Comments on: Test driving Zecco.com http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/ A site to share my tips, tools, and humble thoughts on the journey to wealth Sun, 14 Mar 2010 05:25:38 -0700 http://wordpress.org/?v=2.8.5 hourly 1 By: John sloan http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-4951 John sloan Sun, 01 Mar 2009 02:20:25 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-4951 I researched Zecco as well and i put my money it it to really check it out and decided it was a bait and switch. It took over a month before I could take my money out, so before you decide to deposit money remember this old saying (If It Sounds Too Good To Be True -thats right) so I took a good advice and signed up with scottrade.com and got 3 free trades with this promo code: YWEU0574 I researched Zecco as well and i put my money
it it to really check it out and decided it
was a bait and switch. It took over a month
before I could take my money out, so before
you decide to deposit money remember this
old saying (If It Sounds Too Good To Be True
-thats right) so I took a good advice and
signed up with scottrade.com and got 3 free
trades with this promo code: YWEU0574

]]> By: No with Zecco!!! http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-4771 No with Zecco!!! Thu, 13 Nov 2008 21:51:30 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-4771 I'm closing my account with Zecco after using it for about 1 month. Why 1 month? Because they have free trade for 1 whole month of Oct 2008. I am using Interactive Brokers now. It's not worth it on their cheap rate. The websites constantly lag, freeze and automatically log you out especially when the market open or when the markets have a big volatility. You'll be pulling your hair off and wish that this is not happening or wish you should not open the account with it in the first place and I have broken 2 mice for this case. I've lost so many opportunities because of this problem. Calling their rep? good luck!!! Emailing? give them 24 hours , after that you have to email them again to check it, no reply. Transfering money? they're gonna hold it for at least 8 bussiness days instead of 5 days as promised. I had to call them to clear the money twice so I can use it in my account. Avoid at all cost, if you want to make money... I’m closing my account with Zecco after using it for about 1 month. Why 1 month? Because they have free trade for 1 whole month of Oct 2008. I am using Interactive Brokers now.
It’s not worth it on their cheap rate. The websites constantly lag, freeze and automatically log you out especially when the market open or when the markets have a big volatility. You’ll be pulling your hair off and wish that this is not happening or wish you should not open the account with it in the first place and I have broken 2 mice for this case. I’ve lost so many opportunities because of this problem. Calling their rep? good luck!!! Emailing? give them 24 hours
, after that you have to email them again to check it, no reply. Transfering money? they’re gonna hold it for at least 8 bussiness days instead of 5 days as promised. I had to call them to clear the money twice so I can use it in my account. Avoid at all cost, if you want to make money…

]]> By: Suthdaer http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-4010 Suthdaer Tue, 18 Mar 2008 05:33:44 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-4010 The application process wth Zecco took over a month for me. Responses have been slow, emails have "disappeared" on their end, the site is kloogie and works poorly in some browsers. They have already raised mininmums. All seems kinda bleak to me. Approach with caution. The application process wth Zecco took over a month for me. Responses have been slow, emails have “disappeared” on their end, the site is kloogie and works poorly in some browsers. They have already raised mininmums. All seems kinda bleak to me. Approach with caution.

]]> By: NK http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-3738 NK Fri, 11 Jan 2008 19:39:45 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-3738 Zecco is what you pay for by and large. Just opened an account. Am transferring the bulk of my trades from my bank, Yikes!! I see the above and am really worried now. I don't care for their order execution. First they accept and then it sits and sits and sits there until executed so I don't really know if they've got it at the limit price or not. Oh, dear me. Sharebuilder is a lot better but of course a major limit on the listees to trade. We'll see. NK Zecco is what you pay for by and large. Just opened an account. Am transferring the bulk of my trades from my bank, Yikes!! I see the above and am really worried now.

I don’t care for their order execution. First they accept and then it sits and sits and sits there until executed so I don’t really know if they’ve got it at the limit price or not. Oh, dear me. Sharebuilder is a lot better but of course a major limit on the listees to trade.

We’ll see. NK

]]> By: RJ http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-3581 RJ Mon, 19 Nov 2007 19:57:36 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-3581 I just found out that, for Bank of America, the minimum balance of $25,000 has to be held all on the Banking side (Checking, Savings, CDs), and the amount in the Brokerage account does not count towards that 25k. That is a huge difference. That means I need $X more than the $25,000, if I want to have $X in my brokerage account. I just found out that, for Bank of America, the minimum balance of $25,000 has to be held all on the Banking side (Checking, Savings, CDs), and the amount in the Brokerage account does not count towards that 25k.
That is a huge difference. That means I need $X more than the $25,000, if I want to have $X in my brokerage account.

