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Blitz,
I was a stock broker for nine years. It is much easier to mail a
check. Transferring an account involves lots of paperwork and time.
Any time you have cash in an account have them mail it to you or wire
it to you. I'm not saying you are wrong but simply ignorant. I would
consider it an expensive lesson and move on.
Jimmy
Sunday, April 27, 2003, 12:11:43 AM, you wrote:
B> This is a bit off-subject but may help your future decisions when selecting
B> a brokerage.
B> I had as an IB "Infinity/ProEdge" and was not completely satisfied. When I
B> left, I transferred my account to my new IB instead of closing the account
B> and having a check sent to me.
B> I was shocked to see that they, Infinity, had charged me $80 to transfer
B> the funds. When I called to ask why, my "friendly" broker chewed on me and
B> asked why I hadn't asked him to just "send me a check".
B> Now I ask you, what's easiest for the back-office; sending a check, or
B> electronically wiring funds?
B> I haven't been around forever, but I would think that wiring is much easier.
B> Because I think this is a "punitive" and vindictive action toward me, I am
B> in the process of lodging a formal complaint with the NFA, something I told
B> them I would NOT do if they "made this right".
B> They have no intentions of satisfying me on this issue, so now it's time for
B> MY pound-of-flesh!
B> I hope that this post costs them 100 times in lost and future business.
--
Best regards,
Jimmy Snowden mailto:@aledobb.com
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