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Non-Tech : Waterhouse Securities -- Ignore unavailable to you. Want to Upgrade?

To: Julian Chen who wrote (246)	12/19/1997 8:47:00 AM
From: Thean	Read Replies (2) \| Respond to of 2076

Waterhouse's overall service has taken a nosedive since they introduced electronic brokerage and the $12 fee. It is almost a classical case of reduced service as a result of lower rate and larger volume. I can pull out at least half a dozen complaints where I spent over 30 minutes with them arguing my case. The end result is always the same, I lose. The latest episode involved my placing a stop loss order using webBroker higher than the closing price. When the stock opened lower the next day and below my stop price, it not only did not trigger and execute but they canceled my order 25 minutes before the market opens without their informing me. In the old day someone would have call and leave a message for this. So I called them and ask how could I place an order to do what I wanted to do and they said none. The closest thing I could do is to place a market order, period. OK I may not be educated enough to be placing a stop higher than the previous day close before the market opens but I was really disappointed for their cancelling order without informing. I asked them a simple question, that if it is not acceptable to place a stop order at a price higher than the previous close, why did the WebBroker happily took my order and gave me a confirmation number the night before? The branch manager just said this is interesting and they will "look into it". When asked what was the progress on my three earlier "look into it", he (Frank) said we have not heard anything. Man, my first complaint about the inefficiency of the WebBroker was 8 months ago!