• Report: #395381

Complaint Review: ING DIRECT - ShareBuilder Securities Corporation

Thank You

Read how Ripoff Report saves consumers millions.

  • Submitted: Wed, November 26, 2008
  • Updated: Thu, December 04, 2008

  • Reported By:Satellite Beach Florida
ING DIRECT - ShareBuilder Securities Corporation
1445 120th Ave NE Bellevue, Washington U.S.A.

ShareBuilder - ING DIRECT - ShareBuilder Securities Corporation PLACE "LIMIT" ORDERS!! VERY IMPORTANT!! Bellevue Washington

*Consumer Comment: Weekend trading

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

I had a similar situation with Sharebuilder:

I opened my account and did 2 transactions @ $25 (what I had to spend). In both cases, I deducted the $9.95 fee from the $25, divided it by the current price per share (which was over the weekend, and the market is not open after 4:00 pm Friday), and bought the resulting amount of shares.

The first transaction was perfect. The second one was done exactly the same way, except this time, I received an email stating there was a negative balance in my account. Since I had used a calculator and since my buy had resulted in a confirmation, I thought the email was a fluke and I ignored it.

This is what happened: they SOLD my shares to cover this negative balance, and gave themselves a $9.95 commission to do so.

Naturally this made me upset. However, right about that time they credited me with $25.00, which was part of a promo I was offered when I started the account. So this time I bought shares using the same method I outlined above, on a Saturday night, which means there should be no doubt of the price: I bought it at the price it was at the closing bell.

The trade was approved; they sent me a confimation. On Monday I received an email stating there was a negative balance of -1.44 (yes, one dollar and forty-four cents). Refusing to get duped again, I went online and transferred $5 from my checking account to ShareBuilder. I also sent them an email asking how the heck I could have a negative balance. This is what they sent back:

Dear Lynda, Thank you for contacting us regarding your trade. When you are placing market orders, the cost of the trade is estimated based off of the most recent quoted price for your stock. All quotes on our website are 20 minutes delayed. If you have sufficient funds to cover the estimated cost, the site will allow you to place your order. Your order is then executed at the Real Time Bid/Ask price and if this is higher than the estimated (delayed quote) price, your order can potentially cost more than the available cash in your account. I do see you have made a deposit to cover the difference, and this is all you need to do in the future if the same thing occurs. Keep in mind you always have the option to place limit orders which will ensure that your trade cannot be executed at any price above your designated limit price (or below in the case of a sale). You can designate this order type in the "Order Type" field of the Real Time Trade Order Entry screen. For answers to most commonly asked questions, please click here for immediate access to the search page. This feature is available to assist you with most of your account questions. Thank you for your continued business with ShareBuilder. Sincerely,
Meredith Litke
Customer ServiceShareBuilder from ING DIRECT

So evidently what we have to do is place "limit" orders! I know that I know that I know the market is NOT open on the weekends, and there could not possibly have been a change from 9:00 am to 4:00 pm. Evidently they sit on the trades.

Just be careful!

Lynda
Satellite Beach, Florida
U.S.A.

This report was posted on Ripoff Report on 11/26/2008 02:30 PM and is a permanent record located here: http://www.ripoffreport.com/r/ING-DIRECT-ShareBuilder-Securities-Corporation/Bellevue-Washington-98005/ShareBuilder-ING-DIRECT-ShareBuilder-Securities-Corporation-PLACE-LIMIT-ORDERS-VER-395381. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on ING DIRECT - ShareBuilder Securities Corporation

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
0Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Weekend trading

AUTHOR: Flynrider - (U.S.A.)

The only way to get a guaranteed price on a stock is to make a limit order. If you place a market order, the trade will execute at whatever the market is offering when the trade hits the floor. For trades made on the weekend, the quote means nothing. The quote will be the last price on the stock on Friday at 4:00 PM Eastern. This has absolutely nothing to do with what the market will be offering on Monday morning at 9:30 AM when your trade executes. Things can change over the weekend, or even overnight, so a closing price on one day is not necessarily what the price will be the following morning at market open.

The downside to a limit order is that if the price did rise a few pennies over the weekend, then your trade might never be executed on Monday, unless the actual market price goes to or below your limit price.

I'm still surprised to find out that Sharebuilder bases their estimated price on 20 min. old quotes. Most decent brokerage firms base their order estimates on realtime quotes. In the olden days, realtime quotes were expensive (while 20 min. old quotes have always been free), but nowadays many brokers offer free realtime quotes on their websites to anyone who wants them. I can't imagine why Sharebuiler wouldn't extend such a service to their own customers.
Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Advertisers above have met our
strict standards for business conduct.



Ripoff Report Legal Directory
nodded