EasyEquities introduces R25 monthly fee

  • Thread starter Thread starter Daily Investor
  • Start date Start date
RedViking said:
Why noone complaining because Tymebank is taking R7 if you don't use your account.
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Exactly!

This is a standard mechanism to cover the costs of dead non-customers sitting on the platform idling along doing nothing.

I’m pretty sure they WANT people to withdraw and walk away with this action because those very people having a tantrum are the customers you don’t want.
 
SauRoNZA said:
This is a standard mechanism to cover the costs of dead non-customers sitting on the platform idling along doing nothing.
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Didn't realise just regularly funding your account negates the R25. Hardly a new as you say, in fact ABSA did it a couple of years ago and we (including me) had a fit about it :whistling:
 
SauRoNZA said:
My understanding was you just need to deposit more than you withdraw and would imagine that refers to your entire EE platform account not the sub-divided splits.

Dividends aren’t deposits but rather payouts.
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I agree in a sense. Payouts/deposits, it all fund the account
 
Wrath of Khan said:
If they deduct R25 from my account at month end, I will sell all my shares and move to another platform out of principal. This is forced and disgusting, and they are about to lose a huge amount of customers and respect!
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“Customers” are ones who regularly use the platform and make money.

Anyone who doesn’t automatically qualify for the R25 to be waived isn’t really a “customer” and not worth having.

So it’s no big deal if they lose 10,000 customers and those average out to making them a loss.
 
Hamster said:
Didn't realise just regularly funding your account negates the R25. Hardly a new as you say, in fact ABSA did it a couple of years ago and we (including me) had a fit about it :whistling:
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Exactly.

Nobody is reading.

But EE also isn’t exactly helping with easily digestible communications here and Charles Savage as usual is just running his mouth.

They are on the radio with Simon Brown tomorrow morning that should enlighten many.

I suspect this news got out before they had planned for it to hence the haphazard handling of the whole thing.
 
SauRoNZA said:
“Customers” are ones who regularly use the platform and make money.

Anyone who doesn’t automatically qualify for the R25 to be waived isn’t really a “customer” and not worth having.

So it’s no big deal if they lose 10,000 customers and those average out to making them a loss.
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It is if the customers don't need to deposit because there's already capital invested making money and therefore, no need to deposit regularly or play casino games and over trade on forced curated stock bundles.
 
SauRoNZA said:
Exactly!

This is a standard mechanism to cover the costs of dead non-customers sitting on the platform idling along doing nothing.

I’m pretty sure they WANT people to withdraw and walk away with this action because those very people having a tantrum are the customers you don’t want.
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Well... Sort of. Investment doesn't mean you want to deposit monthly.

I can put money in Tyme and just leave it there and let it grow.

Obviously not exactly the same. But I am sure EE is also getting part of your pie?
 
bradza said:
It is if the customers don't need to deposit because there's already capital invested making money and therefore, no need to deposit regularly or play casino games and over trade on forced curated stock bundles.
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That doesn’t make EE any money so it’s not a good customer for them, just the investment companies running the ETF’s.

That’s exactly what they are addressing here.

No need to play casino games or trade any bundles.
 
RedViking said:
Well... Sort of. Investment doesn't mean you want to deposit monthly.

I can put money in Tyme and just leave it there and let it grow.

Obviously not exactly the same. But I am sure EE is also getting part of your pie?
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If your account is dormant, banking fees are charged. If you dont do 10 eft’s your savings rate is much lower.

So ja, Tyme have rules and hoops as well
 
xrapidx said:
Considering how buggy their current site is, this is probably gonna be a cluster **** where you have to prove your level each month to get back your R25 accidentally charged.

Also - how come they only notify certain clients?
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Like I said above I think this news was leaked before they planned to release it and now they are rushing to get ahead of it.

Just a suspicion, not based in anything but crystal balling.
 
The only negative thing I see, with a tfsa, if you dont want to contribute when hitting the R500 000 mark... what then?
 
I do hope they leave us with a fast, quick and easy way to close an account, instead of arbitrarily levying fees on accounts not used some months. This would hurt consumers, especially where they made a decision and not leave any other option to opt out of this.
 
RedViking said:
Well... Sort of. Investment doesn't mean you want to deposit monthly.

I can put money in Tyme and just leave it there and let it grow.

Obviously not exactly the same. But I am sure EE is also getting part of your pie?
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Yeah but EE only makes money on the brokerage.

Once that’s done there is nothing to sustain them really other than fresh deposits and hence this move.

The same applies for any trading, exchange or holding platform that isn’t the investment company themselves.
 
rvZA said:
I do hope they leave us with a fast, quick and easy way to close an account, instead of arbitrarily levying fees on accounts not used some months. This would hurt consumers, especially where they made a decision and not leave any other option to opt out of this.
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Go to manage accounts, and deactivate them. As simple as that
 
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