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

To: Mama Bear who wrote (734)	10/27/1998 5:13:00 PM
From: Dave Hanson	Read Replies (1) \| Respond to of 2076

Hi Barb, didn't recognize you with your new handle. :) I think this disclaimer covers them if they don't get your order cancelled between the time you ask to be cancelled and the time it was executed. I don't think it covers them after they have subsequently confirmed, via webbroker, that your order was in fact cancelled. In my experience, I don't even get the webbroker cancellation until many minutes after the cancel was requested. The least they should do is verify that it's the correct message before it appears. I agree that calling is the way to go. However, there are times when hold times are long enough to make that a very inadequate solution. More to the point, they should say something like, "webbroker can't confirm this cancellation, so call your officer" rather than "order cancelled." Regards, D

To: Mama Bear who wrote (734)	10/29/1998 1:01:00 AM
From: Julian Chen	Read Replies (2) \| Respond to of 2076

That may or may not cover them. In my case (a year ago), I entered an order to sell and then immediately changed my mind and cancelled the then open order. 30 minutes later I checked the status it stated clearly: OPEN ORDER CANCELED. It was that way all day long until market closed, around central time 5:30pm an account manager from Waterhouse called and said my shares were sold. I was so mad since that was the day of big reversal and my CSCO was up more than 10 points from the selling price. She then offered a slightly favorable trade price which I rejected. To make the long story short. I went on and on to discuss and argue with Waterhouse, from account managers all the way to their VP that was responsible for customer service. I can tell you that they all the same: sorry our system screwed you but we are not going to do anything about it. I finally brought the case to NASD for arbitration and I am glad to tell you that the arbitrator finally made his decision a few days ago and YES!!! WATEROUSE IS LIABLE FOR THE FULL DAMAGE PLUS FEES... Frankly speaking, if Waterhouse showed any signs of courtesy then I would willing to settle with them to avoid the trouble of arbitraion. I can't stop reading the award letter since just by reading it makes my day! Julian