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Host Sender (Blitz):
I am not sure what your message has to do with anything here, but I'll
provide some insight I hope may help you. I do not know if you had any
other problems or with whom you dealt and really do not care. This is
the way it is....
Clearing firms' back offices (Refco, RCG, GHC, etc) have long been a
source of many headaches. Refco, because they are so big, by far is the
worst. I feel your pain, man. I have to work with back office stuff that
we have no control over, every day. Believe me, these issues happen at
every FCM.
While transfer fees beyond the cost of wiring funds may seem unfair, I
assure you these added $$$s are not going in your individual broker's
pocket. I believe they do this to deter customers from using their back
office to do unnecessary and unrewarded work. Furthermore, there are
additional risks a firm takes on when transferring positions and equity.
I hope your next firm is a happier place for you. If you need the name
and contact of someone at the NFA, let me know.
Best of luck,
J Gil
-----Original Message-----
From: Blitz [mailto:rlofgre1@xxxxxxxxxx]
Sent: Saturday, April 26, 2003 11:12 PM
To: omega-list@xxxxxxxxxx; RealTraders
Subject: Screwed by IB
This is a bit off-subject but may help your future decisions when
selecting
a brokerage.
I had as an IB "Infinity/ProEdge" and was not completely satisfied. When
I
left, I transferred my account to my new IB instead of closing the
account
and having a check sent to me.
I was shocked to see that they, Infinity, had charged me $80 to
transfer
the funds. When I called to ask why, my "friendly" broker chewed on me
and
asked why I hadn't asked him to just "send me a check".
Now I ask you, what's easiest for the back-office; sending a check, or
electronically wiring funds?
I haven't been around forever, but I would think that wiring is much
easier.
Because I think this is a "punitive" and vindictive action toward me, I
am
in the process of lodging a formal complaint with the NFA, something I
told
them I would NOT do if they "made this right".
They have no intentions of satisfying me on this issue, so now it's time
for
MY pound-of-flesh!
I hope that this post costs them 100 times in lost and future business.
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