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  1. #11
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    Quote Originally Posted by blackcap View Post
    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......

  2. #12
    Speedy Az winner69's Avatar
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    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.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  3. #13
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    I still have to receive that email and/or letter. But hopefully not as I'm already using them via margin lending account.

  4. #14
    ShareTrader Legend Beagle's Avatar
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    I'm going to go out on a limb here and say fair enough. All it takes to get access to unlimited depth information, (as many enquiries as you like over three months each one of which cost them some money) is one miserly trade costing $30. ANZ have had this policy for many many years and obviously ASB securities have to protect themselves from the possibility of freeloaders. Not many things in life are truly free...
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  5. #15
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    Agree too Mr Beagle
    But as mentioned, perhaps the NZX should look at their overall fee structure, how do other "brokers" in Aus for example only charge $10-15 a trade or less -yes it is only trading, no advice/research etc, but can get depth I presume?? and therefore then why can't ANZ or ASB lower their fees on internet trading, comes back to the NZX again and what they charge??

  6. #16
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    Quote Originally Posted by Beagle View Post
    I'm going to go out on a limb here and say fair enough. All it takes to get access to unlimited depth information, (as many enquiries as you like over three months each one of which cost them some money) is one miserly trade costing $30. ANZ have had this policy for many many years and obviously ASB securities have to protect themselves from the possibility of freeloaders. Not many things in life are truly free...
    So putting in a buy for 1 share and the work that goes with it for ASB securities is better use of their time than just charging those not using it in that three month period a one off charge?

    My complaint is not paying for its use which I have no issue with, its that there is no alternative being offered and regardless of what others are doing, I joined up with ASB based on the live data and trading without it is crazy. In the last 12 months I have had too many trades to count but only one in the last 3 months and haven't even logged into asb securities since selling some AIR in March but plan on putting a stoploss in for the remaining AIR I have. I don't think they are being reasonable in not offering an alternative.

  7. #17
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    I think the point that annoys me is I could make 30 trades in one quarter then none the next and lose live data. If all my stocks are doing well Im not necessarily inclined to make a trade. Their email also didn't explain why they were making the change which now as you've outlined above makes more sense to me. Their communication's strategy for this was really poor, especially for those customers who do all their trading / banking with ASB.

  8. #18
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    I don't think that the broker/market arms of the banks take any account of banking relationships of their customers with their parent banks. Should, but don't.


  9. #19
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    Slightly annoying as will no longer be able to look at market depth, except delayed by 20 minutes. Still can see live quotes when putting an order in, or pretending to, so can see live quote.

    Thing is though it is people who trade actively that need upto the second data, and they will not fall foul of the 90 day limit anyway. For the rest who hardly ever trade it will not really make any difference either. 20 minutes hardly a game changer for investors

  10. #20
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    Quote Originally Posted by couta1 View Post
    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.

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