Forum Topics Computershare
RogueTrader
Added 2 months ago

Computershare seem to have a nice little rort going - I bought shares in JYC a few weeks ago, and was expecting a dividend on Oct 4 for about $2000. However instead I rec'd a letter from Computershare saying that I needed to update my banking details as "they were either incorrect or the account has been closed." Hard to believe since it's been the same bank details for the last ten years, with the same C/share login etc. So I login to their account, update the details that they should have done automatically, FINALLY get my divvy a month late, and they charge me $25 for the privilege! (And all the unnecessary time of mine they've wasted.) Anybody else have this problem with them?

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lowway
Added 2 months ago

Can't say I have @RogueTrader but I ticked the boxes years ago for all shares to have the default email , banking and contact details. I've had no dramas since doing that years ago, but I still check every time I purchase a new stock code, just in case.


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RogueTrader
Added 2 months ago

I don't think Computershare have default banking details these days - you can select all your current stocks and enter bank details, but I don't see anywhere to enter default details. Last time I spoke to their Bombay boiler room about it (an experience I prefer to avoid) I got a garbled response, at least partly in Hindustani, that they couldn't have a default bank account for some legal reason I couldn't translate. Anyway they've charged me $25 to "re-send" something they only sent once, so I doubt I'm the only one being milked like this. They would also be earning money on the interest during the time they're holding onto these funds, so a nice little earner if you're shameless enough.

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reddogaustin
Added 2 months ago

Computershare did this to me with an ETF I hold. I bought pre divvy, and before i updated the registry, it paid out and i didnt have bank details lodged.

I raised a complaint with the ETF holder (vanguard), stating you say you're low cost but look at this fee, that your registry, an extension and representative of your company is charging.

My email was forwarded from vanguard, to computershare, and some fella emailed me saying the dividend would be paid in full.

Slightly different circustances, but worth a try never the less. Complain to the company, the registry works for them!

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RogueTrader
Added 2 months ago

Thanks for that Reddogaustin. I'd be curious to know how many think to log on to their registry (if they even know who their registrar is!) and update their banking details so as to receive their dividends and other payments? Computershare, unlike other registrars (Link for example) doesn't seem to let you enter default banking details, and the reason appears pretty obvious - it's a profit centre for them to take unfair advantage of unsuspecting shareholders. If this is the case then complaints should probably be made to someone with greater authority to take action than one of their employing companies.

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