Selftrade -admin fee

[disneyangel]

I just got a letter from selftrade today showing my annual statement. Included within it was a leaflet giving changes in prices which scarily includes a 40 pounds (sorry my pound sign is broken ) yearly admin fee starting in July 2009.

Currently my 20 shares are only worth about 60 pounds.So this seems mightily steep

Does anyone know of any other way of storing these shares ? ie can I transfer them to my bank ?

I'd be grateful for any advice

 

[ukstitch]

I just got a letter from selftrade today showing my annual statement. Included within it was a leaflet giving changes in prices which scarily includes a 40 pounds (sorry my pound sign is broken ) yearly admin fee starting in July 2009.

Currently my 20 shares are only worth about 60 pounds.So this seems mightily steep

Does anyone know of any other way of storing these shares ? ie can I transfer them to my bank ?

I'd be grateful for any advice

Eek - that's quite a lot and increases the effective cost of joining )and remaining in) the sharholders club for those people who choose to use selftrade.

That's certainly enough to make me consider looking elsewhere if I ever get round to buying shares...

 

[DLPdaft]

I've just opened my mail and got the same letter .
Theres a current thread on this on moneysavingexpert - I won't post the link to it as its in the forum part (savings and investments), and some of that is most definitely not family-friendly .

Whatever you're going to do, it appears you need to do it quickly, and let Selftrade know your intentions, well before the beginning of July, at which time they may charge you the £40 fee.

 

[eeyorefanuk]

I am starting to panic now - are you saying if bought shares from self trade they are charging £40 per year????

If so, what do I do please ??

I have received no letter - do you think it is because I never sent my bank statement (just hadnt got round to it)

 

[DLPdaft]

I didn't send my bank statement either - I only got the letter today, but I haven't checked my portfolio inbox on the selftrade site - its possible theres been some notification in there already?

 

[cap'njack.]

This is very bad news indeed...thankfully I hadn't gotten round to opening Macklyn's CTF with them.

I need to plan what to do with them asap. Maybe I'll just ask to have the shares in paper form instead and close the account.

If anyone has any good idea's please share them

 

[scampbunny]

eeeeeeeeeeeeeek ive not had anything either (nor have i been online to look since buying 12m ago!!)

is there no info on how we get out of this??? dont want to sell my shares even tho i only have 5 lol

 

[ukstitch]

I'm just glad I didn't get round to buying my shares through them in the end - I opened the account but never used it.

I will still be keeping a keen eye on my bank statements as I have not logged into my account in months and have not received any post from them to notify me of an intended charge, so I'll be quite cross if they try to charge me anything for the "privilege" of having an inactive account with no shares on it...

 

[DLPdaft]

Having read the moneysavingexpert thread about selftrade, it appears its quite common practice for share companies to charge (either quarterly or yearly) for inactive accounts - so I'd close that account right now if I were you ukstitch.

 

[ukstitch]

Having read the moneysavingexpert thread about selftrade, it appears its quite common practice for share companies to charge (either quarterly or yearly) for inactive accounts - so I'd close that account right now if I were you ukstitch.

Yes - I've just seen that so am now trying to track down my paperwork as I have no clue what my details are anymore

 

[Iain Chapman]

Argh...wish I understood this share dealing thing....between my mother, partner and I, we've three Selftrade accounts to be 'concerned' about now...

I'm wondering if the best cause of action is to issue Selftrade with their own account closure form, requesting they issue paper certificates for our holdings.

This addresses the problem for the moment, and giving me time to find an alternative..

How does that sound as a plan?.

Thanks

Iain

 

[DLPdaft]

I've only recently bought my shares through selftrade, so I have no intention of selling them in the next few years. Getting paper shares sent out and closing the selftrade account seems to be the most sensible option for me too I think. I'll call them tomorrow about the paper certificate details.

