I am the fortunate owner of Santander shares that I acquired several years ago during the demutualization of Abbey National.
Every year, Equiniti, the share management company of the bank, reaches out to me with various offers, including an opportunity to sell these shares.
However, their request comes with a hefty £46 commission fee, which seems excessively high considering the current value of the shares, approximately £450.
I am now looking for a more affordable option to sell my shares. Can you suggest an alternative?
CP, Herts
Many individuals still possess these Santander shares and face similar letters. I completely sympathize with you regarding the £46 charge, as it appears excessive for the sale of around 100 shares. In fact, it equals a substantial 10% commission.
However, there is a catch. The £46 fee applies specifically to written executions.
Fortunately, if you are willing to register for Equiniti’s online service, which requires a couple of days for them to send an authorization code to your home address, you can sell your shares for a more reasonable £20.
While there may be other slightly cheaper alternatives available, considering your limited experience in share trading, this online option is undoubtedly the simplest and most convenient for you.
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