Link Market Services

[fastbike]

LMS (about to be rebranded as MFUG) have one of the most useless websites I've ever been forced to use (apart from Westpac and BNZ banking, but that's another story).

I purchased some IFT350 Bonds which pay quarterly and I want the payments from those to accumulate into an on call account so the money accumulates rather than being spent via our current account.
LMS provides an option to select an holding and update the payment instructions.

First problem - it applies to the issuer not the holding, so changing it means my IFT dividends will also be diverted. I can work around that as the divs are only twice a year so I'll just transfer a payment back to the current account from the on call when the div arrives.

The bigger problem is that despite appearing to offer an option to update a single holding, clicking the "Confirm" button changed payment instructions for all 20 of my holdings !

FFS, after the Crowdstrike fiasco, you've got to ask is any of this garbage actually tested ?

[kiwikeith]

LMS (about to be rebranded as MFUG) have one of the most useless websites I've ever been forced to use (apart from Westpac and BNZ banking, but that's another story).

I purchased some IFT350 Bonds which pay quarterly and I want the payments from those to accumulate into an on call account so the money accumulates rather than being spent via our current account.
LMS provides an option to select an holding and update the payment instructions.

First problem - it applies to the issuer not the holding, so changing it means my IFT dividends will also be diverted. I can work around that as the divs are only twice a year so I'll just transfer a payment back to the current account from the on call when the div arrives.

The bigger problem is that despite appearing to offer an option to update a single holding, clicking the "Confirm" button changed payment instructions for all 20 of my holdings !

FFS, after the Crowdstrike fiasco, you've got to ask is any of this garbage actually tested ?

Try meditation. This is a problem for someone who does not have many problems. You are not losing any money - just a bit of inconvenience. I am pretty sure when you are lying on your deathbed you will not be wondering why Link could not have had a more flexible banking system. Meanwhile other people are deciding between turning the heater on and buying groceries.

[fastbike]

...why Link could not have had a more flexible banking system.

eh ? Link Market Services are a share register not a bank. So their system should actually be providing a share register service.
Unfortunately there seems to be only two firms used in NZ leading to monopolistic can't-give-a-**** behaviour while charging outrageous fees for mediocre service.

deciding between turning the heater on and buying groceries

That is a different symptom of a similar problem caused by more rent seeking monopolist behaviour by the supermarkets and the foobar'd electricity system.

[kiwikeith]

eh ? Link Market Services are a share register not a bank. So their system should actually be providing a share register service.
Unfortunately there seems to be only two firms used in NZ leading to monopolistic can't-give-a-**** behaviour while charging outrageous fees for mediocre service.

Hey, if you are going to be pedantic, get your facts right. Link is not a share register. A share register is a list of the shareholders in a company. Link is a share registry. (Note for your pedantic mind. I use the word 'is' and not 'are' as Link is only one company not two or more. Your grammar, like your vocabulary, needs some work.) And, in any case, I never suggested Link was a bank - it just seemed Link's banking arrangements were not flexible enough for your demands.