Schwab Drops The Ball Again For Active Traders

Discussion in 'Retail Brokers' started by AAAintheBeltway, Mar 10, 2011.

  1. Schwab has spent a ton of money on CNBC pretending to be a go-to option for active traders. Unfortunatley, they still don't get it.

    Their latest miscue concerns wash sale reporting. Schwab used to display your execution cost in the Lev II box and also in a positions box. Unfortunately, now they don't acutally display the real cost, but the adjusted wash sale basis. This means you can't rely on what they display for trading purposes. They seem incapable of understanding that a trader is not really concerned with the wash sale basis but what he actually paid for the stock.

    For people who trade the same security over and over, this sets up a real headache.
  2. That sounds real bad for C.Shwab, I had my hopes up for its new platform (StreetSmart Edge)... any other comments besides the wash-sale issue?