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

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Old 20-07-2013, 10:55 PM   #1456
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Has anyone encountered problems with the "Purchasing Power" on Standard Chartered Online Trading? After you deposit money into the trading account, the money disappeared and "Purchasing Power" becomes zero?

This happened to me more than once. Fortunately, my money re-appeared later. Otherwise, I am going to launch a complaint to MAS for bank robbery.

Just want to check with other people if it happened to them too. Am I being just unlucky or is SCB online trading service simply terrible.
most of the time, its not the system fault. its the user who dont really understand.

1) you dont deposit into the trading account. you deposit into the securities settlement account
2) dont rely on that purchasing power. it was mentioned many times in this thread. the balance is not really accurate.
3) your balance cannot go missing all of a sudden. all the debit/credit amount will be reflected in your SSA. this is where you should counter check
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Old 21-07-2013, 09:58 AM   #1457
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most of the time, its not the system fault. its the user who dont really understand.

1) you dont deposit into the trading account. you deposit into the securities settlement account
2) dont rely on that purchasing power. it was mentioned many times in this thread. the balance is not really accurate.
3) your balance cannot go missing all of a sudden. all the debit/credit amount will be reflected in your SSA. this is where you should counter check
It is ridiculous to say "don't rely on that purchasing power". When purchasing power is zero, you cannot make any purchase. Imagine if you have deposited money to buy stocks but forbidden to buy any because the purchasing power falls to zero. Purchasing power is equivalent to real money because without it, you cannot purchase any stocks. It is a major irritant when the securities settlement account says you have money but you cannot use the money. Is it ok if your bank account is full of money that cannot be used to purchase stuff?

How can you say "don't rely on that purchasing power"? Maybe this has not happened to you, so you as a user don't really understand.

Has other users encountered similar problems with SCB purchasing power?

Last edited by klarklar; 21-07-2013 at 10:01 AM..
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Old 21-07-2013, 01:06 PM   #1458
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then i advice you to complain to MAS. or dont use SCB.

by the way, i have used SCB before this thread has started.
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Old 21-07-2013, 01:11 PM   #1459
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What to put for the "I possess relevant work experience" part? Need employer name, job title and #years in position... also can anyhow smoke?

need ten years ;o
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Old 21-07-2013, 11:49 PM   #1460
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then i advice you to complain to MAS. or dont use SCB.

by the way, i have used SCB before this thread has started.
So, you have never encountered the "Purchasing Power" problem I mentioned? Maybe I am just unlucky then.
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Old 22-07-2013, 12:07 AM   #1461
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anyone sign up SCB cards or other accounts besides eSaver?

thought of owning 1 SCB card/account so that I can easily withdraw money and enjoy other privileges if there is any?

nt sure which card/account is good for user who use this to platform to trade often?

lastly, is it possible to link the new card to the existing SCB trading account?

i contemplating a basic scb manhattan $500 card.

plz advise/recommend.

thanx.

Last edited by pleeted; 22-07-2013 at 12:18 AM..
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Old 22-07-2013, 09:52 AM   #1462
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Just a heads up, I went down yesterday to sign up for an account. I was told that since I failed all 3 criteria of the CAR, they didn't allow me to open.

The CSO did tell me that the "by left way" was to just declare that I have trading experience and he wanted me to write down the names of 6 stocks, which I couldn't because I'm extremely new.

So much for wanting to look-see haha.
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Old 22-07-2013, 10:02 AM   #1463
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Just a heads up, I went down yesterday to sign up for an account. I was told that since I failed all 3 criteria of the CAR, they didn't allow me to open.

The CSO did tell me that the "by left way" was to just declare that I have trading experience and he wanted me to write down the names of 6 stocks, which I couldn't because I'm extremely new.

