EasyEquities introduces R25 monthly fee

[xrapidx]

Nice. Guessing you were already with Investec?

Yeh, many years ago, and started playing around with Clarity last month, wasn't planning on using Easy Equities this month because of the USD transfer issues I keep having.

 

[zerocool2009]

Heads up for TFSA holders. If you max your TFSA (also zero fees being charged)

 

[Dylan_G]

Heads up for TFSA holders. If you max your TFSA (also zero fees being charged)

They changed their minds between yesterday and today?

 

[zerocool2009]

They changed their minds between yesterday and today?

The podcast was yesterday. So they decided. It makes sense in a way

Listen to the podcast. They have 2 000 000 accounts, and 1 000 000 is dormant.

 

[Harmonic]

Everyone seems to be losing the plot before reading.

This is a non-event for anyone making a regular monthly deposit, which puts you on Level 3 and negates the fee.

It’s EE killing off dead non-customer type customers that just cost them money to maintain.

How does an entry in a database cost them money to maintain?

 

[ToxicBunny]

How does an entry in a database cost them money to maintain?

Storage costs etc etc...

Even dormant accounts do have a cost associated with them... Is it R25 per month? Probably not, but still.

 

[zerocool2009]

Updated a few minutes ago ...

 

[SauRoNZA]

How does an entry in a database cost them money to maintain?

Regulations, reporting, SARS, auditors, longterm storage, insurance, communications, security etc

Also if they actually have holdings but don’t actively use the accounts there’s a lot more than a single database entry going on.

 

[Scooby_Doo]

There I can certainly agree, there should be a monthly deposit or annual minimum in place exactly for these situations.

Maybe something they’ll account for in time.

After all this is about getting the minimum brokerage or interest fees out of any given customer to let them break even on costs.

You called it, Max out the TFSA and you get lvl 3 automagically.

 

[zerocool2009]

You called it, Max out the TFSA and you get lvl 3 automagically.

Or have any 2 accounts

 

[Solitude]

I finally withdrew all the money I had over there.

I then contacted them to ask them if I still need to pay a monthly fee if I don't have any money with them. They proceeded to answer with a copy-paste answer that had nothing to do with my query.

So I asked them now to close my account.

 

[FiestaST]

Yup.