Asked on 27 Apr 2019
Poems has several type of account
If they did not ask u to open cdp or link cdp then it should be a custodian account.
Please kindly check with them.
1 more comments
Cheapest one is 'CC prepaid' (and on longterm view the fees are continously shrinking),
very good thing
You have to check carefully, some of the companies will store your shares in custodian account while some will store it in cdp account. there are difference between both of them, it depends on your preferences. if it is in cdp, it is under your name, but if it is in custodian, it is under the name of the instituition.
For Singapore shares, we can own them 2 ways.
1) CDP account. This can be purchased through any Singapore brokerage accounts. Once purchased or sold, instructions will be channeled to CDP to add/deduct your shares. This is actually a safety mechanism to protect the stocks that we own. In case you are not aware, we can even buy from one bokerage, and sell from another bokerage as long as they are linked to the same CDP account.
2) Custodian account. You "own" the shares of the company but does not have a typical shareholder rights. You still can receive dividends and capital gains when you sell it. Buying & selling of the shares must go through the same bokerage account. The fees are generally cheaper for custodian accounts.
For shares that are not parked under your CDP, they are normally held under custodian account / sub-account. Do take note of the difference in fee structure for using brokers that link to your CDP and those utilizing sub-accounts.
Custodian account, you have no voting rights though, only rights to dividends