ABSA share portfolio cancellation and transfer.

[Beetman]

Hi guys
I am trying to close my ABSA online share trading account and transfer my shares to FNB.
But it seems like ABSA is trying to make this impossible by charging exorbitant transfer fees of R171 per company held.
My portfolio is small, only 8 shares with a total value of just over R10 000. So to transfer them and close my account will cost R1368 which is more then 13% of the portfolio value! Am i being unreasonable to refuse to pay that much? If they refuse to do it cheaper I'm going to just have to sell the whole portfolio!

 

[Grubscrew]

Was about to say wouldn't be cheaper to sell and buy again via FNB. The difference should be way less than the transfer fee

 

[Beetman]

Was about to say wouldn't be cheaper to sell and buy again via FNB. The difference should be way less than the transfer fee

Looks like thats the only option.
Pretty pathetic from ABSA though that they try to force people to stay with them by charging exorbitant outgoing transfer fees.