XO (Jarvis) share dealing - new monthly fees

[The Gauge]

I have a share dealing account with XO as there are no monthly fees other than when trading. It is currently only holding shares in one company with a negligible £130 value. I no longer trade.

Recent emails from XO suggest they are soon to start charging a £4.95 monthly fee, which isn't economical for me, so I may have sell the shares and close my account, or is there anywhere else I can move the shares to without any fees?

[NowWatchThisDrive]

Plenty of platforms offering low/very no custody fees - check out https://monevator.com/compare-uk-cheapest-online-b...

I noticed the Jarvis delisting announcement the other day - caps off quite a tale of woe over the last few years for them.

[The Gauge]

Thanks. I'm just wanting if possible to hold the shares I have as I have lost money on them (or will if I sell). They probably cost me £700 in total, and are now worth about £100, so any monthly fees will eat away at that balance.

[xeny]

The Gauge said:

Thanks. I'm just wanting if possible to hold the shares I have as I have lost money on them (or will if I sell). They probably cost me £700 in total, and are now worth about £100, so any monthly fees will eat away at that balance.

iWeb has no account opening fee and no monthly fee. I think XO are allowing free transfers out, so they would be an option

Realistically though, are they likely to recover their value, or is it worth selling them and saving the hassle/headspace?

[Jon39]

The Gauge said:

Thanks. I'm just wanting if possible to hold the shares I have as I have lost money on them (or will if I sell). They probably cost me £700 in total, and are now worth about £100, so any monthly fees will eat away at that balance.

I wouldn't be thinking about fees, instead the important part is the business that you have invested in.
Your figures indicate that the company has lost 85% of its market value since you bought part of the business.
Of course that does not mean you can only lose another15%.

Why are you so attached to the firm?
Is the firm now making pre-tax profits and are there really any genuine prospects for future growth?
Although you are down 85%, you need a share price increase of 600% to get your money back. On average, unlikely.

One of many companies that have lost 85% is Aston Martin.
For years on the share forums, people have been expecting to make handsome profits on their AML shareholdings and cannot understand why they continue to lose more money. Fundamentals and 112 years of loss making history might be a clue.
They might have more luck with the 2:30 at Newmarket.

If any business makes losses year after year and also has debt of £1.5 billion, a time comes to cash in the chips and put any £600 lost down to experience.

[The Gauge]

I was only wanting to keep the shares as they now have such little value I get almost nothing back if I sell

However, I have just sold them to be rid of the whole affair, and I now want to close my XO account before it moves to the new provider - interactive investor.
I can't see anywhere on my account how to close it. Before I try phoning them, does anyone know how to close an XO account please?

[hornmeister]

When they were Jarvis about 5 years ago they took a simple email instruction to withdraw to the nominated bank account.

[twokcc]

Jarvis investor here.
How is transfer going for you. Got my password set up with ii took a phone call e-mail link didn't go to right page.
Always had good service from Jarvis few times that I had to contact them -sorry to see them go.
II charging system doesn't suite my trading(very little) so thinking of moving to Iweb but will do within six months free exit period

[twokcc]

Anyone know can the 15min delay in share price be changed to live prices?

[ferret50]

twokcc said:

Anyone know can the 15min delay in share price be changed to live prices?

No

Overall I am happy with my ii accounts, they can be a bit slow at crediting payments compared to T212, but always get there in the end.

And their messaging service connects you to a real person, unlike T212's AI bot.

[The Gauge]

I sold the few shares I had with Jarvis just before the migration. I phoned ii to ask them not to set up an account for me as I didn’t need one, but it had already been done, they advised me to set up my password etc and then re contact them to request closure. I went onto my account recently and found I can close it online, but a message popped up saying if I didn’t have any active shares then i could leave the account open without incurring any fees at all.

[ferret50]

The Gauge said:

I sold the few shares I had with Jarvis just before the migration. I phoned ii to ask them not to set up an account for me as I didn t need one, but it had already been done, they advised me to set up my password etc and then re contact them to request closure. I went onto my account recently and found I can close it online, but a message popped up saying if I didn t have any active shares then i could leave the account open without incurring any fees at all.

That leaves the door open if you wish to run a Shocks and Stares ISA in the future?

[twokcc]

ii site showing incorrect values this morning - they don't know when it will e fixed - hope not a ransomware hack

[Jon39]

twokcc said:

Anyone know can the 15min delay in share price be changed to live prices?

You could type the ticker in to Google.
eg. 'TSCO share'

Live price displayed = 422.3p
Websites that have 15 min delay = 423.5p

If you are/want to be a short-term trader, then obviously it makes a difference, but for long-term investors, live prices are of less importance.

[twokcc]

Anyone having problems with us dividends in stocks and share isa.
Just before transfer DS Smith were acquired bu IPC who paid a dividend into my Jarvis account after deduction of withholding atx at 15%. (Special rate for a S&S Isa)

Further dividends paid by II but deducted at 30% (normal rate).
II advising that they needed a new 8-WBEN form. Cant remember being advised of this at time of transfer.
Anyone else been advised of these who had a 8-Wben form in place with Jarvis or are you still getting dividends with 15% deduction by II

[twokcc]

Update.

Each provider does need a 8-Wben form

Decided to my my stocks and shares ISA to IWeb would seem stupid not to will save nearly £150 in charges. Account already opened and 8_WBEN form and transfer form already summitted

[The Gauge]

Received an email recently from ii




I sold the few shares that I had with Jarvis so I no longer own any shares whatsoever. I'm going to have to phone ii to ensure my account is deleted so I don't get charged their £14.99/month fee.




Though it does still say that accounts with a balance of £0 won't be charged any fees

Go to your profile, click 'Manage Profile' > 'Account Closure'...

Edited by The Gauge on Tuesday 27th January 09:43

[twokcc]

The Gauge said:

Received an email recently from ii




I sold the few shares that I had with Jarvis so I no longer own any shares whatsoever. I'm going to have to phone ii to ensure my account is deleted so I don't get charged their £14.99/month fee.




Though it does still say that accounts with a balance of £0 won't be charged any fees

Go to your profile, click 'Manage Profile' > 'Account Closure'...

Edited by The Gauge on Tuesday 27th January 09:43

Thanks for info.
Transferred my holding from II tp Iweb(now Scottish Widows) had a few problems and have left II account open and two dividends have been paid to II. Expecting another one tomorrow. Spoke to Iweb and they say are paid to company who was registered holder when dividend was declare. Will see which account it goes intp (no problems transferring dividends from II to Iwebo