When most banks and some broker firms collect high fees for account maintenance, custodian, and dividend collection, and various other charges, these expenses substantially reduce the investment return. Even though their clients do not use any service of theirs, they are still charged with a large amount of fees. Sometimes, the total charge is greater than the dividends received, leading to negative rate of return. Transferring the shares to I-Access account enjoys free annual fee, no custodian fee and super low dividend collection fee. Your investment yield is largely increased instantly!
After successfully opening an I-Access investment account, client can transfer stocks to I-Access account using the following methods:
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1. | Broker Settlement Instruction (SI)
| | This is the electronic service through HKEx CCASS to transfer stock from banks or other broker firms to I-Access. Client has to first request an SI form from the broker or client services staff of the old account (the clearing account number of I-Access is B01818 if needed). After filling and signing the form, return it to the bank or broker firm. Then, press the "holding" button in the "portfolio" function in ISSNet. Next, press the "SI Notify" button in the "Portfolio" window, and enter the stock information. This function automatically notifies I-Access to collect the stock to be transferred in from the bank or other broker firm.
| 2. | Scrip Withdrawal
| | Client can also request the bank or broker firm for withdrawal of scrip. When the share certificate is received, it can be deposited to any I-Access office, or mailed to HK GPO Box 9704.
| 3. | Sell and Buy in the Market
| | Client can also sell the portfolio in the account at the bank or other broker firm, and then buy the same quantity using I-Access account. This method is suitable for securities not subject to Stamp Duty, such as warrants and CBBCs.
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As to which is the best way for account transfer, it depends on the related fees and urgency. If time matters, "sell and buy in the market" is the quickest, while "scrip withdrawal" takes the longest period. For fees, the rates of every bank and broker firm are very different. Client must ask for details before action.
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