Advice on Crest membership

Iv recently opened an a/c with Sharewatch,

I sent in my info, 60 euro annual fee and have received a letter saying that since I have not completed my crest membership and DSL agreement I cannot use the online system?

I know Crest allows me to hold the shares electronically but surely I should still be able to use the online site to buy the shares and have the certs posted out to me?

In the meantime, I have got the Crest fand DSL forms sent to me, would I be better off to just complete and return since I have already paid my 60 euro fee?

Also, is this fee about the norm for Crest and annual membership?

Thanks in advance

I use Crest with Sharewatch Online, and it works very well. Registration price for Crest is standard across brokers. The reason I use it (apart from the cost saving) is than no Irish broker offers Crest and Online trading. They all now insist on combining online with holding shares in nominee co.

Can you explain in simple terms the difference between crest and nominee a/c, I thought everyone just offered nominee a/c hence the dangers to investors of what happened in Cork some years back.

I have an account with sharewatch in the name of my pension (ssap) but they won't allow crest membership for that, hence my confusion.

8till8 said:

Can you explain in simple terms the difference between crest and nominee a/c, .

Click to expand...

A crest account is the electronic equivalent of holding share certicicates. You are a true shareholder, registered in the books of the company. You get the annual report, invitation to the Annual General Meeting, and any other items which the company issues to shareholders. You have the right to vote at the AGM or by proxy. You get your dividends on the published date either by cheque or paid directly by the company into your account. The register of shareholders is a public document, and so anyone can view it. As a result, you may get communications from third parties.

In a nominee account, the broker or bank holds a block of shares, and allocates some of those to you. You are not registered in the shareholders register - the company whose shares you hold may not be aware of your existence. You do not have the rights of a shareholder as outlined above, only to whatever extent your bank/broker decides. In my book, you are a second-class shareholder, and I would never hold shares in this way.

Unfortunately, since Goodbodys began to insist that for electronic trading you must hold shares in a nominee account, no Irish broker or bank offers online trading from a Crest account. So I have moved to Sharewatch, and take advantage of their better services and their lower prices.

I am also with Sharewatch.

Assume for argument's sake that Sharewatch were to go out of business in the morning. Can someone tell me what the process is for selling my shares in such a situation?

Crest will not correspond with individual shareholders, only with what they term a "Crest sponsor" - for example a broker such as Direct Sharedeal.

Looks like my shares are safely recorded on the company register, but I have no way to sell or transfer them.

you can get another sponsor

If I want to buy shares via Sharewatch (I'm thinking of buying 5K worth), how do I get the money to them? Also, can anyone give me details of the charges that apply to buying and seling shares? Have never bought before so just want to make sure I'm fully aware of what to expect!

Also - as I am only buying 5K worth am I correct in saying that I can you Sharewatch's 'Small Trader Service' and so I do not have to register? How do I get my Crest account set up though?


Thanks

Phone them and get their bank details. Then lodge to that account. If you have bought before, they may give you creit for a few days.