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Non-Tech : Complaints About Schwab
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To: cgraham who wrote (107)7/14/1999 2:50:00 PM
From: cirrus  Read Replies (3) of 196
 
Sent to the SEC this afternoon...

This morning Charles Schwab's electronic systems went down shortly after open and remained down for approximately 45 minutes. This follows a shorter outage on Monday morning.

Schwab refuses to acknowledge, explain or apologize for these outages. However, they maintain a rather useless, self-serving "technology update" section on their WWW site. If you saw last night's All Star game, I'm sure you saw Schwab's ads claiming superior support.

I believe the SEC should require on-line brokers to report in a standard format, on their WWW sites, each service interruption or slowdown, along with a detailed explanation of what went wrong and what was done to ensure the problem does not recur. Additionally, customers should know if the company has an alternate site, the system capacity and the percentage of capacity utilized during peak demand.

Such data would protect investors from opening or maintaining accounts with brokers who are all too willing to open accounts without the capacity to offer acceptable service.

If airlines must report on-time history by flight, I believe much could be accomplished by the SEC requiring on-line brokers to report a handful of performance statistics.

Very truly yours:

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