Idiots, need not apply!
Written: Jan 09 '01
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Product Rating:
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Pros: no minimum balance
Cons: Horrible Customer Service, misleading/innacurate help screens
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| Thump93yj's Full Review: DLJ Direct |
Well... at least that's how they make you feel at DLJ Direct. Had I sent them six figures, I might be singing a different tune. However, I am simply a young investor trying to learn the ways of Wall Street and investing in the future.
The beginning:
With their sharp advertising and promises, it was easy to choose DLJ Direct as my online brokerage. They're seemingly simple commission schedule and zero opening balance requirements lured me, the new investor. A few clicks of the mouse and you're ready to trade, no-money-down.
Round One:
I made a trading mistake a few years ago. Oops! I honestly thought I understood the process and parameters of my online account. I willingly took my medicine, had a trade withdrawn from my account, and learned from it. The problem is this. The DLJ Direct representative, whose phone call I returned, proceeded to rip me a 'new one' and attempted to make me feel like an idiot. While principal is important, we are not talking about a sizeable amount of money. My trade was a profitable one as well. While DLJ claims to have "the most complete tools available to manage your finances", they are a far cry from helping the new or inexperienced investor. I should have read more into the statement on their website which reads "for the sophisticated, self-directed investors."
Round Two:
DLJ Direct makes a mistake and blames it on me (recently). I entered a buy order during the closing minutes of the market as a day-order at a limit price. The confirmation screen, both before and after accepting the order confirmed my order as a day-order posted that day. The market closed and my order was not executed since the stock price did not reach my limit. I wasn't concerned as I had decided not to pursue the stock any further after reading dismal news on its forecast. Much to my surprise, the following day the trade executed. Apparently my order did not post until after the closing bell and was carried over to the next trading day. This seems impossible as it contradicts the simple and exact wording of the order duration definition on the DLJ Direct customer service help pages. There is nothing to indicate the order had been entered after the closing bell and would be posted the following trade day. No warning, no date other than the current, nothing.
Customer Service?:
Round Two's event ended after twenty minutes of the DLJ Direct Customer Service representative arguing with me and refusing to reverse the trade. I quote him, "This is a self-directed account and we expect you to understand how it works. We have customers complain about this type of thing all the time. We have millions of customers who don't seem to have any trouble. We are not going to change our website." This was in response to me asking them to consider changing their website to be clearer on the confirmation screens and more informative on the help sections.
Too Bad, So Sad is the response I have experienced from them. Once my most recent trade settles, I will be transferring my stocks to another online brokerage. During my research of other firms, I have found that DLJ Direct no longer leads the industry in the tools offered to investors nor do they offer the most competitive prices.
Recommended:
No
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Epinions.com ID:
Thump93yj
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Member: Thump
Location: Texas
Reviews written: 9
Trusted by: 4 members
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