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Author: Makaden Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 50177  
Subject: Lesson from BuyandHold for everyone Date: 8/8/2001 12:26 PM
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I USED to have an account with BuyandHold, my first venture into online discount brokers.

Eventually, after fumbling my way through a couple of stocks, I decided that for one month I would sign up for the all you can trade option ($14.99). Eventually, I decided that I was going to put all of the small amount I was using into Paychex, get a certificate and enroll in their DRIP.

SO, I requested that my shares be sold, a certificate be issued, and my account be emptied of the remaining slush money.

All that was done.

However, at the first of the next month, I found that $14.99 had again been deducted from my savings account that funded my investments (automatic deduction) even though it had been a couple of weeks since I emptied my account with BuyandHold.

To make a long(er) story short, after a few dialogues with their customer service, I got a "final" e-mail detailing that: "In response to your request, unfortunately I will not be able to waive this fee. We feel that the fee schedule and terms are clearly stated in the customer agreement and by signing up these terms are understood." They said that I had not "officially" closed my account and I should have known better.

I call it BS. I wanted my $14.99 refunded to me and they said "tuff luck".

So, I resorted to more drastic tactics. I replied via e-mail as follows:

"Thank you for your consideration. I will now go directly to the Motley Fool discussion board for discount brokers so that I can tell everyone on the boards about BuyandHold's customer satisfaction emphasis."

I received a phone call 5 minutes later with the same service rep saying he would have a check in my mailbox for $14.99 in 7 days.

Lesson learned: Yet another way to use the Motley Fool to your advantage! Never let them push you around!
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