Sharewatch problems/confusion

I have had 2 problems with SW one of which has yet to be resolved:

29 April Transfer €900 to SW

On the 14th of May I set a limit for AIB such that the total of my account was transfered to the stocks, the trade went ahead and was my first ever trade with them (No notification recieved).So I now have roughly 1000 AIB shares and €0 in the ac.

25th May I transfered 1000 across to the a/c
1000 AIB shares and €1000 in the a/c

Now the fun begins:

4-Jun
I rang up SW to place a trade by phone because online trading was suspended due to the volatility of the market ( So i was told, I believe this unless told otherwise) while on the phone I asked to transfer all the money in my account to BOI (No security what so ever) .Broker: "You want to purchase €1900 worth of shares"......Pause "No I should have 1000 in AIB and 1000 in the account" Response "I'm sorry I have no record of any trades".......
One Hour later I get a call saying that yes I was correct and that there was a system glich. SYSTEM GLICH WITH MY MONEY!!!!!
Needless to say the trade went ahead so roughly the current stadings:

4-Jun
1000 AIB
500 BOI
€0 in the account

All good....Not So

Later that day 4-Jun I checked the online portolio valuation my status it tells me is

2000 AIB
500 BOI
€-1000 in the ac.

So now I have an extra 1000 AIB and minus 1000 in the account!!!!!!
1:How the hell did this happen?
2:How is it possible for me to overdrawn I don't have a marginal account?
3:Whats really interesting is that I'm told that the Deal date of this extra trade is on the 14-May The same date as my original trade however it was never displayed on profolio table till the other day

I have not yet rang SW but will do today.I suspect another system glich.
If that is the case I'm astounded that such an incompetent team has been employed in SW to manage the database.

I am new to trading so I will remain open to the possibility that the latter issue is my own falut and if so I will amend this post to reflect truthfully what has occurred.

But the question still remains how could I overdraw on the account, why was I not in knowledge of the the second AIB trade until 3 weeks later, why did I not recieved notification by email of the online limit trade.

Thanks,
Ger.
 
djustoe said:
id like to hear from the rep from Sharewatch, a reason why so many securities are never available for online trading?
Click to expand...

Incase you didnt read my above rant, I was told by a SW phone broker that if the markets are too volatile online trading is ceased.A rough unofficial estimate of 3% shift in either direction was given as a figure, the reason I was told, was that restrictions were placed on them from a third party and not so their own doing.A pain as I prefer to trade with AIB,BOI whos volatilty has been close to 15% each day recently.
 
I was going on holidays and checked online to see had a telephone sell trade from the previous day gone through. It wasn't showing so I assumed for some reason that it had been missed. I tried the same trade online and when it worked I was certain that the telephone trade of the previous day had not put through. Sharewatch now want me to buy back the shares but as they have risen substancially in price I wish to wait in the hope they drop back to near the sell price. Any advice?
 
I would refuse. If the telephone trade had been or was in line to be traded, the same shares should not have been available to sell online..their fault, not yours...then again they may have covered themselves in the small print...I have an account with these guys but am currently looking for an alternative..

best of luck
 
I assume if your broker attempts to sell something that you don't own they can recoup the original sum of these non-existent shares from your account as that money is not yours but the difference of the share price whether that be a loss or gain is theirs.As for covering themselves in the fine print it still has to be legal so possibly try and get hold of someone who would be well versed in the law regarding the issue and ask them.

So in your case I would take what money is mine and go, let them deal with costs of their mistakes.
 
The conclusion of my previous essay was yes there was another software glich!!!!!
 
gleesonger said:
I have had 2 problems with SW one of which has yet to be resolved:


I have not yet rang SW but will do today.I suspect another system glich.
If that is the case I'm astounded that such an incompetent team has been employed in SW to manage the database.


Thanks,
Ger.
Click to expand...


Hi all,
I have been a cleint of sharewatch/directsharedeal since 2003. And am I, to put it mildly, FRUSTRATED......YES.... In my opinion, if anything, the service and professionalism has got considerably worse over that period.
I have heard all the promises and excuses from the top people down as to the improvements they are making...unfortunately none of them appear to have been actioned in my 6 years experience with them or if they have, they have only served to make matters worse withstanding a couple of hopeful positvie moments in thet period.
Currently, I cannot see any online transactions or balances etc when I view my account online. They forwarded me a printout of my transactions which did not include any balances prior to or subsequent to the transaction so I cannot know where I stand.
Dates listed for transactions are different to pritnoffs I had made mysellf from their online system when it was available.
Items listed in them like dividends etc. are not included in the excel spreadshhet they sent me in the past few days.
I have asked them sevral times over the years to forward me the dividend stubs as they come as I need them for making my tax return. Again they dont do that until I contact them in a panic to finalise my tax returns.
I am currently in contact with them to get my account sorted and explained so hopefully that will be positive....fingers crossed that there wont be another system glitch!!
Regards.
 
I've had accounts with SW, Davy and NIB for 5 years, Made good profits up to 06, sold the lot then, a bit too early, Got back in again late 08, again a bit early, Hard to time the market, On the up again but afraid of another dip.
With SW and Davy you can offer to buy/sell and get a quote in 10 seconds, with NIB you have to offer to buy/sell with a limit and wait and see, or buy/sell with no limit
SW were great up to last year, no more, wont return calls/emails, odd cash error, They have Lowest commission but I notice a few cents more per share when you buy and few cents less when you sell, not a lot but still. Info on their new site very limited.
The other two very good apart from cost, You Can trade online with NIB on most of the exchanges, with Davy only ISEQ, FTSE and maybe US but you have to use phone on rest of exchanges. Costly.
Anyone know how much SW charge to transfer cash & share holdings to another broker.
I saw somewhere it was 20GBP per each holding, but they could up the cost as they wish.
 
I've had accounts with SW, Davy and NIB for 5 years, Made good profits up to 06, sold the lot then, a bit too early, Got back in again late 08, again a bit early, Hard to time the market, On the up again but afraid of another dip.
With SW and Davy you can offer to buy/sell and get a quote in 10 seconds, with NIB you have to offer to buy/sell with a limit and wait and see, or buy/sell with no limit
SW were great up to last year, no more, wont return calls/emails, odd cash error, They have Lowest commission but I notice a few cents more per share when you buy and few cents less when you sell, not a lot but still. Info on their new site very limited.
The other two very good apart from cost, You Can trade online with NIB on most of the exchanges, with Davy only ISEQ, FTSE and maybe US but you have to use phone on rest of exchanges. Costly.
Anyone know how much SW charge to transfer cash & share holdings to another broker.
I saw somewhere it was 20GBP per each holding, but they could up the cost as they wish.
 
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I read on the sharewatch website that they are a private company, where does that leave the safety of money left in the cash account? (ie money waiting to be invested in shares)
Obviously each customer takes the risk that they will stay trading but does the regulator ensure the money is kept safe?
 
Hi Paul,

Please tell me the contact for your compliance officer. I am now reaching the point where I am considering legal action against Sharewatch. You do not respond to my emails. My account is HEH 90001

Thank you

Hugh Hennessy
 
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