On 15 January 2016, online stockbroker COL Financial Group Inc. implemented a new policy – passing on the bank cost of our deposits to COL to us. The bank charges range from five pesos to PhP 110.00 (gasp!) per deposit.
After attempting to fund my COL account through Chinabank (in order to incur zero costs) I was informed that such bank doesn’t do bill payments with COL. After several correspondence with COL, I was informed that the only way to avoid the bank charges is to go to COL office and physically deliver cash or checks to fund the account.
This is unfortunate because not all COL clients are located within the vicinity of its office. Some are located oceans away.
The new bank charges therefore effectively increased COL’s minimum commission charge of Php 20.00 to PhP 25.00 (bank charges depend on what bank you use). I am now weighing my options and plan to check out other stock brokers out there with better fees. Any suggestions? 😊
20 something lawyer