Iāve come to post this here after not getting a response through the contact us within the app. Iāve lost money due to the way T212 has handled the stock splits.
I had holdings in Tesla + Apple before the split because T212 canāt do the math to split the shares they were both sold at sub-optimal prices on Friday. Right, I understand maths is hard for some, but why have you notified us on Monday after the split has happened. Having a forum post which most users including me donāt check explaining what will happen isnāt sufficient for your userbase.
Supposedly the stock was sold then I was allocated āFree fundsā from what Iāve read, I can tell you Iāve never received any free funds in my account. I tried to set up an order to try to replace what I had without occurring too much of a loss and not buying at the sky-high prices they are currently but I couldnāt as I donāt have any free funds to do so.
Obviously I have then lost out on the expected gains from when these stocks have made since the split.
I feel that I did not receive my free fund either after T212 sold my franctional shares. āContact usā just ignored me or not answered my question. What can I do?
I received the money in the free funds in the weekend after stock splits for both Tesla and Apple.
Go to History and on 29 Aug you will see the deposits from SYSTEM with the profits of the sale of the fractional shares.
Weāre making corrections to the way we handle stock splits. Pretty soon, all fractions will be split so there are no more misunderstandings.
As for your case, the result (profit/loss) from your investment has been deposited in your account via transaction & the initial investment is just reusable again as itās been āunlockedā & is now free funds.
A very simple way to confirm this is check your deposits and subtract/add investment results, dividends, commissions such as stamp duties, dividends, etcā¦ I checked your account & can confirm that everything is a-okay.
Hi David,
It is not simple at all when you donāt have a balance sheet to check back on. I also think I didnāt receive the correct deposit after split. Could you please check my account for me? Thanks
Must admit iāve had an issue here too and felt that T212 stiffed me - Wished iād sold Friday afternoon. Would have been a lot easier!
I had 0.1 of a share of Tesla. Whilst iām not entirely happy T212 auto sold it, without notification of what they were going to do (I expected to have 0.5 at a lower price), I do accept that this is what they chose to do!
I got credited Ā£121.61
2212.26 USD - GBP/USD1.34145166098
0.1 x 2212 = 221 / 1.34 = ~Ā£165
Needless to say i sent a message to the Help centre and got a cut and paste email telling me of the stock split. WHICH I KNEW. Didnāt read the actual message
Not impressed. Hence here to see if my maths is off or iām missed something or if we all got stiffed???
Please read this article thoroughly for better understanding of the execution.
The difference between ~Ā£165 and Ā£121.61 is your initially invested sum, which was freed back to your account and is available in Total Free Funds for reinvestment.
Any way of tracking this in the app or on the web portal. My transactions just seem to show the split and no evidence of the Free Fund deposit / return of capital
āMy free fundsā have already been mostly re-invested etc!
Wowā¦for a financial instrument not having any way of tracking the money sure seems like a dangerous oversight. We have to just trust that this happened???
I mean i run a UK business and we legally have to keep records of accounts for 7+ years!
I also wonder what the Tax man will make of all this too. Theyāre VERY trusting
@PeterA
I didnāt even get the chance to see the increase of my free funds to be honest with you. Not providing track records of what is really going on seems flaky and untrustworthy, particularly with a financial service. I do hope you guys will soon provide the track records of all transactions and backdate to fix previous errors. Please think in our perspectives - if your credit card bill asked you to pay Ā£10,000 without showing what you have spent on and insisted you should trust them and pay the bill - that is how we feel, Peter.
@Ulfilias Iāve sent numerous tickets to ask for the exact amount of my Apple and Tesla split transactions, but no one could provide the numbers at all, apart from standard copy and paste of their articleā¦
Should we really resort to the Financial Ombudsman Service in order to get an answer?
I was thinking of opening a T212 ISA next year because of feeling overweight in Freetrade and my T212 holdings have been a experiment this year
I like the greater stock diversification and a few other features, but honestly this has shaken my confidence.
Iām massively up on Tesla there (50+ shares from mid last year) and the 0.1 I had here was more for tracking purposes.
It is shocking disappointment. Iām not really looking for a fight.
Iād have expected this situation to be easily solved by an email statement to any owners of fractional shares in Apple and Tesla detailing their accounts and the amounts. Iām an ex-IT sys admin, the data MUST be there, a quick script pulling out facts and figures from the system shouldnāt be a hard thing to do. It was a weekend split so not like there is trading data is in the way!
The return of capital is no different than the behaviour followed when you close your position - you see the profit or loss in the result and the capital that you have invested (+/- the result) is returned to your account.
Nonetheless, we have learned our lessons and we will improve greatly the experience of stock-splits and how our systems handle it.
Thank you for sharing your opinion on the matter and helping us build and improve even more.
I have the same feeling as well. Itās good to know that out of its allegedly half a million users, Iām not the only one who feels something isnāt right hereā¦
The data MUST be there; the reluctance to release openly to their customers just rings the alarm bell. T212 is still a private company and it makes me feel that they think they can get away with itā¦Such a shame really
