Quote from Remiraz:
125.90 is still quite a bit off from Metatrader's 125.98 and S&PComstock's 126.03....isn't he supposed to explain that?
I guess I was steamrolled through the refund process and happy enough that I got my money back that I didn't think about asking WHY.
I'm going to sound standoffish when I say this, but I honestly don't care or want to listen to his story. Knowing the reason behind the price spike does not negate the fact that it occurred. Also, contemplating their motives for a quick refund or what they will do in the future does not change the fact that I got my money back.
An event occured that should not have happened given the rules of the game. The fact that it was corrected with minimal cost to me in terms of time, effort, money, and stress is a lot more than I can say when you encounter a banking error or credit card fraud, or any other financial error in our system.
2 mos ago, I had my bank double charge me a service charge of $15. My statement clearly shows 2 $15 charges on the same date. I had to drive to my bank, pay for parking, wait in a line up, explain my situation to the CSR, re-explain the situation to the branch manager and fill out paperwork to get my refund.
Last month, American Express and Costco made an error on a $701 sofa I purchased and it cost me over $55 in interest payments and service charges, 3 trips down to my local Costco to talk to the supervisor, 3 long distance phone calls to Costco HQ, Citibank, and Amex, and a total of about 5 hours spent correcting THEIR error. In this case, the Costco reps explained to me WHY it happened, and they were very friendly and helpful about it, but when I left the store, I still paid over $55 extra for my sofa.
I had to argue with the Reconciliation Department of Ameritrade back in 1998 or 1999 when I was chasing a hot stock intraday and my market order took something like 7 minutes to execute. Of course, I couldn't cancel it and by the time I got filled, it was a few cents from the top of the move. He rebated me a portion of the move given their 60 second fill guarantee, but I still lost money on that trade.
The point is, ALL companies make mistakes and "break rules". I do not condemn Refco for having a price spike. I do not call them a "boiler room" operation or cry "fraud" because they admitted their error and fixed it faster than any other company I've dealt with. The measure of a company's reputation should not be based on the fact that they make errors, but based on the way they deal with those errors.
DNAJ65000
