Closure of Charles Schwab SG Office (end of 2019)

Hi Guys,

Its been more than 10 years I've been a customer of Charles Schwab Singapore (previously known as OptionsXpress Singapore).

I've been using this platform for my US Stock/options investing over years, now its time to switch to another Financial Institution Platform.

Attached information regards to its closure for your reference. By end of 2019 Singapore account holders have to close/liquidate positions as they are unable to port our account to US head office due to local monetary authorities  regulations.

I'll continue till November, then liquidate my account and make my withdrawals. I'll be switching to Ameritrade. But my blog will continue under a fresh new account and record.

I'll capture my last summary and post it on my blog on end 2019.

 

Links: https://www.channelnewsasia.com/news/business/charles-schwab-to-close-singapore-office-11875640

Updates (31/12/2018) - Withdrawal

Hi All,

To Simplify the updating, I'll compute my Withdrawals on a Year-End basis for the whole year.

For the year 2018, total withdrawals taken was USD $7005 (Rate 1.4325 less charge of USD$25 and S$10) = S$9988.85

Updates (22/12/2017) - 8th Withdrawal

Hi Guys,

Made a withdrawal of USD $690 to my SG OCBC account. SGD $ 910.46 nett amount to be received.

Updates (10/08/2016) - 7th Withdrawal

Hi Guys,

Made a withdrawal from my account yesterday, amount of USD $235 , expecting to reach my SG account by 11th Aug 2016.

Updates (29/06/2016) - 6th Withdrawal

Hi Guys,

Made a withdrawal from my account yesterday, amount of USD $200 , reached my SG account on the next working day 30th June 2016. Amount in SGD $244.03 (S$254.03 Less $10 charge)

Updates (21/04/2016) - 5th Withdrawal

Hi Everyone,

Made a withdrawal from my account yesterday, amount of USD $220 , will reach my SG account in a few days dated around 24th April 2016. Amount in SGD $283.68 (S$293.68 Less $10 charge)

Updates (20/01/2016) - 4th Withdrawal

Hi All,

Made a withdrawal from my account yesterday, amount of USD $200 , will reach my SG account in 2 days dated around 21st Jan 2016. Amount in SGD $275.72 (S$285.72 Less $10 charge)

 

Funds received in my Singapore Local account:

Updates (24/11/2015) - 3rd Withdrawal

Hi Guys,

I've made a withdrawal yesterday, amount withdrawn is USD $630.00 (Fees - USD$30 + S$10) nett amount to be received in SG Bank account will be S$878.43

The amount will be used to pay the Maybank Loan taken for the additional funds added into the account on 23rd Oct 2015.

Funds received in my Singapore Local account:

Updates (10/11/2015) - 2nd Withdrawal

Hi Guys,

I've made a withdrawal yesterday, amount withdrawn from account is USD $630.00 (Fees - usd$30 + s$10) nett amount to be received in SG bank account will be S$882.08 .

This amount will be used to pay the Maybank loan taken for the additional funds added into the account on 23rd Oct 2015.

Funds received in my Singapore Local account:

Updates (31/12/2014) - 1st Withdrawal

Hi All,

Its coming to the end of 2014, whoever is still following/monitoring my blog, if any, I hereby wish you & your family a Great Path Ahead in the year 2015.

Also to reward myself for the 2yrs effort of setting up this blog, I have made a USD $220 withdrawal from the account.

Received the funds on 31/12/2014 in my Singapore Bank Account.

Net amount received in bank account was S$279.50 (Bank charged S$10 for the incoming remittance).

