More problems with Web Street:
gomez.com
150.
How can they still be in business? Is there a
government entity backing them up?
alitis from Wichita, Kansas
April 24, 1999, 03:40:54 AM
Call it ignorance or stupidity but I signed up with them
although I knew their past ratings were mediocre. Never
though could I have imagined the length, type & intensity of
problems I had to face because of the way they run their
business! Let me tell a true story .... Placed an Internet
limit-order to buy 4400 shares of stock (marginable) but I
could not get an e-confirmation - instead got a message to
talk to a "live broker rep" to make sure my "order went
through". I called in and explained the whole ordeal! The
"Broker" verified my request (that is, clearing off any order
placed over the Internet and placing a new himself). Well,
ended up with 8800 (2 X 4400)shares. Before I realized their
mistake, the stock price dropped by more than 50%. I was
sure that they would easily resolve their screw-up knowing
that customer orders are voice-recorded. Confronted them,
but they dead-insisted that I never explained to them I had
already placed an order over the Internet. Well, there were
sufficient funds in my account at that time (Day-Trading
Buying Power) just to buy 4420 shares at the purchase price
I entered; thus their system should have rejected the
duplicate order. Nevertheless, I have been appalled by their
denial, arrogance and unproffessional handling of my case.
This case is now on arbitration. Got any help from any
goverment entity? Nope! I think they very much SUPPORT
EACH OTHER. It's like the insurance companies and State
Insurance Commissioners(elected to "protect the public")
scheme - it's the insurance companies' financial backing that
elects them to serve one purpose: Hurt the public to serve
the insurance companies' financial interests! At any way, I
would like to conclude my experience with Webstreet saying
the following: Stay away from this brokerage slaughter
house; they are in business to take advantage and exploit
customers to the maximum. No matter what, trying to deal
with them in a rational, logical way will definetely fail you. If
you're alrady with them, watch out! If you're not, stay
away! Finally, do your search very carefully before you
decide to sign up with a brokerage firm; you might think you
can save a few dollars because of attractive rates but in
the long run you may (actually: YOU WILL) pay dearly! |
