Feedback from Scalable. After yet another useless blabla reply, someone took pity on the issue after threatening to take legal action...
According to support, it concerns the April dividend, which has already been paid out in cash. Why Baader Bank only realized 5 months later that no cash dividend had been paid out for this dividend, but only a stock dividend, is a matter for investors to decide for themselves.
Ultimately, the entire entry can be explained as follows: the stock entry corresponds to the dividend entitlement from April. Which has already been paid out in cash. As a result, the cash payment was "reversed".
None of this would have been a problem if it had been communicated in advance. Simply explain the facts to the customer and inform them of the planned booking date, together with a reference to the reversal of the cash dividend, so that everyone can ensure sufficient credit on their account in good time.
Instead, the booking was simply made without warning or information, which certainly amounted to hundreds, if not thousands of euros for some customers. This understandably led to considerable annoyance on the part of some customers and a heavy rush on the support team. To make matters worse, the support team didn't know any more than the customers themselves, at least initially.
I am already putting out feelers for an alternative without Baader Bank. Unfortunately, every other broker without Baader Bank is currently a considerable step backwards in terms of tradable shares and ETFs as well as savings plans and / or fees, which are often considerably higher.
I have had a custody account with Trade Republic for 3 months "on a trial basis". So far, I have not noticed any of the many negative reports about this broker. Everything works smoothly and the dividends are credited very promptly. Could be a permanent alternative. However, I didn't want to have everything with one broker/bank, which is why I chose TR in the first place and why the search for an alternative continues.
But with regard to the restrictions mentioned above, I don't know what the alternative should be
According to support, it concerns the April dividend, which has already been paid out in cash. Why Baader Bank only realized 5 months later that no cash dividend had been paid out for this dividend, but only a stock dividend, is a matter for investors to decide for themselves.
Ultimately, the entire entry can be explained as follows: the stock entry corresponds to the dividend entitlement from April. Which has already been paid out in cash. As a result, the cash payment was "reversed".
None of this would have been a problem if it had been communicated in advance. Simply explain the facts to the customer and inform them of the planned booking date, together with a reference to the reversal of the cash dividend, so that everyone can ensure sufficient credit on their account in good time.
Instead, the booking was simply made without warning or information, which certainly amounted to hundreds, if not thousands of euros for some customers. This understandably led to considerable annoyance on the part of some customers and a heavy rush on the support team. To make matters worse, the support team didn't know any more than the customers themselves, at least initially.
I am already putting out feelers for an alternative without Baader Bank. Unfortunately, every other broker without Baader Bank is currently a considerable step backwards in terms of tradable shares and ETFs as well as savings plans and / or fees, which are often considerably higher.
I have had a custody account with Trade Republic for 3 months "on a trial basis". So far, I have not noticed any of the many negative reports about this broker. Everything works smoothly and the dividends are credited very promptly. Could be a permanent alternative. However, I didn't want to have everything with one broker/bank, which is why I chose TR in the first place and why the search for an alternative continues.
But with regard to the restrictions mentioned above, I don't know what the alternative should be
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@Reminder Very well formulated! 100 percent agreement with the lousy #scalablecapital support.
But instead of looking for the next cheap shop, I decided to transfer everything to my main account at ING. Sure, it's more expensive, but the support there is really great. There are also free tax vouchers for special topics such as CH shares, which makes things a lot easier.
The important ETFs are also available there, and the ETF savings plans are generally free of charge. Buying shares or savings plans cost money. I will simply change my behavior a little. Instead of ten savings plans of 25 euros each, I'll simply collect them and buy shares in batches of over 1000 euros. The fees are hardly an issue any more. I've been on the stock market long enough now that I'm familiar with the really high fees. The additional costs at #ing compared to SC are simply worth it to me.
For real specialties like options etc. I still have my small securities account with Interactive Brokers (via Estably).
But instead of looking for the next cheap shop, I decided to transfer everything to my main account at ING. Sure, it's more expensive, but the support there is really great. There are also free tax vouchers for special topics such as CH shares, which makes things a lot easier.
The important ETFs are also available there, and the ETF savings plans are generally free of charge. Buying shares or savings plans cost money. I will simply change my behavior a little. Instead of ten savings plans of 25 euros each, I'll simply collect them and buy shares in batches of over 1000 euros. The fees are hardly an issue any more. I've been on the stock market long enough now that I'm familiar with the really high fees. The additional costs at #ing compared to SC are simply worth it to me.
For real specialties like options etc. I still have my small securities account with Interactive Brokers (via Estably).
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@_xempex_ The funny thing is: due to the announced, considerable deterioration in conditions, I only terminated my current account with ING last week after 20 years, which had only been a secondary account since then. And in this context, I also canceled my custody account there, which was only used for a single ETF anyway due to the fees... 😎
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