I did not respond previously to RR's "unhappy IF rumor not true argument", because it is silly. I wanted to make the trade. How could I possibly be mad if they gave me 300 or 350, or 398 shares since that's all the cash that was available. If I complained about that, I would look stupid. And I would expect everyone to say so.
Perhaps other firms would do similar, perhaps they would not. That's what I have to figure out before I move. I do not think that SCHWAB makes a practice of "SCREWING" their customers. As I said previous to this happening, the past month I have made over 30 trades, and except for some slow executions, I have been happy. I thought what I previously said is that IF schwab did not have a financial interest in the trade (IE they were not the MM), they may be more likely to help. That's it.
When you deal with as many people as SCHWAB, some people are going to get screwed. It happens. Mistakes happen at all firms. What separates the good firms, from the bad, is what happens when it occurs, as well as the frequency. I know nothing about schwabs frequency. Maybe it's the lowest of all firms out there. That would say something. But even if it is the lowest, what they do when it does happen means alot also.
Now maybe I should of put the order in for 350 or 375. That way I would of been assured of the fill. This would of eliminated the problem from ever occurring. I should have. I would of made less, but I would of been assured of getting the stock. I assure you that I will next time. No close calls on MKT orders.
But besides not getting filled, the biggest problem I have is this: Their electronic order system should of almost immediately notified me that the trade did not go through because of a change in MKT price. If this was done, I could of changed the order and resubmitted it, and been a happy camper. No second guessing. Perfectly understandable. Sure I would of paid more, but it would of been my fault. But waiting 22 minutes, and more importantly after the stock had been halted to comeback and say "out of MKT" makes me an UNHAPPY camper. This is SCHWABS fault. No Excuses.
That's it. Pretty simple.
I can tell RR has a very defensive view of people making claims against brokerage firms. I am sure most are not valid. You argue mine is not valid. Perhaps it is not. Again, all I can do is explain to the best of my abilities what happened, and let others decide if they would be happy if that happened to them. If they would not be, then I suggest they go elsewhere. If you would be choose schwab. |
