Closing a share dealing account with Suspended shares on it.

[poo at Paul's]

Hi,
Any idea how to deal with a seemingly unsolveable situation on a share dealing account i have.
I have an online account that charges 8quid a trade or 24 per quarter if you dont trade.
I have two positons, one of which is suspended after it went bust.
The other is a blue chip stock, i dont have much, was about 200 quid at the start.

Because i've not been trading, i have been charged 24 quid a quarter for the last couple of years, as i cannot close the positions as one is suspended. I dont want to trade aynmore, dont have time nor inclinatiton.
Spoke to customer services who say they cannot help. I can close off the blue chip, but as i cannot close the suspended one off, i will carry on being charged 24 quid a quarter and will have to put cash in to cover that!

The account is set up as a share ISA account if that makes a difference.

Any idea how i can sort this out? CS seem unwilling or unable to help, i'll not name them, but this is a large sharetrading platform, CS seems to be based in South Africa now, but used to be UK.

I can see myself being charged 24 a quarter for the rest of my life at this rate!

[BoRED S2upid]

That sounds well dodgy but I bet it’s hidden away in their terms and conditions somewhere. I’d complain to anyone who will listen FCA? Try and escalate it as high as you can with the company first.

I have a share dealing account with a suspended share that could be there forever. Luckily it’s T212 so no charges.

[kiethton]

Cant you transfer stuff onto another platform e.g. your bank - somebody that doesn't' charge a monthly/annual fee but a higher dealing cost (that you'll never use) to offset it

[poo at Paul's]

kiethton said:

Cant you transfer stuff onto another platform e.g. your bank - somebody that doesn't' charge a monthly/annual fee but a higher dealing cost (that you'll never use) to offset it

That's what i am thinking, when the charges for unused came in, my mate who i trade dabbled with did exactly that, but i was stuck as the suspension had just happened.

It all just seems a but iffy. They keep taking all my security details, taking notes and never calling back. Then a few days later i am back on the phone to them, same again.

It's buttons to them, but i am just stuck!!

[NickCQ]

I am in this situation with Barclays Stockbrokers. I have about £50 of the locked-up Woodford fund in an old S&S ISA that they won't allow me to transfer or move, but they were still taking direct debits for minimum account fees. After a couple of calls & complaints they agreed to roll up the fees against the value of the remaining position and stop charging additional fees once the net value reaches zero. A bit like posting the keys back to the mortgage company, I suppose.

[poo at Paul's]

IN my case, they are selling my blue chip stocks to cover the 24 per quarter management charge, but each time they do, they are charging 8 quid fee also, so it's at a stage now that only have 25 quid left on that position, and the next charge will be £32!

It seems impossible, it have been 2 years now, and ive not managed to get any closer to a resolution!

[Mr Overheads]

poo at Paul's said:

IN my case, they are selling my blue chip stocks to cover the 24 per quarter management charge, but each time they do, they are charging 8 quid fee also, so it's at a stage now that only have 25 quid left on that position, and the next charge will be £32!

It seems impossible, it have been 2 years now, and ive not managed to get any closer to a resolution!

I woudl wait to see what happens at next quarter. I bet they then forcefully close your account if you don't top up the fee of £24 to keep it open. At the moment you are in a situation where the call centre monkeys don't know how to deal with it. As soon as account becomes negative it will pass to another department that will have process's to deal with it.

[NickCQ]

It may be worth cancelling any direct debits or card links to the account

[jollysoutherner]

Had a similar issue with selftrade a few years back. Fees for selling shares and closing account greater than balance, they offered option of selling with funds going to charity. For this they waived the fees.