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Do brokers have to notify important account changes?

Discussion in 'General Forex Talk' started by dommydomdom, Aug 16, 2011.

  1. dommydomdom

    dommydomdom Recruit

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    For instance; introducing inactivity fees?

    I just got stung by IBFX introducing an inactivity fee and not notifying account holders of the change.

    Surely there is some regulation making sure they should notify customers...

    Thanks to anyone with any knowledge on this!
     
  2. Pharaoh

    Pharaoh Colonel

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    More and more brokers are pulling stunts like burning traders with inactivity fees. Back when records were kept on paper, it made some sense. Now that all of the data is stored electronically, there's no financial justification that I can see. Usually, they hide a note in their TOS stating that changing what's posted on their website constitutes notification.

    In this case, you could ask the NFA if this is acceptable or not.
     

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