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Non-Tech : Online Broker Down - Sue 'em - EGRP, JBOH, AMTD, SCH, NDB
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To: ratan lal who wrote (3)2/4/1999 5:02:00 PM
From: Bill on the Hill  Read Replies (2) of 253
 
I am documenting my difficulties with E-trade today. I also documented my difficulties with them yesterday which was Wednesday Feb. 3, 1999. I estimate my losses to be $5,000 for the two days. I am currently waiting on their telephone line and have been for thirty minutes. I have sent them five e-mails today and have not received one answer from them. I sent them two yesterday. Two the day before. None of them have been answered.

1. I qualify for professional trader services and free level II quote system. I have not received it and the application has been with them for 2 months. They just transfer me to another service technician. Each successive one has a bigger attitude or excuse.

2. I have received no confirmations on my account trades except one in the last 3 days. I have traded over 7 in and out trades.

3. I bought JBOH yesterday at 4 1/2 approx. It was sold out from under me at a loss and I did not enter a sale. Look at where it ended up today. I could have sold it at 24 today.

4. I tried to sell CSCO this morning at 109. Service was unavailable. Now I am at a loss but will hold CSCO at this point because I am under what I would accept as a loss. Will hold until I am back in profit.

5. Tried to buy PQT this morning at about 4 9/16. My order was not filled and the stock sat below my order at 4 3/8 for about fifteen minutes. I received no confirmation and cancelled order and placed a market order when it was 4 9/16. Finally got back online after not being able to access account and was filled at 7 1/4 and the price was at 6 1/2 when I got back online.

6. I still do not know where my account status is (how much margin, money, stock or etc.) is.

I have many many more examples and would highly recommend anyone thinking about E-trade as a provider to not do it. I REPEAT - ETRADE IS NOT ABLE TO HANDLE THE BUSINESS. THEY ARE NOT SERVICING THEIR PRESENT CUSTOMER BASE. DO NOT, DO NOT USE THEM. YOU WILL BE SORRY.

This goes back to when I became an active trader. E-trade is great if you are not an active trader. If you are an active trader you will lose great amounts of money if you use them. I estimate my problems have cost me over $2,000 in hard cash and over $17,000.00 in profit from bad executions. This is not BS. I can document all of the problems and have. Send me an e-mail if you want and I will send you evidence of this.

highonahill@usa.net

Bill
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