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Non-Tech : Complaints About Schwab
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To: Brian Sullivan who wrote (141)12/16/1999 5:45:00 PM
From: Mark Z   of 196
 
Mark I'm also considering switching from Schwab to Fidelity?
The commissions charged by Fidelity are half of those charged by Schwab and I've considered Schwab and Fidelity to be very comparable in the past.

Where did you decide to move to?

Fidelity <g>. They're the only broker other than Schwab I could find that lets me enter spread orders online plus, as you note, their commissions are 1/2 for stocks and anywhere from 30% to 80% lower for options. Plus they offer all my other necessities like checking, offhours availability, etc. Hold times are no better but they're not worse either. So why pay the extra commission $$?

Ironically I'm also buying SCH at these levels ~$36.00 since I except a big move in brokerage stock in Jan/Feb, Schwab could run up into the mid $50 dollar range. And the heavy trading volumes and high commissions charged by Schwab should make for very good earnings, customer service notwithstanding.

You're braver than I. I'm waiting for the bonds to settle & the BKX to start reversing. What shares I do have all have covered calls written against them. As we saw in Oct/Nov, this thing can take off in a hurry so I'm reluctant to short it. I've noticed that irony - companies I hate dealing with as a customer often make great investments. Ever had to use Amazon's customer service for a fouled up order? Wouldn't wish it on my worst enemy but its been a great investment. Ditto for the old Pacific Telesis which is now part of Southwestern Bell.
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