Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : E.Schwab problems -- Ignore unavailable to you. Want to Upgrade?

To: Kevin Hay who wrote (143)	4/20/1998 8:51:00 PM
From: kenneth kountz	Read Replies (2) \| Respond to of 1401

I have had an account with Schwab for over 12 years. I'm not going to make it 13, after today's fiasco. I entered a limit order to buy at 10:15 am central time, then in the middle of the transaction the system coughed. I tried to get information in my "status" summary on the trade, and by calling the Schwab 500 team. They couldn't help since they couldn't access their "backup" computer! Unbelievable. So the entire day was spent without anyone knowing whether my trade was filled, outed, or what have you. Then at the end of the day, I found out it was filled, but the fill order time was 2:15 pm central time, when the stock was trading about 3/4 point below my limit order. I think I've been had. Does anyone know the procedure for getting a file of all the trades executed in a NYSE listed stock? How much $ does this cost? Also, how can we complain to the SEC or the NYSE on Schwab's performance today? What's the procedure? I'm fed up with this company!!! Its obvious they've grown too fast and can't keep up with their customers.

To: Kevin Hay who wrote (143)	4/21/1998 12:53:00 PM
From: Xennor	Read Replies (1) \| Respond to of 1401

I've also heard good things about DLJ. Perhaps someone with a DLJ account could post an opinion....., though why they'd be reading this thread I'm not sure. Most irritating thing Schwab has ever done: Changed their policy on marginable securities without an email notification. Yes, they sent snail-mail, but it's supposed to be an 'E'lectronic account, yes? This is basically unforgivable, but I haven't switched as there isn't a clear alternative (ie: I don't want to make things worse). -Kevin Yeah I too have heard good things about DLJ from a couple of people but would like more opinions if any has any experiences with them. After what happened this morning I am gonna change brokers as soon as I can find one that suits all my needs. This morning when I went to buy some calls on CMGI via the web I was able to get quotes on the calls that I wanted, however I was not able to place a trade on it as it said the security was invalid. I checked the symbol and it was correct so I try again, still saying invalid. So at this point I get on the phone and call Schwab. I still on hold for over 7 minutes waiting for someone to help me out. Finally someone answers and they say they have to transfer me elsewhere, ok fine so I sit on hold another 5 mins. (Mind you CMGI announced a 2-1 split this morning and the calls are going through the roof). The next person finally picks up and she tries to put the order in for me, but 'lo and behold she is not able to either, she is getting the same error I am getting, so she puts me on hold to call the trading help desk. She comes back afer 3 mins and says she is in the queue and should be back with me in about 2-3 mins, so I say fine (what else am I supposed to say at this point?). Finally she comes back and says that they have fixed the problem and would I like to place my order now. At this point the calls have jumped from an opening of 7 to 11.25, so there is no way that I am gonna place my order now, I thank her for all her help as she was very nice and was able to help me. But what it comes down to, is that because of some screw up on there end, which they never told me what the problem was, I missed buying my 10 calls at 7 which went up to 11.25 which I most likely would have sold at that point. All in all it cost me $4000 in profit. This is where I draw the line. If they can't help me excute an order in a timely manner then they are not going to be my brokers. Oh well enough ranting, just had to get that off my chest. After yesterday, this is the last straw.