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Originally Posted by Onion
The FCNZ T&Cs mention that FCNZ will take a cut (as yet unspecified) of the interest paid on the [transferred] Cash Management Account:
I have looked at the ANZ Securities T&Cs and cannot find an equivalent fee.
Does anyone else have a concern with that arrangement?
Yes. Yes I do. I think it stinks.
At the moment, i have no money in any ANZaccount - I place buy orders and then pop the money into the ANZ account before settlement date.
I see that vanishing, and having no wish to have to maintain a balance in a brokerage account I will likely quit the NZX.
So, anybody know of an offshore broker who will trade New Zealand?
Last edited by GTM 3442; 26-05-2018 at 03:07 AM.
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Originally Posted by Onion
The FCNZ T&Cs mention that FCNZ will take a cut (as yet unspecified) of the interest paid on the [transferred] Cash Management Account:
I have looked at the ANZ Securities T&Cs and cannot find an equivalent fee.
Does anyone else have a concern with that arrangement?
I do know back in the day, Direct Broking took a cut as well of the total amount invested (from memory it was .25%) so I am pretty sure ANZ would be taking a cut too. Nothing new here, just hope that the FNZC cut is similar and we get a similar return.
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Originally Posted by GTM 3442
At the moment, i have no money in any ANZaccount - I place buy orders and then pop the money into the ANZ account before settlement date.
Without the cash in your OMCA do you pay the non-discounted fee? I.e NZ$29.90 plus 0.40%
The FAQ Do I get a discounted brokerage rate? says:
Note: the discounted rate only applies if the required funds are available in the NZD or AUD OMCA account at the time you place your order.
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Member
anyone else not able to place BUY orders today? Got told they are trying to fix it but can't give a timeframe
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Edit: this is for ASX orders
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Member
Originally Posted by hummerh40
anyone else not able to place BUY orders today? Got told they are trying to fix it but can't give a timeframe
Capture.PNG
Edit: this is for ASX orders
Yes, I have the same issue. Assume it's related to changing CHESS sponsors? Haven't called up yet.
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Member
Same issue here as well. What a shambles this is. Doesn't bode well for the handover to FNZC.
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Member
Called up this morning and I'm one of the few hundred still getting processed... Should be sorted today apparently...
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I have been on the phone to Nick or Jacob every day this week trying to get my orders accepted. I get the message from the ANZ S&B page that I am not registered with CHESS {despite trading regularly for years}. Apparently USB are somewhere in the middle of this, between ANZ and FNZC, and the CHESS numbers like FINs and HINs are not yet transferred. Jacob tells me that the numbers will be sent out soon. I forgot to ask him whether that would be by email or snail mail. It is a right c88k up. I have got no urgent trades but I imagine that some people will be most upset as our accounts are frozen.
Last edited by airedale; 08-06-2018 at 05:33 PM.
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On reflection, perhaps I should transfer to ASB.
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Originally Posted by Onion
Yep. No discounts for me.
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