 

[Cyrano]

Thank goodness for all of you

I opened my Selftrade letter and as I am busy threw it in the folder with barely a glance.

Think I will need to view the options available before heading to WDW

 

[ukstitch]

ok - to say I am a little annoyed at this would be an understatement...

I've not used my account in months but yes - it would appear that I am liable for this charge if I do not close my account.

I can't find my account number at the moment, but need that to close it - I have my profile name and password, but do not appear to be able to close anything from there without the account NUMBER... I guess I'll have to phone them and see what I can do tomorrow.

What's worse is that although they have people's email addressed linked to their accounts, they appear to have made no attempt to inform people of this charge by email (instead they choose to do it by placing a note on the logon screen of the website and by sending internal messages), so anybody with an inactive account (such as myself) are at risk of being charged without any notification or knowledge.

I believe this is apalling and even if I was using them for shares, I think I would be inclined to sell back my shares.

It appears they are trying to sell it as in inactive charge by stating that all accounts will be credited with 3 free trades per year, but for most people on these boards who only care about buying one set of shares for the purpose of joining the share holders club at DLP, this is little consolation.

Shame on selftrade in my opinion - I will not be reopening an account should I choose to purchase shares in the future.

 

[ukstitch]

Phew - found my account number.

For anybody who wants to close their account completely, the form to do this can be found here.

I will be sending this by recorded delivery asap and will be obtaining proof of postage to show that I've asked for my account to be closed before the date

 

[manxtatt2]

oh boy im so glad i didnt buy my shares

i was going to this week , and for some reason held off

its a bit annoying

hope you all manage to get it sorted soon

 

[Rosie]

I was dismayed to read this thread - but many thanks Angela for bringing it to our attention here.
I am concerned about three things regarding this change of T&Cs; the unfair choice of pay a fee or pay a fee(!), the method of communication (most of us have had no letter) and the short notice giving us no time to review the situation.
I have sent Selftrade this message via their Secure Messaging system;

I have been informed by a friend that Selftrade have introduced a Management Fee. I logged on here and found the message. I'm astonished at how badly this is being handled!
It is unfair to introduce this fee in the way it is being done and I shall be complaining via your own complaints procedure and through the Financial Ombudsman.
Please explain to me by secure message how I should act to maintain my small ownership of my Eurodisney shares without incurring any fee. It is unreasonable under current legislation to give me no option other than paying a fee. The Office of Fair Trading states in its guidance on unfair terms and conditions "Finally, and most importantly, any right to vary may be fair if the consumers can exit from the contract before being affected – but obviously adequate advance notice of the variation must be given and the consumer must not suffer any loss or significant inconvenience by cancelling."

I am outraged that the date for the Management Charge is 01/07/2009 - it gives me insufficient time to research my options and come to a measured decision.
I'm certain many other Selftrade Account holders will also be complaining which I know will cost far more than £40.25 per complainant to deal with.
I shall be waiting for a response and hoping that Selftrade offer me a reasonable solution.

I do feel that if many customers complain Selftrade will have to reconsider their hasty actions. According to the thread on MSE it will cost them £500 per complaint via the Financial Ombudsman and just dealing with the extra correspondance generated by messages and complaints to the directly will quickly add up.

Don't give up! Lets complain and make them waive their exit fees or give us longer to consider our options.

 

[pyebibby]

Hi
Just phoned selftrade, i was told they cannot issue a paper certificate for foreign shares. I can either transfer to another provider or sell my shares!

My shares cost me £138 and are now worth less than £70, just off to research other providers now.

 

[cap'njack.]

Hi
Just phoned selftrade, i was told they cannot issue a paper certificate for foreign shares. I can either transfer to another provider or sell my shares!

My shares cost me £138 and are now worth less than £70, just off to research other providers now.

Damn...another thing to complain about in my letter to them!

 

[cap'njack.]

I've found two companies that have no admin or account fee's

Hargreaves Lansdown

Interactive Investor