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IF YOU ARE UPSET ABOUT FIDELITY's lack of notification to their customers about their huge margin requirements changes, please visit the subject FIDELITY'S DISDAIN FOR THEIR CUSTOMERS: FIGHT BACK!!! in the coffee shop area and POST YOUR THOUGHTS.
THE LINK IS:
BELOW IS A COPY OF THIS POST:
Started By: RDH
Date: Jun 21 1999 8:04AM ET
FIDELITY: FIGHT BACK
Friday at 4:00 PM, Fidelity announced changes to their margin requirements, raising the minimum house requirements from 30% to 35% and raising requirements on hundreds of securities. According to a Fidelity representative I talked to on Saturday, Fidelity had been planning this for quite a while, but had decided not to advise their customers of this upcoming change, even though this could help many of the customers to plan ahead before they were assigned a house call. According to the same representative 437 margin requirement changes were implemented on Friday at 4:00 PM.
Below is one way to peacefully protest. My lawyer recommends that I do not advise you to do the following and that I also avoid stating in writing whether I plan to do the following:
CALL your Spartan or Fidelity broker (1-800-544-5555) and transfer to the trading desk. Do this between 9AM and 10:00 AM or 3:00 PM and 4:00 PM, when they are busiest. ASK THEM TO TELL YOU THOSE SECURITIES THAT HAD THEIR MARGIN REQUIREMENTS CHANGED. INSIST THAT THEY TELL YOU EACH ONE.– tell them you can't wait for them to mail or fax you this information, but that you need to know now.
You may even ask why a particular security's requirements were changed. Why is Oracle and Cisco at 35% and many value stocks like CompUSA (CPU), Innovex (INVX) and Cendant (CD) at 60%? Why did they not chose to notify us when they made their decision to do this or when they notified their Information Services to make the changes in their computer systems?
You may wish to call them once each day over the next two weeks.
In summary, although I think the above is a great idea, my lawyer advises me not to encourage others to do the above or say whether I plan to do the above, especially since it could cause FIDELITY SERIOUS INCONVENIENCE AND MAKE THEM RECONSIDER THERE RECENT LACK OF CONCERN TOWARDS THEIR CUSTOMERS.
However you must admit this is an EXCELLENT WAY OF PEACEFULLY PROTESTING FIDELITY'S LACK OF INTEREST IN THEIR CUSTOMERS. THEY COULD HAVE AND SHOULD HAVE GIVEN US ADVANCE WARNING!
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