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Author: jablake Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 7258  
Subject: Re: A New Club Date: 1/5/1999 3:10 AM
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I would advise against Waterhouse. I made one trade at Kennedy, Cabot @ Co. before they were bought by Waterhouse. I decided to take my certificate over to Dreyfus where I have the rest of my stock. Upon calling and learning that Waterhouse was now using the Internet, I decided to NOT close my account and take my Tel Mex certificates there which I had finally decided to sell. The commission is only $12, $3 cheaper than Dreyfus--also they have office in downtown LA which is closer to me, a bus rider. I took my Tel Mex certificate to Waterhouse and I had to wait 20 minutes for somevbody to help me. I had to almost beg for help. They, the person that DID help me did not seem to know what he was doing. He kept telling me they were going to have to research the certificates and I could not sell the stock until they had done so. The stock at that time was just over $50, the price I wanted. The following day, I called the office downtown and they could not even find my certificate. I called the Beverly HIlls offce (where I had set up my account originally) and they said that was rediculous--just go ahead and sell it because I had three days to get my certificates to they after I sold the stock. Finally, I went on line. For 40 minutes I tried to sell the stock and could not complete the transaction--apparently due to "slow" lines. After giving up, I made a phone call to the broker and said I could NOT complete the transaction on line---and my account WAS set up correctly. He said he would sell it over the phone for me---same $12 price. But, as I was afraid, now the stock was about 50 cents under the $50 I wanted. I got ready and spent the REST of the day, going BACK to Waterhouse, pulling my certificates and taking them to Dreyfus in Beverly Hills by bus. This took the better part of another day to do this, and since it was the last trading day before Xmas, the markets closed early and by the time I got home it was too late to try to sell the stock. I DID put a good til cancel order in at Dreyfus and my stock did go back up so I was able to get out at $50 on the following Monday. But the stocks that I wanted to but with the money from the sale had gone up and besides losing a day and a half, I spent a couple hundred dollars more for the stock that if I had bought the previous Thursday. As fast and easy as it is to trade on line with Dreyfus, I would rather pay the $3 extra any day. I read one comment that since most complaints were with problems with reaching brokers on phone, it would not apply if you were trading on line. BS. Their on-line trading is terrible too, probably worse. Stay away from Waterhouse or you will regret it.
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