EasyEquities introduces R25 monthly fee

  • Thread starter Thread starter Daily Investor
  • Start date Start date
So I'm one of the people who registered years ago out of curiosity but have never used the platform.

See no reason to be giving these guys 25 bucks a month for nothing, so trying to cancel.

Only problem is they have some dark pattern bullshit hiding the way to get in touch with their support.

How the **** do I cancel my account?
 
zolly said:
So I'm one of the people who registered years ago out of curiosity but have never used the platform.

See no reason to be giving these guys 25 bucks a month for nothing, so trying to cancel.

Only problem is they have some dark pattern bullshit hiding the way to get in touch with their support.

How the **** do I cancel my account?
Click to expand...

For anyone else who's wondering about this:

Go here:

support.easyequities.co.za

Submit a ticket

support.easyequities.co.za support.easyequities.co.za

You can put your first and last name into the account number field.

Ticket will be logged.
 
I've seen some social media posts where people can only afford R100-R200 every couple of months - that will now get wiped by loyalty program fees, these guys were at least trying to save. We live in a country with a monthly R350 social grant.

From my side, I don't really care about the R25... but - it most likely won't stay R25, and the hoops you have to jump through will just get more eloborate, like most of the loyalty programs out there. (which I also want nothing to do with)
 
We should merge the threads.

Anyway, crosspost:

Link to the interview from this morning: https://www.moneyweb.co.za/moneyweb...t-purple-group-responds-to-the-thrive-furore/

Some of my favourite quotes from Charles:

Four-and-a-half years later, we’ve looked at the data and said, look, the best investors on the platform, those who get the best outcomes for themselves, those who are on track to retire and achieve their financial goals, are the ones that Thrive. And so a year ago, we started working on what the fundamental changes are.
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Wow, I've never thrived... so I must really be behind.

A loyalty programme is always a carrot and a stick. If it’s just carrots, then only donkeys who want to eat carrots will go and eat them. So we needed to create a relationship, a stick and a carrot that was sufficient enough to try and modify the broad population of users so that they all became good investors. Again, I want to be clear on this. This is the starting point of those changes.
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Riiight. So now Charles is making us into good investors.

What I’m loving – and I think people are going to find this surprising – is the engagement we’re getting out of the ones that are enjoying the changes and the ones that aren’t, because there are lots of clients who are loving it. And, as you’ve seen on Twitter, which seems to be the place where most of the disgruntled users are sitting, there are people who aren’t enjoying it.
Click to expand...
There are clients that are loving it? Sure.

That’s why I must tell you that this Twitter storm, if you like, which is the only place that there is a storm, is very productive because what I would say to the Twitter users is: If you spent all of that energy that you’ve spent in the last day, and divide it by 12 months, you would’ve Thrived every single month.
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Sounds like my parents. Or my SO. Either way, get ****ed my guy.

And so I think over the course of the next couple of days and weeks, one, we’ll listen to customers and we’ll modify the programme.
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So guaranteed - more changes coming?

Everyone has the ability to either pitch up for a couple of minutes a month – i.e. no money or to deposit R1 and avoid the Thrive fee. And in so doing, we get the opportunity to engage with them at least once a month and make sure that we’re front of mind.
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So call it what it is. A way to create and maintain engagement. Social media style.

I’ll give you an example. Let’s just say this month that 100 000 customers don’t Thrive; what might be our approach next month? Well, next month, we might say to them, look guys, we understand that November is a busy month and in December you might have more time, so why don’t you make a deposit this month and you can get back your Thrive fee. I’m not saying we’re going to do that, but we will be doing activities like that.
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Make it up as we go along. What about February? Is Valentine's Day going to affect anything?
hat about February? Is Valentine's Day going to affect anything?
 
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xrapidx said:
From my side, I don't really care about the R25... but - it most likely won't stay R25, and the hoops you have to jump through will just get more eloborate, like most of the loyalty programs out there. (which I also want nothing to do with)
Click to expand...

Charles said:
Again, I want to be clear on this. This is the starting point of those changes.
Click to expand...

There you go.
 
how about:
- screw your nonsense program nobody wants or needs
- be explicit about your new monthly subscription / account admin fee
- if you want to be nice about it calculate the total fees you've made off each customer over the last rolling 12 month period and see if the monthly average already exceeds R25, in which case forget about it

I promise you I've paid quite a bit more than R25 on average per month for the last year, it was just in bulk purchases instead of regular ones
 
grok said:
Your words not mine..
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Yeah, so one can setup a R1 monthly payment to EE to avoid the fee but continue their current behaviour on EE which might not involve monthly deposits.... or someone who is a dormant account could put in every month to avoid the fee and thus become a more active investor.... its not complicated.
 
Speedster said:
If I'm reading the EE thing correctly I'm just going to transfer in R1 each month. Such a stupid system they have come up with.

Fortunately the kids' TFSAs seem to be unaffected.
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I think you are correct. Extract below from EE website.

Deposit More Than You Withdraw​

Financial Health​

EARN:​


Deposit money into your EasyEquities account every month and ensure the total amount you deposit during the month exceeds any money you withdraw from the platform in the same month.

By maintaining a positive net deposit balance for the month, you earn 3 Thrive levels progress, which qualifies you as a Thrivalist and unlocks associated benefits, including a 30% brokerage discount on Thrive Stocks the following month.
 
Dylan_G said:
There are clients that are loving it? Sure.
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I'm willing to a bet certain age brackets are indeed loving it, it's likely those of us who are older and actually have real/big money to invest that are annoyed by the concept.

The 20-30 year olds love this stuff, they like things to be Gamefied.

Dylan_G said:
So guaranteed - more changes coming?
Click to expand...

That does sounds more like they are willing to take in the criticism and change things to accommodate people more, like we've said people who spend a lot on the platform but do it once a year only etc.

Credit to Charles and EE they have a history of listening and engaging with customers and taking criticisms on board.

Many here were Beta testers for EE and the platform that ended up making it to launch was very different to the one originally envisioned based on customer feedback.
 
zerocool2009 said:
I agree in a sense. Payouts/deposits, it all fund the account
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If one pay R1 into your account, and do not withdraw anything then I think process will cover the fee...until you have set up another account at a different (free) platform to shift shares. I believe FNB offers a free platform, as part of certain banking products.
 
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