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Computershare and Link Market Services etc.

Discussion in 'Stock Market Nuts and Bolts' started by Boggo, Dec 7, 2015.

  1. Boggo

    Boggo

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    Maybe its just me but does anyone else get fed up having to update their details with these two every time they buy a stock.

    Both already have my email address, TFN, ABN, Bank Account details etc but I still get mail via my accountant asking me to update my details for each purchase.

    Another 30 mins wasted today that I won't get back :(
     
  2. McLovin

    McLovin

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    Yes! Even worse when I forget to do it and end up getting sent a dividend *cheque* with withholding tax applied.:banghead:

    I also find the Computershare website the most baffling example of overzealous security.
     
  3. VSntchr

    VSntchr

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    Oh mate, tell me about it! If you forget your password (which is easy to do given the restrictions they have on acceptable passwords)...its a long multi-modal process to get a new one.
    Super frustrating, especially when a few entities are involved: a couple of personal ones, SMSF, my partners account etc..
    Nightmare!
     
  4. pixel

    pixel DIY Trader

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    I agree that it's a pain in the proverbial, getting those letters requesting the email address ... again and again. However, Computershare do have an "Update All" option, which I used the other day when there were a few new ones and I didn't bother to pick the out individually.
    A few days later, the Postie brought over 50 letters, confirming the "new" email address. One letter for every share I've ever owned/ traded. :1zhelp: :banghead:

    Regarding bank account and ABN/ TFN, however, I never need to update those. Apparently, my Broker always includes those details when they update the registry. Thank Goodness for that :xyxthumbs
     
  5. Boggo

    Boggo

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    The "Update All" only updates the existing holdings, new entries to your account don't automatically get included which I believe they should.
    One of my issues is that all the mail for my SMSF goes to my registered company address which is my accountants office.
    They then open and repost to me which costs me in admin fees at the end of the year.

    Totally inefficient and outdated system !
     
  6. McLovin

    McLovin

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    Can't you just change the mailing address? My registered address is also my accountants but I get all that stuff sent directly to my PO box.
     
  7. Boggo

    Boggo

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    With Computershare as an example my 'Investor Centre Profile' address is my PO Box but the company address is with my accountant and that is the address that they associate with each holding and cannot be changed apparently !

    Some mail comes to my PO box and other items go to the company address - PITA.
     
  8. pixel

    pixel DIY Trader

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    Same thing happened again;
    as soon as I noticed the long list of confirmation emails, I tried to get in touch. "Contact" led directly to "Ask Penny", which has nothing but FAQs that no sane person is likely to ask. But no email address, no panel where one could leave a note or advise of a website error. (Well, at least nothing I could find. But I might be getting senile. )

    In the end, I sent them the letter inserted below, one per email, the other per snail mail.

     
  9. Boggo

    Boggo

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    It's like they are in a time warp and they refuse to accept change. If they employ people I guess they just spend all day sending out letters !
    I cannot understand why they can't associate stock purchases etc with the TFN, ABN and HIN number that they already have, especially when purchases appear in the same account as these three numbers !!!!!

    I try to avoid their stupid site as much as possible, so bloody frustrating.

    Not only do I get mail I don't want but I get charged by my accountant for the privilege - lunacy :banghead:
     
  10. pixel

    pixel DIY Trader

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    right: 26 letters went through the shredder today. Each in its own envelope at the new "Priority" rate.
    Two of them informed me that the TFN/ABN hadn't been transferred. :banghead:
    Now I'm concerned: If I update the ABN, will I receive another bunch of letters? :1zhelp:
     
  11. prophesa

    prophesa

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    I agree with everyone here. They need to stop sending out letters and update their systems. I'd be happy for all correspondence to happen electronically.

    Total waste of paper.
     
  12. Boggo

    Boggo

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    Nearly four years since I started this thread and nothing has changed.
    I have just spent over half hour going though both Computershare and Link Market Services sites to update months of trades etc.

    The amount of paper that these people waste beggars belief.

    To me it seems totally unnecessary as they already have all the information for my SMSF and other accounts.
     
  13. So_Cynical

    So_Cynical The Contrarian Averager

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    Also the share registrys are pretty much the only financial company's that send you emails with clickable links to your account, this is
    super unsafe, the banks, brokers and ATO dont do it - never click an email link right, except if its from one of the share registry's..

    And CHESS with the paper statements every month with your Name, Address, Broker and HIN number. - WTF 2019!!!
     
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  14. Smurf1976

    Smurf1976

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    Yep - the main reason I own a decent paper shredder is due to these people.

    I'm not totally opposed to paper mail, getting the rates notice by post is a convenient reminder for example that can't get lost among a pile of spam, but the trouble with what Computershare etc send out is that most of it effectively is junk and people will naturally treat it accordingly.

    If someone gets a random letter in an unmarked envelope or if it's something from the council or utilities or whatever then most would open it promptly expecting it to be either a bill or at least something reasonably important if they're sending it out as addressed mail. With Link etc though, well I just plonk them in a pile for opening and shredding later.

    It's a total waste really and with 99% of it being pointless the odds are that anything actually important will end up being missed due to that. :2twocents
     
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  15. Zaxon

    Zaxon The voice of reason

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    Yes, it speaks to the argument that power utilities and railways (etc) should be privatised, because privately run services are more efficient than government ones. Well, the waste generated by share registries demonstrate that the purpose of company is to make profits for itself, not necessarily to be efficient for their customers.
     
  16. HelloU

    HelloU

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    "update months of trades etc."

    are u able to explain what this means please. The only "updating" i have ever done are changes to my personal details, or linking new hins into the single account. (i see no way around these sort of update requirements - other than snail-mail)
     
  17. HelloU

    HelloU

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    u can tell them not to send paperwork by mail - u do that from inside the site or by the forms they send by snailmail.
     
  18. StockyGuy

    StockyGuy Observe, Discuss, Apply

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    This is another reason I'm fond of IB:xyxthumbs I fully get that some want the full security of directly owning Aussie shares, though.
     
  19. Boggo

    Boggo

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    For my two private accounts I have to enter bank details, email address and TFN etc for any new purchases. Same for my SMSF plus add ABN.

    They already have all this info with my HIN so it should automatically be associated with each stock purchase for the associated HIN.

    Next week I will have a PO box full of letters, one for each stock with all my bank details and HIN # etc :thumbsdown:
     
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  20. myrtie100

    myrtie100

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    Yes, they drive me crazy with all the repetitive entering. They can't even give me an option to just copy bank details from other holdings. I have to reenter them from scratch!
    Not to mention the wasted paper and resources sending out all those paper copy confirmation letters, after you've just told them you want email communication!
     
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