HOly cow!, I thought I was the only person that got screwed by schwab. I placed a buy order two weeks ago for a fast moving stock. at the time I placed the order, the price was $15.25. Schwab sat on the order for 15 minutes and filled the order at a price of 17.75. Problem is, the stock NEVER HIT that price at the time they claimed to have filled the order. I called and confronted them with the ticker print out, but they denied any responsibility and blamed the market maker. They gave me his number and when I called, the maker maker was irate and demanded to know why schwab gave me their number. I went back to schwab and after all said and done, I was given a $2000.00 refund, but the price of the stock had droped 4 points!. I went back and reviewed my other trades (time it took to fill orders) and what i found was disturbing. At another time, I placed a limit order on a security, the trade never happened eventhough the stock hit the the target at differnt times during the trading day. I called schwab and was told that placing a limit order and the security hiting the price does not mean the order will be excecuted.
I am in the process of closing all my acounts with them. I have ira, custodial and regular brokerage and i am moving all and besides, they are too expensive.
ben
Note: Schwab also owns the market maker in both securities. you be the judge. |
