Charged anew 11,000% of comm. fees for 1900 trades, and 570% of money used to trade

Discussion in 'Retail Brokers' started by TraderManiac, May 5, 2006.

Is X justified to reclaim the $9.95 base commission fees?

  1. No, not any

    23 vote(s)
    52.3%
  2. No, but $0.70 per trade (IB's rate)

    0 vote(s)
    0.0%
  3. Yes, all

    16 vote(s)
    36.4%
  4. Yes, but only 50%

    5 vote(s)
    11.4%
  1. Thanks for support of some you here.

    First, nbates you made a decision based on transparent information. I, on the other hand, was supposedly mischarged over a 44 day period. My situation is the inverse of having an accidental deposit in my account: the broker's account got an accidental credit from me.

    You see, in Canada we have a law that whenever there is ambiguity in price, the customer gets the benefit of the doubt. For example, if there are two price tags on a product, the consumer has the right to demand the lower price on the tags.

    Additionaly, here is a section from Canada's Securties Act:
    Confirmation of trade
    36. (1) Every registered dealer who has acted as principal or agent in connection with any trade in a security shall promptly send by prepaid mail or deliver to the customer a written confirmation of the transaction, setting forth,
    (a) the quantity and description of the security;
    (b) the consideration;
    (c) whether or not the registered dealer is acting as principal or agent;
    (d) if acting as agent in a trade, the name of the person or company from or to or through whom the security was bought or sold;
    (e) the date and the name of the stock exchange, if any, upon which the transaction took place;
    (f) the commission, if any, charged in respect of the trade; and
    (g) the name of the salesperson, if any, in the transaction. R.S.O. 1990, c. S.5, s. 36 (1).
     
    #81     May 9, 2006
  2. alanm

    alanm

    Which, unfortunately, doesn't say anything about whether such confirmation is binding in case of error. Like I said, pay a lawyer to tell you. Not only can he find the appropriate law, but an experienced securities attorney has enough cases under his belt to know how the courts/arbitrators generally rule on a similar case.
     
    #82     May 9, 2006
  3. Just an update. I sent my complaint to the IDA, and two months later I received its reply. Its reply repeated that of the broker's almost word-for-word. Surprise, surprise... the IDA completely ignored the issues I had asked them to address. My feeling is that they gave it to the broker, and said, "Here! Handle it!" I doubt the IDA spent more than ten minutes on my case. Those are just my opinions, and I have a right to them, and I have right to voice them.

    The IDA.... Pffffffft!!! A self-governing association of dealers. That is both laughable and outrageous.
     
    #83     Jul 17, 2006
  4. Bump. Any new thoughts, complements, and insults welcome.
     
    #84     Jan 10, 2007
  5. YOU GOT GREEDY. This is a classic Wall Street story of GREED.

    Game over.
     
    #85     Jan 22, 2007