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Non-Tech : E.Schwab problems

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To: Mao II who wrote (661)	10/23/1999 10:09:00 AM
From: Labrador	Read Replies (1) of 1401

Here's why it's foolish to have a single brokerage account. Schwab Online Goes Offline Reuters 8:30 a.m. 22.Oct.99.PDT NEW YORK -- Charles Schwab Corp. customers for the third day in a row had trouble on Friday morning funneling stock trades through the Web site of the No. 1 U.S. discount and Internet brokerage, according to messages posted on the Internet by Schwab customers. A New York spokeswoman for Schwab told Reuters the company "had issues," but could not immediately provide details. Phone calls to the firm's public relations department at its San Francisco headquarters went unanswered. When the Web site crashes, Schwab customers typically can call the firm's brokers to trade stocks for the same $29.95 per trade that the firm charges for online trades. A system failure Wednesday paralyzed Schwab's Web site for more than two hours, just as the U.S. stock markets opened. On Thursday morning, some Schwab customers could not access their accounts through Internet providers America Online and Microsoft Corp's Microsoft Network for 50 minutes, the Wall Street Journal reported Friday. Thursday's brief outage was fixed when the firm rerouted traffic from the AOL and Microsoft sites, a spokesman told the Journal, adding that "probably less than 3 percent" of Schwab's 3 million online customers were affected by the outage. [this is a BS statement -- it affected everyone who tried to trade or go online -- does this unidentified spokesman think we are "idiots"?] Online brokerages this year have suffered outages in part because of the immense popularity of Internet stock trading. Web sites are particularly vulnerable to crashing when investors flood brokers with orders at the U.S. stock market's open at 0930 EDT (1330 GMT). Most firms, including Schwab, this year have heavily invested in upgrading their computer systems and adding capacity. Copyright 1999 Reuters Limited.

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