I’m fuming right now because of the way a good friend was treated.
I won’t get too technical on the details. Here we go.
When you sell short a stock there is occasionally a fee to borrow the shares from the person who owns the stock. It only happens infrequently and seldom amounts to much.
Right now in my Schwab account I have 26 short positions totaling $394,562 in stock.
Someone told a customer that the minimum fee was 5% per year and it could be as much as 100%/year.
Even at the 5% minimum, my fee for last month would have been $1,644 for the month. The actual fee was only $37.43!
What the hell is going on!
Disclaimer: Schwab is an absolutely fantastic company. This person needs to have his boss listen to the phone call.
When You Get Truly Lousy Customer Service
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When You Get Truly Lousy Customer Service
by Recyclersteve » Mon Nov 04, 2024 11:03 pm
Former stock broker w/ ~20 yrs. at one company. Spoke with 100k+ people and traded a lot (long, short, options, margin, extended hours, etc.).
NOTE: ANY stocks I discuss, no matter how compelling, carry risk- often
substantial. If not prepared to buy it multiple times in modest amounts without going overboard (assuming nothing really wrong with the company), you need to learn more about the market and managing risk. Also, please research covered calls (options) and selling short as well.
NOTE: ANY stocks I discuss, no matter how compelling, carry risk- often
substantial. If not prepared to buy it multiple times in modest amounts without going overboard (assuming nothing really wrong with the company), you need to learn more about the market and managing risk. Also, please research covered calls (options) and selling short as well.
- Recyclersteve
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