]]> By: strongtower http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-3543 strongtower Tue, 06 Nov 2007 17:47:19 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-3543 I have never used ZECCO but am considering using it, I can deal with a long wait to start trading. Not a problem. My only concern is executions here. I have seen many comments on other brokers. I am a full time day trader and so far Scottrade and especially ETRADE are not good for active trading. Scottrade's commision is just rediculous but ETRADE is just a crook. I pay them to execute orders and not to make money off of me. I bought a stock for .19-.21 the other day and went to sell it for .25 x .28. When I put in an order to sell at .25 I saw ETRADE on L2 jump to .26 on the ask. They are trying to make .01 on my trade. When my trade just sat there forever they filled half and the bid fell to .23 finally filling me. ETRADE is the biggest crooks I have ever dealt with. I have never used ZECCO but am considering using it, I can deal with a long wait to start trading. Not a problem. My only concern is executions here. I have seen many comments on other brokers. I am a full time day trader and so far Scottrade and especially ETRADE are not good for active trading. Scottrade’s commision is just rediculous but ETRADE is just a crook. I pay them to execute orders and not to make money off of me. I bought a stock for .19-.21 the other day and went to sell it for .25 x .28. When I put in an order to sell at .25 I saw ETRADE on L2 jump to .26 on the ask. They are trying to make .01 on my trade. When my trade just sat there forever they filled half and the bid fell to .23 finally filling me. ETRADE is the biggest crooks I have ever dealt with.

]]> By: The IT Guy http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-3463 The IT Guy Tue, 16 Oct 2007 21:30:37 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-3463 Zecco is a terrible company to do business with. Stick with the big names, there is a reason they charge for trades. You get what you pay for. Check out my experience: http://theitguysblog.com/2007/10/16/zecco-trading-word-to-the-wise-stay-away/ Zecco is a terrible company to do business with. Stick with the big names, there is a reason they charge for trades. You get what you pay for. Check out my experience: http://theitguysblog.com/2007/10/16/zecco-trading-word-to-the-wise-stay-away/

]]> By: Tom Malone http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-3393 Tom Malone Thu, 04 Oct 2007 17:37:32 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-3393 Customer support for Zecco is horrible. I have a trading account and it is fine. It's all automated. Beware of doing anything that involves a transfer or processing or emailing support. They are not helpful. I faxed my Transfer form to them three (3) times--once they said they had received my documents. But when I emailed two weeks later they asked me to please fill out the form again. Latest, I emailed and they said they could not help me without a reference number? WTF Reference number? They've never given me a reference number. Perhaps they mean account number, I dunno. The worst customer support I've come across recently. If anyone else was doing totally free trades, I would not hesitate to try them. Yes, it's free, but the bullet you wanna buy to blow your brains out after dealing with zecco support IS NOT FREE. Customer support for Zecco is horrible. I have a trading account and it is fine. It’s all automated. Beware of doing anything that involves a transfer or processing or emailing support. They are not helpful. I faxed my Transfer form to them three (3) times–once they said they had received my documents. But when I emailed two weeks later they asked me to please fill out the form again. Latest, I emailed and they said they could not help me without a reference number? WTF Reference number? They’ve never given me a reference number. Perhaps they mean account number, I dunno. The worst customer support I’ve come across recently. If anyone else was doing totally free trades, I would not hesitate to try them. Yes, it’s free, but the bullet you wanna buy to blow your brains out after dealing with zecco support IS NOT FREE.

]]> By: ML http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-3287 ML Wed, 05 Sep 2007 00:21:11 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-3287 Angelo, You will be charged a commission for each trade ($3.5). There is no minimum for account opening but you have to have at least $2000 to qualify for free trades. ML Angelo,

You will be charged a commission for each trade ($3.5). There is no minimum for account opening but you have to have at least $2000 to qualify for free trades.

ML

]]> By: Angelo http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-3286 Angelo Tue, 04 Sep 2007 17:04:55 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-3286 I opened a non margin account with only $700 in there. Will I be charged a fee? Is there a $2500 minimum balance? I thought when I opened the account it said there was no minimum balance. I opened a non margin account with only $700 in there. Will I be charged a fee? Is there a $2500 minimum balance? I thought when I opened the account it said there was no minimum balance.

]]> By: Scott Rettberg http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-3162 Scott Rettberg Thu, 09 Aug 2007 09:35:08 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-3162 I've also had problems with Zecco. I've been trying to get an account transfer through since March. Their customer service is idiosyncratic and poorly responsive. They have lost paperwork that I've sent them, and don't seem to do a good job of tracking customer communications or on following up. When a piece of paperwork was missing from me, they didn't get in touch until I contacted them a month later. ACH transfers have been fine, and my trades have gone through swiftly, but their account transfer department seems to be totally incompetent. I'm sticking with it because it's a great deal and seems to work fine, but I'm still waiting for them to get my account transferred, more than four months later. They ought to hire some non-chimps in customer service. I’ve also had problems with Zecco. I’ve been trying to get an account transfer through since March. Their customer service is idiosyncratic and poorly responsive. They have lost paperwork that I’ve sent them, and don’t seem to do a good job of tracking customer communications or on following up. When a piece of paperwork was missing from me, they didn’t get in touch until I contacted them a month later. ACH transfers have been fine, and my trades have gone through swiftly, but their account transfer department seems to be totally incompetent. I’m sticking with it because it’s a great deal and seems to work fine, but I’m still waiting for them to get my account transferred, more than four months later. They ought to hire some non-chimps in customer service.

