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Non-Tech : American Express Brokerage -- FREE equity trades
AXP 360.73+0.5%Oct 31 3:59 PM EST
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To: Brendan W who wrote (1)12/20/1999 10:14:00 PM
From: HighTech  Read Replies (2) of 26
 
I read where some people signed up with amex and were charged for their trades shortly after signing up and their balances were greater than $25,000. Apparently, amex has a policy(in very fine print and certainly not made known up front in an open and honest manner) that the free trades are based on last month's balance - and since a new account had no balance the previous month, they charge a commission. Also, they apparently require(stated in some fine print somewhere) that the investor notify them that they want their status placed on "free" trades and that if the investor does not do this, they have to pay for their first month of trades and wait for a monthly automatic adjustment based on the account balance at the time it is checked. If the balance goes below $25,000 when it is checked and the investor had previously traded for free, he will now have to pay the $14.95 because at the time his balance was checked it was below $25,000.

It seems amex is not very forthright with this information and it perplexes me why they would not want to be completely open and honest to new customers. Why alienate new customers from day one? Doesn't make good business sense to me. Caveat Emptor!!!!

HiTech
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