So much for wanting to look-see haha.
If he just needs any 6 names, you could just write the 3 telcos and 3 banks.
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Old 22-07-2013, 10:08 AM   #1464
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anyone sign up SCB cards or other accounts besides eSaver?

thought of owning 1 SCB card/account so that I can easily withdraw money and enjoy other privileges if there is any?

nt sure which card/account is good for user who use this to platform to trade often?

lastly, is it possible to link the new card to the existing SCB trading account?

i contemplating a basic scb manhattan $500 card.

plz advise/recommend.

thanx.
you dont need a credit card or other accounts to trade with this often. but its advisable that you sign up for their credit cards. you can get to enjoy their credit card promotions once in awhile which can be quite attractive.

you just need to have an esaver account to be able to open a trading account. and make sure you apply for the settlement accounts for all currencies just to standby.
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Old 22-07-2013, 10:20 AM   #1465
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Just share my recent unpleasant experience with SCB trading account.

I used to have several SCB accounts, including trading account under my own name (ie single account). Some months back, I brought a relative to a branch with the intention of converting all accounts into joint accounts. I was told that I could convert the other accounts but not the trading account at the branch. I told the staff I could live with single name trading account and I went ahead to sign forms after forms to convert the other accounts.

Thereafter, I could still trade through the trading account for a few weeks, and then about 2 months ago and out of a sudden I was locked out of the trading account.

I called the trading customer service number. Initially, they didn't even know the problem and asked me to keep trying. It took them a while to tell me my security settlement account is now in joint names and as such I can't assess the single-name trading account.

I was then advised to open another single-name share settlement account and they sent me some forms to fill. No return address was given and they sent a courier to pick up the forms. It has been almost 6 weeks and after many calls the account is still not opened. I'm still locked out of my trading account with my portfolio frozen. Neither was I given any reason for the delay.

It was unprofessional for SCB to allow me to convert the settlement account into joint-name knowing that I will be unable to access my trading account. It was poor service to take more than 6 weeks trying to resolve my problem.

All the time, I've been asking if I can speak with the processing departments but the answer has been no.

Sigh...
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Old 22-07-2013, 10:58 AM   #1466
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If he just needs any 6 names, you could just write the 3 telcos and 3 banks.
I think the CSO is doing him a favour by asking him for 6 stock names. And if he can't give the names, it would be safer for him not to trade.
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Old 22-07-2013, 10:27 PM   #1467
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wat is the difference between

SECURITIES SETTLEMENT ACCOUNT VS SECURITIES TRADING ACCOUNT?
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Old 22-07-2013, 11:08 PM   #1468
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Just share my recent unpleasant experience with SCB trading account.

I used to have several SCB accounts, including trading account under my own name (ie single account). Some months back, I brought a relative to a branch with the intention of converting all accounts into joint accounts. I was told that I could convert the other accounts but not the trading account at the branch. I told the staff I could live with single name trading account and I went ahead to sign forms after forms to convert the other accounts.

Thereafter, I could still trade through the trading account for a few weeks, and then about 2 months ago and out of a sudden I was locked out of the trading account.

I called the trading customer service number. Initially, they didn't even know the problem and asked me to keep trying. It took them a while to tell me my security settlement account is now in joint names and as such I can't assess the single-name trading account.

I was then advised to open another single-name share settlement account and they sent me some forms to fill. No return address was given and they sent a courier to pick up the forms. It has been almost 6 weeks and after many calls the account is still not opened. I'm still locked out of my trading account with my portfolio frozen. Neither was I given any reason for the delay.

It was unprofessional for SCB to allow me to convert the settlement account into joint-name knowing that I will be unable to access my trading account. It was poor service to take more than 6 weeks trying to resolve my problem.

All the time, I've been asking if I can speak with the processing departments but the answer has been no.

Sigh...
wtf
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Old 22-07-2013, 11:40 PM   #1469
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sunshade dont you have a RM?

if no, its advisable to go down to Battery Road. Settle all the paperworks there and follow up with RM that attended to you earlier. The process will be much faster.
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Old 23-07-2013, 03:29 PM   #1470
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noob question, are there any withholding tax or any other tax by US gov if we buy ETFs that tracks US index but are listed in SGX?
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