]]> By: LEXA W LEE http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-3056 LEXA W LEE Tue, 03 Jul 2007 23:44:32 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-3056 There may be some of you who haven't had any problems with zecco. I wasn't that lucky, decided not to entrust my $ to them. Zecco is not for you if you: -want or more importantly, NEED quick attention from a human rep to ask questions or fix a problem. -need quick attention or confirmation, PERIOD. There may be some of you who haven’t had any problems with zecco. I wasn’t that lucky, decided not to entrust my $ to them. Zecco is not for you if you:

-want or more importantly, NEED quick attention from a human rep to ask questions or fix a problem.
-need quick attention or confirmation, PERIOD.

]]> By: Jon http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-3055 Jon Tue, 03 Jul 2007 22:36:31 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-3055 Zecco's site (Microsoft .Net/ASP crap in general) do not work well on Firefox browser. Nor does it work particularly work well period even in IE browser. If the trade execution isn't reliable, what good is your online brokerage account? None. Doubly horrid in light of horrible Zecco customer service that only works banker's hours Monday through Friday. It's horrid all around. And who needs a snail mail confirmation for every single one of your trades anyhow? Stamps are cheap to Zecco? Where is the electronic statement options. And no trade confirmations via electronic means either. Investing and effective trading and earning has nothing to do with saving couple of bucks in commissions compared to other brokerages that have their acts together. Zecco is not saving you cheapskates all that much in commissions. Zecco is only for you if you are a total amateur investor having vivid fantasies of grandeur that you will make a fortune in Zecco. Go to the big boys like Etrade, TDAmeritrade, or even OptionXpress and dump Zecco already. Zecco’s site (Microsoft .Net/ASP crap in general) do not work well on Firefox browser. Nor does it work particularly work well period even in IE browser. If the trade execution isn’t reliable, what good is your online brokerage account? None. Doubly horrid in light of horrible Zecco customer service that only works banker’s hours Monday through Friday. It’s horrid all around. And who needs a snail mail confirmation for every single one of your trades anyhow? Stamps are cheap to Zecco? Where is the electronic statement options. And no trade confirmations via electronic means either. Investing and effective trading and earning has nothing to do with saving couple of bucks in commissions compared to other brokerages that have their acts together. Zecco is not saving you cheapskates all that much in commissions. Zecco is only for you if you are a total amateur investor having vivid fantasies of grandeur that you will make a fortune in Zecco. Go to the big boys like Etrade, TDAmeritrade, or even OptionXpress and dump Zecco already.

]]> By: Jackie http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-3045 Jackie Sun, 01 Jul 2007 16:10:20 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-3045 What the heck? I've tried to pull up the zecco website every day for the past 5 days and...nothing! What's going on?! What the heck? I’ve tried to pull up the zecco website every day for the past 5 days and…nothing! What’s going on?!

]]> By: Lee http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-3043 Lee Sat, 30 Jun 2007 02:06:53 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-3043 Ok, I have honestly gave Zecco a try. I do options trading. This Web 2.0 trading platform, for the lack of a better term, sucks and is very often unreliable. On several occasions, I would try and try again and again to place an order and the order simply would not go through. Then, I try again later that day at odd hours like 12am and the order goes through. If you face this situation but must execute an order, you are forced to call in and their customer service is also lousy. And they are only working Monday-Friday. Their email support is also horrid. This test is over, I am closing and taking rest of my balance to my TDAmeritrade account. Ok, I have honestly gave Zecco a try. I do options trading. This Web 2.0 trading platform, for the lack of a better term, sucks and is very often unreliable. On several occasions, I would try and try again and again to place an order and the order simply would not go through. Then, I try again later that day at odd hours like 12am and the order goes through. If you face this situation but must execute an order, you are forced to call in and their customer service is also lousy. And they are only working Monday-Friday. Their email support is also horrid. This test is over, I am closing and taking rest of my balance to my TDAmeritrade account.

]]> By: TJP http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-3042 TJP Fri, 29 Jun 2007 14:51:59 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-3042 That's weird. When I signed up for my account last month, I was able to check the DRIP plan box to enable the dividend reinvestment. I guess Zecco added this feature after you posted this <a href="http://www.investortrip.com/zecco-review/" rel="nofollow">zecco review</a>. Also, They dropped the minium balance to $0, so you might want to edit the picture for future visitors. Finally, I can start a bit of short-term trading as an experimentation. In the past, paying $5 a trade made this impossible. Thanks Zecco ;) That’s weird. When I signed up for my account last month, I was able to check the DRIP plan box to enable the dividend reinvestment. I guess Zecco added this feature after you posted this zecco review.

Also, They dropped the minium balance to $0, so you might want to edit the picture for future visitors.

Finally, I can start a bit of short-term trading as an experimentation. In the past, paying $5 a trade made this impossible. Thanks Zecco ;)

]]> By: Jon http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-3040 Jon Thu, 28 Jun 2007 03:28:03 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-3040 Hello. Just a note on non-US investors considering Zecco. Do not open a Zecco account if you are a non-US citizen. It may cause just too much of a headache for you. If you have a social security# and is a US citizen, opening an account is a breeze. However, it may turn out to be a horror story if you are not a US citizen so don't even bother to stay on the safe side. Just my humble opinion. Hello. Just a note on non-US investors considering Zecco. Do not open a Zecco account if you are a non-US citizen. It may cause just too much of a headache for you. If you have a social security# and is a US citizen, opening an account is a breeze. However, it may turn out to be a horror story if you are not a US citizen so don’t even bother to stay on the safe side. Just my humble opinion.

