Online Stock Trades - TDWaterhouse Problems Complaints Against TD Waterhouse UK
For a more complete description of my complaints against TD Waterhouse UK see Problems with TDWaterhouse online brokers UPDATE - in my dealings with the TDWaterhouse brokerage firm they repeatedly advised me to get in touch with the Ombudsman if I was not happy with their service.After trying other avenues to get TDWaterhouse to admit they had a problem with their online trading software I finally did get in touch with the Ombudsman. The Ombudsman was even slower than TD Waterhouse in looking into the matter, taking months and months just to get to the stage where they would actually investigate my complaint. When the Ombudsman did finally get around to looking into my complaint against TDWaterhouse he concluded that he was not in fact qualified to deal with the matter as it was a matter for the FSA (Financial Services Authority) but that the FSA does not investigate individual complaints. No wonder TDWaterhouse was so keen for me to waste my time with the Ombudsman.
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I recently posted about the problems I have had with TDWaterhouse's online trading system and their refusal to accept any responsibility in this matter - see here - Problems with TDWaterhouse Online Brokers - I have received a number of comments and e-mails so far but am still looking for more, if you have had a problem with TDWaterhouse, specifically their online trading software, in recent months please read my previous post and get in touch
See online stock trading for some highly relevant online trading tips from the SEC
Related post : stocks and shares for beginners
2 comments:
I fully concur. My specific problems:
WARNING TD WATERHOUSE ISA EXIT FEE
They have a £50 fee to leave. They have never made this clear, have introduced it since the account was opened.
Quote:
I refer to your email dated 13 January 2011 about the ISA Closure Fee charged to your account.
It is obvious that you are not pleased that you were charged this fee and I am sorry to hear that you feel that the overall service that you received was of a low standard. However, there are Fees and Charges involved in the day-to-day operation of the ISA as Individual Savings Accounts generate administrative costs.
Holding an ISA means we must adhere to strict guidelines imposed by the HM Revenue & Customs. This means we must monitor your account to ensure that these regulations are met, for example making sure all the holdings in the ISA are eligible to be held within this plan. When a Plan is terminated or transferred to another plan manager we re-register the investments under the new plan managers name and monitor the closed account for any income, which we pay directly to the new plan manager. We also ensure that you are provided with regular statements and other useful paperwork such as Corporate Action notices, and ensure that dividends are automatically updated on your account. There is a significant amount of work involved with supplying these services, therefore we feel that our charges are fair and justified.
Should you wish to discuss this further, please do not hesitate to contact me on 0845 601 2808, Monday to Friday 8.00am to 3pm.
Yours sincerely
Customer Complaint Specialist
My reply:
To the Chief Executive, TDW.
14.1.11
Will you please advise when the terms and conditions with these extraordinary charges were introduced. As you know this account has been open for some 10 years or so, and was moved from Hoodless Brennan, who I still deal with. I will make my utter disgust of your so-called service made known to them. They did not have this iniquitous charge. Where does your web site state that there is a lock in fee when opening an ISA?
When you closed my own account, (which you may recall you also made a big ***-up on, you sent the ISA check to me direct, and my wife was about to pay into our joint account when I double checked what it was for), there were no charges to exit then.
I need to know when these were actually accepted by us. Please provide written proof.
I will make this appalling series of blunders, including my complaint under the disabilities discrimination by "Richard" on Wednesday, to Which?, Daily Mail, on the Internet, HL in addition to the FSO and FS Ombudsman.
I know your arrogance will win on the £50, but I can promise you I will do my damndest to ensure I relay the FACTS of what has happened, which I think may well cause much more damage to your reputation and business than this!!! (It really does not seem to be good now on the discussions I have seen recently on financial forums.)
Having been in business myself, I know how short-lived the euphoria of a shallow victory can be.
Had these funds been transferred over to HL when first requested over 3 months ago, and invested along with others on the 6/12/10, my account would be £1,525-85 better off. This is a further provable cost your lamentable service has cost us.
We have a very large amount invested with HL, that could and would have been with TDW, HL's service is spot on, their Reports are accurate unlike yours ie Medusa Mining (MML) on 12/1/11 on the trading account, one report shows +£555, when printed it shows -£998, over £1,500 error. I have sent you details in the past and nothing is done. An absolute disgrace in EVERY respect.
Hi - thanks for the further info. re. TDWaterhouse and their so-called service. I didn't know about their exit fees, but hopefully others who read this blog will now be aware of what they can expect. I no longer use TDWaterhouse needless to say given their very poor service and their software and the fact that I lost over £1,000 and they refused to accept any responsibility in the matter. Good luck in your action against TD Waterhouse in reference to your complaint against them. IF anyone else has complaints against TDWaterhouse and their brokerage 'service' please feel free to add it to the comments.
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