RaboDirect to InvestNow

[Jonboyz]

I’ve investigated and have now invested some money with Investnow. You can invest and withdraw from funds at no cost. Although, this won’t make much of a difference if you’re holding for a long term it is definitely an attractive proposition.

[fastbike]

I've just fired off a grumpy email to InvestNow (who got bought out earlier in the year by a greedy overseas based fund manager).

Their previous policy for DRP was to deposit the unused portion of the dividends allocated for your holding back to your cash account, now they just allocate the lowest whole number of shares and keep the balance of the divvie for their own profits. Which unfairly penalises small holders.

E.g. My holding of 686 USF units had a dividend allocated of almost $20 which had 2 measly units allocated to my portfolio (market value of ~$13.63 each) at $19.84 - a 45% premium.

What else have they changed - **** like this erodes trust !