]]> By: Ritch http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-3039 Ritch Wed, 27 Jun 2007 19:23:30 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-3039 Zecco have a very poor customer service. They have lost my paperwork and it was impossible to solve the problem until sending again all the papers. The customer team is not able to follow a simple problem and to solve it. Very very poor service. Hope that nobody will have problems, because it takes days to solve them. Zecco have a very poor customer service.
They have lost my paperwork and it was impossible to solve the problem until sending again all the papers. The customer team is not able to follow a simple problem and to solve it. Very very poor service. Hope that nobody will have problems, because it takes days to solve them.

]]> By: Alex http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-3024 Alex Wed, 20 Jun 2007 16:55:07 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-3024 Zecco is awesome for my style of trading which is trade only once or twice per month. I love the free trades and their money market sweep is very competitive at 4.xx%. The fact that they save you money on LIMIT trades is also great. Read more about it in my <a href="http://www.tyroinvestor.com/articles/brokers/zecco-review.html" rel="nofollow">review of Zecco</a> Zecco is awesome for my style of trading which is trade only once or twice per month.

I love the free trades and their money market sweep is very competitive at 4.xx%.
The fact that they save you money on LIMIT trades is also great.

Read more about it in my review of Zecco

]]> By: ML http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-2997 ML Mon, 11 Jun 2007 01:07:21 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-2997 Rhodia, The quick answer regarding your opening an account is I'm not sure. As for buying stocks on other world exchanges the answer is no. I could say you should contact them to find out but mine and many other people's experience show that this is too complicated a case for Zecco to handle reliably. Please understand that Zecco is an EXTREMELY low-cost and unsophisticated broker! I would consider looking into Interactive Brokers in your case. I don't use Peter Leeds or Penny Sleuth. They seem to have wider popularity in the UK? I read mostly precious metal and natural resource related websites like gold-eagle, goldseek etc. Rhodia,

The quick answer regarding your opening an account is I’m not sure. As for buying stocks on other world exchanges the answer is no. I could say you should contact them to find out but mine and many other people’s experience show that this is too complicated a case for Zecco to handle reliably. Please understand that Zecco is an EXTREMELY low-cost and unsophisticated broker! I would consider looking into Interactive Brokers in your case.

I don’t use Peter Leeds or Penny Sleuth. They seem to have wider popularity in the UK? I read mostly precious metal and natural resource related websites like gold-eagle, goldseek etc.

]]> By: Rhodia http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-2989 Rhodia Sat, 09 Jun 2007 22:52:21 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-2989 Hello ML and all others I'm a total newbie and looking at opening a trading account with Zecco and have plenty of questions I hope you can help me with. Is it a problem that I'm a non US citizen ? Do they accept offshore bank transfers from tax haven bank accounts ? Can I buy stocks from any exchange in the world through Zecco and is this a special trade or normal ? From what I have read from you guys so far if I sign up for the Money Market Account my account balance will get 4% interest ? Do you guys have any preference to your resources such as Peter Leads or Penny Sleuth or is there better ones out there?? Is there any other thoughts and hints I need to know about ?? Cheers for now Rhodia Hello ML and all others
I’m a total newbie and looking at opening a trading account with Zecco and have plenty of questions I hope you can help me with.
Is it a problem that I’m a non US citizen ? Do they accept offshore bank transfers from tax haven bank accounts ? Can I buy stocks from any exchange in the world through Zecco and is this a special trade or normal ? From what I have read from you guys so far if I sign up for the Money Market Account my account balance will get 4% interest ?
Do you guys have any preference to your resources such as Peter Leads or Penny Sleuth or is there better ones out there??
Is there any other thoughts and hints I need to know about ??
Cheers for now Rhodia

]]> By: JO http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-2983 JO Thu, 07 Jun 2007 06:39:25 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-2983 What happens to your accounts if Zecco goes BK. Will your account balances sit in limbo for years going thru BK proceedings? Just wondering? What happens to your accounts if Zecco goes BK. Will your account balances sit in limbo for years going thru BK proceedings? Just wondering?

]]> By: Suresh http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-2967 Suresh Sun, 03 Jun 2007 13:19:03 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-2967 I have done 6-7 trades so far, it's been a breeze until now. Setting up the account was difficult initially, once done it was cool. Their interfaces are basic, however I use other brokerage services for tracking the price. Anyone who want to start should start with low investment and based on their comfort should 'up the ante'. I have done 6-7 trades so far, it’s been a breeze until now. Setting up the account was difficult initially, once done it was cool.

Their interfaces are basic, however I use other brokerage services for tracking the price.

Anyone who want to start should start with low investment and based on their comfort should ‘up the ante’.

