nab on-line who stayed & why?, page-2

Hi Cobby

Here's a repost of my email to NAB, it would appear a similar outcome to yours.

Regards harry

"Hi all

I too am very unhappy with the new NOLT service which has been outsourced. Here is a copy of the email I sent to my personal banker in December.


"I have received advice of the new National Online Trading service effective 12 December 2005.

There are two changes that concern me as a National Choice Package customer.
Firstly I will lose the brokerage discount that I currently receive. My existing brokerage is $22.95 per trade, this will rise to $29.95 from 12 December, a 30.50% increase.

Secondly I am currently what will be regarded under the new system as a casual trader. Access to live data is not available to me as a casual trader unless I upgrade to the premium service at a cost of $9.95 per month. It is a backward step by the NAB to offer 20 minute delayed quotes and I doubt anyone would even consider a trade based on 20 minute old data.

I currently pay $375 annual package fee to access the benefits which are about to be removed and feel that I am no longer getting reasonable value for this package from NAB.

Not much reward for being a loyal long serving customer. In fact for me I suggest there will be no residual benefits at all in the future for being a National Choice Package customer.

Whilst the brochure suggests ways of eliminating the fees by making more trades per month, I will only ever make a trade that I feel is worthwhile and not pay even more brokerage simply to reduce monthly fees.

I intend to use the premium service until the temporary access as a Gold trader ends on 31 Jan 2006, after which time I will return to my original online broker Commsec. In addition I will offer all my banking services to CBA in return for the further discount they are offering. ie $19.95 per trade compared with NOLT $29.95
I invite you to compare the products and see which bank you would choose.

I am open to suggestions as to how I might be able to keep my bank fees and charges to what I consider a reasonable level for the soon to be degraded service of National Online Trading."


My personal banker was quite helpful and whilst unable to change the brokerage rates or offer any discount as the service is now outsourced, she was able to waive my annual package fee of $375 for one year.

I have accepted this offer and stayed with NAB but the new service is pretty shabby and I get my live data from other sources, my old Commsec account & Medved Quotetracker.

Another factor in staying with NAB is the difficulty in switching all your banking these days which I'm sure the banks are well aware of.

Regards harry"