AI
Tuesday, October 11, 2022 8:02:42 AM
Good Morning,
So, one somewhat slight problem I encountered with Schwab today, so I thought I would share it with you. (honestly, I have never encountered this issue before).
This morning, I logged into my Schwab account, and I noticed that a few of my accounts, (I have several), had a negative cash balance.
I determined that it was a stock I bought yesterday in all of my accounts. It is a NASDAQ stock, ( symbol HAPP). It went through a 1-20 reverse stock split (effective today), and I decided to buy 1 share yesterday, because any fractional shares would be rounded up to 1 share.
So for fun, I would buy 1 share at $0.18, and end up with 1 share worth $3.60, for each account. PROBLEM.......... Schwab charged me $50 commission for each transaction for each account.
I just called them. Yes........it was a "glitch". The stock was listed as a "unlisted Foreign ordinary" stock (whatever that means), so therefore the $50 fee.
The fees are being reversed. So all is well that ends well, but I would NOT have noticed it, if it weren't for the fact that a few of the accounts had less than $50 cash, and therefore went into a negative balance (which I noticed)
So, one somewhat slight problem I encountered with Schwab today, so I thought I would share it with you. (honestly, I have never encountered this issue before).
This morning, I logged into my Schwab account, and I noticed that a few of my accounts, (I have several), had a negative cash balance.
I determined that it was a stock I bought yesterday in all of my accounts. It is a NASDAQ stock, ( symbol HAPP). It went through a 1-20 reverse stock split (effective today), and I decided to buy 1 share yesterday, because any fractional shares would be rounded up to 1 share.
So for fun, I would buy 1 share at $0.18, and end up with 1 share worth $3.60, for each account. PROBLEM.......... Schwab charged me $50 commission for each transaction for each account.
I just called them. Yes........it was a "glitch". The stock was listed as a "unlisted Foreign ordinary" stock (whatever that means), so therefore the $50 fee.
The fees are being reversed. So all is well that ends well, but I would NOT have noticed it, if it weren't for the fact that a few of the accounts had less than $50 cash, and therefore went into a negative balance (which I noticed)
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