]]> By: MB http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-2958 MB Fri, 01 Jun 2007 00:40:43 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-2958 I filled out the IRA application online and sent in ALL the appropriate paperwork a month ago along with a check to fund a Rollover IRA. I’ve been emailing them about the account status ever since. A week ago, they responded to my email stating my account was activated. I logged in...no money. I've emailed a couple times since and... NO RESPONSE. I've no idea if they received my money or not. I'm about a day short of contacting the NASD to file a complaint. This looked like the greatest idea since sliced bread. Now I'm just hoping someone didn't run off with my money. I filled out the IRA application online and sent in ALL the appropriate paperwork a month ago along with a check to fund a Rollover IRA. I’ve been emailing them about the account status ever since. A week ago, they responded to my email stating my account was activated. I logged in…no money. I’ve emailed a couple times since and… NO RESPONSE. I’ve no idea if they received my money or not. I’m about a day short of contacting the NASD to file a complaint. This looked like the greatest idea since sliced bread. Now I’m just hoping someone didn’t run off with my money.

]]> By: c http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-2946 c Tue, 29 May 2007 16:06:03 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-2946 zecco problem you should know. customer service at zecco is very very very bad. it started on 05/07/2007 10:06 AM Buy 600 ACH@$30.50 Rejected (reason)i had the money in the account but was waiting on them to get the mail. it cost me .56 cents more per share 3 days later. If you send a margin call via email. They need to tell the client what is needed to put the account back in standing. I recieved no email telling me the amount needed also no phone call. no phone call for the 15 times i called to find out what they needed to fix the account. the emails provided no guidence. One email i revieved told me my account was in order. only to find out 3 days later they closed my account. the boss should look at my experience and make sure it does not happen to another client why burn money advertising if they can not keep clients. If i had known the amount needed, in my cases less then $500 i would have wired the money. they should also have a comment section so they could fix other problems that would arise in a new business. zecco problem you should know. customer service at zecco is
very very very bad. it started on 05/07/2007 10:06 AM Buy 600 ACH@$30.50 Rejected (reason)i had the money in the account but was waiting on
them to get the mail. it cost me .56 cents more per share 3 days later.
If you send a margin call via email. They
need to tell the client what is needed to put the account
back in standing. I recieved no email telling me the amount
needed also no phone call. no phone call for the 15 times
i called to find out what they needed to fix the account. the
emails provided no guidence. One email i revieved told me
my account was in order. only to find out 3 days later
they closed my account. the boss should look at my
experience and make sure it does not happen to another client
why burn money advertising if they can not keep clients. If i had known
the amount needed, in my cases less then $500 i would have wired the money.

they should also have a comment section
so they could fix other problems that
would arise in a new business.

]]> By: ML http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-2855 ML Mon, 14 May 2007 01:47:56 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-2855 R U Nutz, The 1% is the interest that they will pay you if you haven't signed up for a money market account. If you have, the interest is 4+%. TDAmeritrade now also has a high interest rate (4+%) money market account available. However, you'll need over 100k in equity to qualify. R U Nutz,

The 1% is the interest that they will pay you if you haven’t signed up for a money market account. If you have, the interest is 4+%.

TDAmeritrade now also has a high interest rate (4+%) money market account available. However, you’ll need over 100k in equity to qualify.

]]> By: Alec http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-2850 Alec Fri, 11 May 2007 20:44:33 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-2850 Actually, Zecco pays the same as TD Ameritrade for the cash sweeps (currently over 4%), you just have to sign up for it. The 1% is if you don't sign up for anything. I did have a problem with a limit order yesterday though. I had a limit buy order on China Mobil (CHL)for $45.00. It dipped to $44.96 before maket close yesterday and they didn't execute my order! Of course, today it was up 5.5% from yesterday. I called them about it and they gave me a really lame excuse that since I didn't order 100 shares, they couldn't process my order. All I know is, this would not have happened at TD Ameritrade, but I guess I get what I pay for. Actually, Zecco pays the same as TD Ameritrade for the cash sweeps (currently over 4%), you just have to sign up for it. The 1% is if you don’t sign up for anything. I did have a problem with a limit order yesterday though. I had a limit buy order on China Mobil (CHL)for $45.00. It dipped to $44.96 before maket close yesterday and they didn’t execute my order! Of course, today it was up 5.5% from yesterday. I called them about it and they gave me a really lame excuse that since I didn’t order 100 shares, they couldn’t process my order. All I know is, this would not have happened at TD Ameritrade, but I guess I get what I pay for.

]]> By: r u nutz http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-2841 r u nutz Wed, 09 May 2007 08:48:40 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-2841 Please acquaint yourself with the only fees you’ll ever encounter at Zecco Trading. Our prices are not introductory, nor are there any hidden fees after your account is established. By the way, Zecco Trading will <b>credit an interest rate of 1% annually (1% APR) on cash balances held in all accounts. 1% APR paid monthly based on average monthly cash balance.<b> DONT BE STUPID .... THE HIDDEN FEE at the end of the year... 1% annually Please acquaint yourself with the only fees you’ll ever encounter at Zecco Trading. Our prices are not introductory, nor are there any hidden fees after your account is established. By the way, Zecco Trading will credit an interest rate of 1% annually (1% APR) on cash balances held in all accounts. 1% APR paid monthly based on average monthly cash balance.

