This morning I've learnt that most of the savings in Amazon, Facebook, Nokia stocks that I've worked hard to earn in my twenties got effectively "locked" at the bank. I thought it only happens in shithole countries. Boy! I was wrong.
I am a Finnish citizen (dual citizenship) currently living in the UK. Brexit's trading limitation for persons with a UK residency – effect 1st of January 2021 meant that I can no longer use online banking to sell my investments.
I called the bank today and learnt that the effective fee for making a sale has increased 210% to an upward of 1000% because sales must now be done manually. The current fee is 2% of total value or a minimum of 168.9 Euros/ transaction.
A 300 Euros investment in Nokia would cost 168.9 Euros to sell, a whooping 56.3%. What the fuck!
As a customer, I was not informed about this in advance. Now I have two choices: Have my investment locked forever in this bank or pay the 20x fee to get out of my investment (close to 1000 EUR fee to make 5 sales).
To add insult to injury if I had moved my investments into fucking BTC when I moved from Finland to the UK I would have sit on a million worth of BTC now. Of course I'll pay the right amount of UK tax if I decide to cash out, not fucking 56% though.
To think Europe is one of the most developed places on earth when it comes to banking and customer rights!