Zecco is a SCAM

[crookedneck]

Zecco says that it is Penson who is charging these non DTC eligible fees and they had no control over it - Really! I asked them why didn't they alert its clients ahead of time that this was coming and they wouldn't answer!!! Then I was told it would be better if I traded on the bigger boards with stocks over $1 - WTH!

It was just a few months ago when Zecco raised their fees from $4.95 per trade to $6.95 for stocks under $1 - that was a 40% increase and before that they charged $3.50 a trade w/15 free trades a month if you qualified! So, in approximately the past year or so Zecco has more than doubled their trading fees! Plus they now want us to walk through this mine field every time we trade any of these OTC & BB stocks. I checked one of the stocks they said were DTC ineligible w/a 10% limit on with my Scoottrade acct. and I had no problem at all selling all my shares without any additional fees beyond what they normally charge.

Zecco even offered me a deal to persuade me from spreading the word about how much they raised their fees last time. They gave me 5 free trades per month and only charged me $4.95 for all my trades. I took their offer and stopped tweeting to everyone about how much Zecco has raised its fees over the past year. Now I was told if I would like to transfer my holdings over to Scottrade, they would waive the ACAT fee. Ya like that is going to keep me quiet this time - NOT!!!!

As you can see Zecco does not operate fairly and will make deals to keep negative comments about the truth on how they operate off the internet and twitter. They even banned me now from posting on their blog page and blocked me on twitter. Then I was sent a message from their senior compliance officer threatening legal action if I post statements that were inaccurate! Why? Because they do not want me to spread all their dirty little secrets. Well they will not intimidate me into remaining quiet about their service and their huge increases in trading charges!!!

Now I am in the process of moving everything over to Scottrade. This is completely ridiculous and I see Zecco going down the tubes fast! They want to be a big time broker for the bigger boards and tell all us who want to trade on the OTC & BB to go F ourselves, even though we were the traders that built Zecco to what it is today.

Is this the kind of broker you want to do business with?

It is time for Zecco clients to stand up and let them know they can't get away with this! We need to do what us Netflix subscribers did - LEAVE! There are better brokers out there who do not charge these ridiculous fees. BTW - Zecco was removed from the list of the top preferred discount brokers - Hmmmm I wonder why?

Crookedneck

PS: I am not sure if I am legally allowed to post their messages to me, but I sure as hell will find out and if I can I will.