Will update this amount into the summary page as reduction of capital (Less Withdrawal-Capital Returns)

Expenses Incurred

Cashflow Account Funding as below:

MayBank Loan Amount     - SGD $6000.00 (18th Nov 2013)
MayBank Loan Fees          - SGD $    88.80 (1.48% -One-Time, 0% interests for 6mths)

DBS Remittance Amount   - SGD $6032.64 (21st Nov 2013) (Additional Amt of s$32.64)
DBS Remittance Expenses - SGD $    41.31

MayBank Loan Amount     - SGD $4600.00 (30th April, 2014)
MayBank Loan Fees          - SGD $    86.48 (1.88% -One-Time, 0% interests for 6mths)

MayBank Loan Amount     - SGD $6000.00 (23rd Oct, 2014)
MayBank Loan Fees          - SGD $   100.80 (1.68% -One-Time, 0% interests for 6mths)

Total Expenses :     SGD $ 88.80 (18th Nov,13)
                              SGD $ 41.31 (21st Nov,13)
                              SGD $ 32.64 (21st Nov,13)
                              SGD $ 86.48 (30th April,14)
                              SGD $100.80(23rd Oct, 14)
                          =        S$ 350.03
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Total Withdrawals from Account:
1) 31/12/2014 - USD $250 (Incl Charges-$30), net amount received S$ 279.50
2) 10/11/2015 - USD $660 (Incl Charges-$30), net amount received S$ 882.08
3) 24/11/2015 - USD $660 (Incl Charges-$30), net amount received S$ 878.43
4) 20/01/2016 - USD $200 (Incl Charges-$30), net amount received S$ 275.72
5) 21/04/2016 - USD $220 (Incl Charges-$30), net amount received S$ 283.68
6) 29/06/2016 - USD $200 (Incl Charges-$30), net amount received S$ 244.03
7) 10/08/2016 - USD $235 (Incl Charges-$30), net amount received S$ 314.30
8) 22/12/2017 - USD $715 (Incl Charges-$25), net amount received S$ 910.46
9) 31/12/2018 - USD $7005 (Incl Charges-$25) net amount received S$9988.85
Starting from 2018 compute by Yearly.

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Loan Details

MayBank Repayment: S$6000 loan (Dated 18 Nov 2013), S$88.80 (Fees)
1) 28 Nov, 2013 - s$248.80
2) 27 Dec, 2013 - s$250.00
3) 30, Jan, 2014 - s$250.00
4) 26 Feb, 2014 - s$250.00
5) 26 Mar, 2014 - s$250.00
6) 26 Apr, 2014 - s$250.00

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Arranging to rollover balance loan amt of S$4590 to another facility(no preferred bank) target beginning of May 2014. Loan Amt taken S$4600 from Maybank CreditAble, dated 30th April, 2014.

Funds are in my bank account dated 2nd May, 2014 to clear off the remaining loan from the previous Credit Facility.

MayBank Repayment: S$4600 loan (Dated 30 April, 2014), S$86.48 (Fees)
1) 16 May, 2014 - s$246.48
2) 19 June, 2014 - s$250.00
3) 21 July, 2014 - s$250.00
4) 21 Aug, 2014 - s$250.00
5) 21 Sep, 2014 - s$250.00
6) 18 Oct, 2014 - s$250.00

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Arranging to rollover balance loan amt of S$3200 to another facility(no preferred bank) target end of October 2014. Loan Amt taken S$6000 from Maybank Balance Transfer, dated 20th Oct, 2014.

Funds are in my bank account dated 23rd Oct, 2014 to clear off the remaining loan from the previous Credit Facility. Remaining amount to be funded into Cashflow Investment Account. Telegraphic Transfer made on 24th Oct 2014, awaiting to reach optionsxpress account.

MayBank Repayment: S$6000 loan (Dated 23rd Oct, 2014), S$100.80 (Fees)
1) 31 Oct, 2014  - s$250.80
2) 25 Nov, 2014 - s$250.00
3) 25 Dec, 2014 - s$250.00
4) 30 Jan,  2015 - s$250.00
5) 25 Feb, 2015 - s$250.00
6) 25 Mar, 2015 - s$250.00

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Arranging to rollover balance loan amt of S$4600 to another facility(no preferred bank), Citibank for 6mth, 0% interest, dated 14th April, 2015. Loan Amt taken S$4600, S$115 (Fees).

