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Non-Tech : bad experience in Charles Schwab recently
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To: Rick Ryan who wrote (50)8/9/1997 2:38:00 AM
From: Dale Stempson   of 124
 
FWIW, I've been with Schwab for quite a few years now and have experienced very few "events". I normally receive market order confirmations almost immediately (while trading on-line). Two situations have occurred recently:

1) About a month ago I placed an order to close out some options at the market. I didn't receive an immediate order confirmation so I began checking the real-time quotes to see if I could see my trade go through. There was no activity nor order confirmation until ten minutes later when the price started to drop quickly. The order filled at a much lower than expected price. I was of course unhappy and called Schwab for an explanation. They said they would check it out and get back to me. They called back later that day and said there was a "bad fill" on the order and improved my sell price. They did not give me the price I expected, however, they at least compromised.

2) Last week I placed a market order to buy 5000 shares (ask of 1-7/8). 2000 shares filled at 1-7/8 and 3000 filled at 2-1/8. The ask moved up to 2-1/8 for a short while as a result, and then dropped to 2 and then back to 1-7/8, (with absolutely no trading activity other than mine). I should have known better than to have issued a market order for this quantity and I have no one to blame but myself, however a quarter point jump on this size trade does seem a little excessive.

I'm still trading with Schwab.

Regards - Dale
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