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From: stern@tilt.FUN
Newsgroups: net.invest
Subject: Re: Stockbroker selection, discount brok
Message-ID: <13000007@tilt.FUN>
Date: Fri, 6-Dec-85 10:32:00 EST
Article-I.D.: tilt.13000007
Posted: Fri Dec  6 10:32:00 1985
Date-Received: Sat, 7-Dec-85 04:36:22 EST
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Organization: The Official Fun Machine of Princeton University EECS
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Nf-From: tilt!stern    Dec  6 10:32:00 1985

[]

As for Rose and Company, I had nothing but problems with them.

(1) They screwed up an order to sell a stock that was dropping
rapidly (it was a limit, GTC order).  It was never executed

(2) They did not credit any interest on the cash balance in my
account until I called them and made them go through their records
in detail.  This was not an insignificant amount of interest.

(3) I invariably found the customer service reps to be rude and
often incompetent.

(4) After closing my account, I got a statement the next month,
which showed a $2.07 credit balance.  It seems that they did not
close my account on the day I called (which is a no-no) but waited
two days, and in that time the cash balance earned $2.07 interest.
Instead of tacking it on the the balance due me, they held it in
account.  It was quite a surprise getting a statement with
	Opening Balance:  0.00
	Closing Balance:  2.07
When I asked why this happened, I was told that the computer 
saw the credit balance, and accrued the interest for those two
days.  I asked why it didn't just adjust the balance when the
account was closed, and I heard one of my all-time favorite
"computer did it" lines:

	"Our computer can't do that"

I've heard of money creation before, but not like this.  After
two more phone calls, I got them to send me another check and really
close out my account this time.  Two months later, I'm still getting
junk mail from them.


I now have my account with Schwab.  There are lots of advantages:

(1) The office is two blocks from mine.  I can walk in there, read
the Wall St Journal or Barrons over lunch, play with the Quotron,
or see what other news they have sitting out.

(2) I have personally met all of the people at the trading desk 
and they know me by name and sight.

(3) With the Schwab 1 account, I get free checking and VISA "access"
card.  A good deal in anyone's eyes, I would think.

(4) They don't suffer from brain-damaged software problems -- interest 
is credited daily instead of monthly, for one example.

--Hal Stern
  Princeton University
  {ihnp4, allegra, seismo}!princeton!flakey!stern