Using DeGiro

Assume everyone got the Degiro buyout email... saying they are looking into extending trading hours etc.

AlmightyCushion wrote: »

Ok but it's still no different to what they can currently do with the funds in MMF. I can't revoke their ability to use funds in the MMF.

Just because they have done it in the past, does not mean you should just sign up once again.

I originally asked the OP, what are the provision for the power of attorney be voided. If you have signed one, how do get out of it? How about if you don't agree with them and they just take the cash of out your account, what is your recourse?

Jim2007 wrote: »

The something like this would be a specific revokable power of attorney.....

Ok but it's still no different to what they can currently do with the funds in MMF. I can't revoke their ability to use funds in the MMF.

AlmightyCushion wrote: »

If the account is in your name, surely they can't touch the money without something like this. I can give you the log in details to my bank account but that doesn't mean I am giving you authority to take out money from it.

The something like this would be a specific revokable power of attorney.....

Jim2007 wrote: »

If the cash is sitting in an account under their control they don't need a power of attorney.....

This is the first time I have heard of a broker needing an unrecoverable power of attorney to do what other agents and banks do under their standard T & C....

If the account is in your name, surely they can't touch the money without something like this. I can give you the log in details to my bank account but that doesn't mean I am giving you authority to take out money from it.

Jim2007 wrote: »

It certainly does not. There is not need to use an irrevocable power of attorney to achieve this, so why use one? And if you disagree with them, how would you go about them continuing to take an action you dispute in such circumstance.

From the post you quoted.

"I grant an irrevocable power of attorney to DEGIRO to debit the Cash Account with flatex Bank AG for the purposes of securities transactions, custody and administration of my DEGIRO account, including compensations for DEGIRO"

They can currently do that with the money sitting in my MMF and they need to be able to do that so that I can buy shares etc with them.

Shedite27 wrote: »

What do other brokerages do with cash you have sitting with them? Do they setup a cash account for you and if so what are the charges? Or is it sitting in their bank account (in which case they have power of attorney over the cash anyway)?

If the cash is sitting in an account under their control they don't need a power of attorney.....

This is the first time I have heard of a broker needing an unrecoverable power of attorney to do what other agents and banks do under their standard T & C....

Shedite27

What do other brokerages do with cash you have sitting with them? Do they setup a cash account for you and if so what are the charges? Or is it sitting in their bank account (in which case they have power of attorney over the cash anyway)?

AlmightyCushion wrote: »

They can currently do the exact same with any money you have in the MMF so what is the difference?

Can you provide the working of the contract? And again why is it needed and how does it become void? Giving anyone a legal irrevocable power is not something you should do lightly...

AlmightyCushion wrote: »

All that means is that instead of your money being held in a cash fund (that is currently losing money and losses are reimbursed by DeGiro) it will be held in a bank account. I don't see what you don't like about it.

It certainly does not. There is not need to use an irrevocable power of attorney to achieve this, so why use one? And if you disagree with them, how would you go about them continuing to take an action you dispute in such circumstance.

Jim2007 wrote: »

Out of context is sounds iffy....

One would want to know under what circumstance it becomes void, since you don't have the right to revoke it.

They can currently do the exact same with any money you have in the MMF so what is the difference?

spuddy wrote: »

I don't like it either.... seems the new German owners of DEGIRO are trying to encourage people to move from MMF to cash accounts.

All that means is that instead of your money being held in a cash fund (that is currently losing money and losses are reimbursed by DeGiro) it will be held in a bank account. I don't see what you don't like about it. Personally I am glad they are making the change. The MMF reimbursement is a pain. Your balance decreases every day. If you want to use it to buy shares you have to transfer the reimbursement back to your own current account and then transfer it back to DeGiro which will take a few days. The bank account will be less of a pain in the ass.

spuddy

Jim2007 wrote: »

Out of context is sounds iffy....

One would want to know under what circumstance it becomes void, since you don't have the right to revoke it.

I don't like it either.... seems the new German owners of DEGIRO are trying to encourage people to move from MMF to cash accounts.

"...when you became a client of DEGIRO, you gave a standing order to invest your uninvested money into a Money Market Fund (MMF). This setup will now be replaced with a Cash Account in your name at our partner flatex Bank, a Germany-based regulated bank....

...With the new setup, your money will be held in a segregated personal bank account with a unique IBAN. This means your money is then also guaranteed up to €100,000 (per individual) as the relevant German Deposit Guarantee Scheme applies. Your new Cash Account will be directly connected to your existing DEGIRO investment account.

