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Non-Tech : Datek Brokerage $9.95 a trade
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To: Jack Zahran who wrote (5817)11/5/1997 6:00:00 PM
From: Crabbe  Read Replies (2) of 16892
 
Jack your constant flaming of Datek is getting old. While you feel you got screwed and maybe you did, we are both in the same boat, only my problem is with Ameritrade. While you sold stock that wasn't supposed to be in your portfolio, I cancelled a sale.

I placed an order to sell a stock Turnaround Tuesday before the open with a limit order, the price dropped immediately below my price and then shortly thereafter turned back up, so I cancelled the sell and waited for about an hour with cancel pending on my account status screen. Finally it came back and said cancelled. So I quit worrying about it, On Friday I checked that account and it showed way to much cash. So I checked and sure enough the stock wasn't in my account anymore, I called them and got a run around from the customer service rep. I finally demanded to talk to a supervisor, and he checked said that the market maker wouldn't reverse the trade, and that the MM said they would have to eat it. Unfortunately they passed the buck on to me and told me I would have to eat the whole thing. I then emailed Chris Johnson at Ameritrade and amazingly enough received a responce inless than two minutes.

So far my problem has been taken to a Vice Pres. of Ameritrade and I understand it has been to the President. Big deal so far they have offered me 10 free trades ($80) for their mistake. This was a stock that I intended to hold long term and which I immediately bought back when I learned of the problem. My loss $1840 that I would not have lost had I been properly notified of the sale on Tuesday instead of being notified that it had cancelled and could have bought back at a lower though still costly price. I might note that I also started to sell here on Datek cancelled the order and the order cancelled just fine.

I was supposed to hear from Mr. Johnson today but obviously I won't as it's now 5PM in Omaha. In any case I am not going to cry on the Ameritrade threads for months on end warning every possible new customer of their dangers. I will while I am fighting with them let everyone know what kind of service I got, and I will file complaints with NASD, SEC and the State of Oregon. But I am not going to cry for the rest of my life.

If you were totally not at fault I would have more sympathy. I placed the order knowing I could lose money if the market didn't drop as I expected it to, I did not expect the losses I got as I expected proper notification. You sold stock that if you didn't know it wasn't yours you certainly should have.

Rod

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