posted
Anyone know if theres any brokerage responsibility for delays?
This is a not so quick rundown of my situation.
Switching brokerages, had some stocks left in this one.. i called for what should have been a painfree situation. Sold a few shares and then requested the rest be sent to me in certs. Everything was acknowledged, shares sold, and was told ETA for stock arrival depending on TA. This was Sep 27.
A month goes by, i have nothing, so i call up to see whats going on. They showd insuffecient funds to pay for the cert transfer (i had at the time 5 securities and something like 101$. $25 per cert meant $125. This was Oct 29.
2 of those 5 securities were the same company, just one group was cash one was margin.
So in no time flat they merged those 2, produced 4 securities, and shipped them out to me. I got them 2 weeks later.
I, confused as heck, watched a couple positions dwindle, one as much as 40%.
I call them back and they tell me they were waiting for money which was funded Oct 5. (they credited me $100?) I tell them I called to check at end of october and nothing had been done. They then reminded me of mixing the two holdings together and then sending out the certs.
I asked if they hold any responsibility for telling me my cert's were on the way and me calling a month later and nothing being done.. and they say no because they were waiting on money, and they dont proactively communicate with self directed investment accounts.
Is this anything I can pursue? I was told that everything would be sent out, then i call back and nothings done they are waiting for money, but then they really werent waiting for money it was just a simple merge of two securities.
I was also told they arent responsible for any loss of value over that time because i could have called at any time to sell the securities... But I thought they were on their way to me?!!?
I got the certs nov 17th or so. I have done the math, and the time frame from when i should have got the certs (about oct 17th) to when i really did get the certs, these 4 positions dwindled about $3,000.
Do I have any right here or are they right? Even though we essentially made a verbal agreement to do this transaction and i was told it was done, they say they hold no responsibility for why it wasn't done on time and it was my responsibility to follow up to see that it is done.
posted
don't know why you had the certs mailed to you in the first place but i would guess you have no recourse. what firm was this that handled this so poorly?
Posts: 1045 | From: novato,ca,usa | Registered: Aug 2003
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posted
They originally had told me no cost for certs and wanted an absurd amount to transfer the account.. so thats why i went the cert route.
banc of america investment services.
I figured i couldnt do much about it tbut then i thought maybe the recorded conversations would attest to something.. Clearly we had discussed what was to be done and a month later nothing happened.
posted
You can file a complaint with FINRA, but at best you'd get arbitration, would be my guess. "self-directed," yup... it *is* up to you to keep up with "your tools," so to speak. Painful lesson.
posted
I had a fight with Fidelity once. After three letters, I finally got credited with the money I lost. However, the reason they did it was because I threatened to leave them and transfer my money elsewhere. (I have had accounts with them since 1990)
You don't have that ace in the hole, since you were leaving them anyway!
Good luck.
Jo
-------------------- "Great Day for Up!"....Dr. Seuss Posts: 3387 | Registered: Mar 2006
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posted
I have BOFA...I have not had any problems with them so far...
You should get credited back the money you lost.. Sounds like the person you talked was new and didn't know what they were doing...whenever I get somebody like this I just hang-up and call back and get someone else........it works.
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