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This is not surprising at all....
you should see the horrific service you get with internet BANKS !!!!
I could tell you many stories.....i.e. 6 WEEKS to get an ATM card "fixed"...
problem: bugs in their software, stupid customer service people.
I called my broker recently to inquire about a service option on my
account....
when I gave them the account# from the statement, they said it didn't exist
!!!
What had happened is there was a programming error that truncated the last
digit of the account
on the statement !!!! This took over a half hour to resolve....
problem: bugs in their software, customer service unaware that corporate
accounts are different from personal ones
Again, NO ONE FROM MANAGEMENT EVER CALLS YOU BACK ; no apologies !!!
Are you seeing a pattern here for our new-wave, "highly efficient",
state-of-the-art 21st century economy ?
- over-reliance on new software for things that were handled by people
before; low s/w reliability
- lack of training for customer service personnel ("dummies on phones"...no
problem solving ability !)
- impersonal, arrogant or lacksadaisical management (making too much money
to care !)
> -----Original Message-----
> From: Phil Lane [mailto:patterntrader@xxxxxxxxxx]
> Sent: Friday, February 18, 2000 10:08 AM
> To: service@xxxxxxxxxxxxxxxxxx
> Cc: realtraders@xxxxxxxxxxxxxxx; omega-list@xxxxxxxxxx; "NASAA
> Enforcement Chief"; "SEC Regional Director"
> Subject: lame broker alert
>
>
> To whom it may concern:
> This trade should never have happened. I had a market order entered to buy
> 200 shares of ICCSA. On February 14th at 6:25 AM (a good 5 minutes before
> the market opened) I attempted to cancel this order.
>
> Unfortunately, to my complete suprise and dismay, your web site REFUSED to
> accept the cancel order. The edit button had just disappeared. So
> at 6:26 AM
> I called to cancel the order in person. But at 6:33 I was still
> on hold and
> the traded was transacted against my wishes.
>
> Later that day your Manager of Internet Trading looked into this
> and told me
> that from 6:25 on the internet order entry system was
> intentionally designed
> NOT to accept cancels on market orders! And apparently that's supposed to
> make it OK.
>
> HOWEVER, it is clear that if I had spoken with a live broker at 6:25 AM he
> would have made every effort to cancel the order!!! I think your
> failure to
> provide the same mechanism over the internet is a very serious MISTAKE,
> since it is clearly at ODDS with the standard stock broking practices, and
> especially since there was absolutely NO indication that this
> arbitrary and
> capricious policy existed. THEREFORE I'M GOING TO HAVE TO INSIST THAT THIS
> TRADE BE BROKEN and also that you repair the web site to avoid
> this problem
> in the future.
>
> Please note that over the past few days I have requested to speak
> to someone
> about this several times. On 3 distinct occasions I was promised that a
> "manager" would call back. Believe it or not I'm still waiting
> for the phone
> to ring. Evidently there is NO established procedure to dispute a
> trade, or
> else I can't get anyone to tell me about it. Perhaps this email will
> motivate someone to actually do something.
>
> Thanks for your attention,
> Philip Lane
>
>
>
>
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