DONT BE STUPID ….
THE HIDDEN FEE at the end of the year… 1% annually

]]> By: Aria Teng http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-2833 Aria Teng Tue, 08 May 2007 04:35:19 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-2833 I filled out the IRA application online and sent in the form two months ago. I've been calling and emailing them about the account status. A couple of days ago, they responded my email, saying my account is activated and I can start trading. I tried logging in and the website said my account didn't exist. One of their rep even emailed me the other person's signature authorization form. In a word, their customer service sucks and they didn't know what they are doing. I'm so fed up with them. I'll move my money somewhere else. I filled out the IRA application online and sent in the form two months ago. I’ve been calling and emailing them about the account status. A couple of days ago, they responded my email, saying my account is activated and I can start trading. I tried logging in and the website said my account didn’t exist. One of their rep even emailed me the other person’s signature authorization form. In a word, their customer service sucks and they didn’t know what they are doing. I’m so fed up with them. I’ll move my money somewhere else.

]]> By: Harmeet Singh http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-2817 Harmeet Singh Sat, 05 May 2007 02:10:37 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-2817 I was pretty skeptical about zecco as well, and concerned about the security of my sensitive financial data, after reading some horror stories (zecco losing paperwork, poor customer service, etc). But my experience has overall been POSITIVE. Account was set-up in about a week or ten days; the website is basic, but performs well. Trade executions have been efficient. (NO comparision to share-builder; Zecco has REAL-TIME Trade executions, as you would expect from any 'real' broker). I do have brokerage accounts at TDameritrade, and fidelity, and do my research there, but you just can't beat the commision free trades. I find the executions at zecco as fast and efficient as at TD Ameritrade. Unlike TD Ameritrade, ZECCO does give a respectable 4.3 % interest on cash sitting in the account (sweet!) I am a conservative investor, who likes to buy-and-hold, and dollar-cost-average. I had not been using ETFs due to the commisions to brokerage houses. Now, with FREE trades at zecco, I can diversify, and get into asset classes (commodities ETFs, BRIC ETFs, forex ETFs, etc), I would not have entered earlier. I can dollar-cost average into these ETFs, for free. AWESOME! I have placed MORE trades in the last few weeks than I placed in the entire year in '06 :-) As regards Zecco's customer service, I have never had to use them; so can't comment on them. But I certainly won't expect the service I have come to expect from the big-name brokerage houses... I hope they stay in business, and help level the playing field for small investors like me (us!). BTW, for those of you who can afford to keep $25k (INCLUDING monies in your brokerage account, IRA, mortgage with WF), I would strongly recommend Wellsfargo PMA checking account: 100 free trades per year PER ACCOUNT. You can open a regular brokerage account, and IRA account, and get 100 free trades PER ACCOUNT. And yes, you can get mutual funds, ETFs,and stocks without commissions...There is a whole discussion on Fatwallet on this topic.... You do get a decent 4.8% INTEREST in their money-market sweep account for cash sitting in your brokerage account. (I think their offer is MUCH better than BoA's offer, UNLESS you already have a relationship with BoA, and you are happy with them...) Cheers! I was pretty skeptical about zecco as well, and concerned about the security of my sensitive financial data, after reading some horror stories (zecco losing paperwork, poor customer service, etc). But my experience has overall been POSITIVE.

Account was set-up in about a week or ten days; the website is basic, but performs well. Trade executions have been efficient. (NO comparision to share-builder; Zecco has REAL-TIME Trade executions, as you would expect from any ‘real’ broker). I do have brokerage accounts at TDameritrade, and fidelity, and do my research there, but you just can’t beat the commision free trades. I find the executions at zecco as fast and efficient as at TD Ameritrade.

Unlike TD Ameritrade, ZECCO does give a respectable 4.3 % interest on cash sitting in the account (sweet!)

I am a conservative investor, who likes to buy-and-hold, and dollar-cost-average. I had not been using ETFs due to the commisions to brokerage houses. Now, with FREE trades at zecco, I can diversify, and get into asset classes (commodities ETFs, BRIC ETFs, forex ETFs, etc), I would not have entered earlier. I can dollar-cost average into these ETFs, for free. AWESOME!

I have placed MORE trades in the last few weeks than I placed in the entire year in ‘06 :-)

As regards Zecco’s customer service, I have never had to use them; so can’t comment on them. But I certainly won’t expect the service I have come to expect from the big-name brokerage houses…

I hope they stay in business, and help level the playing field for small investors like me (us!).

BTW, for those of you who can afford to keep $25k (INCLUDING monies in your brokerage account, IRA, mortgage with WF), I would strongly recommend Wellsfargo PMA checking account: 100 free trades per year PER ACCOUNT. You can open a regular brokerage account, and IRA account, and get 100 free trades PER ACCOUNT. And yes, you can get mutual funds, ETFs,and stocks without commissions…There is a whole discussion on Fatwallet on this topic…. You do get a decent 4.8% INTEREST in their money-market sweep account for cash sitting in your brokerage account. (I think their offer is MUCH better than BoA’s offer, UNLESS you already have a relationship with BoA, and you are happy with them…)

Cheers!

