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Re: [sharechat] A disturbing new practice by DF Mainland


From: "Richard Yelash" <Richard.Yelash@telecom.co.nz>
Date: Wed, 30 May 2001 11:59:00 +1200


Hi,

I consider it unethical. 

I have dealt with Frater Williams in Hamilton for probably 15 years
(prob close on 200 trades total) and have never experienced such a
thing.

Neither have I ever seen this practice mentioned on any other share
brokers websites. If you check out dfmainlands site they say

And you save money with our new low brokerage rates for online trades -
0.7% brokerage with a minimum of only $20.00.

>From what you have said you entered only one trade order for 4500
shares so should only be charged for the one set of brokerage

Maybe somebody from dfmainland would like to respond with an
explanation of this practice for sharechat readers. If this is their
policy it should be clearly stated on their site and be made clear to
customers when they place orders.

Regards

Richard

>>> rhonda@po3.nsknet.or.jp 30-05-2001 11:28 >>>
I have been using DF Mainland for about 2 years with few problems but
a
recent dealing with them has left a bad taste in my mouth and I wonder
....am I right or am I wrong?

I put in a sell order for 4500 shares and they sold them in 2 lots. 
The
first was 1000 shares and the next the remaining 3500. when I received
my
statement I noticed they had charged me 2 lots of brokerage even though
I
had only placed one order.  I wrote to them twice and received no reply
so
after a week and a half  I wrote again and received the following
explanation:

"As your order was filled over more than one day, we charge two lots
of
brokerage. $20 minimum for the first amount sold and then 0.7% for
every
part sold after.

I am afraid we must pass these costs back onto you the client even
though
you were not wishing to sell over more than one day."

Personally I find this to be a totally unethical practice and it leaves
the
door open for them to freely split up any orders as they see fit.

Am I being too picky?  Where should I take my complaints?

I look forward to hearing anyone else's opinion on this

Tollymolly






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