********* banking practice

<p>On the 1st of February 2017, I placed an order to buy 208 Stanlib SA property exchange traded fund. I placed a limit of R64.00 on the share price as part of that order. Below is the calculation of the total transaction cost as estimated by their calculator</p> <p>Gross Consideration R 13,312.00<br />Brokerage Fee R 80.00<br />IPL R 0.03<br />STRATE R 10.71<br />VAT R 12.70<br />STT R 33.28<br />Customer Cost R 13,448.72<br />Trade Cost R 136.72</p> <p>With a trade cost of 1.027% I was comfortable to send this order. Whatever diviation on the actual order, it would still not elevate the cost to above 1.03%.</p> <p>At the end of the day I received this notification from FNB Share Investor</p> <p>Dear valued customer</p> <p><br />• FNB :-) Order no: 203 executed @ 17H53. BUY 4 STPROP @ 64.00. Total consideration is R 359.42. For queries, pls contact FNB on ********** 737</p> <p> </p> <p>The above transaction means that FNB opted to do a partial settlement of 1.92% of the volume requested, thus rejecting 98.08. The ultimate cost of this transaction thus went from 1.03% to over 40%, making it not a lucrative transaction by any measure of ethics or fiduciary duty on the part of the bank.</p> <p>I called the number quoted in the SMS, at 09h15, and after holding for more than 2 minutes with my own airtime, Naeem answered my call. I explained the situation to him. He requested my share account number of ID number. I gave him my share account number and he asked me to confirm my ID number, residential address and cellphone number, which I did. He then put me on hold for about 4 minutes and when he came back he confirmed that he was looking at the correct transaction by quoting the details of the transaction in question. Then he proceeded to tell me about placing orders with limits resulting in partial settlements and how the program will attempt throughout the day to settle the full order but will do a partial settlement of whatever number is available. He said irrespective of the portion that gets settled, the transaction costs apply. I do not have a problem with this condition. What I have a problem with, is a process that is not designed to check the lucrativeness of the partial settlement relative to the initial order cost percentages and the fact that there is not povision, to ask me, the person who sent the instruction, if I am happy to settle the low partial settlement.</p> <p>I then requested his response to my telephonic query in writing and gave him my email address. I asked him to read the email back to me so that I could be sure that he had captured it correctly. It is now 16h12 and I have still not received that response.</p> <p> </p> <p>In the end the bank does not care to process this order ethically because either way it makes its money. This is not what I thought I was buying when I purchased this service. I want this transaction reversed and my portfolio for this ETF restored to what it was before they made that transaction. I would also like for all my future trades to be fully rejected if they cannot be fully settled.</p> <p> </p> <p>My number is ********** 749 and my account number is ********** 4702</p>