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Standard Chartered - Only Online Trading in town with no minimum commission

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Old 06-06-2011, 10:54 AM   #16
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I know I'm going to sound terribly xenophobia but I dun trust foreign banks.

When I first graduated, my first credit card was actually with SCB. There customer service was quite terrible and they were very sticky on charges like late charge, interest charge, annual fee.

So in the end, I severed my relationship with them and never looked back. More or less same experience with Citibank. Bank of China was not a bad experience.

These was in the past and I'm sure their customer service has improved. But there is nothing that these foreign banks can offered me that the big 3 does not. And this will probably be through even when I become a HNWI.

So thanks but no thanks. Once bittern twice shy.
wow that must be very long years ago. and you know things have changed.

i would say SCB is one of the best bank in singapore at the moment. i have personally benefitted from them with all their promotions and giveaways so far. im sure many others are loving SCB too.
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Old 06-06-2011, 11:07 AM   #17
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I know I'm going to sound terribly xenophobia but I dun trust foreign banks.

When I first graduated, my first credit card was actually with SCB. There customer service was quite terrible and they were very sticky on charges like late charge, interest charge, annual fee.

So in the end, I severed my relationship with them and never looked back. More or less same experience with Citibank. Bank of China was not a bad experience.

These was in the past and I'm sure their customer service has improved. But there is nothing that these foreign banks can offered me that the big 3 does not. And this will probably be through even when I become a HNWI.

So thanks but no thanks. Once bittern twice shy.
I just called cit1 and got my late charge+interest waived for my cc. They allow once in 12 months.

I went to UOB to withdraw cash thru ATM & forgot the pin. I went to counter to request for pin change. They said need to replace the atm card and have to pay 5 bucks. I told them my card is still new. They said it is policy. They will only waive if the card is damaged. I said i might as well damaged the card 1st. they said - up to u!. i told them other banks wont charge for pin change, they said other banks do. After i complaint more, the manager came and finally waived the charge but still give me a new card. Wat a waste of resources. Somemore fr the best reatil bank in Singapore.
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Old 06-06-2011, 12:15 PM   #18
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dbs vickers cash upfront cheaper right? 0.18%
DBSV CU is 0.18% but minimum of $18.

SCB is 0.2% but no minimum.

Meaning any purchase below 10k, its cheaper with SCB.

But i dun think i will sign up ... cause i dont trade that much , and i usually save to 10k before investing in a particular stock. And their lack of information on how this work is quite annoying.
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Old 06-06-2011, 12:56 PM   #19
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can't even find any links or news of it online at their website. anyone can share?
 
Old 06-06-2011, 01:05 PM   #20
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if u have ib with scb can apply through there
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Old 06-06-2011, 04:39 PM   #21
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have anyone seen this blog post?
http://www.lioninvestor.com/standand...ading-account/

The other key difference is that the shares will not be held in cdp under your own name but held as a sub-account under Standard Chartered Bank’s name. What this means is that you will not be able to sell shares that you bought here using your other trading accounts. Similarly, you will not be able to use this account to sell the shares you bought using other accounts.
huh? really ah? can anyone confirm?
i'm a bit interested... but the above would be a deal-breaker for me...

the t&c link didn't mention anything like that
http://www.standardchartered.com.sg/...ading/tnc.html

Last edited by tkwei123; 06-06-2011 at 04:43 PM..
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Old 06-06-2011, 04:51 PM   #22
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what's the news?
is it only a promo preiod or perpetual?
or does user get jeapadized by the way order is sent to the floor?
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Old 06-06-2011, 04:57 PM   #23
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I won't be surprise if they do that. Cos then they force you to sell through them and earn the 'sell' commission as well.

After seeing that big impressive wrap-round advertisement in the Sunday Times, I went to the website to find out more but could not do in 5 mins and give up. The banner ad link send me to a useless and irrelevant link. That speaks a lot about SCB.

Yeah. I'm biased but nothing I have seen or heard has made me changed my mind about them.


huh? really ah? can anyone confirm?
i'm a bit interested... but the above would be a deal-breaker for me...
I think its true. While I cannot find any specified mention of a 'sub-account', I did come across the following in the FAQ on its on line trading.


27 Can I trade securities I purchased from other brokers?
No you are not able to.
Very cryptic with not much information. However the only reason I can think of that you are unable to trade securities purchased from other brokers is if your securities are kept in a custodian account with SCB - just like what happens when you trade foreign securities.

Last edited by Paul Lee; 06-06-2011 at 05:18 PM..
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Old 06-06-2011, 05:36 PM   #24
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have anyone seen this blog post?
http://www.lioninvestor.com/standand...ading-account/



huh? really ah? can anyone confirm?
i'm a bit interested... but the above would be a deal-breaker for me...

the t&c link didn't mention anything like that
http://www.standardchartered.com.sg/...ading/tnc.html
there is no free lunch. the bank is the custodian for your shares.

the conclusion is simple.

if you plan to buy <$10k worth of shares, then go for the SCB. the no min commission and multiple foreign markets to choose from are the biggest attractions.

if you plan to buy bigger amount, then go to your normal broker.
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Old 06-06-2011, 05:55 PM   #25
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there is no free lunch. the bank is the custodian for your shares.

the conclusion is simple.

if you plan to buy <$10k worth of shares, then go for the SCB. the no min commission and multiple foreign markets to choose from are the biggest attractions.

if you plan to buy bigger amount, then go to your normal broker.
what's the difference between bank holding and CDP holding my shares?
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Old 06-06-2011, 06:12 PM   #26
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there is no free lunch. the bank is the custodian for your shares.
thanks for info
in that case... its no deal for me
in addition to what Paul posted about the limited selling option,
what's going to stop them from charging a mthly or annual "custodian fee" in future?
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Old 06-06-2011, 06:35 PM   #27
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what's the difference between bank holding and CDP holding my shares?
for bank - u can only sell those shares thru that particular bank
for cdp - u can sell those shares thru any broker that your cdp a/c is linked to

actually, my 1st point is not very complete
i think u would be able to get the bank that's holding your shares to transfer them to your cdp a/c... and i'm very sure there'll be some transaction fees involved.
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Old 06-06-2011, 07:52 PM   #28
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on paper it looks good n cheap... 0.2% for SGX, 0.25% for foreign markets..

if SCB is the custodian.. then i see that theres actually no delivery of shares involved.. but merely you are opening a position against the bank
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Old 06-06-2011, 08:11 PM   #29
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have anyone seen this blog post?
http://www.lioninvestor.com/standand...ading-account/



huh? really ah? can anyone confirm?
i'm a bit interested... but the above would be a deal-breaker for me...

the t&c link didn't mention anything like that
http://www.standardchartered.com.sg/...ading/tnc.html
wow, didnt know this.

Definitely not going for it then lol.
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Old 06-06-2011, 08:25 PM   #30
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what's the difference between bank holding and CDP holding my shares?
both are equally safe custodian of shares purchased. AFAIK the only big difference is, you are not the registered holder of the shares if you keep with SCB. ie you cant attend AGM and receive annual reports. that means you are relinquishing a control position of the shares of your company. frankly speaking this is not really important to small time investors. a minority shareholder is still a minority shareholder. you cant really influence the company with your votes.
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