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Alternative to Stockbrokers "maintenance fee's"

  • 12-12-2005 6:46pm
    #1
    m_stan
    Registered Users, Registered Users 2 Posts: 1,653 ✭✭✭


    I have an account with a very well know Dublin based stockbroker. I have around 1,000 Eur worth of an ISEQ share in my account.

    The share is a penny stock which I won't sell until it becomes ... well ... not a penny stock, which will take a long time, if it ever happens. It's a punt, a bit of fun.

    Aside from charging me to buy and sell the shares, they charge me 26 Eur per year in "maintenance fees". For nothing as far as I'm concerned.

    I also have stock in the US with ETrade. I get charged no such fees.

    Is there an alternative to this gangsterism from my Dublin stockbroker ? Can I move my shares to someone else that wont change me these senseless (as far as I'm concerned) fees.


Comments

  • #2
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    Tell them you are closing your account with them and you want to hold the share certificates yourself.


  • #3
    m_stan
    Registered Users, Registered Users 2 Posts: 1,653 ✭✭✭m_stan


    RainyDay wrote:
    Tell them you are closing your account with them and you want to hold the share certificates yourself.

    thanks for the reply. if i do this, how do i then sell the shares when it comes to that and will that take a huge amount of time ?


  • #4
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    It will take a bit longer, but if you are a long-term investor, what's a few days. You just send in your share certificate to any broker (such as Campbell O'Connor along with your sell order.


  • #5
    OfflerCrocGod
    Registered Users, Registered Users 2 Posts: 6,334 ✭✭✭OfflerCrocGod


    RainyDay wrote:
    You just send in your share certificate to any broker (such as Campbell O'Connor along with your sell order.
    I presume you are in no way affiliated with this fine business? ;)


  • #6
    Pal
    Closed Accounts Posts: 4,115 ✭✭✭Pal


    I used to buy certs. Now it's spread trade online instead. no commissions or maintenance fees. much more efficient to enter and exit positions. not for everybody but I like it.


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  • #7
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    OfflerCrocGod wrote:
    I presume you are in no way affiliated with this fine business? ;)
    Absolutely not - I've used them a couple of times as a customer.


  • #8
    B1977
    Registered Users, Registered Users 2 Posts: 410 ✭✭B1977


    RainyDay wrote: »
    Tell them you are closing your account with them and you want to hold the share certificates yourself.

    I have a few hundred euros worth of shares, when I left my job I had to pay for the annual fees myself and it is costing a few quid every year and I am making about 3euro in dividends a year.

    is it possible to just hold the certs myself


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