A Zecco Review
December 2nd, 2006 by Grant in: Brokers, InvestingML, at My 1st Million at 33, is test driving Zecco.com as a low cost brokerage.
Zecco is one of the latest ventures to join the low/no commission online brokerage game, and much like Sogo Invest, Bank of America, TD Ameritrade, and ETrade (among others), they are trying to blow open a new niche in the discount brokerage market.
So far so good for ML, as he’s got his initial ACH transfer deposited into his Zecco account.
Check out the post to follow up on his experience.
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December 17th, 2006 at 2:40 pm
Zecco may offer free trades, but they make up the deficit with extra fees and hidden costs.
I rather deal with ShareBuilder or Sogo Invest IMO.
May 4th, 2007 at 11:45 am
I too was approved and then funded and told it was good to go. Now that my money is in the account, it turns out I’m not approved for trading. So, what…I was just approved to fund? The interface is also very cumbersome.
So far I’d also rather pay Sharebuilder a few bucks just to be done with it. I’m really hoping Zecco steps up their game, because the whole idea sounds great on paper.
June 1st, 2007 at 12:45 am
I had a worse case than Josh! And I am loosing money!
It is as easy as to flip your finger for to apply and get approve, easier to fund your account.
Stop here! I placed an order and got approved and was in my account. Then, they found i need some form. They told me mail it and I obeyed. However, i found my account was put on hold. I can not sell my stock when it fell. Further, I was not able to buy, nor could I withdraw my cash balance to my checking account.
Surely, zecco is the worst broker I’d very met!
Keep away and get away from it. Zecco may zero your money.
July 4th, 2007 at 7:20 pm
@ adam
You probably left out some important info during the signup process. Zecco is still in its infacy, and is very strict on all your application materials. I talked to one of the reps, and they eluded to all the extra scrutiny on new members because of their relatively young status.
Even if you must wait a few more days, is it really worth giving up free trades? Not so in my opinion.
July 12th, 2007 at 6:34 pm
I had the same experience with Zecco as apparently most people here. They let you set up an account and fund it, and then everything suddenly is on hold. Whenever I ask, what is going on the answer is that a presence test or a green card is missing. No other broker I dealt with asked for that information. I still gave it to Zecco. They received it several times now, and customer service even acknowledged that they have it; still no change in status. I requested to close the account, but they say that is impossible without those papers.
I have to assume that this company is a scam. Even if it is real and just incompetent, can you imagine the trouble they can cause, e.g., by messing up a 1099 for taxes?
Luckily I only put a few $k for funding into the account. If I had left that money in my Ameritrade account, I would have made $500 by now, after all fees and commissions.
I would like to see this business shut down or brought in line. Which public board supervises or licenses these operations?
August 21st, 2007 at 10:13 pm
Zecco.com is the worst website ever. First of all it took me an awefully long time to understand their user interface and then I wanted to transfer funds and that took one week. After that I tried doing trade and it kept getting Rejected and gave me some weired details about why it got rejected. Then i called zecco and finally got in touch with someone after trying for an hour or two. The representative told me that I need to turn in my paper work. Upon asking that I have signed electronically then they said still you need to turn in the paper work. Rediculous.
Later I sent the paper work the same day thinking it will be done soon. But nope … they didnt do anything and on top of it they didn’t responded and didn’t recieve calls either ….
finally i have decided to go to some other web-site …. dont ever go to zecco is all i can suggest.
December 2nd, 2007 at 11:19 am
[…] in. I’ve read a handful of blogs (MyMoneyBlog, TheMoneyBlogs, ValueBlog, GrumpStump, and CornerOffice) that have had some bad experiences so far. Another cliche rings a bell “you get what you pay […]