How To Write Covered Calls - An Ongoing Real Case Study! 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.

Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study!

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: JimsJeeps who wrote (11091)	6/22/1999 9:54:00 PM
From: jebj	Read Replies (1) of 14162

A couple of weeks ago we had several posts on brokers and Preferred Capital and I mentioned I was in the process of leaving them because of twice having a Reg T put on my account thereby freezing it for a day of trading - in both cases it was the mistake of Preferred Capital and their software but I was told there was nothing they could do about it until "the computer clears the account at midnight." This was not acceptable to me. Thelast time this happened was on June 3rd and in the conversation I had with a PC rep about the problem I inquired about what I needed to do to close the account and either mail me a check or have the funds wired to another broker. I was told that it took 3 days for everything to clear and that they "WOULD NEED WRITTEN AUTHORIZATION" to do so. Over the next couple of days I opened an account with CyberBroker intending to use their CyberX trade entry program due to the fact that I am stuck with nothing but a local ISP here and can not handle the full CyberT program. On 9 June I called to have the funds wired into the new account and was told that the account had been closed and a check mailed to my address on 8 June! When I asked how this could have been done I was told it was on my authorization - WRONG! I was now in the position of having to wait 4-5 days for the check to arrive. The check did not arrive - FOR 14 DAYS! During this period of time I was told 5 different time by 3 different people that the check had been mailed on the 8th. On 17 June I requested that a stop payment be placed on the check and the funds wired to my account. The wire did not arrive on the 17th. On the 18th I was told that it takes 24 hours for a stop payment on a check to go through and that the wire would go out ASAP. The wire did not arrive on the 18th. On 21 June both the wire and the check arrived - the check was indeed dated 8 June but the postmark on the letter was 14 June - - seems Preferred Capital is a very long way from a post office - took them 7 days to get the letter there. During this mess I was lied to 5 times about the mailing date and twice about the wire. When I requested to talk with accounting I was told I could not. When I requested to talk with a manager I was told they could not help me as it was in the hands of accounting. When I requested the name of an owner/officer I was told they were not allowed to pass out that infomation. I do not recommend Preferred Capital. jb

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next