Comments on: Site Review: Zecco.com

By: Rich

Rich — Fri, 24 Oct 2008 19:09:01 +0000

I have had an aweful experience with Zecco. They are slow in every aspect of their business. They are slow in getting orders placed on the market, their website is slow, they are slow in getting me funded, and to add insult to injury, they made a mistake on my billing address and sent me a letter and it came back to them. Then instead of calling me or looking at my drivers license they have on file for me, they locked my account out from making further trades WHILE THEY HOLD MY MONEY. It has been three days and the trading I was planning on doing has already past. My opinion? RUN dont walk away from ZECCO.

By: jp

jp — Wed, 01 Oct 2008 14:20:55 +0000

I opened an acount with Zecco on Wed, am., It took all of the 3 days to complete the funds transfer from my bank account. They somehow managed to execute my order Monday at almost exactly the highest price of the last two months. That cost me… Very disturbing. The stock price hasn’t been near that since. I’m not real thrilled that I didn’t see any mention of their three day rule on the website whether it’s considered standard or not. It should be on the front page!!!, My mistake!. I Think I’ll switch to Scotrade.

By: Greg

Greg — Sat, 06 Sep 2008 12:06:07 +0000

ScotTrade does not have a waiting period for funds to be available for trading following a stock sale. They do, however, have a waiting period (a week, I believe) after a sale if you want to transfer the funds out of the account.

By: Danzguy

Danzguy — Tue, 02 Sep 2008 18:35:07 +0000

Regarding the three day rule my TD Ameritrade has that, too. It takes three days to get the funds through the pipe line when you sell. I don’t know of any online broker who funds your account any faster. Please let me know if you find any.

By: Happier Customer

Happier Customer — Wed, 30 Jul 2008 20:47:40 +0000

Improving Customer Service

I wanted to post an update to my previous comment about my difficulties getting my Zecco account set up. I was contacted by Zecco about my experience and they resolved my issue to my satisfaction. More importantly, they have promised to continue to focus on providing great customer service to avoid situations like mine. I think this is a very good sign. Also, I have executed numerous trades in my first month with no issues.

By: Unhappy Customer

Unhappy Customer — Fri, 25 Jul 2008 19:38:20 +0000

Poor Customer Service

I have gone through the setup and funding process. I scheduled a transfer and they executed it early causing a NFS charge from my bank AND a 25 fee from them. My bank refunded the bank fee even though it wasn’t their fault. Zecco refuses to refund their $25 fee even though it is clear they pulled the money 2 days early. Also, instead of showing a -$25 balance, they posted a -$20,025 balance and issued a margin call on my account. I was then in the hole 20K+ before I even started trading. I guess this is how they fund 10 free trades a month.

Please be careful using this service. It isn’t worth the headaches.

By: butdiene

butdiene — Sat, 14 Jun 2008 22:28:53 +0000

pay attention to drawbacks about zecco,

For cash account, zecco has the T+3 day rule for buying power from selling. So, if you sell stocks XYZ for $1000, you have to wait for 3 days to be able to use that $1000 to buy in anything.

For margin account, zecco indeed has T+1 day rule (against what you read on their FAQ), so you have to wait for the next day to get the $1000 added to your buying power.

the unreasonable buying power rule is the worst about zecco

other drawback, you have to positively choose electronic delivery confirmation, otherwise, charged $2 more per trade

By: Paul Irish

Paul Irish — Thu, 07 Feb 2008 15:46:39 +0000

Tony! Great to hear from you. I’ve seen your great changes in some areas on the site. And obviously, I think some focus on the legacy trading platform would be well worth it.
You guys are definitely on the right track.
(and here’s the tutorial on making that snazzy screenshot. Enjoy!)

By: Tony Leach

Tony Leach — Tue, 05 Feb 2008 23:04:44 +0000

Thanks, Paul - it’s great to hear positive feedback about what we’re doing at Zecco - and especially with ZeccoShare. We’re continually making improvements to all aspects of our site, and you should check out the Cash Transfer section in a couple weeks for some major improvements.

p.s. - i love the graphic at the top of your post. we may have to steal the idea…