I have been a Westpac broking customer for 8 years....(and...

I have been a Westpac broking customer for 8 years....(and ordinary saving account Westpac bank account holder for much longer)

- today I have taken action to close the broking account.

An absurb situation here....I am sure you will agree. But maybe of interest to existing customers and would be customers.

See copy of email from Westpac today....trying to explain that a Westpac saving account does not qualify as an intergrated Westpac Banking account. Despite the fact that 7 other Westpac accounts do qualify.

I am asked to now pay .15% brokerage....or open another account (other than my saving a/c - no doubt with associated fees. )...so that I may get somewhat reasonable brokerage fees of .11%.

Do you think I am going to open another bank account...so that I can trade...well not a chance.

Make up your own minds to how this bank thinks....fair logic or commonsense.

Should you look for other brokerage firms to conduct your business.....

See that Westpac email to me today:

--------------------------

Dear Mr .....

Thank you for contacting Westpac Securities


Integrated Westpac Cash Facility applies when you select the integrated service and settlement is through an Eligible Westpac cash account listed below:

? Westpac Cash Manager ? for personal customers
? Westpac Maxi Direct ? for existing account holders only
? Westpac Business Maxi Direct - for existing account holders only
? Westpac Business Flexi ? for business customers
? Private Bank Cheque Account ? for private bank customers
? Westpac Cash Management Investor Option (CMAIO) ? for existing account holders only
? Westpac Cash Management Account (CMA) ? for existing account holders only

Any other bank account different from those bank accounts are classified as 'standard accounts'. The internet brokerage fee for 'any other bank account' or 'standard accounts' is the greater of $29.95 or .15% of the trade value.

If you do not have an eligible (integrated) bank account we will not be able to reverse any fees.

I apologise if you have been misled in the past, and received the preferred brokerage rate. However, in the present and future, if you do not have an integrated Westpac Banking account (above) you will be charged the standard rate.