MorgenFund GmbH Reviews 577

Having a terrible time with MorganFund. I've been their client starting back when they were DWS. However, this is the first time I have ever asked about selling any shares. After months of effort, it is still impossible.

First, they allow you to set up a SEPA transfer. No account that I've ever had accepts SEPA transfers, so that is out of the question. Next, they allow you to link a bank account where the proceeds of sales will be sent. I have been trying to do this for over six months and I still haven't managed to do it. The first problem was that they require you to send the request via snail mail. This is impossible for me, as the country where I live doesn't allow you to send post to Europe. So, I have to send it by courier.

I did that, at a cost of nearly US$100, and I have a receipt saying they received the request on 29 July, but nothing has happened after nearly two months. I've written numerous e-mails and spoken to people on the phone, but nothing. I still can't sell any shares. My next step is to file a complaint with the Luxembourg Financial Ombudsman complaining about them. Not something I want to do, but I'm completely out of ideas. They are non-responsive.

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It is now the first of October and they have provided no meaningful response. Nothing has happened. I still can't access my accounts. There is no indication of what the problem is or when they expect to fix it. All they need to do is to enter the bank account details I sent them so that I can sell shares and send the proceeds to the specified bank account. I can understand that it might take a couple of days to confirm that it's a valid account, but this is ridiculous. With other accounts I have, I can just enter the details myself and transfer the funds.

Despite the promise below to send me an email in the next few days, I've heard nothing.
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On 3 October I received an e-mail saying they will give me an update next week. They are working on it. I told them that I couldn't understand how something so seemingly simple as adding redemption account details to a trading account could be so difficult, particularly as they must do it all the time for a large number of people.

Very very poor customer service. Have been trying for 8 weeks to get access to the online account, zero response to either snail-mail or emails. Will now start the battle - presumably that's what it will be like - to close my account.