Complaint Review: SCOTTRADE - Newberry Florida

I bought shares of stock - "FREE"  then later 2-14-2013 Scottrade charged me $20 dollars again - No Warning and No explanation.

 I had to call them - if a company is reorganizing Scottrade charges $20 or $25 from every investiture.

For all I know - You and I are the last person to know, if a company does this, its not something everyone knows, therefore how could anyone prove Scottrade discovered this, to therefore charge this fee.

It just suddenly appears as just red text - fact is, it could be a scam to get money from you under false pretenses.

Therefore another scam from Scottrade again

Asking a simple question - is strangely beyond their ability to answer. The good part is, rare if they explain it - you therefore get an answer.

From reseaerch on the internet, I found: NASD rules and regulations specify that brokerage firms may charge a reasonable fee for services provided to investors as long as the investors are given at least 30 days notice of the intended fee assessment. The authority to assess these fees is covered under NASD rule 2430.

Why would they tell me - they could collect money, not knowing something. Their excuse would be insider trading..

Fee schedule, is presumed overt - hidden. I am surprised where it was:

On login page - Far left side, listed under "Why Scottrade?" from drop down menu "Fees & Commissions" about a list of no fees, then far right side."Service fees" -  After log-in, its listed under "Products & Services" then "Customer Support" then "Commission & Fees" about a list of no fees - "Lower Trading Fees - Offering Simplicity & Ease" then far right side "Service Fees" http://www.scottrade.com/online-brokerage/trading-fees-commissions.html#tab7

$20 Brokerage fee for this worthless stock, is like - tornado destroys the farm, then a fee for its loss. I could get a better warning of a Tornado than a reverse stock split.  A 1:1000 reverse stock that turns the stock into $3 -.then $20 expected to be paid.

Something new to happen to me, after all these reverse stock splits, when the result was only devalued stock and near worthless or worthless stock - no fee for the loss.

Advance notice from Scottrade, is by chance, can be always too late - just a surprise when and what the subject is. The good part is, their rarely on-time or can explain something - perhaps then you know. What a frustrating place. Their excuse is insider trading.

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They do fail to inform about some things - I received several mailed letters, too late to respond to, and several other letters, that do not inform properly, it should be written, if they presume they explained it to me.

NASD rules and regulations specify that brokerage firms may charge a reasonable fee for services provided to investors as long as the investors are given at least 30 days notice of the intended fee assessment. The authority to assess these fees is covered under NASD rule 2430.

They charged me $20 for the reorganization of OTOWD Stock of O2 Wireless.

They perhaps intently hide this from me, because I would have objected to this $20 fee - My Stock of OTOWD is only worth $8

For many year I was never been charged, for the unexpected, a reverse stock split or a mandatory cash merger - where stockholders have no choice in the reorganization as it is mandated by the issuer for all outstanding shares. An example of a mandatory reorganization that would result in a fee to your account would be company mergers or acquisitions.

I had somewhat the same problem, here is my example:

--- Support Message ---
Reply Date: 12/18/2012 10:13:08 PM
Subject: RE: Scottrader Support

Dear_____,

Unfortunately, we are unable to understand your question or situation based on the information provided.
 
It is important for us to have as much information as possible to best research your inquiry and provide the highest level of service. Please reply to this message with specific details, so we can provide you with further assistance.
 
If you need immediate assistance, please call your local Scottrade team.
 
Thank you for choosing Scottrade. Please let us know if we may be of further assistance.

Caroline B.
National Service Center | Scottrade, Inc.
Phone: 1.800.619.SAVE (7283)


This is what I asked:

Received: 12/18/12 1:55:51 PM CST

To: Scottrade Customer Support
Subject: RE: Scottrader Support

Dear Scottrade,

How do I remove these messages - to prevent confusion.
After reading these messages, I can see some people get confused.

Best Regards

After 18 month of past messages, still there - There no way to remove any messages. How can I write something that is meaningful, they stay forever there. They warn me not to remove anything, its impossible. Its like telling someone that is tied up, not to move, I will get help to untie you. 

Some read these messages as all one thread, therefore confused, as several people wrote, therefore I asked how to remove them, yet their still confused.