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I am having horrendous problems with Morgan Stanley Dean Witter Online
(formerly Discover). I have maintained the same account since 1992
starting with Lombard and have been sold to Discover and now, as of
their 10/15 takeover, Morgan. I am an active trader with several
hundred trades a year and I rely (too much) on an efficient broker to
keep my balances straight.
I cannot begin to explain the frustrations since the Morgan takeover.
They include having my balance both overstated and understated by over
$100k in the last week, having trades entered and seemingly not filled
by the system, and having trades refused by telephone clerks because
they did not understand my balance or did not comprehend what margin was
(Really!). Their practices have cost me substantial (to me) sums and
when brought to their attention their compliance person seems to respond
that they have no fault because they didn't actually refuse a trade.
(their clerk told me there were no funds to trade with and refused to
put me through to a supervisor so technically no trade was requested I
guess) When I attempt to get through by phone to ask about the bizarre
sums on my account screen there is no answer but only an interminable
hold that has gone on for 45 minutes. There has NEVER been an answer
after hours and there may actually be no one around although their
recording does not say that. I physically visited their location in San
Francisco and my impression was of chaos although this might not be
accurate since I did not tour their office and only visited and observed
from the reception and cashier's area. But it was a hell of a lot
different than what I see at Bear Stearns. I was there to pick up a
$100k check and found that it seemed to not be printed because their
cashier's printer was broken and they had someone doing it down the
hall! My wife wants me to move the account noting that Morgan et al
don't even seem to be y1k ready.
I guess I have to move my account which I do not relish. Maybe this is
just me and I either expect too much or am having all the bad luck, but
I don't think so. Is anyone else having similar difficulties? Is there
any way to deal with them?
Steven Booska
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