ABSA Stock Brokers - Price Increase

[VG008]

So ABSA decided to increase their fees

Fee

Stupid fee for TFSA's especially for users that top up their account in March each year.

"The ETF only and Tax Free Savings Accounts will incur an inactivity fee of R35 (VAT exclusive) for every 60 day period where there is no trading activity. "

 

[simonbee]

i have telephoned them today regarding this.....i put R 33 000 in March and now they want to charge me for inactivity. They promised to investigate and get back to me. will post their response here when i get it

 

[backstreetboy]

Just move over to Easyequities not sure why people still trust Blapsa...

 

[Papsak]

Their normal account used to be trade 5 times in a year and don't pay the monthly fee.

Then they changed it to once you trade 5 times, get the rest of the year for free.

Now, it's trade 3 times and get that month for free. @#$#@

So give it a couple of years and they will have moved the goal post on thier TFSA.

Will start with moving my TFSA - but might move my main account as well. That said - don't trust EE 100% - had a few issues with them - thier staff are less than useless.

 

[Thor]

So ABSA decided to increase their fees

Fee

Stupid fee for TFSA's especially for users that top up their account in March each year.

"The ETF only and Tax Free Savings Accounts will incur an inactivity fee of R35 (VAT exclusive) for every 60 day period where there is no trading activity. "

Move brokers, TFSAs are transferable now.

 

[Awesum]

To where?

 

[Thor]

To where?

For a TFSA, why not EasyE?

If your going to do it yourself anyway then all you need is a broker you don't need a fancy interface or visual reports.

 

[Awesum]

There has been too many bad reports about EE and I find it hard to trust them with my money.

 

[backstreetboy]

Then keep on paying. You want your bread buttered both sides?

 

[Awesum]

No. I'm looking for other alternatives. If there isn't anything better then I will keep it.

 

[Thor]

There has been too many bad reports about EE and I find it hard to trust them with my money.

When you purchase the shares on EE, you own them.
So if they go belly under you still own the shares.

A recent example will be to look at what happened to Deutsche Bank and how your DBx-trackers are now managed by Sygnia.

It's important to remember that the JSE is a regulated environment, this is not crypto. You are protected in every possible way, they cannot run away with your shares so to speak.

 

[Awesum]

Thanks for the advice. I'll do a bit more research about EE.

 

[Thor]

Thanks for the advice. I'll do a bit more research about EE.

They have staff on Platinum Wealth answering and assisting members so getting support is pretty easy too if say you compare that to ABSA, Standard Bank OST, PSG etc.

It's something to keep in mind, but the most important thing is to always rememebr that a broker is just a broker, your shares are on the JSE platform regardless of who you used.

 

[Awesum]

Cool. I am a member on that forum too.

 

[Papsak]

Although I do trust EE - I do not trust the systems they use. For instance, I bought R10k of a share - sometime in the next two years my R10K initial cost became R9,999.64. Not a "real" issue (the quantity of shares seems to have remainined the same) - but still weird. And terribly clueless staff - they seem to learn on the job. Helps a bit that Sanlam is behind them.

 

[InTheWild]

i have telephoned them today regarding this.....i put R 33 000 in March and now they want to charge me for inactivity. They promised to investigate and get back to me. will post their response here when i get it

any response yet from Absa?

 

[Zukat]

When you purchase the shares on EE, you own them.
So if they go belly under you still own the shares.

A recent example will be to look at what happened to Deutsche Bank and how your DBx-trackers are now managed by Sygnia.

It's important to remember that the JSE is a regulated environment, this is not crypto. You are protected in every possible way, they cannot run away with your shares so to speak.

So you are saying they can provide you with the share certificates? From what I remember they said they are keeping your funds in a ring fenced trust which allows them to keep the fees so low...

 

[Thor]

So you are saying they can provide you with the share certificates? From what I remember they said they are keeping your funds in a ring fenced trust which allows them to keep the fees so low...

EDIT: Asking them for clarification.

 

[Eti1]

So you are saying they can provide you with the share certificates? From what I remember they said they are keeping your funds in a ring fenced trust which allows them to keep the fees so low...

Share certificates? Not really a thing anymore.

The shares are housed in a separate ring fenced company. It's not affected by the insolvency of EasyEquities for example.

Most/all brokers do this.

My understanding is that the fractions are simply debts between you and EasyEquities while the whole shares are ring fenced.

 

[Zukat]

Share certificates? Not really a thing anymore.

The shares are housed in a separate ring fenced company. It's not affected by the insolvency of EasyEquities for example.

Most/all brokers do this.

My understanding is that the fractions are simply debts between you and EasyEquities while the whole shares are ring fenced.

This ring fenced company sounds great until tomorrow you type in easyequities and get error 404, your move?