National Bank/ FNZC

[airedale]

Has anyone had an intelligent estimate from NB and/or FNZC about getting ASX shares moved to the new system with Direct Broking.
I just get a guy called George with an unfortunate accent who sounds as if he is reading from a prepared script.
I have had my new Chess number for about three weeks.The Aussies who issue the Chess numbers could teach FNZC a few things.

[MrDevine]

Its a bit of a joke mate. I had a turkey on the phone from NBNZ on Friday, who said its a month to get the transfer sorted. This morning I got hold of another at FNZC in Wellington who told me that the problem is the huge volume of customers switching out onto their own CHESS numbers. She said the ASX was overwhelmed with all these switch outs. Its a paper trail that needs to be sorted, which seems ridiculous in this electronic age.

Anyway, not much we can do about it. I know that I can buy stock on the ASX now, its just the other $$$ is in limbo until whenever…

Mr D.

[FarmerGeorge]

I'm looking forward to hearing from users here what the new service is like. National have been so perfectly inadequate that I am transferring what little I have left with them to a broker until I decide whether to persist with internet transactions in New Zealand.

[foodee]

I'm looking forward to hearing from users here what the new service is like. National have been so perfectly inadequate that I am transferring what little I have left with them to a broker until I decide whether to persist with internet transactions in New Zealand.


From personal experiences, the NBNZ Share & Bond trading using DB platform is virtually the same (although online speed seems slightly faster) as DB(which I have used).
Tranasfer your shares out of FNZC has been fraught with 'slackness' but persistant pressure got there in the end!
With Oz, NBNZ only use the CHESS system which is excellent - have no experience with other countries other than Oz.
Settlement is now 3 days.
The main plus for me staying with NBNZ is I can use my existing accounts.

Thus for me it is doing the job compared to the 'draconian & restricted' FNCZ set up.


cheers

[foodee]

Has anyone had an intelligent estimate from NB and/or FNZC about getting ASX shares moved to the new system with Direct Broking.
I just get a guy called George with an unfortunate accent who sounds as if he is reading from a prepared script.
I have had my new Chess number for about three weeks.The Aussies who issue the Chess numbers could teach FNZC a few things.


My understanding is that you have to get your shares out of FNZC by 21/06/08. If you leave them in their custodial service they will wack you 1% of the value of your shares with a minmum of $100pa - I think it is just a way of getting everyone out of FNZC.

I think you should get your shares out (ASAP) even into your own name if you haven't decided as to where to go. The important thing is not to leave them in the 'custodial service'

cheers

[axion]

On the transfer holdings page, what'd you lot put under Contact Name and Contact Phone. I'm guessing this is meant to be Etrade's details? (Only seems to mention my HIN and Etrade's address in the email from National Bank)

[POSSUM THE CAT]

AXION Direct Broking does not deal with ETrade but uses JDV joint venture for Australian trading you seem to be under the missapprehension that because ANZ owns both Direct Broking & ETRADE they would be using ETrade. Chess Sponsor becomes JDV joint venture when dealing with Direct

[axion]

National Bank's customers have to use (for the new DB based site) etrade as their CHESS sponsor.

[POSSUM THE CAT]

Axion DB does not use Etrade for its trading all my trades and sponsor are JDV it seems amazing to me they would set up another trading platform for just the few customers they are getting from National Bank. I thought it might change To Etrade id when ANZ bought Direct but it did not. I am in a position to use ETrade direct straight through Australia as I have Australian bank Accounts but JDVthrough Direct Broking is far cheaper for me. And if you go direct to Direct Broking you can get a better deal than going through National Bank but you have to use Direct Broking accounts for settlement

[trader-jim]

Axion

I had the same question and was told to leave the contact name and address blank, as long as you have the HIN number and the ETrade address they gave you you will be OK.

There is another problem at the moment tho. At the end of the process you have to download a form to sign and send in but it will not load. I was told to try again in a few days. At least all my shares are now showing 'awaiting completed form' so the balls in their court. Good luck, I hope the new system is better than the old!!

[corran]

My understanding is that you have to get your shares out of FNZC by 21/06/08. If you leave them in their custodial service they will wack you 1% of the value of your shares with a minmum of $100pa - I think it is just a way of getting everyone out of FNZC.

I think you should get your shares out (ASAP) even into your own name if you haven't decided as to where to go. The important thing is not to leave them in the 'custodial service'

cheers

I've been trying to get my shares transferred to their new share trading service but progress has been slow and frustrating so far. NBNZ sent me an e-mail today saying the service would be kept open until 31/07/08 and that I've got until then to get my shares out.

[foodee]

I've been trying to get my shares transferred to their new share trading service but progress has been slow and frustrating so far. NBNZ sent me an e-mail today saying the service would be kept open until 31/07/08 and that I've got until then to get my shares out.

Extension of time is great.

My experience is that whilst the transfer process is taking place you won't be able to trade your shares. Shares like NZOOD may require attention or conversion - unsure how that is going to be done. Polite,persisting pressure?


I suspect NBNZ Share & Bond have staff working from DB premesis. They seem more helpful - they even guided me through the CHESS form.

Of interest have sold one Oz share - did not have to put in HIN number - just the code, price ect.



cheers

[axion]

Axion

I had the same question and was told to leave the contact name and address blank, as long as you have the HIN number and the ETrade address they gave you you will be OK.

There is another problem at the moment tho. At the end of the process you have to download a form to sign and send in but it will not load. I was told to try again in a few days. At least all my shares are now showing 'awaiting completed form' so the balls in their court. Good luck, I hope the new system is better than the old!!

Yeah I figured to just leave it blank. I got the forms, but I have no clue if I'm meant to sign it or not and what parts I need to fill in since I don't have a clue what any of the abbreviations and such are. I'm guessing I don't need to sign it since the 'buyer' and the 'seller' are FCNZ and Etrade. I sent them an email about it anyway, hopefully I get a quick answer tomorrow sometime.

[trader-jim]

Axion

They told me ASX need to see an ink signature before they will complete transfer. You sign it and send it to Share and Bond (or whatever address is on the from) and they courier them to oz.

I will have another go at downloading the form.

Good about the time extension, but that probably means the shares are tied up for the next month.

[axion]

Sign as the buyer is the call.

[Steve]

As a cynic, I would suggest that it's all your own fault for staying with National/FCNZ especially given the frequency of their platform issues over the years...

SHAME ON YOU ALL!!! :p

[Sehnsucht888]

Axion DB does not use Etrade for its trading all my trades and sponsor are JDV it seems amazing to me they would set up another trading platform for just the few customers they are getting from National Bank. I thought it might change To Etrade id when ANZ bought Direct but it did not. I am in a position to use ETrade direct straight through Australia as I have Australian bank Accounts but JDVthrough Direct Broking is far cheaper for me. And if you go direct to Direct Broking you can get a better deal than going through National Bank but you have to use Direct Broking accounts for settlement

Direct do use ETrade. They also use JDV. I am not sure how it gets determine which gets used. Maybe JDV is for sponsored clients, and ETrade for non sponsored..