Online Broker Down - Sue 'em - EGRP, JBOH, AMTD, SCH, NDB Message Board

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Non-Tech : Online Broker Down - Sue 'em - EGRP, JBOH, AMTD, SCH, NDB

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To: engineer who wrote (185)	2/25/1999 11:17:00 AM
From: engineer	of 253

I think I have figured it out. the online trading is a marketing buzzword and the SEC doesn't presently control this as tightly as the telephone trading. So the online poeple try to treat this as some afterthought and they put a bunch of college new grads on it to make a web page which is nice or some 30 year cobol data base guy ( Schwab's case..) who thinks that this is all a giant offline databse operation anyway and what they get is a WEB page system which always fails and they (ALL OF EM!!!) claim " Well you can just call the telephone trader". Problem is that they have advertised a service which has atracted 20% more customers than the telephone lines can handle, especially if the WEB page gets messed up, and then the average trader cannot get through in anything less than 10 minutes. I tried when Charles Schwab was messed up, timed it at 6 minutes waiting for ANYONE to answer. then had to call Jack white, and even with special numbers, it took me 8 minutes to get someone and it took them 5 hours to start to fix the problems in my account. I sign on today and it is not working right again. Now they say that BY MONDAY, they will have it working. this is from Monday (2/22) to MONDAY (3/1). So what do the online people do for that WEEK? Until all of these online brokers treat this business as a REAL business and plan for growth rates of 100% per month (NOT PER YEAR), then they cannot hope to keep up. Treat the online information and service as the number one priority, not the afterthought. Make sure that between the hours of 9:30 eastern and 4:00 Eastern it does not go down, it does not get any maintence, it is not updated. Treat online information as real time information that people want to know about, or otherwise they wouldn't use it. Make sure that transactions are listed when they take place. this costs some money, but then they don;t realize that they stand to MAKE money if they can really convert on this. their online traders have this when you call them...."oh, that shows up on my screen, so it must be there.....why are you so concerned that we are missing a $28,000 settlement of a stock sale 3 days ago?". Most online traders are a joke and they are just trying to get everyone suckered in to use their accounts so they can show that they are competing with the other guy, but in reality almost NONE of them have their act together to be a real online trader which has the suport and service and online accounting to make it a reality. what I would suggest is that instead of every little guy trying to sue the big time broker who is getting fat off us, we set up either a class action suit or a major SEC class action in which we FORCE these turkeys to get this system implemented to alot higher standards OR GET OUT OF THE BUSINESS.

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