My Dad's account, to be exact.
What did they call it when a gold shipment was held or diverted by unauthorized persons? So also is this.
There was an account link set up to direct deposit funds from my Dad's sale of investments held by Charles Schwab. The money did not arrive as it should have by the first of the month. Nor had it come by the tenth.
On the tenth, the call was placed by my Dad and me to Schwab to discern the reason for this. The reply was that the cash held by Schwab for the disbursement was insufficient to meet the electronic transfer amount. They were told to sell a 20,000 shares of a certain stock and immediately disburse the amount set up in the preset account link. The person on the phone stated the sale was successful and the determined amount of cash would be directly transferred to the account on the 13th of the month. There was a question posed as to whether this was to be donelectronically or by paper check. The reply was that it was to be done electronically because the need for funds was already putting my Dad's accounts in arrears. My Dad is 76 years old; this is HIS IRA account. Additionally, the amount of time Schwab delays the issuance of such checks added to the fact that the bank refuses to clear checks for Schwab for a period of ten buisness days were also cited. The money was never transferred by Schwab. Returned check fees were charged by the bank as well as the recipient of the "insufficient funds" check.
Came 31 January 2011. Rather than risk another such I outrage, I checked the bank statement and phoned the bank. The money had not been transferred.
I called Scwhab. Despite having been sent via a former "Financial Advisor" several Powers of Attorneys, the, like the IRS, despite having these items for conduct of business on prior occassions, now claim they had no such thing. At 7:45 A.M. I phoned my Dad's home and woke him and his personal aide. We got on the phone with Schwab in a three way conversation.
No funds had been sent as they had been directed to do. They were not planning on sending funds until the 3rd of February, and they were no planning to send the funds due for January. The first excuse was that the computer said there were insufficient funds. $18,000.+ is insufficient funds for a $3,500.
disbursement?
The second excuse was that the account link had been de-linked. It was made clear on the conversation of January 10, 2011 that the account link was to remain intatc and the funds be transferred on the 13th of january when the stock sale "settled".
My Dad and I decided that rather than rely further on people failing to perform as directed, the entire amount of cash which Schwab was holding was to be transferred as one body to the bank. Then we were put on hold. Upon return to the phone, all assurances were made that the funds were to be transferred to the bank that day, Feb1, 2011. A call to the bank at 3:47 P.M. indicated that no such transfer had yet occurred.
By February 2, 2011, from the stress of this matter and the sudden demise of my car's engine due to an incompetent individual demanding to help jumped into my idling car to "get me out" of snow I wasn't stuck in, jamming down on the accelerator with the emergency brake on and in the process shifting the internal workings and blowing a ring. So now, requiring a new engine which will cost around $4,000., cash deposit required, no doubt.
I make few promises and even less threats. But I did tell the first Schwab employee in Texas that I am of a mind to have my Dad sell the balance of holdings with Schwab and merely placing them in a bank IRA. I have in the interim given the matter more thought and advised my Dad we switch brokerage firms. That is a guarantee. The moment my car is on the road again, "Goodbye, Chuck. Give my regrets to your father, Charlie, whose trustworthiness established your domain. And if my parents left anything in trust with your firm, I am now going to pursue it vigorously."
They've no right to float their financial empire on the backs of what Nixon termed "the little man". It's not the first time they've done this, but the 5th at least by my count. Every January for the past 5 years, without fail, despite obviously ignorant cover letters advising my Dad he has to take a disbursement. We've been trying.
Hello, Government? Get your nose out of Egypt and clean up your domestic mess. Cuz it's brewing, and it's going to crash...when the little man can't pay the big or little guys because someone else has seized their money for the furtherance of their own empire? Somebody wake up these lollygagging in-their-comfort-zone beaurocrats whose job it is to make sure we don't get robbed. Who they are, I have no clue-but if you know who they are, get on it or get off the job.
Prinzessin Regine 'Pegi' Hohenzoller
Daughter of Nikolaus
3rd February 2011, USA
What did they call it when a gold shipment was held or diverted by unauthorized persons? So also is this.
