RE: UKNM: Realtime sharedealing's not us

[Leslie Bunder]

the issue with buying and selling shares is that most of these firms

want to run a check on you first (eg: to confirm you are who you say you

are, that you pass a credit check/address check etc).


Then once they confirm who you are, then it's the process of setting up

the account.  


Also, they are not keen on having you for just one deal they want you

for more than just one deal and often favour the terms of your account

on this basis (eg: trade more than once a month and the rate is better

for you).


Indeed, it can be frustrating to want to trade on the spot and then not

find a way to do it. But you need to look at it from both sides.  They

need to protect their interests to make sure the person who says he/she

has shares to sell actually has those shares to sell,  otherwise it

causes all sorts of problems.


Lloyds could probably do it for you straight away as they are the

registrar and can confirm your details on the spot.  Likewise you could

have walked into most banks and sold on the spot as you could show

phsical proff of ownership in some form eg: share certificate.


Leslie

___________________________________________________________

Leslie Bunder, technology writer, Teletext on the Web

e-mail:

LBunderteletext [dot] co [dot] uk

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lesliebunder [dot] com

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web: http://www.teletext.co.uk

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> -----Original Message-----

>

From: Darren Wallace [SMTP:darrencommercenet [dot] org [dot] uk]

> Sent:	05 February 1999 10:53

>

To: uk-netmarketingchinwag [dot] com

> Subject:	UKNM: Realtime sharedealing's not us

> 

> 

> On Monday I had my first experience of selling shares.

> 

> The Emap shareprice has rallied dramatically in the last few days, and

> Monday

> seemed a good time to sell some of the small amount that I had.

> Wanting to

> practise what I preach: I'll decided to sell them online'.

> 

> So first I went to E*Trade's www.etrade.com

> Unfortunately, as far as I could tell, they only currently offer a

> servce to UK

> residents who want to trade in US stocks, as the UK specific service

> hasn't

> officially launched yet.

> 

> I then went to the Charles Schwab site www.schwab-worldwide.com/Europe

> 

> They offer 3 ways to trade - web, phone or TTT (Touch Tone Trading).I

> dutifully

> clicked on the web option to open an account.

> I filled out a registration form, and then submitted it.

> 

> Four hours later, I still hadn't received anything back - not even an

> autoresponder message.

> 

> So I called them, concerned that there might have been some kind of

> transmission error. The response that I received was that my

> application form

> details would be handed over to another department.They would then

> send me some

> *paperwork*, which I then needed to complete and return, *before* I

> could start

> trading online.

> 

> In addition, there is a �20/�25 set-up charge.

> 

> 'How long is this all going to take then?' I asked.

> 'About 4 working days'. was the reply.

> 

> The whole point of me wanting to sell on Monday was to literally

> cash-in on the

> sudden upsurge of the shareprice. And selling them online seemed to be

> a fast

> and efficient way to do this.

> 

> In the end, I put a call through to Lloyds Stockbrokers (Lloyds are

> Emap's

> registrars).

> Lloyds took my details there and then, set me up with a temporary

> account, and

> then put me through to the sharedealing desk.

> Within 3 minutes of me calling them, I had sold my shares, and was

> told that

> I'd receive payment by direct debit on the 15th Feb.

> It only cost me a �25 commission fee, and *no* setup charge. I posted

> my share

> certificates to them the next day.

> 

> All of us on this list spend a good deal our time evangelising about

> the

> Internet to clients.

> But if, as in my case, it means a slower and more expensive service

> for the

> customer than doing things the 'traditional way' then what is the

> point?

> 

> Is it me, or is something wrong with this picture?

> 

> BTW, my pack from Charles Schwab arrived this morning (Friday).

> 

> 

> D.

> ``````````````````````````````````````````````````````````````````````

> ``````

> Darren Wallace  -  Marketing Manager

> CommerceNet Consortium - UK & Ireland

>

darrencommercenet [dot] org [dot] uk

> +44 171 916 2875(T)  +44 171 209 1236(F) +44 410 780 775(GSM)

> www.commercenet.org.uk (UK & Ireland) www.commerce.net (Global)

> ``````````````````````````````````````````````````````````````````````


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