Quote:
Originally Posted by Monwowo
I wanted to open the CSCS online account. I have paid the subscription and sent the form to my broker. But he wanted the bank branch and the teller number of the payment to process the CSCS form.
However, on the form, all he had to do was to just sign and send to CSCS. Is this a ploy to process the CSCS account to be as if it was opened through the broker? I would not want my broker to have backdoor access to the account. Please, those in the house with CSCS account, did you have to provide teller number for your subscription payment to your broker??? I am begginning to be careful with brokers, not taking anything by its face value!
Thanks
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Your broker needs the teller in-order to prove to cscs that the payment had been made, this eases reconciliation and speeds up the activation of your account. Without the teller, it would be difficult for cscs to know who's paid what into their account, moreso if the details on the teller does not tally with your name. Even if it did, there's no guarantee that the bank cashier posting the entry would lift the narration on the teller verbatim, chances are they'd abbreviate/shorten the narration. I would also imagine there would be lots of lodgements into this account on a daily basis.
Yes, the broker only needs to stamp the forms, but this could be in futility if CSCS fails to reconcile/appropriate the payment to your account. In my opinion, you are not exposing any further info to the broker by giving them the teller, all the info that could be used is in the CSCS form you've given them anyways except the password.
I made my payment online, saved the e-receipt, and forwarded it via e-mail to my broker. He sorted the rest- we've built up a trusting relationship over the years.
You can always change your password to the account after your first successful log-in following the activation of the online access. Hope this helps.