I had an online chat with a Zecco representative several months ago about another stock. Here it is.
Thank you for choosing Zecco Trading. A representative will be with you shortly. For Security purposes, all chat sessions will be recorded.
You are now chatting with 'Michelle'
Michelle: Thank you for contacting Zecco Trading. How may I assist you today?
You: Hi Michelle, I may need to close my account. Could you direct me to how that can be done?
Michelle: I am sorry that you are closing the account. May I ask if there is anything you did not like about zecco for closing the account?
You: I'm hearing rumors about huge fees for trading OTC stocks. Not sure if they're true but also I may need the money soon.
You: I can't seem to find any information about that.
Michelle: Are you experiencing issues placing orders? I can check on your account but I can't speak for other customer's account as their situation may not specifically apply on your account.
You: I haven't placed any orders for a while. The security I'm referring to is HFBG and yes, would you please review my account and tell me if there are any issues with the stocks I own.
Michelle: I will be more than happy to check the status for you. May I have your account or reference number please?
You: XXXXXXXX
Michelle: Thank you. May I have you verify your full name and date of birth please?
You: XXXXXXXXXXXXX
You: XXXXXXXXXXXXX
Michelle: Thank you. One moment please.
Michelle: Our record shows HFBG and SKGO are currently non DTC eligible. This means that the securities trade settles through physical delivery of certificates and the cost is anywhere between $200-$700.
You: wow
Michelle: I apologize for any inconvenience. These fees do not financially benefit Zecco Trading, they are strictly pass-through fees for the cost of settlement.
You: What if I do a transfer to another broker? What would the fees be?
Michelle: For an outgoing transfer, it is $50 per request.
You: per request means for the entire account including available cash?
Michelle: That is correct.
You: So the 200-700 would not apply in that case?
You: Could I request a transfer of just the securities and have a check mailed for the cash balance?
Michelle: That is correct. You will be given options on the transfer form.
Michelle: Typically it is the receiving firm who initiates transfers.
You: Could you direct me to the transfer form please?
Michelle: Please contact the receiving firm for the form.
You: OK so I use the receiving firm's tranfer form?
Michelle: That is correct.
You: OK Michelle, you have been most helpful. Thank you for your assistance.
Michelle: I apologize for the inconvenience. Aside from this, is there anything else that I may help you with today?
You: Not at this time, thanks.
Michelle: Thank you for chatting with me. We welcome your feedback: please click here to complete our Exit Survey.
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