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FleetBoston Financial (FBF) Message Board

  • calmcom calmcom May 3, 2000 2:22 PM Flag

    Suretrade is on the outs in my book!

    Scenario: I placed two orders with Suretrade and
    was informed by the website that neither order was
    able to be placed. I made the unfortunate, and very
    costly, mistake of relying on Suretrade's website, which
    they seem to admit should not be relied upon. It turns
    out that the orders did go through, contrary to the
    info. on the website.

    I sent a letter to
    Compliance and didn't hear anything back. Today I wrote to
    them and metioned the PR nightmare of eTrade after the
    NASD fine for ignoring complaints; I received a
    response in 3 hours after that, which is about 1 month
    after the original letter. Here is there response to my
    complaint as well as my response to there

    --- wrote:
    > The following email message was sent to you
    > 4/4/00:
    > Dear Mr. ,

    > Thank you for addressing your concerns in
    > In your letter,
    > you express
    dissatisfaction with two orders you
    > placed on April 4,

    > 2000.
    > At 1:22 p.m., you placed
    an order via the Internet
    > to sell shares

    > of xxxxxxxx) at a limit
    > price of 14 3/4,

    > order number xxxxx. Within the same minute,
    > placed an order to
    > sell shares of
    xxxxxxxx) at a
    > limit price of 18
    > 1/4,
    order number xxxxx. Both orders could be
    reviewed on the
    > Order Status screen of the web
    site. When you
    > called SURETRADE
    customer service, you stated that you received
    > messages upon
    > placing both orders and
    did not review the Order
    > Status page or call

    > earlier because you were confident the neither
    > was successfully
    > received by SURETRADE.
    It is surprising that you
    > did not attempt to

    > duplicate the order or call SURETRADE to ensure
    > the intended
    > shares were sold. On the
    web site and within the
    > SURETRADE Account

    > Agreement, we state that if you question the
    > of an order or do
    > not receive
    verification of its placement you should
    > contact

    > SURETRADE immediately.
    > In short,
    SURETRADE received two valid orders for
    > your
    > These orders in turn routed to the
    > exchange for execution
    > per your
    instruction. The orders are binding and
    > you bear the
    > responsibility for these trades. We
    regret that you
    > are displeased
    > with the
    outcome of your orders, however no
    > adjustments
    shall be made
    > with regards to this
    > Sincerely,
    > Steve

    Concerning your suprise that I did not attempt to duplicate
    the orders, that I was informed by Suretrade's
    website didn't go through, I did in fact attempt to
    duplicate but received the same error message each time. I
    am taken aback that you find it suprising that I did
    not call Suretrade to see if the stock was sold after
    the website told me the orders did not go through.
    Are you telling me that Suretrade's website is
    unreliable and I should disregard information provided by
    it? Doesn't that defeat the purpose of being an
    ONLINE broker?

    In addition, I noticed that for
    the following week many informational errors where
    presented on Suretrade's website, such as incorrect
    "position" status. Stocks I owned were not shown for periods
    of time. This once caused me to purchase shares of a
    company I already owned and which I would not have
    purchased if Suretrade's website was RELIABLE. Saving a
    dollar or two on trades is not worth receiving
    inaccurate infomation that ends up costing thousands. I am
    VERY dissapointed in the recent reliability of
    Suretrade's website as well as the handling of this

    I assure you that there most certainly will be an
    adjustment, such as adjusting brokers. You can

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    • Stop punishing yourself. Service is a well
      defined commodity. Providers must "Walk the Talk" or be
      held accountible. It's as simple as that! You have
      made the perfect arguement against the use of discount
      brokers. Would you purchase life insurance through K-Mart?
      No, of course not. In ___ years of trading/investing,
      Schwab has never failed me, NEVER!!!! @ 29.95 a trade.
      [max] Much lower with the monthly volume. Go on, treat
      yourself. I am a customer only, not an employee. BTW & IMO-
      "Sappen at Da Bank? yet another down day, hummmmm? .50
      next week? Yup, could be as the teck sector has given
      Greenspan the finger. I am really disturbed over the horror
      stories I am hearing about customer abuse at Da Bank!!!!
      How well do the branch's run with NO customers? The
      Apologists are now allowed to jump in. . . Calmcom - Send
      the bank a charge for failing to perform as agreed
      upon: $ 29.00