"What will happen to the initial fund that I will deposit to my COL Financial account?" That same question was running through my head before I opened my COL Financial account.
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| Minimum Portfolio Balance per Account |
For COL STARTER account, the minimum portfolio balance is ₱5,000. That ₱5,000 can be used to purchase the stocks you want.
Instead of me just writing about what it is, I will also write more of what it is not.
It is not like every month you have to deposit ₱5,000 on your account. Definitely not. That is not a requirement. That amount is just a minimum fund required by COL Financial to open a COL STARTER account.
It doesn't work like the 'minimum deposits' or should I say 'maintaining balance' required by most banks.
Let me compare it by citing an example. To open a bank account you will be required to have a Minimum Initial Deposit, say ₱10,000. In Banco De Oro (BDO), they call this *MADB (Monthly Average Daily Balance) if the money on your bank account (*MADB) fail below ₱10,000 you will be charged ₱300 for that. How cruel are the banks! Right?
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| The Cash Balance on my COL PLUS account is below ₱25,000. |
Good thing that is not the case for COL Financial.
COL Financial will not charge you if your Cash Balance falls below ₱5,000 for COL STARTER or below ₱25,000 for COL PLUS. Because there is NO maintaining balance!
There are new questions however, that just popped out for me right now: "What if I withdrew 90% of what is inside my COL Financial account including the total trade value of my stocks?" Are they going to downgrade my COL Financial account from COL PLUS to COL STARTER?" "Will they close it?" "Will they charge me for that?"
I have yet to experience my portfolio to fail below ₱25,000 (which is the minimum portfolio balance for COL PLUS). So I am really in the dark here. Anyone reading this, care to comment below if you find out the answer? Thanks!
Hi. Just want to know. Have you find the answer on your question "What if I withdrew 90% of what is inside my COL Financial account including the total trade value of my stocks?" Are they going to downgrade my COL Financial account from COL PLUS to COL STARTER?" "Will they close it?" "Will they charge me for that?"
ReplyDeleteIm just asking for me to have an idea just like you. If you have an answer please let me know too. thanks....
I was able to withdraw most of my PSE positions AND just managed to leave just a ₱100 in my portfolio. No fees, or charges incurred whatsoever on my COL Plus account despite of the account being "dormant" for more than half a decade.
DeleteThe above article is supposed to answer the question: Is there a maintaining balance? Instead, it adds to the confusion because the answer seems to answer yes and no.
ReplyDelete