]]> By: james earl http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-2801 james earl Mon, 30 Apr 2007 16:33:06 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-2801 Why don't you rank firstrade.com? Consumer reports just rated them #1 in their rating of online brokers. Do you know anything about them? j Why don’t you rank firstrade.com? Consumer reports just rated them #1 in their rating of online brokers.
Do you know anything about them?
j

]]> By: michael http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-2795 michael Sat, 28 Apr 2007 18:28:59 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-2795 I opened a Zecco account a few weeks ago. I faxed the app, mailed the app, and setup the ach deposit. I had problems with my first ach deposit attempt. Nothing happened after I clicked submit, so I tried again using a smaller $ amount. I got a confirmation page for the smaller amount, and was able to view the record in pending deposits. I emailed cust serv about the first ach attempt, but they sent a general message that they received an ach request. They didn't respond to my second email when I asked for more details about which ach they were referring. I figured the transaction didn't go through after a week and was able to successfully transfer additional $. I now always make sure I click the submit button slowly for ach deposits. I've made a few trades, 1 market and 2 limit ... and had no problems with the trading functionality. Trading for free is nice. If Zecco can improve customer service, maybe by adding an instant messaging feature, like Fidelity or Tradeking ... they will really be awesome. I opened a Zecco account a few weeks ago. I faxed the app, mailed the app, and setup the ach deposit.

I had problems with my first ach deposit attempt. Nothing happened after I clicked submit, so I tried again using a smaller $ amount. I got a confirmation page for the smaller amount, and was able to view the record in pending deposits. I emailed cust serv about the first ach attempt, but they sent a general message that they received an ach request. They didn’t respond to my second email when I asked for more details about which ach they were referring. I figured the transaction didn’t go through after a week and was able to successfully transfer additional $. I now always make sure I click the submit button slowly for ach deposits.

I’ve made a few trades, 1 market and 2 limit … and had no problems with the trading functionality. Trading for free is nice.

If Zecco can improve customer service, maybe by adding an instant messaging feature, like Fidelity or Tradeking … they will really be awesome.

]]> By: TOK http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-2749 TOK Fri, 20 Apr 2007 20:37:46 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-2749 I opened an account last month with Zecco and the process was very smooth. I did an ACH from my bank and have started trading with no problems. I am moving the rest of my funds from Scottrade to Zecco. I would recommend a Zecco account. Make sure you read all the instrucions carefully to prevent and delays in opening your account. I opened an account last month with Zecco and the process was very smooth. I did an ACH from my bank and have started trading with no problems. I am moving the rest of my funds from Scottrade to Zecco. I would recommend a Zecco account. Make sure you read all the instrucions carefully to prevent and delays in opening your account.

]]> By: LW LEE http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-2726 LW LEE Mon, 16 Apr 2007 21:42:01 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-2726 Stay away from Zecco. I initially applied for an account last December, mailed hardcopy, waited a month, nothing. had to do with choosing to substitute driver's license instead of passport as ID, and I made it clear on the hardcopy what was going on. Called to inquire a few wks after, in Jan 07, was told it hasn't gone through yet (!) would be taken care of, but again heard nothing for about a month. Then got email saying multiple accounts were opened in my name, please call again. At this point, I'd decided if they couldn't deal with this simple matter that I had already explained to them 3 times, why should I entrust any money to them? In the past couple of months, they've been emailing and leaving voicemail saying please fund this account (what account?). I called in today and tried to navigate through their not very helpful voicemail - it just kept ringing for several minutes, then it invites you to leave a message but then immediately starts ringing again for awhile, invites you to leave a message, and the 2nd time it may give you a signal to do so. So my experience is: if anything needs to be corrected or adjusted intelligently and promptly, you're out of luck. If this had been a financial matter instead of a bureacratic/paperwk glitch, where would my money have gone??? Stay away from Zecco. I initially applied for an account last December, mailed hardcopy, waited a month, nothing. had to do with choosing to substitute driver’s license instead of passport as ID, and I made it clear on the hardcopy what was going on. Called to inquire a few wks after, in Jan 07, was told it hasn’t gone through yet (!) would be taken care of, but again heard nothing for about a month. Then got email saying multiple accounts were opened in my name, please call again. At this point, I’d decided if they couldn’t deal with this simple matter that I had already explained to them 3 times, why should I entrust any money to them?
In the past couple of months, they’ve been emailing and leaving voicemail saying please fund this account (what account?). I called in today and tried to navigate through their not very helpful voicemail – it just kept ringing for several minutes, then it invites you to leave a message but then immediately starts ringing again for awhile, invites you to leave a message, and the 2nd time it may give you a signal to do so.
So my experience is: if anything needs to be corrected or adjusted intelligently and promptly, you’re out of luck. If this had been a financial matter instead of a bureacratic/paperwk glitch, where would my money have gone???

]]> By: Zecco watcher http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-2656 Zecco watcher Fri, 30 Mar 2007 10:41:17 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-2656 Paul, Thanks for the info. I was about to open an acct with them. But I guess I'll wait for a bit. I am using Ameriturd now but having some difficulty trading many block stocks by them. My next choice would be ETrade. Paul,

Thanks for the info. I was about to open an acct with them. But I guess I’ll wait for a bit. I am using Ameriturd now but having some difficulty trading many block stocks by them. My next choice would be ETrade.

