Originally posted by YourDudliness
Still havn't received a response as of yesterday despite them saying in that link you provided they get back within 48 hours. Yeah right...I gave em' 7 days and nadda!
Next step I guess for me I think is to ring them on 13 17 19 and see what they have to say...can't wait for that clear.png.
Who knows maybe we'll get others on board! First things first though...I wan't to know what they purport to be charging for given I've never asked or received any communiction from them everother than confirmations re setting up account definitely no "advisor/broker fees". Far as I was aware (and your not given an option by CMC) our Bankwest accounts were just a holding account for $ we want to trade with offering half reasonable interest rates (think 1.7%p.a. calculated daily). CMC are the Broker's/advisors which we religiously pay our brockerage fees for every transaction
not Bankwest (which is a subsidiary of I think one of the big 4) and in fact I don't think I have access to my Bankwest account other than through CMC which leads me to ask a further question are these accounts actually protected under the APRA capital guarantee rules for 250K protected institutions?
Keep in touch on this one M... it's got me irritated.
I've contacted CMC Markets with regards to the 1% monthly Broker Service Fee a while back.
The 1% is charged by CMC to your Bankwest account and CMC leave you the remaining 0%-0.95% in interest paid to you by Bankwest. I have contacted CMC and also put in an ASIC complaint regarding the "fee for no service" with no success as yet.
https://www.cmcmarkets.com/en-au/stockbroking/brokerage-rates
CMC Markets Stockbroking will charge an Broker Service Fee (BSF) of 1% per annum however there are no fees charged by BankWest for this account. Interest rates shown are net of the 1% p.a. BSF.
https://assets.cmcmarkets.com/pdfs/cmcsb_markets_cash_account.pdf
From Bankwest:
"Adviser/Broker Service Fee
If you have agreed to pay your Broker a fee from your account for the services they provide to you, we will pay that fee to yourBroker on your behalf. Note that, in some circumstances, we may choose not to pay amounts to your Broker (such as where wehave reason to believe that your Broker's payment details are not correct, or we have chosen not to deal with your Broker). Wewill notify you if we do not pay an amount on your behalf to your Broker.Fees paid to your Broker on your behalf are fees agreed between you and your Broker (they are not Bank fees). Contact yourBroker if you would like to discuss these fees."
Actual full interest paid on your Bankwest cash account (and reported to the ATO for you to pay tax on) is:
$0.00-$9,999 1.00%
$10,000-$19,999 1.75%
$20,000-$49,999 1.75%
$50,000-$199,999 1.85%
$200,000-$499,999 1.95%
$500,000 And over 2.00%
So if anyone else can get out of this unfair fee with CMC Markets, please let me know your secret.
(20min delay)
