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


From: "Christian Mair" <product@adidas-ep.co.nz>
Date: Wed, 30 May 2001 14:53:33 +1200


My 2 cents worth. Every broker caters for a different kind of investor.
Should I want to trade regularly large amounts I definetely would consider a
broker who charges me $29.95 for any amount traded. If I buy shares twice a
year why not consider a full service broker who might charge you $50.00
minimum but you can have a nice chat about the stock you want to buy and you
probably get a christmas card. On the other hand if my trades are small but
frequent why don't use someone who charges you only $20.00 per trade minimum
but you risk having your order going through in 'pieces' and get charged
brokerage every time.

Richard & Tollymolly. You have the choice. Think about what you want from a
broker and then shop around which one caters for your needs.

Regards,
Christian
--------------------------------------------------------
----- Original Message -----
From: "Richard Yelash" <Richard.Yelash@telecom.co.nz>
To: <sharechat@sharechat.co.nz>
Sent: Wednesday, May 30, 2001 11:59 AM
Subject: Re: [sharechat] A disturbing new practice by DF Mainland


> 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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References

 
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