WANTED Charles Schwab customers. Message Board

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Non-Tech : WANTED Charles Schwab customers.

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To: John Sloan who wrote ()	10/30/1997 9:39:00 PM
From: Michael C. Woodward	Read Replies (1) of 69

Like a lot of on-line investors, I missed a significant opportunity to both sell and buy stock early Tuesday (my portfolio was reduced by 12% on Tuesday). I tried to dial in to E-Schwab from 6:30 A.M. PST through 9:30 A.M. At the same time I tried calling in on the 800 number. No success. I am burned like all the people that called in to Lew Dobbs at CNN. I saw his interview with Charles Schwab, and frankly Charles looked like hell and didn't say anything that gave me any confidence in his firm. He did accurately point out that all the on-line trading companies had the same problem. I don't think that that really made any of us feel better! I won't get burned like this again, I am willing to pay the higher commission during periods of investment opportunity in spite of excessive trading (like Monday and Tuesday). I have opened an account with a broker that I will be able to reach by telephone. I will maintain my account at Charles Schwab, for the time being (until I can unload all of my high tech dogs) and move my funds to my new broker. One thing you can do if you want to continue with an on-line account with a discount broker is to open an account with a higher fee broker that can respond to your requirements on heavy trading days. When you have opened your account, you can use the high commission brokier for stock purchases and get the trade that you desire. You will have three days to move funds from you Schawb (or other) account to cover the purchase. The bad news is I haven't figured out a way to sell stock on days like Monday and Tuesday. The problem is that it is very difficult to move stock certificates between investment firms (takes two to three weeks). The paperwork is a real headache and they don't like doing it. In retrospect, it wasn't worth it to miss the opportunity that I had on Tuesday to trade with a discount broker and save commission fees. My bar bill was more than the differential would have been on regular trading commissions vs. Charles Schwab. Hope this helps!

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