carpenter:


I also have problems with Morgan Capital and I have gone ahead to close my account, at least that is what i asked then to do.

I do not think what they did was illegal in my own case but I personally find is unethical. Note the word personally....

My Case:
I opened the account in November and was told I would be charged a yearly fee of 2.5k naira, perfect...I intend to pay for services rendered. I transferred 252.5k to them. I did this so I would have 250k to play with. When the account was opened, my surname was spelt wrongly and I complained immediately. I was told to write a letter through them to CSCS which I did, scanned and sent to them. After several emails asking for an update, I was told they need the original letter that CSCS will not take a scanned copy...again I can understand. Early February this year I went to their office to drop the letter (I was out of the country and sending thorough a courier wasn't just an option for me). Fast forward to this month, nothing had happened...no confirmation that letter was received no updates on what was going on...but my money was still with them.

So on the 11th of this month I asked for an update and asked Morgan to transfer the 250k to my account, afterall I don try since November and I need the money to run some errands ASAP. On the 14th I sent a reminder and received a message that they would do it on the next working day. After a week of no action, I sent a third message then I received the shock.

"Dear Mr xxxx (Mispelt Surname),
We sincerely apologise for the delay in responding to your mail.
However the balance in your account is 247,500 and the instant transfer charge is N1,000.
Please re-advise.
Thank you."

I replied the email asking for clarification, called them and spoke for minutes to no avail. To cut the long story short, they charged me another fee in January this year and told me their clients pay 1k for instant transfer...so I wonder what is instant about the payment that was requested 2 weeks ago.

The apologised for incoviniences and all the bullshot you hear from busineses that think an apology solves all but will still take your money. I needed the money and just did not have the time and energy so I told them to do whatever they want and give me my balance then close the account.

They have sent me my money through GTBank which I believe will not charge then since my account is also GTBank but then I already knew I wasn't going to do business with then again after they told me about the charge on my account.

That is how I lost 2.38% of my money and all i gained was some silly apologies.

So I leave this with you to judge.

End is coming to this house, if they are silly to the extent that their customercare desk arent trained to give a good service while maintaining their ethics.The success of any business is treating customers like kings, that's why investmentone customercare is rated A, because investment one has a wonderful customer relation, the only negative side of investment one is charge,its too high!

lancee:




Meristem is working sir

please can you and all meristem clients break down how meristem buy and sell charges are pls. itrade has made me so irate this afternoon, errant nonsense!!!!!

boyz are not smiling at all.

immanuello:
please can you and all meristem clients break down how meristem buy and sell charges are pls. itrade has made me so irate this afternoon, errant nonsense!!!!!

Una too like money

Agbalowomeri:


Una too like money

What about you Agba boss?

Agbalowomeri:


Una too like money

Men have target to meet up this year.

Nigerians complain a lot but never follow it up with any action! What about banks that you visit when pressed for cash only to be told "our system is down" - Have you closed your account with them? What about the times when you needed to make a quick withdrawal from an ATM only to be greeted with "Issuer or switch inoperative" - did you throw away your card and start keeping your money at home?

While i agree that Morgan capital still has a long way to go in terms of Customer service but hey guys, cut them some slack! This same guys have brought JIJO masters and investors extra thousands/millions in saved cost due to lower charges and speedy execution on iTrade platform. Personally, if i get repeated poor services from any company, i never come back (same reason you would never find me at Tantalizers )

Finally, if Morgan Capital doesn't cut it for you, then kindly express your dissatisfaction by porting to Meritrade!

@immanuello,i agreed you have called their office,they dont pick call in time and when they pick their customer care is very poor.That want i meant by work habit and character they need to work on by the management

Processor01:
Nigerians complain a lot but never follow it up with any action! What about banks that you visit when pressed for cash only to be told "our system is down" - Have you closed your account with them? What about the times when you needed to make a quick withdrawal from an ATM only to be greeted with "Issuer or switch inoperative" - did you throw away your card and start keeping your money at home?

While i agree that Morgan capital still has a long way to go in terms of Customer service but hey guys, cut them some slack! This same guys have brought JIJO masters and investors extra thousands/millions in saved cost due to lower charges and speedy execution on iTrade platform. Personally, if i get repeated poor services from any company, i never come back (same reason you would never find me at Tantalizers )

Finally, if Morgan Capital doesn't cut it for you, then kindly express your dissatisfaction by porting to Meritrade!

If a bank doesn't cut it for me, I will throw them away like I threw UBA away.

If GTBank doesn't pay me back my money, I close my accounts with them then will escalate to CBN....very simple for me. We need to start holding people and companies for what they promise

Its like Today is bash morgan day. Is it a coincidence that someone was complaining about them yesterday/this morning and they're offline today?
Irrespective of whatever, morgan still remains the best! Meritrade is a scandal with their absurd charges. The other brokerage houses are more scandalous. One day offline can't sway me away from morgan. As tempting as it is, I won't place any mandate on my Meritrade cos their charges will wipe all my profit away.

duni04:
Its like Today is bash morgan day. Is it a coincidence that someone was complaining about them yesterday/this morning and they're offline today?
Irrespective of whatever, morgan still remains the best! Meritrade is a scandal with their absurd charges. The other brokerage houses are more scandalous. One day offline can't sway me away from morgan. As tempting as it is, I won't place any mandate on my Meritrade cos their charges will wipe all my profit away.

Wanted to transfer some funds to my meri account this morning , but scared .. their charges will wipe most of ur profit

immanuello:
please can you and all meristem clients break down how meristem buy and sell charges are pls. itrade has made me so irate this afternoon, errant nonsense!!!!!

