I have some Ethereum dust at Swissquote that I have no way of getting rid off. It’s worth <2 CHF. I can’t send it, I can’t delete it, I can’t sell it because it’s below the minimum in all cases.
The new pricing was announced on 07/12/2022 - but since I’m not doing anything with/on Swissquote other than downloading documents for my tax declaration (showing 0.00). I only noticed this in March. I would’ve been fine with paying the first 20.- and booking it as lessons learned. However, when I opened a ticket in May to voice my complaint and ask them to delete the Ethereum dust since I have no way of getting rid of it, I got a non-response (sorry for German):
I’ve been on hold on the phone number for 20 minutes now and I’m not getting anyone answering.
Anyone can recommend a lawyer? I’d like them to get some sort of cease and desist letter from me and if that doesn’t help, maybe sue them or something. Before they start a “Betreibung” or something.
Maybe you have another idea how I can resolve this?
I know they don’t deserve it after such customer service.
But the only other attempt I would try is - ask them if you can donate it to them/their pool somehow.
I did already ask them to delete it (unfortunately I don’t see my original message to post it here) so I’m not too optimistic that donating will be an option but I can try.
Going to call them again next week, out of patience today.
My strategy if I were below the transaction minimum on crypto would be to just buy more for like 20 CHF (whatever brings me above the minimum) and then sell everything including the dust. This should cost less than a franc in total.
Unless it is blocked for other reasons than below the minimum?
If something as simple as this worked, then I think escalating anything would be disproportionate and not worth the trouble.
This is only my own strategy and it’s not advice (I don’t know what the tax consequences would be of buying and selling immediately rather than wait for 6 months, there are other threads on the forum on this).
From my experience it’s kind of hard to get to exactly 0.00 on Swissquote because their software sucks. But maybe it got better in the last 2-3 years.
The reason I’m stuck with dust in the first place isn’t because I wanted to.
Not to mention there’s a 10$ fee per crypto transaction …
And I was perfectly capable to get to 0 on other exchanges or IBKR or whatever. Again, I’m fine with paying the first 20.00 because I missed the ToS change *. The second one - nope.
Although I’m definitely not more likely to use their services now …
I’m not sure what „dust“ is but I assume it’s a residual amount of Ethereum.
You write to them to officially cancel and close your account, with notice given according to their terms & conditions.
You also state that there is a residual amount left on your account, which you are unable to liquidate your position in according to section 28.2 of their terms snd conditions - but for which you’re happy to relinquish all your rights on.
You remind them that the termination of account/client relationship takes immediate effect (as per their own terms and conditions) and that you therefore you cease to be liable to pay any maintenance fees upon that.
You will not bear the costs for their system preventing you from liquidating positions properly. They‘ll have to find a way.
They removed the Ethereum from my account as requested. I’m glad about that part.
But they didn’t cancel the bill about the fees from the last quarter - they didn’t even comment on it. Curious to see if I’ll get one last bill at the end of the quarter to total 60.- in fees on what is effectively a worthless portfolio, probably not though.
I’m not sure I’ve seen this before but their customer service is basically anonymous, there isn’t even a first name of who answered me, it’s just “Swissquote Bank AG”.
I sometimes preferred the “Warrants” that are available on their platform as opposed to buying PUTs / CALLs in lots of a 100 each at IBKR because it allowed for more flexibility but I’m not hedging gambling these days anyway so I guess … good riddance.
If you had something in your depot during the quarter, they will charge you for this (I had this issue when I was temporary to them to try their trading plateform).
Yes, but again - it wasn’t my fault that there was “leftovers”. That’s their poor software that caused it. And they promised me on “10/07/2023 10:16” that no more fees would be charged if I don’t hold any other positions.
Nevertheless, they seem to be very stubborn.
I got this reply:
Vielen Dank für Ihre Anfrage.
Hiermit teilen wir Ihnen mit, dass Sie bis zum 07.07.2023 (3. Quartal) noch ETH gehalten haben. Die Depotgebühren werden immer Ende des Quartales abgezogen. Seit dem 01.01.2023 fallen auch Depotgebühren auf Kryptowährungen an.
Vielen Dank für Ihre Kenntnisnahme.
They expect me to pay AGAIN. Absolutely ridiculous. I can’t reconcile it with myself to pay again and will get a lawyer in a week (I told them the same).
They got back to me yesterday, saying that they will reimburse the fees for last quarter.
It hasn’t happened yet, but I’m optimistic.
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