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CFC Financial - ridiculous
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VituVingiSana
#1 Posted : Monday, October 05, 2009 3:14:00 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,107
Location: Nairobi
CFC Financial Services is getting ridiculous. The service gets worse after the Stanbic takeover. I need to find a new broker.

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Jay R
#2 Posted : Monday, October 05, 2009 3:19:00 PM
Rank: Member


Joined: 1/5/2009
Posts: 117
Location: Taehan Minkook.
I thought everyone was trooping back after the circus at D&B and the ilk. They've always been my preferred choice. Shed some more light if you don't mind.

When i see my purple,you see it not.
when i see my purple, you see it not!
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Kaigangio
#3 Posted : Monday, October 05, 2009 4:25:00 PM
Rank: Elder


Joined: 2/27/2007
Posts: 2,768
@ vitu,

could you please shed more light...you could be knowing something that we don't...


NEVER TALK OF A RHINO IF THERE IS NO TREE NEAREBY - ZULU PROVERB
...besides, the presence of a safe alone does not signify that there is money inside...
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jerry
#4 Posted : Monday, October 05, 2009 7:20:00 PM
Rank: Elder


Joined: 9/29/2006
Posts: 2,570
What circus was this at D&B? What maintenance is this going on at D&B for this long?

Crocodile tears: If you can't assist me when I'm alive en you attend my funeral.
The opposite of courage is not cowardice, it's conformity.
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paullion
#5 Posted : Monday, October 05, 2009 8:56:00 PM
Rank: Member


Joined: 10/6/2009
Posts: 2
Took me more then 11 days to get a check for idle money siting in my own account. But it looks like if you want to change your broker,it is tough. Unless you sell all your shares,cash the money [which they will take an eternity to give you] and then move somewhere else.

Any of you guys who succesfully moves from CFC to any other broker,let us know how you did did miracle.
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VituVingiSana
#6 Posted : Monday, October 05, 2009 9:34:00 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,107
Location: Nairobi
To place an order. I wait in line... wear out my trouser seat... then place the order... I sell shares then have to give a copy of my ID each time I want a cheque... so I wait in line again... give them my ID... they call me... I get my cheque... I go to CFC Stanbic Bank downstairs... The CFC Stanbic Financial Services cheque cannot be cashed at the bank (even though I have an account at CFC Stanbic Bank) but I am told to wait two business days... I return to CFCSFS... who wants 300/- to open the cheque for me... WTF???

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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eriko
#7 Posted : Tuesday, October 06, 2009 4:32:00 AM
Rank: Member


Joined: 6/26/2008
Posts: 21
Hi,Visit any Member Branch and you will not regret it.

Transactions done same day,if placed 1 hrs before close of business.

Sale proceeds credited same day to your account,and you can access them before the 4days if you want but subject to terms and conditions.

You dont have to wait for four days,then a further four to clear your cheque.
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sheep
#8 Posted : Tuesday, October 06, 2009 6:02:00 AM
Rank: Veteran


Joined: 7/24/2008
Posts: 781
Equity were great when they started,orders used to be executed in flash,but nowadays they suck.I guess there is nothing like a good broker.
The utimate goal of investing is to buy low sell high;if we re-write this core equation in psychology terms it becomes buy fear sell greed.
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Kaigangio
#9 Posted : Tuesday, October 06, 2009 6:19:00 AM
Rank: Elder


Joined: 2/27/2007
Posts: 2,768
aaaiiiii....Erico's and vitu's versions of services redition at CFC F are now contradicting...who is accurate here?

NEVER TALK OF A RHINO IF THERE IS NO TREE NEAREBY - ZULU PROVERB
...besides, the presence of a safe alone does not signify that there is money inside...
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VituVingiSana
#10 Posted : Tuesday, October 06, 2009 6:23:00 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,107
Location: Nairobi
Well,those who think I am wrong... go see for yourself... I am NOT comparing CFCFS to other brokers... but to the old CFCFS...

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Nairoberry
#11 Posted : Tuesday, October 06, 2009 6:26:00 AM
Rank: Member


Joined: 9/24/2009
Posts: 20
Seriously,CFC have been sucking since 2003. They used to sell your shares at the worst prices,buy at the worst prices and if you give a specified price,take forever.

DB were good but nowadays you have to follow up cheques til the last minute,this year i've had a pd cheque issued to me erroneously after waiting for three weeks,this took another 4 days to rectify,i've had to re-request for an EFT three times,at once at their request i even had to give my cell-phone to a staff member to call when a cheque which the CEO was following up on as a personal favor came. Guess what? It came out and she never called,i called to follow up and i was told,'she is the only one who can sort you,but she's out for lunch' she came at 3.30 and did not even apologise...

EB have laxed,the initial psyche is no longer there. No broker is good,i've had issues with 7 and by the way,there is nowhere to run...


