Comments on: Zecco Promotion: Lowers Account Minimum, for now, but Keeps the News like a Secret

By: Lance

Lance — Tue, 20 May 2008 20:19:37 +0000

Horrible, Horrible service. Their website needs lots of work! You get what you pay for. I attempted to cancel an order and it wouldn’t let me. I placed a new order and it never appeared on my screen but when I called, it was on their screen. Multiple problems with their trading platform. My advice STAY AWAY FROM ZECCO!!!!!

Free trades are for stock only not options.

By: Melinda

Melinda — Mon, 13 Aug 2007 17:53:09 +0000

Do not do business with Zecco! Your mistrust is not misplaced.

They are not adhering to the policies posted on their Web page, and every aspect of their customer service I have dealt with has been either stupid or rude. They waited until after I funded my account to tell me that they had frozen my account (opened 8/8/07) because they had not received my paperwork (the paperwork their Web site says doesn’t exist for customers who opened accounts after a date in May).

I contacted Penson financial, the company who they had the nerve to put ALL of the blame onto, and they informed me that it is illegal to have an account without paperwork. They are now holding my money hostage until I return the phantom paperwork that Zecco allegedly provided to me. They refuse to let me close my account and transfer the money back into my checking account until I send it back in.

Penson financial’s head compliance officer contacted Zecco’s head compliance officer, Joe Chung, who promptly called me directly and chewed me out for calling Penson. I told him that I don’t have any paperwork, and he says that Zecco sent me an e-mail (which they didn’t, I checked my SPAM box to be sure). He was so nasty, that when I asked for his name, he gave it to me, then said “I don’t know who else you’re going to talk to, though, because I’m the highest there is.�? I hung up on him, and called Penson back. Apparently they’re getting a lot of complaints about Zecco’s questionable business practices, and it seems they’re fed up.

By: zeron

zeron — Fri, 18 May 2007 19:26:43 +0000

I sent an email to their customer service and I got reply from them dated May 18,2007 that I can open with a minimum of $1000. Also with their recent paperless application that might be a sign of improvement in their system. I know they were pretty backed up in the month of April being an IRS month.

By: The Sun

The Sun — Wed, 18 Apr 2007 19:16:33 +0000

Michelle: Actually, what I meant was if Zecco starts to charge fees for trading stocks, I don’t think their fees will be lower than other brokers that charge $3.00 per trade. In this case, I don’t have any reason to keep an account with them. If I do close the account, then I may have capital gains and have to restart the purchase with another broker. This is what I don’t like to see.

By: The Sun

The Sun — Wed, 18 Apr 2007 19:10:21 +0000

I am not confident about their business either. In my opinion commission free trading should attract lots of investors, but this low account minimum promotion doesn’t seem to support the assumption. Beside, when I can called for details about the promotion, I wasn’t really impressed by their customer service. First I was put on hold for quite some time, then during the conversation, the CSR had to check back a couple of times to get an idea what their promotion really is.