When You Get Truly Lousy Customer Service
Posted: Mon Nov 04, 2024 11:03 pmI’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.
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.