...With the introduction of the Cash Accounts, we will gradually end the MMF solution for holding uninvested money."

spuddy wrote: »

Does anyone see an issue with granting DEGIRO the following "I grant an irrevocable power of attorney to DEGIRO to debit the Cash Account with flatex Bank AG for the purposes of securities transactions, custody and administration of my DEGIRO account, including compensations for DEGIRO"?

Out of context is sounds iffy....

One would want to know under what circumstance it becomes void, since you don't have the right to revoke it.

spuddy

Does anyone see an issue with granting DEGIRO the following "I grant an irrevocable power of attorney to DEGIRO to debit the Cash Account with flatex Bank AG for the purposes of securities transactions, custody and administration of my DEGIRO account, including compensations for DEGIRO"?

Shedite27

Shedite27 wrote: »

I setup my new cash account with Degiro today (as opposed to the Degiro Dutch account we used to lodge to). Sent a transfer from AIB there before lunch to see how long it will take until the funds are cleared. It's a German IBAN. Lodging to the Dutch account had become a same day thing for me.

Sent the cash at 2:30, could buy shares when I checked at 5:30. No email from Degiro notifying me so many have been quicker than that

heffo500

I wonder why Degiro can let you top up your account via Card Payments or Paypal

Shedite27

I setup my new cash account with Degiro today (as opposed to the Degiro Dutch account we used to lodge to). Sent a transfer from AIB there before lunch to see how long it will take until the funds are cleared. It's a German IBAN. Lodging to the Dutch account had become a same day thing for me.

If you change currency conversion on Degiro from automatic to Manual (it costs more to transact) does it show up as a USD balance... how do you then convert to base currency?

Bob24

robman60 wrote: »

I've used trading 212 up to this point and will continue with that as my main account but I've set up degiro for a few more options. Should I select basic or custody account? I will not be day trading or using leverage.

Custody is if you don’t want DEGIRO to lend your securities to make money (they obviously do it with collaterals and very limited risk, but still you might not like that). Pricing is the same except higher fees on the ISEQ and processing fees for dividends (not great if you are planning to buy and hold high dividend stocks).

Basic is slightly fewer fees (as per above) and perhaps more importantly gives access to more financial instruments (one exemple: most commodity based products are not available with Custody, meaning you might have problems to find the precious metal ETFs you are looking for unless you go for a Basic profile).

robman60

I've used trading 212 up to this point and will continue with that as my main account but I've set up degiro for a few more options. Should I select basic or custody account? I will not be day trading or using leverage.

DollarBill0000

Is it possible to buy call options on BOI on Degiro?

bfa1509

cromelex wrote: »

They do internalise trades, meaning that if another Degiro customer puts on a sell order at 42 or below, that could get executed without ever showing up as having been at that price on the exchange (where every price gets recorded publicly).

That is nuts if true! So whats stopping me from putting a buy order on 500 different stocks at 10% below the market rate just to catch someone else's sell order? This really knocks my confidence in Degiro.

declanflynn wrote: »

time will tell which of us is right

???

declanflynn

[Deleted User] wrote: »

From a quick look I just see waffle.

ABOUT US
We take a data driven and digitised approach to energy projects to ensure transparency and trust for our customers.

Our focus is to enable schools and businesses to reduce their energy consumption through “Energy as a Service”, which we do by funding and delivering energy efficiency upgrades in exchange for a monthly fee, funded by the energy savings. This requires no capital investment.

We are expanding into energy management services, so that we can provide our customers with a competitive switch to green energy and ongoing transparent management of their energy supply.

eEnergy intends to consolidate the energy services sector through strategic acquisitions and further investment in technology.

What have you found so compelling about a digitised approach?

time will tell which of us is right

declanflynn wrote: »

I think their strategy is a no brainer and simple.

From a quick look I just see waffle.

ABOUT US
We take a data driven and digitised approach to energy projects to ensure transparency and trust for our customers.

Our focus is to enable schools and businesses to reduce their energy consumption through “Energy as a Service”, which we do by funding and delivering energy efficiency upgrades in exchange for a monthly fee, funded by the energy savings. This requires no capital investment.

We are expanding into energy management services, so that we can provide our customers with a competitive switch to green energy and ongoing transparent management of their energy supply.

eEnergy intends to consolidate the energy services sector through strategic acquisitions and further investment in technology.

What have you found so compelling about a digitised approach?

declanflynn

[Deleted User] wrote: »

Yes, looks like you can. It has traded from a low of 3c to 9c in the last 12 months, currently around 7c. Any particular reason you want to buy this?

I think their strategy is a no brainer and simple.