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  1. #16
    Trying to get outta here
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    mm, the first thing that will disappear, will be the current interest rate of 1.25%, it will revert to some tiny number like 0.1% if anything.

  2. #17
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    Quote Originally Posted by couta1 View Post
    mm, the first thing that will disappear, will be the current interest rate of 1.25%, it will revert to some tiny number like 0.1% if anything.
    Yep, as mini posted I am concerned around the structure and security of assets with this institution ,surely not same credit rating as ANZ . Will they have the ability to pay for SPP etc ??

  3. #18
    Legend minimoke's Avatar
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    Quote Originally Posted by couta1 View Post
    mm, the first thing that will disappear, will be the current interest rate of 1.25%, it will revert to some tiny number like 0.1% if anything.
    That doesn't worry me. Even now its an inconsequential rate. I only have enough money in there to see me right for 1 new trade.

  4. #19
    Gnawing on Bones Beagle's Avatar
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    Less is not more. I foresee as lower call account rate and I also note there was no assurance in the press release regarding brokerage rates staying the same.
    I see this in the same light as Z taking over Caltex...we're paying more.
    No butts, hold no mutts, (unless they're the furry variety).

  5. #20
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    I can't see how we don't have more options by now. DirectBroking and ASB have been the only two online brokers available for as long as I can remember. This has resulted in fees staying the same ($30) per transaction for a very basic service - pretty much for executing orders. While in Australia they have multiple options where brokerage ranges from $9.95 to $19.95, the more expensive option being via Commsec where you also get a comprehensive suite of software for live charting and news which make it worth paying more.

    Reminds me of the Telecom/Vodafone duopoly before 2Degrees came in.

  6. #21
    Ignorant. Just ignorant.
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    Quote Originally Posted by hummerh40 View Post
    Reminds me of the Telecom/Vodafone duopoly before 2Degrees came in.
    Reminds me of the ASB/Direct Broking/Access Brokerage triopoly(?) before one of them went "away".

  7. #22
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    I have noticed in the last 2 or 3 weeks that execution on the ANZ site online service has got noticeably poorer and unreliable. You cannot trust a buy/sell order getting processed, settlement processes are taking longer etc, etc. The poor old staff are very helpful when you ring to enquire but that gives no comfort or confidence. I guess they are dumping staff already. Obvoius question is will transaction costs go up after the sale. Who wants to cater for investors who only want to execute trades and process settlements - not ANZ obviously and probably not FNZC?

  8. #23
    Trying to get outta here
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    Quote Originally Posted by littletramp View Post
    I have noticed in the last 2 or 3 weeks that execution on the ANZ site online service has got noticeably poorer and unreliable. You cannot trust a buy/sell order getting processed, settlement processes are taking longer etc, etc. The poor old staff are very helpful when you ring to enquire but that gives no comfort or confidence. I guess they are dumping staff already. Obvoius question is will transaction costs go up after the sale. Who wants to cater for investors who only want to execute trades and process settlements - not ANZ obviously and probably not FNZC?
    Agree things have deteriorated, but over a longer period than 2-3 weeks, I'd say over the last year or so in terms of order execution. As already mentioned, if transaction costs increase, they will lose customers to ASB.
    Last edited by couta1; 28-11-2017 at 10:30 AM.

  9. #24
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    maybe we will have access to FNZC research

  10. #25
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    Personally, all I can see coming is higher prices. With a bl**dy great heap of "know your customer" and "compliance" as an extra added bonus

    I'm wondering if I might be better off using ANZ or Commsec in Australia to trade on the NZ market.

    Being an idle b*gger, before I start looking, is there anybody who's had the same thought, but actually done something about it, and prepared to share their experience?

  11. #26
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    I did have a quick look yesterday at options as I don't want access to any "research" as it tends to be biased propaganda and just "noise" which we would be expected to pay for. It seems that the Aussie brokers are available only for Australian residents? Happy to be proven wrong on that. It looks like small NZ private investors have 2 choices to buy/sell online outside the brokers, being the ASB and the ANZ. Are we being thrown to the sharks?

  12. #27
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    Looks like the multi-currency accounts are going with the change to FNZC.

  13. #28
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    Got an email from them yesterday, have not read it though.
    However, also got a mountain of paperwork from them a week or so to virtually re do the account opening forms for an existing AUD multli-currency account, AML and all that I suppose as they are changing who their ASX trades go thru.

  14. #29
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    I tried to read the new Terms and Conditions. Decided not to complete final step until reading 31 pages of T&C which appear very one-sided plus they get an unstated margin on your Cash Management Account interest. Seems that they are not responsible for anything except gross negligence and are free to do what they seem fit. Sad to see a low-cost online facility sold to an outfit that will squeeze what they can from punters. Wonder what else is out there?? other than ASB Securities which are charging lots as it is.

  15. #30
    Antiquated & irrational t.rexjr's Avatar
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    Quote Originally Posted by Jay View Post
    Got an email from them yesterday, have not read it though.
    However, also got a mountain of paperwork from them a week or so to virtually re do the account opening forms for an existing AUD multli-currency account, AML and all that I suppose as they are changing who their ASX trades go thru.
    That was due back on the 11th May if it’s the same as my load. Hint: read the ‘memo’ which is a guide to fill out form. That will save you filling out 90% of it. Don’t skim over it and only focus on the ‘take no action’ bold type as this will have you throwing it under a pile of bills, never to be seen again...

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