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slykat
#1 Posted : Tuesday, May 22, 2012 10:27:55 AM
Rank: Member


Joined: 2/20/2007
Posts: 359
Pls advise if this is a norm.

I recently exited a counter and upon asking for my cheque broker out of the blue says I must first update my account by providing ID copies, pp photo n fill update form; then ask for cheque. Cheeky!

Odd because all along I was never informed of the need eg when buying. I was even in their offices in March. No such thing.

Before I change broker, is this normal practice?
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FUNKY
#2 Posted : Tuesday, May 22, 2012 10:56:05 AM
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Joined: 4/30/2010
Posts: 1,635
File a complaint with CMA
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slykat
#3 Posted : Tuesday, May 22, 2012 11:01:06 AM
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Joined: 2/20/2007
Posts: 359
FUNKY wrote:
File a complaint with CMA


Thanks. I have first asked cdsc to confirm they put no such pre-condition.
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Kaka M
#4 Posted : Tuesday, May 22, 2012 11:06:19 AM
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Joined: 4/18/2011
Posts: 459
Since they ain't asking for unreasonable things I think you can provide the info and see if they keep shifting the goal posts.
Then you can take it up from there. It will be good though to know if this is standard practice or we may need to know the name of the Broker to be on the safe side.
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slykat
#5 Posted : Tuesday, May 22, 2012 11:17:58 AM
Rank: Member


Joined: 2/20/2007
Posts: 359
Kaka M wrote:
Since they ain't asking for unreasonable things I think you can provide the info and see if they keep shifting the goal posts.
Then you can take it up from there. It will be good though to know if this is standard practice or we may need to know the name of the Broker to be on the safe side.



Kaka, u miss the point. if it's true, I ought to have been informed when update was due, not when money is due.

Besides, I have updated before and copy of id n pp was not required. they have them on file as it were.
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QW25091985
#6 Posted : Tuesday, May 22, 2012 12:04:14 PM
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Joined: 1/24/2012
Posts: 1,675
Location: In Da Hood
There's nothing wrong here. I trade stocks on other markets online and from time to time am requested to resend my id scan and bank statement .
You are lucky to have such a broker whose extra cautious otherwise he can get frauded.
Its just a precaution and there's nothing to get exited about .
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slykat
#7 Posted : Tuesday, May 22, 2012 1:12:19 PM
Rank: Member


Joined: 2/20/2007
Posts: 359
QW25091985 wrote:
There's nothing wrong here. I trade stocks on other markets online and from time to time am requested to resend my id scan and bank statement .
You are lucky to have such a broker whose extra cautious otherwise he can get frauded.
Its just a precaution and there's nothing to get exited about .


Thanks. Hopefully this is the case.
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