Quote:
Originally Posted by Taipan
Hip hip hip Hurray!!! I've just been promoted to senior member! Everbody, free drinks this friday at any club of your choice!
Ok, so that's not the purpose of my post.
I don't use CashCraft but my brother and also a friend does and from them, I've found out two things about them. First, they allow them to buy stocks on 'credit' even though they haven't been with them long. Now that's good. But secondly and unfortunately, they sometimes buy stocks on your behalf without first obtaining your permission/approval i.e. they buy stocks on your behalf you never placed orders for!
Now, these have been confirmed by them both and that's all I know about CashCraft.
|
That is exactly the same problem I had with them. I told them to buy 300000 units of Dunlop and they bought 250000 units. I called my account officer and told him about the error and he told me they would buy more. The next time I checked, I had 750000 in my portfolio. I saw my account balance and my heart almost went on a strike. I had to zoom off to their office to report the case and I was referred to some guy like this who apologized profusely. I felt good with myself.
I checked my account later and guess what? I had exactly 300000 units and well, they sold off the 450000 on top and I was billed for the sale. They charge 2.72% to sell. Do the calculations. Remember to add the buying fees, which was 2.65%.
Now, another thing that ticked me off was the fact that the initial 250000 was bought at 3.11 and the extra was bought at 3.28 and the remaining 450000 was sold at 3.19. More calculations for you. If you were in my shoes will you still be happy with them?
I will reiterate my statement. Cashcraft, WAKE UP! or I'm gone like the wind!
The Knight of Delta.