Sir can't remember their charges but i know is higher compared to morgan

We need to distinguish TECHNICAL errors from HUMAN malpractice.

No 21st century Nigerian with understanding of how machines work will ditch a bank/broker because "our system is slow", but a fin institution can be flaked if you their staff or operations insult your humanity.

I first smelt a rat when, after calling MC severally, the officer who finally received the call said: "Sorry Sir, don't mind those guys joor." You mean a firm that employed someone who spoke this way will be efficient in handling the customer challenges of stockbroking

@carpenter: I love your spirit, especially your maturity and patience with MC.
@Processor01: Valid points. Maybe you shouldn't have mentioned that Amala joint in your post. Let's have mercy, 'cause other innocent people may be reading our posts.

carpenter:


If a bank doesn't cut it for me, I will throw them away like I threw UBA away.

If GTBank doesn't pay me back my money, I close my accounts with them then will escalate to CBN....very simple for me. We need to start holding people and companies for what they promise

I totally agree with you. I did same to UBA and T****** - I have always believed action speaks louder than words.

Good day BnSitL . Please is there anything happening at Transcorp , because the price is up 10% right now

Follow live prices on NSE through http://www.nse.com.ng/market-data/trading-statistics/equities

Cheers

So immanuelo that does JIJO with just 5% gain wants to port to Meritrade because iTrade is down today? You go hear ween! Na joke I dey o. System breakdowns; It happens everywhere,probably more frequent in our environment though. Even Meritrade they get issues at times. Bro, iTrade was made for YOU. Don't quit now. Btw, I am a big fan of Meristem securities. My Morgan portfolio is just a fraction of that with Meristem.

@ Carpenter; I feel your pain. You had a target and Morgan made you miss it (at least, so it seemed). I also respect how you handled the situation and moved on.

As for Morgan, improve on your customer care services. I don dey talk am since. Let prospective clients know about these charges upfront and how they are drawn, especially the annual fee. It is left for them to decide if they wanted to go ahead to open an account or seek alternatives. If you hide them and they are later discovered, you would be called names o.

No trading today for MC.

Better accept fate cos the system downtime mayb a blessing in disguise for some people

Just for the records and for those who believe Meristem wipes off "most" of their gain. Meristem charges 1.35% ONLY when you BUY and 1.35% ONLY when you SELL.
Morgan charges o.25% when you BUY and 0.25% when you SELL (no need to include "ONLY"

@kotlass, yes i agree, name calling is not professional. And that was why i suggested he lodges such complaints in a professional manner. Maybe OP emotions took the better part of him.

kotlass:
Just for the records and for those who believe Meristem wipes off "most" of their gain. Meristem charges 1.35% ONLY when you BUY and 1.35% ONLY when you SELL.
Morgan charges o.25% when you BUY and 0.25% when you SELL (no need to include "ONLY"

This is incredible.

Chai Morgan prevented Chibear from entering market today!

#DRiGoooooooooo

Aks:
Better accept fate cos the system downtime mayb a blessing in disguise for some people

they told me that their system is down for today when I called them, they also told me that if I want to buy any stock today I can do so buy forwarding my purchase mandate through my email. Hopeful by tomorrow their system will be ok.

kotlass:
Just for the records and for those who believe Meristem wipes off "most" of their gain. Meristem charges 1.35% ONLY when you BUY and 1.35% ONLY when you SELL.
Morgan charges o.25% when you BUY and 0.25% when you SELL (no need to include "ONLY"

otokx:


This is incredible.

Very bad for business. Imagine making 10% on a good day and dashing Meristem 4% of your sweat. Meritrade is for long term trades ONLY where you can make like 15-20% and dash them 4% egunje.

kotlass:
So immanuelo that does JIJO with just 5% gain wants to port to Meritrade because iTrade is down today? You go hear ween! Na joke I dey o. System breakdowns; It happens everywhere,probably more frequent in our environment though. Even Meritrade they get issues at times. Bro, iTrade was made for YOU. Don't quit now. Btw, I am a big fan of Meristem securities. My Morgan portfolio is just a fraction of that with Meristem.

@ Carpenter; I feel your pain. You had a target and Morgan made you miss it (at least, so it seemed). I also respect how you handled the situation and moved on.

As for Morgan, improve on your customer care services. I don dey talk am since. Let prospective clients know about these charges upfront and how they are drawn, especially the annual fee. It is left for them to decide if they wanted to go ahead to open an account or seek alternatives. If you hide them and they are later discovered, you would be called names o.

The bad part is that I was quite satisfied with my StockBroker but wanted to try out this new technology so I don't become old skool. Unfortunately, Morgan was well recommended here

Chibuking81:
they told me that their system is down for today when I called them, they also told me that if I want to buy any stock today I can do so buy forwarding my purchase mandate through my email. Hopeful by tomorrow their system will be ok.

Who says I ain't a mind reader?

Will M.C give us compensation for this?
Imagine sueing M.C for causing me 'Emotional Pain', 'Missing out on capital gain', and 'Causing me avoidable looses'.

Agbalowomeri:


Who says I ain't a mind reader?

we are all human being, what is good for you is also good for me, that's why you can comfortable read peoples mind.

immanuello:
please dont quote me like that again,why cant you read or perhaps overlook and move on.Hold ur line of thought to yourself,i only said it the way i was pained, it could be rational and logical or the otherwise.

I have right to quote and will continue to quote you. If you are angry hug a transformer. Hint you wont die because there wont be light

bigass:


I have right to quote and will continue to quote you. If you are angry hug a transformer. Hint you wont die because there wont be light