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

To: surfinSteve who wrote (170)	7/11/1998 11:31:00 AM
From: Martin E. Frankel	Read Replies (2) \| Respond to of 1401

Sorry, but I can't agree. Perhaps there's no posts here because people are leaving Schwab! I, for one, have had terrible service and fills from Schwab using their Schwab 500 website... and to make matters worse, my complaints were met with an "I don't give a damn attitude". It seems that their ownership of MASH (one of the largest MMs and one I believe presently under investigation by the SEC) has a great influence over your transactions with Schwab although it is illegal and they (Schwab) are supposed to get you the best bid and/or ask from whichever MM. Sadly, this attitude of arrogance and "to hell with the customer" goes up the line as my complaints to the Chairman's Hotline were met with no interest or satisfaction. I did, in fact, PM some people who were interested in possibly taking some legal action against Schwab (at least according to their posts on this thread), but never received a response. Oh, BTW, in case you think I'm just a small retail customer, my commissions to Schwab the first 5 months of this year were between $8000 and $10,000 per month... and I still couldn't get any satisfaction... yet... for failure to execute trades, poor executions, failure to give me (from Schwab 500 on the phone) current information when their website went down once (and sometimes when the site was up and running), etc., etc. ad nauseum. The bulk of my stock assets are in hedge funds or privately managed. I was interested when I saw that one of my managers shorted Schwab stock recently. Maybe they've just grown too big and top management isn't aware of the dissatisfaction of many customers... yet! The "lady" who I spoke with at "The Chairman's Hotline" was absurdly curt and arrogant (even though admitting Schwab had made errors on a few trades), but she spent most of the time telling me that she had been with Schwab for 10 years and little to resolve my "screwing" by Schwab... none of which was ever resolved... yet. When I asked her to check with the legal compliance department her answer was that the reps in my 500 team were more knowledgable than their own lawyers. That was the last straw. No, I can't agree with you. I believe perhaps that many have just left Schwab without the fanfare.