FXCM charges me €800 in fees when I invested only €1,000!

G

groupthought

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A few years back I invested €1,000 in shares with FXCM. Now all of a sudden I have received a bill from them for €800

"Our records show that your account(s) is showing a debit balance. The charges that your account(s) has incurred are as set out in the applicable rate cards, or have been notified to you from time to time. Review the current rate card for the list of charges."

I can safely say I was not notified from time to time as no way would I have let such charges build up.

"Failure to clear the debit balance by the Deadline may result in the liquidation of holdings in your account(s) with FXCM or Associated Companies to cover this debt (in accordance with Clause 24 of the [broken link removed]). We also reserve the right to terminate your account(s) following this course of action."

If they do terminate my account will they come looking for the €800?

Help appreciated, thank you
 
FXCM introduced an inactivity quarterly fee c.3 years ago, doubt it'll have grown to €800 by now though. If they hold your €1000 investment then they may offset this against the outstanding debt so may not have to chase you.
 
TomOC said:
Unfortunately the figures are probably correct. They have been charging 25 pounds or maybe 25 Euro for the past two and a half year plus which has likely amounted to 800 Euro now.

http://www.askaboutmoney.com/threads/sharewatch-change-to-odl-securities.141602/page-5
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Yes but they have never sent any statements. I have been hit with a £600+ charge out of the blue and this is the first statement of account I have received from them in 3 years plus. I will be ringing them to tell them this is not on and is underhand; maybe I will offer to pay 30% of it or something. If I get no good out of them I will be going to a financial regulator or similar
 
Guys

This is an example of a really important point getting lost because someone just tagged it onto another thread. And this thread had a vague title "FXCM problem" as well before I edited it.

Brendan
 
footsie fred said:
Yes but they have never sent any statements. I have been hit with a £600+ charge out of the blue and this is the first statement of account I have received from them in 3 years plus. I will be ringing them to tell them this is not on and is underhand; maybe I will offer to pay 30% of it or something. If I get no good out of them I will be going to a financial regulator or similar
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Are the obliged to send you out statements, most banks for example don't do that any more, instead you have the facility to go and log in and check for yourself? Do you have that facility with this company?
 
thedaddyman said:
Are the obliged to send you out statements, most banks for example don't do that any more, instead you have the facility to go and log in and check for yourself? Do you have that facility with this company?
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The same thing has happened to me - I did get updates via email ( not statements as such) in relation to changing processes but never really took in content and often didn't actually read I had no comprehension that this could happen - it is an inactivity charge of £25 pm which meant last month my account was in debit by £60 and they are about to liquidate my shares. I don't know where to start to get this money back about 800 stg. I don't know who regulates.
 
I emailed them, asking them to liquidate my account. They have replied saying I have to speak to them on phone to close account. What should I say?
 
ANNIEONION said:
The same thing has happened to me - I did get updates via email ( not statements as such) in relation to changing processes but never really took in content and often didn't actually read I had no comprehension that this could happen - it is an inactivity charge of £25 pm which meant last month my account was in debit by £60 and they are about to liquidate my shares. I don't know where to start to get this money back about 800 stg. I don't know who regulates.
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It is unbelievable that we were not informed of this inactivity charge. In fact I've never heard such nonsense. Some of us lead very busy lives and it can be a year before I would even get to check such. I will NEVER touch FXCM again, or any other shares for that matter.
 
footsie fred said:
Yes but they have never sent any statements. I have been hit with a £600+ charge out of the blue and this is the first statement of account I have received from them in 3 years plus. I will be ringing them to tell them this is not on and is underhand; maybe I will offer to pay 30% of it or something. If I get no good out of them I will be going to a financial regulator or similar
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Did you ring them? How did you get on?
 
rob oyle said:
FXCM introduced an inactivity quarterly fee c.3 years ago, doubt it'll have grown to €800 by now though. If they hold your €1000 investment then they may offset this against the outstanding debt so may not have to chase you.
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Thank you for that. Imagine a 'small' investment of €1000 becoming a debt of tens of thousands over time. That could finish off a smalltimer. Unreal!
 
Just spoke to a man from FXCM who refused to give me his name! Very rude. I have sent an email at his request to close my account and I don't owe any money. So that's €1000 wasted in last few years.

When I told him I had read on a forum about others in the same position he said in a very posh sarcastic voice 'a forum!'. An absolute pig!
 
Typing "FXCM sucks" into Google yields some interesting results - hopefully this thread is now added to them.
 
Challenge them on fees by letter and phone. I have heard of the fees being halved for one person..... still 400 Euro but a big improvement. The investment was for a couple of thousand and they had made only one purchase since opening the account.
 
Is this a "custody fee" for 'minding' your 1000EUR shares? This is ridiculous. Is there an ombudsman somewhere that you can appeal to?
 
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