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Non-Tech : Fight The Power! -Your Broker Just Screwed U - Now What?
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To: TFF who wrote ()12/7/1998 6:19:00 PM
From: JC Reddy  Read Replies (1) of 323
 
This happened to me with Schwab.

Put a limit buy order to buy 500 shares to buy at 39 1/2. Then the price went up by a couple of dollars to $41 1/2. I thought I just missed the opportunity to get in at 39 1/2 and cancelled the order. Then I put an order to buy 500 shares at $41 1/2 and my order was filled immediately and reported back. Well and good.

Then I wanted to sell my 500 shares at $43 1/2 when the bid was at $44. Tried to put and oder and here it is: SChwab disabled online trading for this stock. Well, they just disabled it saying it is a "fast market" without a warning. Tried putting an order on the phone and I didn't get them to answer until the market closed. The stock closed at $39 1/2 for the day. No problem.

Then Suddenly I noticed that there were additional 500 shares sitting in my account. They were the shares I got from the cancelled trade at $39 1/2. I didn't want them. I only wanted 500 shares.

Called Schwab and complained. They say it was just a late confirmation and hence they aren't liable. This trade was reported back in about 1/2 hr, I think.

I bought the 500 shares at $41 1/2 because I thought I didn't get any shares at $39 1/2.

The next day the stock opened a couple of points lower and I sold the whole 1000 shares for a loss.

Here are my questions:

(1) I got the shares I didn't want to buy. I had to sell them for a loss.

(2) I wanted to sell my 500 shares at $43 1/2 and they stopped electronic trading without any warning. Their phone brokerage had 1/2 hr waiting time and I couldn't sell my stock in time to break even.

What can I do in this incidence? I talked to Schwab and complained. They said they will investigate the whole situation.

Please let me know what rights I have in this regard. I would very much appreciate your help. Any similar experiences with Schwab? I begin to hate their service now.
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