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Pastimes : Thread Morons
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To: EL KABONG!!! who wrote (3723)8/18/1998 7:29:00 PM
From: INFO_DART  Read Replies (1) of 12810
 
Kerry, Thank you for the post.
My purpose is not to complain. Rather it is to understand enough so that I might make better judgements. It is the problems or complaints that motivate my interest because they cost me money. In addition, I think we have a civic duty to let others know what is happening. It may also be in some way a force for positive change in the industry.

It is true that there is a large gap between the performance of the online brokers and the expectation of the consumers. I think some of this comes from a difference in perspectives. One perspective is that of a software company. Its almost like, wow, they are a registered and licensed Microsoft service provider. Versus they are a financial institution of the United States of America.

Here is an analogy. What would you think if several times a week your bank bounced one of your checks although you had more than enough funds on deposit? That is, they failed to execute a transaction. Your check said pay to the order of John Doe and they didn't do it. That is what you are doing when you place an order to buy. Then when you ask them what is going on they never give you a straight answer. Furthermore, they say there is no problem or that you expect too much. These online brokerage systems aren't rocket science. I fear they work or (don't work) that way because that's how they want it to be. We are talking Billions of dollars here. I've been a senior executive at a $50+ Billion Bank Holding Company. Believe me this is nonsense. I wonder if these online brokerage guys are laughing all the way to the bank!
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