.

My2penneth

I received the 6 digit verification codes by email. 

the main telephone contact was my landline - hence no TXT messages. I think one might have to "raise a ticket" to get ones main phone contact details changed..(not worth it for me as I'm not staying).

Is Anyone staying with ITI?

shiznit76

says my portfolio value is zero, but when i go in to portfolio all my shares are there and values, all be it in $. Is this because statue is "on-boarding" submitted?

juliamarsh

pafpcg said:

My2penneth said:

....
The trading of shares needs to be done through their Phoenix software. We can't do that at the moment.  I'm guessing that this is where one supplies info on a linked bank account to transfer money to and fro.

Not necessarily!

The ITI system may not have the concept of a linked bank account.  Has anyone with access checked?  The situation back in June when I posted the following comment after looking at their help files & documentation, was that the client specifies the bank account details at the time of withdrawal.  The same could be true of deposits. But until I get access to the system (I must be in the last batch), I'm not certain what the situation will be.

"2. Cash withdrawals won't be as simple as with SVS:  rather than a form in the SVS online system to specify how much to withdraw to the nominated bank account with funds credited two days later, with ITI there's just a blank PDF form which has to be printed, all the ITI account details, bank account details, amount required etc written in, then signed, then scanned and e-mailed to ITI;  the request will then be actioned within two working days and funds sent via BACS (another two days minimum).  With critical data such as account numbers having to be transcribed at least twice, the chances of errors are much increased."

https://iticapital.com/assets/pdf/Limited_Withdrawal_Form.pdf
Here is the link to the withdrawal form from their website. You have to fill it out and then email it to customerservices@iticapital.com. There's another form giving the necessary details for making deposits. I've completed the withdrawal form and emailed it to them so watch this space. Would be great to finally get my hands on the dividend cash that I've waited so long to access......once I've got that in my grubby paws I'll begin the transfer out process but I want to make sure I get the cash out first! I got this form from their general website, I couldn't find anything about cash withdrawal when I was actually logged into my account. Let's hope it works.