There was an account link set up to direct deposit funds from my Dad's sale of investments held by Charles Schwab. The money did not arrive as it should have by the first of the month. Nor had it come by the tenth.
On the tenth, the call was placed by my Dad and me to Schwab to discern the reason for this. The reply was that the cash held by Schwab for the disbursement was insufficient to meet the electronic transfer amount. They were told to sell a 20,000 shares of a certain stock and immediately disburse the amount set up in the preset account link. The person on the phone stated the sale was successful and the determined amount of cash would be directly transferred to the account on the 13th of the month. There was a question posed as to whether this was to be donelectronically or by paper check. The reply was that it was to be done electronically because the need for funds was already putting my Dad's accounts in arrears. My Dad is 76 years old; this is HIS IRA account. Additionally, the amount of time Schwab delays the issuance of such checks added to the fact that the bank refuses to clear checks for Schwab for a period of ten buisness days were also cited. The money was never transferred by Schwab. Returned check fees were charged by the bank as well as the recipient of the "insufficient funds" check.
Came 31 January 2011. Rather than risk another such I outrage, I checked the bank statement and phoned the bank. The money had not been transferred.
I called Scwhab. Despite having been sent via a former "Financial Advisor" several Powers of Attorneys, the, like the IRS, despite having these items for conduct of business on prior occassions, now claim they had no such thing. At 7:45 A.M. I phoned my Dad's home and woke him and his personal aide. We got on the phone with Schwab in a three way conversation.
No funds had been sent as they had been directed to do. They were not planning on sending funds until the 3rd of February, and they were no planning to send the funds due for January. The first excuse was that the computer said there were insufficient funds. $18,000.+ is insufficient funds for a $3,500.
disbursement?
The second excuse was that the account link had been de-linked. It was made clear on the conversation of January 10, 2011 that the account link was to remain intatc and the funds be transferred on the 13th of january when the stock sale "settled".
My Dad and I decided that rather than rely further on people failing to perform as directed, the entire amount of cash which Schwab was holding was to be transferred as one body to the bank. Then we were put on hold. Upon return to the phone, all assurances were made that the funds were to be transferred to the bank that day, Feb1, 2011. A call to the bank at 3:47 P.M. indicated that no such transfer had yet occurred.
By February 2, 2011, from the stress of this matter and the sudden demise of my car's engine due to an incompetent individual demanding to help jumped into my idling car to "get me out" of snow I wasn't stuck in, jamming down on the accelerator with the emergency brake on and in the process shifting the internal workings and blowing a ring. So now, requiring a new engine which will cost around $4,000., cash deposit required, no doubt.
I make few promises and even less threats. But I did tell the first Schwab employee in Texas that I am of a mind to have my Dad sell the balance of holdings with Schwab and merely placing them in a bank IRA. I have in the interim given the matter more thought and advised my Dad we switch brokerage firms. That is a guarantee. The moment my car is on the road again, "Goodbye, Chuck. Give my regrets to your father, Charlie, whose trustworthiness established your domain. And if my parents left anything in trust with your firm, I am now going to pursue it vigorously."
They've no right to float their financial empire on the backs of what Nixon termed "the little man". It's not the first time they've done this, but the 5th at least by my count. Every January for the past 5 years, without fail, despite obviously ignorant cover letters advising my Dad he has to take a disbursement. We've been trying.
Hello, Government? Get your nose out of Egypt and clean up your domestic mess. Cuz it's brewing, and it's going to crash...when the little man can't pay the big or little guys because someone else has seized their money for the furtherance of their own empire? Somebody wake up these lollygagging in-their-comfort-zone beaurocrats whose job it is to make sure we don't get robbed. Who they are, I have no clue-but if you know who they are, get on it or get off the job.
Prinzessin Regine 'Pegi' Hohenzoller
Daughter of Nikolaus
3rd February 2011, USA
