Dear Client,
Thank you for your message. In recent months, TD Waterhouse has
experienced an unprecedented growth in trading volumes. This increase
has exceeded all of our projections and advance planning. In fact,
trading volumes are at a record high across the investment industry. We
agree that the customer service you have received does not meet our
standards and we are working to correct the problem. There are
two main areas where our service levels have been impacted.
PERFORMANCE OF WEBBROKER
TD Waterhouse is making a continuous effort to upgrade our Internet-based
trading service. The capacity limits of the systems and servers that support
WebBroker - as well as TalkBroker and TeleMax - are being monitored
on a daily basis, and upgrades as well as new lines are being implemented.
In fact, additional lines, which will increase overall capacity by 88%, are
scheduled for installation on March 15 and March 22.
In the mean time, you may still encounter evidence of slowness, particularly
at the market open (9:30 to 10 am eastern time), during the lunch hour, and
near the market close (4 pm eastern time).
Most system problems are intermittent. However, if a system problem prevents
you from trading - for example, when you receive the "92002" error message
("Temporary System Disruption"), the "Server Busy . . . Please Try Again in a
Few Minutes," or "Account Inquiry, Order Entry, and Portfolio Tracker Currently Unavailable," please contact an Investment
Representative at 1-800-465-LINE
and the electronic discount rate will be applied.
In designing WebBroker, we have formed alliances with the industry's leading
financial services providers. The financial transactions and services offered
through WebBroker are complex and require the successful co-ordination of
these services for optimal performance. Even the best information systems,
quote providers, research suppliers, and ISP's will experience technical
problems, connection difficulties, and outages from time to time. There
is the issue of Internet congestion, which is not a capacity issue, but rather
an external problem endemic to all on-line brokerages. These and other
factors can impact the performance of our site.
If you are experiencing slow response times with any of the site's features,
we recommend that you clear your cache, shut down your browser, and then
re-open the browser before loading WebBroker. The WebBroker network
employs a balancing system that automatically routes you to the server with
the least load. You may also wish to contact a Techncial Specialist, who
can discuss your set up and provide advice in this regard. For technical
assistance please telephone the Electronic Brokerage Services Help Desk
at 1-800-667-6299 and select option #3 from the main menu.
A new version of WebBroker, designed specifically for speed, and
incorporating countless feature suggestions made by TD Waterhouse clients,
is in the beta-testing phase for release later this year. The new site will offer
many improvements, including a customized home page, expanded features for
options traders (including Options Chains), multiple quote access, a more
elaborate Portfolio Tracker with a choice of settings, mutual funds displaying
in List Orders, on-line switches, a link to WebBanking and other new features.
More information about the new WebBroker will be available in the near
future.
TELEPHONE LINES - BUSY
Although our telephone lines are extremely busy, please be assured that TD
Waterhouse is committed to bringing our client wait times to lower levels.
For example, we are presently expanding our staff of Investment Representatives
and Electronic Brokerage Services Officers. In fact, we have hired more than
500 new staff, including 350 new Investment Representatives. We will
continue to hire to support the growing volumes. During peak hours everyone,
even our Senior Management, are busy answering calls. In the mean time,
every available person with a license to place trades at TD Waterhouse is
on call.
Restoring service levels to our normal high standard is our number one priority.
As more Investment Representatives pass through the regulatory 90 day licensing
period, you will notice an improvement in our service levels. It will also speed
up the time it takes for your buy and sell orders to be reviewed (the "W" status
in the List Orders feature of WebBroker), which is a regulatory requirement. TD
Waterhouse has been an active leader in lobbying the regulatory bodies for the
removal of this requirement, and we anticipate some movement on this issue
later this year.
We apologize for any inconvenience you have experienced with respect to
these service issues. Please be assured that we sympathize with your frustration,
and that we are doing everything we can to alleviate these problems. In the
mean time, we thank you for your patience and your feedback, and promise
to pass your comments on to TD Waterhouse management. If you would like
to open an account with TD Waterhouse U.S.A., please call 1-800-934-4448.
Yours Sincerely,
Electronic Brokerage Services Help Desk
TD Waterhouse Investor Services
EBS Help Desk Hours
Information and Registration:
Monday to Friday: 8 AM to Midnight (Eastern)
Weekends: 9:00am to 5:00pm (Eastern)
Canada Toll-Free: 1-800-667-6299
U.S. Residents: 1-800-387-1050
International Clients: (416) 982-6000
(The information has been drawn from sources believed to be reliable, but
the accuracy or completeness of the information is not guaranteed, nor in
providing it does the Toronto-Dominion Bank assume any responsibility or
liability). |
