Brokerage

[MrBurns]

I just paid almost $700 to buy shares over the phone, NAB Trade, that's insane.
Imagine what they must pull in in a day

 

[Gringotts Bank]

I just paid almost $700 to buy shares over the phone, NAB Trade, that's insane.
Imagine what they must pull in in a day

You bought $600,000 worth of shares? In what company?!

 

[MrBurns]

You bought $600,000 worth of shares? In what company?!

No 25,000 TLS about $120k.

I hope it was a mistake .........

 

[Gringotts Bank]

No 25,000 TLS about $120k.

I hope it was a mistake .........

Yeh it might be. If you're making lots of big trades like that, you'd be better with someone like Morrisons. They would have charged you $60 for that size trade over the net. Not sure about phone fees.

CMC/BellDirect would be about $130 over the net.

 

[MrBurns]

Yeh it might be. If you're making lots of big trades like that, you'd be better with someone like Morrisons. They would have charged you $60 for that size trade over the net. Not sure about phone fees.

CMC/BellDirect would be about $130 over the net.

I thought the operator said $67 so got a shock, complained and they're looking into it, the delays cost me another $750 as the price went up before my eyes, when the operator was super slow as she was new.
It took forever.

 

[MrBurns]

Phone fees are higher but that's ridiculous ($700 for a single buy order)

 

[skyQuake]

https://nabtrade.com.au/products-and-services?name=Pricing

55 bp for over the phone trade.

Yep looks legit.

Time to buy some NAB shares

 

[Muschu]

Phone fees are higher but that's ridiculous ($700 for a single buy order)

Why don't you use an online broker? I use Comsec although I know there are cheaper options. (However I am not a day trader). I sometimes adjust the size of my order according to the brokerage.

 

[MrBurns]

https://nabtrade.com.au/products-and-services?name=Pricing

55 bp for over the phone trade.

Yep looks legit.

Time to buy some NAB shares

Obscene really, what a scam.

Why don't you use an online broker? I use Comsec although I know there are cheaper options. (However I am not a day trader). I sometimes adjust the size of my order according to the brokerage.

I tried to buy online but the system has been changed and I wasn't aware so called them and they said as I was on the phone they may as well do it for me.........makes Lawyers look cheap

 

[Gringotts Bank]

.........makes Lawyers look cheap

At least with brokers there is some competition. Law is a profession which tacitly encourages members to price fix at a very high level.

One day, an American firm with a lot of money will come here and try to open a discount law service. They will be shut down by the power brokers on some minor technicality. My prediction and 2c.

 

[MrBurns]

At least with brokers there is some competition. Law is a profession which tacitly encourages members to price fix at a very high level.

One day, an American firm with a lot of money will come here and try to open a discount law service. They will be shut down by the power brokers on some minor technicality. My prediction and 2c.

Lawyers give advice and there's some expertise involved.

Taking an order to buy shares takes no time or expertise, the same as me charging you $700 to buy something on EBay for you.

 

[stewiejp]

Over the phone All $59.95 or 0.55% of trade value (whichever is greater)

Compared to 0.11% online - which would have been around 140 - I'd complain mate, especially since you were originally planning to buy online, and you were only on the phone due to a technical difficulty, or enquiry. They should at least meet you half way.

Best of luck

 

[MrBurns]

Over the phoneAll$59.95 or 0.55% of trade value (whichever is greater)

Compared to 0.11% online - which would have been around 140 - I'd complain mate, especially since you were originally planning to buy online, and you were only on the phone due to a technical difficulty, or enquiry. They should at least meet you half way.

Best of luck

Thanks stewiejp I should hear back today
I've never paid so much for so little
Outrageous

 

[burglar]

Thanks stewiejp I should hear back today
I've never paid so much for so little
Outrageous

Did it end in tears?
Have you had to go to the ombudsman?

Don't keep us in suspense!

 

[MrBurns]

Did it end in tears?
Have you had to go to the ombudsman?

Don't keep us in suspense!

Never heard back from them:frown:

 

[cutz]

No 25,000 TLS about $120k.

I hope it was a mistake .........

Good stuff man, you're 3K up.

Should be just enough to pay for brokerage.

 

[MrBurns]

Good stuff man, you're 3K up.

Should be just enough to pay for brokerage.

My thoughts exactly

 

[cutz]

There's no reason why they can't refund the diff between over the phone and the online rate. A big four I'm with does throw in free brokerage and online rates for over the phone when technical issues arise. On the day of the huge ASX option expiry day debacle I was given a generous break.

 

[MrBurns]

There's no reason why they can't refund the diff between over the phone and the online rate. A big four I'm with does throw in free brokerage and online rates for over the phone when technical issues arise. On the day of the huge ASX option expiry day debacle I was given a generous break.

They're still looking into this, reviewing the tapes where I was told brokerage $67.

 

[MrBurns]

Got a call from the bank they reviewed the call and I was right I was quoted $59.00 not $59 or .55% whatever is the greatest so they offered a refund of the difference or $1000 brokerage fees, I took the refund as I don't trade really.
Next time I'll do it over the net if it's a large buy or sell.