Nairoberry-'The darker the berry the sweeter the juice'
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Mainat
#12 Posted : Tuesday, October 06, 2009 6:41:00 AM
Rank: Veteran


Joined: 11/21/2006
Posts: 1,590
Try AA. They seem to transact much better.

www.mjengakenya.blogspot.com
Sehemu ndio nyumba
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mojo
#13 Posted : Tuesday, October 06, 2009 7:02:00 AM
Rank: Member


Joined: 9/2/2009
Posts: 8
@vvs,my 2 cents,have you tried going online? ask them about it. + i ask for an open cheque at the time of cheque requisition as they call i. thats how i get to cash my cheques problem free. the ID thing...guess its for the clients security thanx to the fraud in this country. afterall its a bank. im quite happy with them,but u shudve seen me when they required some thing they call kyc requirements....the drama!!!! i bet you 1k you will totally flip

@nairoberry if your orders price is off the market range then it will take forever. mine used to until some pleasant customer service rep adviced me onthe market dynamics.
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VituVingiSana
#14 Posted : Tuesday, October 06, 2009 7:15:00 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,107
Location: Nairobi
It seems that CFCS Financial Services & CFC Stanbic Bank are completely different. 2 days to clear the chqs. Crazy.

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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mozenrat
#15 Posted : Tuesday, October 06, 2009 7:43:00 AM
Rank: Veteran


Joined: 5/18/2008
Posts: 796
I agree mainat..

AA are doing a pretty good job...

I place my orders via email.... and they are executed chap chap...

EFT takes 3 days... Pathetic lakini at least its been consistent...
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mukiha
#16 Posted : Tuesday, October 06, 2009 8:10:00 AM
Rank: Elder


Joined: 6/27/2008
Posts: 4,114
@VituVingiSana;

The problem of cheques taking 2 days to clear might be with the BANK and not the BROKER.

Find out how long it take the BANK to clear an in-house cheqe,not necessarily from the broker.

T my bank,I&M,it is done instantly; you deposit the cheque and walk to the atm to withdraw the cash...they give it a same-day value date.

Does CFCStabic Bank do that for OTHER in-house cheques?

Behind the gardens...Behind the wall...Under the tree (Including: Red...Dark Blue...Yellow)
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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chemos
#17 Posted : Tuesday, October 06, 2009 8:40:00 AM
Rank: Elder


Joined: 11/28/2006
Posts: 1,799
Those idiots messd up when they moved shop from the old HQ at chiromo,where things used to move chep chep... i made a sale order last week and had to follow up daily with a call and a thousand emails hadi some chic called me when the order went thru. then they tell me i go que to request a cheque.. that was fri and then chic tells me to come for cheque on thur at 3pm and not earlier than that... plus a 200 bob fee for opening the cheque since i was seeing the way it would take 2 weeks before i get the cash... a whole 1 week to issue a cheque???? na sio eti ni ya millioni moja....
The funny thing is that immediately i check my online account the cash has been removed from my account.. question is where is that cash lying for a whole week before they issue the cheque... i got pissed and just hope thur 3pm my open cheque will be ready otherwise il be on NTV news 7pm....ngaiwira ya mabroker..
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The General
#18 Posted : Tuesday, October 06, 2009 8:52:00 AM
Rank: Member


Joined: 6/3/2006
Posts: 553
@ Chemos,LMAO,

Shida kubwa hii..

The thicker the thigh the sweeter the pie.
The thicker the thigh the sweeter the pie.
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across
#19 Posted : Tuesday, October 06, 2009 8:53:00 AM
Rank: Member


Joined: 5/7/2008
Posts: 54
@ chemos

ngawira ya broker?LOL...you have made my day.
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mukiha
#20 Posted : Tuesday, October 06, 2009 9:07:00 AM
Rank: Elder


Joined: 6/27/2008
Posts: 4,114
This must be frustrating.....

I think the way to deal with rogue brokers is to keep a paper trail....

As soon as your sale order is executed,ask for a print out of your statement....

Then write a letter asking for payment of your dues....make a copy and have them stamp it 'RECEIVED'

Wail 4 business days and go for your cheque....

If it is not ready,don't complain verbally. Write another letter saying that your payment has been delayed beyond the statutory deadline and demand your payment within 24 hours,'or else,you will take up the matter with the regulators'

...again,make a copy and have them stamp it 'RECEIVED'...

Go back the following day....80% chance,your cheque will be there waiting for you....take and bank it and wait another four days to clear....

If you are in the 20% chance of not getting it...again don't complain verbally; write another letter,this time to CMA and NSE giving details of how the broker delayed your payments...attache copies of your letters to the broker.....

Then sit,wait seven calendar days...you will see some serious action......

Behind the gardens...Behind the wall...Under the tree (Including: Red...Dark Blue...Yellow)
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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