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Non-Tech : TD Waterhouse service - appalling -- Ignore unavailable to you. Want to Upgrade?

To: cherrypitter who wrote (503)	11/3/2000 2:01:10 PM
From: The Gambler	Respond to of 595

The service sucks. I placed an order at market this morning and after 3 hours there is neither a confirmation of order execution or status of order being outstanding. Customer service phone number does NOT respond and email message on the Webbroker doesn't let me send the email with the reason that requested field not completely filled, although everything was filled. I am sure we are not the only one and this probably will happen again.

To: cherrypitter who wrote (503)	11/3/2000 3:24:11 PM
From: James F. Hopkins	Read Replies (1) \| Respond to of 595

Richard ; And All: I'm one of the first clients who signed up for web-broker when it first started. Over the years it's been good and bad ( if compared to other on-line brokers ) I've put up with a lot of crap and sorry service ( at times ) because I know a few of the brokers and because they have a good no-load no fee mutual fund selection. --------------- I spent over 30 minutes on the phone this morning trying to get confirmation on some orders placed. Web-broker failed to show them at all, this seems to be a new twist on things and after talking to an associates ( Kile extension 57596 and recording the conversation ) I was unable to conclude the real reason for the problem. However there is no doubt that whatever the real reason is, it can't and shouldn't be acceptable. ---------------- Let me back up some, This message showed up today, and if is to be the norm it's very ominous. *Postings on "Order Status" May Be Delayed - DO NOT enter duplicate orders* < Due to market activity, reports may be delayed in posting to "Order Status". If you received an Order Number after placing an order and do not see your order on "Order Status", DO NOT place duplicate orders for that security. If marketable, your original order will be executed. You will be responsible for the original execution as well as all duplicate executions in your account. If you are not sure if an order was received, please contact a TD Waterhouse Representative. Well I did contact a Representative , and he could not confirm if my orders were in the system and no matter what I said from his reason I get the feeling that this is some sort of new policy they are putting in place. His tone was almost "canned" and aimed at telling me that Waterhouse is not going to serve short term traders anymore and that we should be investors. ----------------- One of my problems today was a short order on the QQQ, I don't know if it took or not, if it did there was no way to buy to close when it came my way. The way this is going as I explained the If marketable, clause means they can execute if it goes against me , but have a back door if it goes my way, and I have no way of changing a bid or even doing a cancel this really sucks. While it can't be proven that this is criminal it sure has all the ear marks. His reason ( or scape goat ) was it was not up to them but the market makers that they pass the orders to and until the market maker gets back to them it can't be confirmed. < changed or canceled > Well all that seems to add up to is Web-broker has caved into letting the market makers have a lot of protection and even the right to steal from you in regards to any order you place. --------- I'll back up again, yesterday while I had a hard time getting on Web-broker early on, it did work reasonable well after about noon. I was buying PSIX and selling Covered calls right after a buy order went through.. I did that twice ( to be sure the Calls would sell before I got to much of PSIX at one time ) it all went OK..and conformations were reasonable. But today with the message and the tone of he REP.. all that has changed and sounds like it is going to stay changed. I've placed 4 orders today and can't find the status of any of them, ( & have no way to change them or cancel them ). No one can trade like that. It amounts to giving the market makers a blank check to honor as they see fit, and I can't see that doing anything,"but giving them the right to front run my orders. to their advantage at my expense" ----------------- I'll look after the day ends to see what happened ( if they show it ) But this change of policy ( if it is one ) will leave all short term traders holding the bag . If it's legal and it likely is then it means they can arbitrarily change the Rules without any prior notice. Complaining about it won't do any good, at least not to the Waterhouse people. I may elect to take this to my local congressman and demand an investigation, If I elect to do that I will also write the State Attorney General, this is not about my little trades but if Waterhouse can do this then any of the others will catch on fast. Even if it's not against the law, taht does not mean they can't be taken to court. ---------------- Summery..do not count on doing any short term trades "look for trades to go through only if the market makers decide at their convenience it was marketable." If you do get into a trade you won't know it and can't very well sell it until you do know the status, hence put in only limit trades you are willing to hold at least for the balance of day, and don't count on being able to change; cancel , or sell them at a profit. In short you may as well drop your shorts and say stick it in me. Jim