I had indicated that my refund comes by cheque in my name.Now my broker says mine is listed as part  of missing EFTs.What really is going on with these refund cheques?

I applied for the IPO using a bankers cheque to Safcom IPO and now iam told that could be the reason.Surely,we can be wasting time on refund cheques in this day and age.These guys need to put their acts together,otherwise they are discouraging people from future IPOs.

@half_empty,

you're not supposed to struggle. This is a refund of unused cash,D&B are old enough in the game to know this. They've just shafted their clients knowingly,period!

I thought they were ranked ahead of the crooks,seems they've always belonged there.

How about Alliance for those who used them?

being several continents away i was freaking out... but its not all doom & gloom... i got my refund chq by the end of the first week... from D&B... though it was not easy... my proxy had to make several trips... shuttling between amazon & loita hse... plus a flurry of emails and calls... plus D&B was taking photo's of everyone collecting chq... in addition to asking for id copies... but persistence pays... surely there must be lots of other satisfied customers... despite the war stories

I bought my shares through D & B.  My refund cheque - no trace.  Someone in customer service asks severally,  'did you select EFT on the application form' i told her NO.   The story now is 'check tomorrow'  'check tomorrow'  'check tomorrow'

 My friends at Discount,theirs is a sad sad story.  Imagine a brokerage house lying to their clients that there is a new rule that has been introduced that refunds to be paid via EFT,then they compel investors to sign some Chasebank form,attach id copy and passport photo.  My friends,when you sign that form it simply means you are endorsing your cheque back to the broker and since CMA refused direct endorsement of cheques,Chase bank came up with a solution where a bank account is opened for each individual to facilitate clearing of the cheque then thereafter funds are transferred to the brokers account.  Not a bad idea for an investor who willingly  wants to reinvest their refund,however no brokerage house has the right to compel an investor to endorse their cheque if they dont want to!!!!  

@all,

Has anyone received his/her refunds through HFCK? My broker says that HFCK do not have a clearing house hence the difficulty in using EFT mode of payment. The CBK has prohibited endorsing back the refund checks into clients’ cds account. What happens to overseas investors?

Any idea?

@PONDI

U are right. I used discount and specified EFT. I had my money by Tuesday morning (Tue after share trading started).  Don't these guys know that they could lose more business by playing these games than they would gain from endorsed cheques. Its not that hard to move.

@ bert

You could start by checking if they applied for you in the first place.....i smell a fish..if they did apply,then someone somewhere is sitting on your chums

The refunds provides a litmus test to the brokers.

I did indicate an EFT in my application form and provided all the details.Since I had money in my account with D&B for counters I had sold,I used it for safcom but refunds were supposed to go to my bank account.That was the start of my problems!!!

I have been chasing the refund without any success.D&B told me to check with Citi bank which I did of which I was told to go back to my broker for any querry.D&B sent me to my bank and here I was sent back to my broker for details of when the money was actually sent.Yesterday,D&B told me that there is nothing they can do unless I be patient and wait.Today (Saturday) I passed by my bank and was told that many people from D&B have the same problem.

Please any one who is in the know of what could be happening because am suspecting some guys are trading with our money and then give us back after a period!!!!

@Kula Raha

So sorry about your predicament. I have a nominee account with Drummond and their service was superb. I received my refunds yesterday and already traded with it today.

Try them for next time and good luck with your refunds.

Happy investing.

If you living abroad,please open a nominee account. Not all brokers operate this but you can get a nominee account from a few of the investment banks. This means your refunds,dividends,bonuses and splits are followed up by them. The account would read broker nominee account 001 - Kamau. It saves you all these hussles. The day you want your money you arrange for them to transfer to your account.

You can't endorse to broker. This is a good security measure cuz registrars some of who have the greatest thugs were pirating checks of wananchi and endorsing to themselves. many cases are at high court coz of this type of fraud.

Doh,

My a/c at KCB has been credited by EFT.

I got an EFT to my loan account at Transnational.

All refund cheques are in the investors' names,NOT brokers.

The problem is these dodgy brokers ticked the box that cheques go to them,in the hope of endorsing and using for whatever purpose. The new anti-endorsement law has fixed them,and caused a bit of incoenvenience to us.

 You should have ticked box for cheque to be mailed to you!