Stupid broker tricks Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : Stupid broker tricks

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Kevin Podsiadlik who wrote ()	2/24/1999 12:39:00 AM
From: K A Anderson	Read Replies (1) of 10

An all time mind blower with an online trading company... One day I sold $5k of a certain stock in a CASH ACCOUNT ... waited for confirmation, then went back and bought $3k of one stock and $1500 of another. 3 days later the phone rings, its the brokerage, with a margin call... I explain that I have a cash account and do not deal with margins... this seemed to really confuse them. A couple of hours later they call back, and said if I dont send in $3k that they would restrict my account for "free riding" I explained I had sold $5k of stock earlier and only bought $4500 from the proceeds.... once again they seemed confused and hung up. Next morning I go to log on and my account is restricted... I call and they give me the same non sense, of how I was free riding, and they would give me until the close of the business day to deposit $3k into the account... Then they threw me for a curve and said "its no big deal the day the deposited funds clear you can immediatly draw them back out" Now they have me totally confused... Sell $5k of stock and then buy $4500 and then have to deposit another $3k to cover the $4500 buy? thats right they tell me. It took me about an hour to liquidate the account,,, 3 more days to let things clear, and then do a wire transfer out of there. Something that seems to be going on with the online traders... if you have a large cash account and trade on the net, these brokerages do not like you at all and will do anything they can think of to restrict the account and try to force you to call their live brokers for transactions... for at least 90 days. About a week later the brokerage calls and ask me why I closed the account <LMAO> KAA

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next