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“A total rip off.”

Written on: 19/03/2012 by MWID (1 review written)

Only a real novice would buy shares on the lloyds tsb share dealing service. I was such a novice, and it's been an expensive education! Start with the 15 quid transaction charge - that's 15 quid every time you buy or sell shares. Say you are selling 500 quid of shares, that means you can knock 30 quid off your profits for starters. For 500 quid, a 10% increase in value would be regarded as phenomenal performance in the market - but Lloyds are already nicking 6% of your investment. Nice. So you're sick of trading with Lloyds - now you have to pay to get out! I'm trying to get to the bottom of these charges - they firstly debited 17.50 from my current account (without my authorisation) in order to send me a letter saying I had overdue charges of £170 on my account. There were no 'overdue' charges, naturally. That's what they charge me for handing my portfolio over to a cheaper broker. Oh, and they aren't going to ask me for it: they are just going to 'collect it from my bank account'. In any other business, if somebody 'collects' fees from you without warning or agreement, it's called 'theft'. Lloyds call it 'banking', and they are very good at it indeed.

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