ASB securities new terms

[workingdad]

Got an email from ASB securities today, all customers will lose the rights and ability to see market data live unless they have had a trade in the preceding 90 days. A lot of the time this wont be an issue for me but at times it could be an issue and as such I have no intention of being a part of a trading service that doesn't supply live data of not only SP but buy/sell orders......

Can anyone make any recommendations as ASB is all I have ever used.

Thanks

[JBmurc]

Yes tight asses and their commissions are a rip-off paid $55 NZD today for what I would pay max $29 AUD with ANZ

[couta1]

Got an email from ASB securities today, all customers will lose the rights and ability to see market data live unless they have had a trade in the preceding 90 days. A lot of the time this wont be an issue for me but at times it could be an issue and as such I have no intention of being a part of a trading service that doesn't supply live data of not only SP but buy/sell orders......

Can anyone make any recommendations as ASB is all I have ever used.

Thanks

ANZ have the same 90 day rule, costs them money to provide live data and their logic is, why should they provide that service to customers that spend next to nothing with them as opposed to the more frequent traders.

[Robomo]

ANZ have the same 90 day rule, costs them money to provide live data and their logic is, why should they provide that service to customers that spend next to nothing with them as opposed to the more frequent traders.

Poor email from ASB, just a notice of reduced customer service. No explanation.
Presumably ASB pay a set fee for live quotes and it doesn't matter how many customers they then pass it onto. Maybe I'm wrong, but I can only guess if ASB don't bother to tell me. It's not likely to bother me but if there is a period of time without trades for 3 months I would be very annoyed if it was cut off considering the many hundreds of dollars they have earned from me this year alone. As well, having a margin account means that I get charged a lump sum regardless of how many or few trades I make although it does get waived if more than $400 is paid in in fees.

[workingdad]

ANZ have the same 90 day rule, costs them money to provide live data and their logic is, why should they provide that service to customers that spend next to nothing with them as opposed to the more frequent traders.

Perhaps passing that on rather than ruling out the ability to see live rates. It's only more recently things are on the quiet front for me, market toppy in my opinion so sitting on the sidelines for a bit other than some AIR which is tempting to sell at moment. I think I've paid my fair share of fees over the last 12 months.... just disappointed in the change they are adopting.

[JeremyALD]

I've spent $1000s in commissions with ASB but as it stands I'm not planning on buying or selling for a little while as I've filled my portfolio and this change is bollocks. I get they want to stop people using their service without paying fees, but surely they could identify the main bank ASB customers like myself who use all their services and trade fairly frequently. If they stop my live data I'll leave and it was a terribly written email.

[Hoop]

I think the blame is mis-directed...We (shareholders) should be venting our concerns to ComCom about inhibiting monopolistic behaviour from the NZX...Over the top online contract pricing and too high data charging is affecting trading and share analysis to the point that it's chasing NZ investors away to overseas markets...

[blackcap]

I think the blame is mis-directed...We (shareholders) should be venting our concerns to ComCom about inhibiting monopolistic behaviour from the NZX...Over the top online contract pricing and too high data charging is affecting trading and share analysis to the point that it's chasing NZ investors away to overseas markets...

Indeed Hoop, that is where the problem lies. I know back in the day Direct Broking were being charged an arm and a leg to provide live data to their clients and that is why they had to pass this on, or at least make sure you do some trades, otherwise it would just bollocks them. Everytime someone refreshes a "depth" screen it cost the broker (via the NZX).
As far as ASB go... they know they have you by the short and curly's... there is no one in NZ that is cheaper.. well there is ANZ who are on par, but I think the requirement is now that you must have a bank account with them to open a broking account... so ASB know you are not going to leave regardless. But the 90 day rule is not to annoy, it really is out of necessity.

[workingdad]

Indeed Hoop, that is where the problem lies. I know back in the day Direct Broking were being charged an arm and a leg to provide live data to their clients and that is why they had to pass this on, or at least make sure you do some trades, otherwise it would just bollocks them. Everytime someone refreshes a "depth" screen it cost the broker (via the NZX).
As far as ASB go... they know they have you by the short and curly's... there is no one in NZ that is cheaper.. well there is ANZ who are on par, but I think the requirement is now that you must have a bank account with them to open a broking account... so ASB know you are not going to leave regardless. But the 90 day rule is not to annoy, it really is out of necessity.

I have no issue taking my accounts and cash to ANZ if there is benefit from a trading perspective, no problem there. ASB have the right to pass costs on but the issue is they are putting in place a rule that results in not being able to see live data at times and this is wrong. There should be an alternative such as a flat annual fee or something similar for those not trading regularly.

I agree with the cost of doing business posts too, they make plenty of money out of me in other aspects both in the money I have in term deposits and over the period of a mortgage.

ASB are usually better to their customers than this and its not the first time in the last year I have felt their customer services are taking a back seat to rather significant profits......

[winner69]

Maybe the biggest cost to them re live data are those who don't buy or sell very often but seem to be looking at depth every minute of the day to see how things are going.