Positive steps taken by Sogoinvest
Sogoinvest has been reasonably receptive to client feedback. I have provided feedback to them through various channels, including emails, this blog [1] [2] and through Grant’s TheCornerOffice blog.
Two of my greatest dissatisfactions with Sogoinvest had been the following:
- Long ACH delay between bank debit of funds and posting of credit into the Sogoinvest account.
- Margin interest accruing from trading day instead of the normal day T+3 where T is the trading day.
I am happy to report that Sogoinvest has taken steps to address these issues:
1. From Sept 15, 2006, the ACH posting date is reduced from day T+5 to day T+2 where day T is the date of ACH submission. Not as fast as Izone’s T+1 but good enough for me. The following is their reply regarding the new ACH timeline:
2. Sogoinvest will charge margin interest only from day T+3. This is as reported on TheCornerOffice blog:
Notice that the above message says “has always been to charge margin interest … upon settlement” whereas I had been told on the phone and through their secure mail that “to avoid margin, I must clear my margin positions at the end of the day”.
It appears that this is probably a case of mis-information from the CSR or that Sogoinvest has changed its policy but does not want to admit it. Either way, I can confirm from my August statement that margin interest is indeed only charged from day T+3 onwards. So I am happy with this outcome.
With these positive steps, I think I am willing to direct more of my investments through Sogoinvest.
Stumble it!
September 28th, 2006 at 3:06 pm
Wow, sogo sounds pretty decent. How long have you had an account with them?
September 28th, 2006 at 3:31 pm
I have an account with Sogoinvest for about 1 1/2 months. I am quite happy with them now after the steps mentioned in this post were taken.
October 3rd, 2006 at 1:38 pm
[...] I have written many posts on Sogoinvest (you can search for them under this category, the latest of which was Positive steps taken by Sogoinvest). This is yet another post on Sogoinvest; this time I have two positive things to say about them. [...]
November 14th, 2006 at 2:08 pm
[...] Some how I feel that they do not take customers’ feedback seriously, quite unlike Sogoinvest which changed its ACH funding timeline within a matter of weeks based on customers’ feedback. [...]