When you check your email, you will get an email from Maybank Kim Eng if you are their customers. It is not a pleasant email as there will be some changes to their fees and it’s going to take effect on 1st Aug 2019.
What are the changes
Corporate Action Charges
There will be handling charges for Singapore-listed Shares & Foreign-Listed Shares. For dividends received there are a 1% charges subject to minimum $5. In the event shall you dividend is lower than $5. You will not receive your dividend. Those that opt for scrip dividends or rights issue will have to pay $20.
Custody Services Charges
CDP Sub-Account Maintenance Fee
This fee used to be absorbed by Maybank for custody account and now they are charging back to end-users. The fee is minimum $2 and cap at $12,500 per quarter. This means that for every year you have to pay at least $8 to maintain your account with Maybank.
The notice came and take effect in a week. I personally feel that it’s not worth to stay on with Maybank regardless on how much holdings you had with broker. It’s time to move on and switch to brokers with CDP account.
DBS Vickers and CIMB will be what I will use moving forward.