How do you close a Fineco account?

HampshireH

I previously opened a fineco account and took advantage of their £50 + £50 referral offer.

That was nearly a year ago now and I recall people talking about it being hard to close ths account down. But that there was a form that had to be filled in and posted

The Fineco fAQs dont shed any light. Anybody closed their account with them?

born_again

Leave it empty and unused. So long as no charges on account. They will do it after a few years.
Or via email to: complaints@finecobank.com Saying that they are making it too hard to close accounts.

pmjenkins

HampshireH said:

Anybody closed their account with them?

I sent them a secure message requesting account closure. Within a couple of days I was e-mailed a 2 page form that had to be signed, scanned, and e-mailed back. It was many many weeks before I received confirmation of closure.

My wife hasn't been so lucky - 3 secure messages, 3 signed forms, but no response.

colsten

I am not trying to defend Fineco but I suppose closing dormant accounts is not presently high on the agenda of an Italian bank, including for their UK 'branch'. Set your expectations very low, and you might get positively surprised.

Zanderman

colsten said:

I am not trying to defend Fineco but I suppose closing dormant accounts is not presently high on the agenda of an Italian bank, including for their UK 'branch'. Set your expectations very low, and you might get positively surprised.

Agree with this.  Fineco is one of many accounts I'm planning to close - but having read that it may be difficult at the best of times, and bearing in mind Italy has been and still is in the midst of major problems with Covid, I've put it off for a few months. There's no hurry!

Corum_uk

I literally opened my account with them two days ago and am already thinking of closing it.
Signed up with the promise of cheap trading but when I finally got to access my account they have a very limited range of ETF's and didn't list any of the iShares/Vanguard ETF's I was interested in. 
I emailed them to ask it they could add the stocks and they said I would have to place the orders by telephone each time.
For two of them, they also indicated there would be a 0.7% fee, minimum fee of 15 euros, which is a bit rich considering the advertising states stocks and ETFs on the LSE are at a flat rate of £2.95.
A bit disappointed with them to be honest.

colsten

If the account doesn't cost anything, and if their marketing messages don't annoy the living daylight out of you, you might as well just leave it sitting there.

Otherwise it seems to require a formal complaint to close a Fineco account. Even that may test your patience, but they will eventually, hopefully, action your request.

Under UK Law, you also have 14-day cooling down rights for investment accounts, so you may be able to remind them of that.

Corum_uk

Thanks. Just emailed them to say if they can't provide the ETF's via online trading and at the price quoted in the advertising then I'll have to look for another broker. We'll see what they come back with tomorrow and decide then whether to cancel the agreement.
The account is free currently so it's not a big deal I guess, but signing up took quite an effort and I'm a bit miffed that it was all for nought!

colsten

Have a look here for investments platforms. I could be wrong, but I don't think Fineco figures amongst the best alternatives for a UK investor / trader.

Thrugelmir

Corum_uk said:

For two of them, they also indicated there would be a 0.7% fee, minimum fee of 15 euros, which is a bit rich considering the advertising states stocks and ETFs on the LSE are at a flat rate of £2.95.

Always worth checking the cost of a manual desk trade when comparing platforms and brokers. Often very different to an online automated one.