Just received the following email from cornertrader (cornerbank):
we would like to inform you that we are introducing a new fee for inactive accounts.
The first booking is planned for October1st 2019 and will impact accounts which have been funded for more than 12 months but haven’t shown any trading activity in the period from July to September.
How does it work?
- Inactive accounts are accounts older than 12 months, which have shown no trading activity in a given quarter (buy or sell of a financial instrument).
- The quarters are fixed periods: from January to March, April to June, July to September and October to December.
- The fee will be charged at 35CHF per quarter (140 CHF per year) and booked directly from your Cornèrtrader account.
- Accounts which have shown previous activity but stopped trading for one quarter, will not be impacted for the period. However, if the inactivty continues into the next quarter and onwards, the account will be considered as inactive and therefore, it will be subject to the fee.
Nice shitty move. I used CT for a few long term investment that I don’t intend to expand further. I am going to transfer somewhere else.
Anyone knows a broker that allows for “inactive accounts”?