Inquiring Minds Get Paid

In January I noticed I had an interest charge on my brokerage account of about $15. It was for one month at 21% per annum. Worse than a credit card.

At first I thought it was due to my transferring some stock to another account, but the more I thought about it, and the closer I looked at my transaction history, the more I realized that that couldn’t be the case.

I called them tonight to inquire. At first, they said the charge was due to an outstanding balance for the time period. I knew there was no possibility of me having and outstanding balance, so I asked the call representative to look into it.

After about 5 minutes he came back to confirm my suspicion that the brokerage had made an error. He apologized and said my account would be credited accordingly. I thanked him and asked a dollar amount. It was the same amount that was taken from my account incorrectly.

I had two choices at this point:

  1. Accept the return of my money.
  2. Accept the return of my money and raise a stink.

I chose path two by pointing out the fact that they saw fit to incorrectly charge me 21% per annum on one month’s balance, yet were only willing to compensate me the original amount, even though I have been out that money for two months. I should be paid interest for those two months.

Let’s take a pause to point out the fact that I was asking for the same terms… which on $15 would work out to about 53 cents.

He came back about a minute later to offer me a “good will gesture” of a rebate on my last stock commission in addition to my returned money. At $19 savings, that was about $18.50 more than I was looking for.

It just goes to show ya… it never hurts to ask. You just might get more than you were hoping for.

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