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 inadaquacy:
--- email@example.com wrote: > *~*~*~* > The following email message was sent to you on > 4/4/00: > > Dear Mr. , >
> Thank you for addressing your concerns in writing. > 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, you > 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 error > messages upon > placing both orders and did not review the Order > Status page or call
> earlier because you were confident the neither order > was successfully > received by SURETRADE. It is surprising that you > did not attempt to
> duplicate the order or call SURETRADE to ensure that > the intended > shares were sold. On the web site and within the > SURETRADE Account
> Agreement, we state that if you question the status > 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 account. > These orders in turn routed to the appropriate > exchange for execution > per your instruction. The orders are binding and > you bear the sole > 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 issue. > > Sincerely, > Steve Kolasinski > SURETRADE Compliance
Response: 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 complaint.
I assure you that there most certainly will be an adjustment, such as adjusting brokers. You can
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