it happen to me :

my dad wanted to transfer some of his public bank share from AM BANK securities which he bought earlier,
not knowing the rule and term for nominee.
branch securites manager told him, it is imposible. so my daddy told me about the issue.
been a young and eager investor sure u be more aggresive in term of such issue.
so i called up my maybank securities; they claim due to my account are nominee as well, so the transfer cant be done.
so i asked her again what if my dad want to transfer his share from am securities to my maybank securities?
she said i need to open an individual account which deal with KL maybank investment bank(new account which not dealing with your local securities)and my dad need to open one individual account at am securities to allow such securities transfer to take place.


then i call back the Am securities today around 2pm, intended to ask them to get the application ready for my dad to sign.
he as a branch manage said " i dont know what u talking and there is no such individual account" it is his tone pretty rude, obviously he is not happy due to some personal reason. (new account mean u taking commision away from him to someone in headquater of am securities).
and he hang off the phone while in the middle of conversation.

anyway i have filled complain to KL AM BANK.
I HOPE some action will be taken.knowing am bank is not so efficient in their complains.
so i am writting to warm all new investor be careful when open account with ambank securities.

i believe all securities have their problem,
i believe osk in malaysia wasnt too bad, but commission are 0.7%is abig draw back
i will choose cimb itrade, at present 0% commission.
next is maybank securities cash account 0.1% commission.


this message is to share with everyone that with same interest.
make more money thru securities,
instead of making them rich.

many regards
normante

Hi there are two type of account nominee and direct account, off course you can not transfer share from one securities company to another because your CDS account which register to Bursa is different, why dont you sale all ur share under PBB and take the money then transfer all the fund to the new trading platform. Each investment house using different brokerage charges so why don't you apply HLebroking nice trading platform, easy to use, no hidden cost or charges and low brokerage fee, CIMBitrade 0 brokerage is for some period only not forever.

Thank you for sharing your experience.

For nominee and direct individual account, it has been widely discussed in the http://forum.lowyat.net/topic/609001/+560 (you need to search through the eariler pages) or http://forum.lowyat.net/topic/609001/+160

Even out fellow forumers/remisiers lklatmy has explained the details and differences between them.

Quoted from lklatmy

You paid peanut, you get monkey.

Ordinary investment houses with direct individual account with higher rate got its reason, while it is those nominee account which offering cheap min rate.

Please proceed the discussion in the thread as mentioned, thank you.

Btw, for nominee account, share is not directly owned by your so ownership and transferring is a bit problematic.

This post has been edited by cherroy: Feb 19 2009, 08:29 PM