In order to fund this 2nd Zecco account, in early October I made an ACH request on the Zecco site for funds from my ING account. A few days later I saw on the Zecco site that funds in the exact amount I had requested were now available for trading. I immediately set a limit stock buy order. The next morning it was filled. That day the stock price plunged. The following morning I had a margin call notice from Zecco in my inbox. After a phone conversation with a Zecco rep, I had to send almost $2500 to Zecco to satisfy the margin call. During the conversation, the rep told me I owed an additional $25 because ING Direct had made the ACH transfer and then reversed it, triggering Zecco’s no-funds-available fee. After sending the money, I monitored the Zecco site. Strangely, that additional $25 I had sent remained in my available balance. At the end of October, I saw that “interest” had been deducted from the $25. It was at this point that I became suspicious of Zecco’s story that ING had transferred the funds and then reversed the transfer. ING wrote me stating that this had not happened; the transfer request had been denied upon receipt and the funds were never transferred to Zecco at all. I have been an ING customer for 7 years and am completely satisfied with them.

When I questioned Zecco about the “interest” deducted from the $25, a rep admitted that their system had “mistakenly” ID’ed my account as margin instead of cash. It took over a month of my insistence for the “interest” to be credited back to my account.

Zecco Trading and/or Penson Financial Services baited me into that fateful stock buy; there are no 2 ways about it. That constitutes fraud, pure and simple.

If you are considering opening an acct with Zecco, DON’T DO IT. If you have an account with them, run (don’t walk) away.

If you want after hours trading and a good money market account, you should go elsewhere. If you want to trade easily for long term investment goals, Zecco is an excellent choice.

As newly registered user i just wanted to say hi to everyone else who uses this board