Problems with TD Waterhouse ISA

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Problems with TD Waterhouse ISA

Postby Does Commute Abit » Fri Sep 13, 2013 3:19 pm » Firefox 23.0 Firefox 23.0  Windows Seven 64 bits Windows Seven 64 bits  Screen Resolution: 1252 x 704 1252 x 704

I've been issued with an outrageous bill of £96 to close my stocks and shares ISA with TD Waterhouse. This seems excessive, especially as I was intending on remaining a long term customer with a one year break in 2014 due to a recent house purchase.

I am rather busy at the moment, but will check the terms and conditions on my initial contract when I get home. Has anyone else been stung by this outrageous exit fee?
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Re: Problems with TD Waterhouse ISA

Postby Pixel8r » Fri Sep 13, 2013 3:56 pm » Safari 6.0.5 Safari 6.0.5  Mac OS X Mac OS X  Screen Resolution: 1680 x 1050 1680 x 1050

Does Commute Abit » Fri Sep 13, 2013 4:19 pm wrote:I've been issued with an outrageous bill of £96 to close my stocks and shares ISA with TD Waterhouse. This seems excessive, especially as I was intending on remaining a long term customer with a one year break in 2014 due to a recent house purchase.

I am rather busy at the moment, but will check the terms and conditions on my initial contract when I get home. Has anyone else been stung by this outrageous exit fee?

Sounds like normal dealing charges to me, how many stocks did you own?
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Re: Problems with TD Waterhouse ISA

Postby Does Commute Abit » Fri Sep 13, 2013 4:48 pm » Firefox 23.0 Firefox 23.0  Windows Seven 64 bits Windows Seven 64 bits  Screen Resolution: 1252 x 704 1252 x 704

OK, I will check my original paperwork (when I find it - still moving house) to see if this was sneaked in after I signed up.

Anyone thinking of using TD Waterhouse need to watch out for exit fees in deciding if they are the best ISA account for PM shares.
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Re: Problems with TD Waterhouse ISA

Postby Pixel8r » Fri Sep 13, 2013 5:08 pm » Safari 6.0.5 Safari 6.0.5  Mac OS X Mac OS X  Screen Resolution: 1680 x 1050 1680 x 1050

Does Commute Abit » Fri Sep 13, 2013 5:48 pm wrote:OK, I will check my original paperwork (when I find it - still moving house) to see if this was sneaked in after I signed up.

Anyone thinking of using TD Waterhouse need to watch out for exit fees in deciding if they are the best ISA account for PM shares.

Are you talking about ISA exit fees or just the trading fees involved in selling stock to close your account? I wasn't aware of any exit fees but am aware or the £12.50 charge for each trade on a stock, buy or sell.
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Re: Problems with TD Waterhouse ISA

Postby Does Commute Abit » Fri Sep 13, 2013 5:13 pm » Firefox 23.0 Firefox 23.0  Windows Seven 64 bits Windows Seven 64 bits  Screen Resolution: 1252 x 704 1252 x 704

Hi Pix

£96 to close down the ISA with TDW!!!! This seems excessive!
I wanted to close it to avoid the £35 fee next year as I dont have any shares or cash in there at the moment (certainly, not to near the £5100 limit for a fee-free account)

I'm still totally shocked at the fee just to close an account!!!
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Re: Problems with TD Waterhouse ISA

Postby Pixel8r » Fri Sep 13, 2013 5:35 pm » Safari 6.0.5 Safari 6.0.5  Mac OS X Mac OS X  Screen Resolution: 1680 x 1050 1680 x 1050

Does Commute Abit » Fri Sep 13, 2013 6:13 pm wrote:Hi Pix

£96 to close down the ISA with TDW!!!! This seems excessive!
I wanted to close it to avoid the £35 fee next year as I dont have any shares or cash in there at the moment (certainly, not to near the £5100 limit for a fee-free account)

I'm still totally shocked at the fee just to close an account!!!

I am shocked about that as well, I have never closed an ISA down so was unaware of any charges. I have always just swapped my ISA from one provider to another, for which there isn't a fee.

Just looking at their FAQ it mentions;

Q. What about closing my account?

A. We do not charge a closure fee for Nominee accounts, however there is a charge of £35 per line of stock to withdraw or transfer your shares.
There is a charge of £50+VAT to close an ISA, plus the administration fee for the current year. However you do not have to pay any additional fees to withdraw stock.
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Re: Problems with TD Waterhouse ISA

Postby Does Commute Abit » Fri Sep 13, 2013 5:41 pm » Firefox 23.0 Firefox 23.0  Windows Seven 64 bits Windows Seven 64 bits  Screen Resolution: 1252 x 704 1252 x 704

Yes, looks like I've been caught by the smallprint.
I will check my original ISA paperwork this weekend.

I will find the original thread about ISAs and TD waterhouse and link it to this thread as a warning to others about using TDW.
Have a good weekend, Pix!
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