]]> By: paul http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-2621 paul Thu, 22 Mar 2007 16:20:08 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-2621 Zecco trading: Stay away from them. Filled out application online, mailed paper work, funded the account more than 2 weeks ago still not able to trade. Status shows pending approval. I was able to apply and trade same day from other online traders. I guess they are not kidding when they say they are able to make money using your account balances. Obviously bcoz they do not let u use ur money for so long. When called they said waiting for processors approval, whatever that means. Tried to withdraw funds 4 days later ach still showing pending processors approval. Bottom line Zecco bad news. Zecco trading: Stay away from them. Filled out application online, mailed paper work, funded the account more than 2 weeks ago still not able to trade. Status shows pending approval. I was able to apply and trade same day from other online traders. I guess they are not kidding when they say they are able to make money using your account balances. Obviously bcoz they do not let u use ur money for so long. When called they said waiting for processors approval, whatever that means. Tried to withdraw funds 4 days later ach still showing pending processors approval. Bottom line Zecco bad news.

]]> By: Ian Getz http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-2503 Ian Getz Tue, 27 Feb 2007 13:12:51 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-2503 ShareBuilder.com -- offering $4 trades on Tuesdays -- should have been on the list. It's closer to Zecco.com than E*Trade or Charles Schwab. The two former brokers offer many more services. Thanks for the reviews. I was about to open an account with Zecco.com but maybe I'll wait a bit. Hearing how their servers were down because of the weather and how some of the processing was done by hand gave me the chills. Maybe it's just growing pains. Ian ShareBuilder.com — offering $4 trades on Tuesdays — should have been on the list. It’s closer to Zecco.com than E*Trade or Charles Schwab. The two former brokers offer many more services.

Thanks for the reviews. I was about to open an account with Zecco.com but maybe I’ll wait a bit. Hearing how their servers were down because of the weather and how some of the processing was done by hand gave me the chills. Maybe it’s just growing pains.

Ian

]]> By: Cheap Bastard http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-2469 Cheap Bastard Sun, 18 Feb 2007 01:23:03 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-2469 I see that someone mentioned that BofA also has a free trading deal. The problem with BofA is that the difference between the highest yield on savings with them and the highest yield on savings at other banks could add up to over a $200 a year loss. If you don't trade that much, it's not really worth it to tie up your savings with Bank of America in order to get the free trades. I'm with TD Ameritrade now and am thinking of switching to Zecco. We'll see. Free trades seem a little too good to be true. I see that someone mentioned that BofA also has a free trading deal. The problem with BofA is that the difference between the highest yield on savings with them and the highest yield on savings at other banks could add up to over a $200 a year loss. If you don’t trade that much, it’s not really worth it to tie up your savings with Bank of America in order to get the free trades. I’m with TD Ameritrade now and am thinking of switching to Zecco. We’ll see. Free trades seem a little too good to be true.

]]> By: LongTimeTrader http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-2118 LongTimeTrader Sun, 31 Dec 2006 17:22:17 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-2118 My initial ACH went through also but there were problems: 1. I entered my transfer and it showed pending that Friday 2. Then there was no record of it and the $ was still in my bank 3. Through e-mail reps only said it takes several days to ACH but could offer no reason there were no pending transfers on my account. 4. Finally my zecco account showed my ach was approved and my bank account was minus the assests. 5. I checked my zecco account but the money wasn't there. 6. Major freakout time 7. After several phone calls they told me their servers were down because of bad weather and they were updating buying power by hand. 8. My account showed buying power as the money I sent in instead of 2 times the money and my cash balance was a big fat zero. 9. Finally my account was corrected all in about 4 days. 10. My advice is that if you are going to open a Zecco account: A. Be sure you fill out the margin agreement that is separate from the account application. B. Send in only a small ACH as your initial deposit so you won't freakout when your money disappears. My initial ACH went through also but there were problems:

1. I entered my transfer and it showed pending that Friday

2. Then there was no record of it and the $ was still in my bank

3. Through e-mail reps only said it takes several days to ACH but could offer no reason there were no pending transfers on my account.

4. Finally my zecco account showed my ach was approved and my bank account
was minus the assests.

5. I checked my zecco account but the money wasn’t there.

6. Major freakout time

7. After several phone calls they told me their servers were down because of bad weather and they were updating buying power by hand.

8. My account showed buying power as the money I sent in instead of 2 times the money and my cash balance was a big fat zero.

9. Finally my account was corrected all in about 4 days.

10. My advice is that if you are going to open a Zecco account:

A. Be sure you fill out the margin agreement that is separate from the account application.
B. Send in only a small ACH as your initial deposit so you won’t freakout when your money disappears.

]]> By: ML http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/comment-page-1/#comment-2095 ML Sun, 24 Dec 2006 01:13:44 +0000 http://www.1stMillionAt33.com/2006/12/test-driving-zeccocom/#comment-2095 Taz and others, I'm writing a 2nd part of this review and it should appear around next Tuesday. I'll try to answer all your questions then. ML Taz and others,

I’m writing a 2nd part of this review and it should appear around next Tuesday. I’ll try to answer all your questions then.

ML

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