TD Waterhouse-app refused??

cloonty

I have just received by post a letter declining my application to open a trading account.
I have clean, credit history and am in full time permanent employment.

Anyone else have any issues opening an account with TD?

Wudyaquit

They declined mine when there was a discrepancy between the address on my drivers licence and the current address that I gave.
I rang them and they told me what they needed and I got it sorted in a couple of days. They seem to be thorough but if you ring them they'll put you straight.

neris

I got my account set up and credit history is all over the place but i gave them documents with the same address.

Smcgie

cloonty wrote: »

I have just received by post a letter declining my application to open a trading account.
I have clean, credit history and am in full time permanent employment.

Anyone else have any issues opening an account with TD?

I imagine you have incorrectly filled the form or provided insufficient evidence of ID/POA.

Isoaxe

Your best bet is to simply phone them up and ask them specifically why the declined the account.

On a side note, I don't really understand why they even ask for a prospective customers credit history. When opening an equities trading account, credit history isn't relevant since it doesn't operate on margin.

Wudyaquit

Isoaxe wrote: »

Your best bet is to simply phone them up and ask them specifically why the declined the account.

On a side note, I don't really understand why they even ask for a prospective customers credit history. When opening an equities trading account, credit history isn't relevant since it doesn't operate on margin.

Can't understand why they would ask for this either. I only set my account up 3 months ago and ddn't have to provide anything on my credit history. Might have been a question on the form , but I don't think so.

cloonty

I phoned them yesterday and was told I had been flagged by their fraud dept as I had submitted to app’s, one with my original address and one with my current address. This was accompanied by the EU verification form signed by my bank.
I asked if I could reapply using my current address only and was told yes, but as I am now flagged it would raise further issues!!

I didn’t like filling in my employers details either.

I wish I ran a business that I could pick and chose the people I wanted to deal with.

Isoaxe

Jaysus, sounds like they're making you jump through hoops. You'd think they could just un-flag your application. Sounds like dealing with a mobile provider's customer service!

If they're causing you this much grief, maybe you should just open an account with another broker.

cloonty

thats what i reckon i will have to do.

I was with Sharewatch (disaster from beginning to end).
Now transferred to ODL ( have ballsed up two of my phone trades already)

So I’m looking for pastures new.

Heard good things about TD but feel like im banging my head off a wall just to get set up.

Isoaxe

I've currently got an account with ODL and haven't had any problems- though I use the web-based trading platform rather than the phone. It's much cheaper, very fast and more reliable than phone dealing by the sounds of it.

cloonty

thanks for the reply

phone dealing is more work friendly if you know what i mean but maybe i should try using the online dealing from my phone.

Isoaxe

Well if you have an internet-enabled smart phone that shouldn't be a problem at all.

And a further boon of online trading is the near instant verification and details of your trade- no more 'ballsed up' phone trades as you put it.

Wudyaquit

TDW doesn't work from iphone by the way - it gives a list of valid browsers when you try and I'm pretty sure Android doesn't come up, so if that's your primary reason for opening with them you're probably wasting your time depending on what browser you use...

poodles

Wudyaquit wrote: »

TDW doesn't work from iphone by the way - it gives a list of valid browsers when you try and I'm pretty sure Android doesn't come up, so if that's your primary reason for opening with them you're probably wasting your time depending on what browser you use...

theres some browser app u can d/l that bypasses this

dwb

Hi all,
I'm an absolute beginner at online trading and am considering opening an account with TD Waterhouse, only because Eddie Hobbs mentioned it. I've searched their website but can't find if there is a minimum amount that can be traded. As a novice, I'd like to begin with small trades and build up as my confidence increases. For those already using TDW, what is your experience / advice? Also, what is the minimum that needs to be lodged to start trading?
Thanks in advance.
DWB

Wudyaquit

dwb wrote: »

Hi all,
I'm an absolute beginner at online trading and am considering opening an account with TD Waterhouse, only because Eddie Hobbs mentioned it. I've searched their website but can't find if there is a minimum amount that can be traded. As a novice, I'd like to begin with small trades and build up as my confidence increases. For those already using TDW, what is your experience / advice? Also, what is the minimum that needs to be lodged to start trading?
Thanks in advance.
DWB

I don't think there's any minimum, but I wouldn't advise going in unless you've at least 1,000 - the Eur20 trade fee means that a security has to go up 4% just to break even on that amount (you'll probably also need to pay exchange rate fees / stamp duty depending on which share you buy meaning you're futher disadvantaged).
So even 1,000 is a level where you may find it hard to cut a profit, but anything less really will make it tough, particularly if you intend buying more than one security.