1) 25 Apr, 2015  - s$250.00
2) 23 May, 2015 - s$250.00
3) 20 June, 2015 - s$250.00
4) 21 July, 2015 - s$250.00
5) 20 Aug, 2015 - s$250.00
6) 25 Sep, 2015 - s$250.00

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Correction Update: Remaining Outstanding loan amt of S$3,215 to rollover to below's New Loan, extra funds are been remitted/funded into Cashflow Investing Account.

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Took a funding loan amt of S$18,200 from Maybank to DBS/POSB account, 6mth, 0% interest, 2.5% one-time fees. Dated 29th September, 2015.  S$251.16 (Fees). Repaid previous outstanding loan of S$3,215, remain amount funded into Cashflow Investing Account.

1) 13 Nov, 2015 - s$882.08
2) 25 Nov, 2015 - s$878.43


Remaining outstanding S$16,690.65


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Replacing the above loan with a new one below:
UOB S$20,500 loan, 6 mths interest free, 2.5% fee, total s$21,012.50 starting 18 Dec 2015.

1) 18 Jan, 2016 - s$631
2) 23 Feb, 2016 - s$800
3) 25 Mar, 2016 - s$650
4) 20 Apr, 2016 - s$650
5) 21 May, 2016 - s$650
6) 18 June, 2016 - s$650












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Balance amount of s$16,981.50 outstanding. On 4th July 2016, taken a s$13100 loan from OCBC at 0% interest, 2.5% processing, total loan s$13,427.50 adding on personal onhand cash of s$3,881.50 to clear previous outstanding.

Will add s$3881.50 to "Capital from my pocket" in summary.

1) 25 July, 2016 - s$557.50

2) 25 Aug, 2016 - s$550

3) 25 Sep, 2016 - s$550

4) 23 Oct, 2016 - s$550

5) 20 Nov, 2016 - s$550

6) 21 Dec, 2016 - s$550

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Balance amount of s$10,120 is transferred to another bank loan at 2.5% processing, 0% interest for 6mths. Total amount s$10,373

1) 19 Jan, 2017 - s$550
2) 19 Feb 2017 - s$550
3) 20 Mar 2017 - s$550
4) 22 Apr 2017 - s$550
5) 20 May 2017 - s$550
6) 20 Jun 2017 - s$550


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Balance amount of s$7,073 is transferred to another bank loan at 2.5% processing, 0% interest for 6mths. Total amount s$7,277.50

1) 20 Jul 2017 - s$550
2) 22 Aug 2017 - s$550
3) 21 Sep 2017 - s$550
4) 19 Oct 2017 - s$550
5) 22 Nov 2017 - s$550
6) 23 Dec 2017 - s$550

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Balance amount of s$3,977.50 is transferred to another bank loan at 2.5% processing, 0% interest for 6mths. Total amount s$4,076.94

1) 20 Jan 2018 - s$550
2) 20 Feb 2018 - s$550
3) 20 Mar 2018 - s$550
4) 20 Apr 2018 - s$550
5) 21 May 2018 - s$550
6) 23 Jun 2018 - s$1326.94

Final Balance Fully paid on 23rd June 2018

FUNDING REQUEST (18/11/2013)

Hi Guys,

Prior to this Challenge, I've taken a personal loan from the bank (no specific company/brand), in this case I took from Maybank, SGD $6000, dated 14/11/2013, 0% interest for 6mths, one-time processing fees of 1.48%. Re-Payment will be at SGD $250 mthly for 6mths, will do a rollover at the end of 6mth for the remaining amount using another facility.

Funds approved on 18/11/2013, into my local bank account on 19/11/2013. Remittance at DBS Bank dated 21/11/2013, funds into trading account on the same day before midnight.

Funds Received into trading account.

*Refer to disclaimer