Zecco has lowest rating with Better Business Bureau

Before you open an account with zecco.com, Please take a look the
Better Business Bureau: Zecco Profile


They currently have a company rating of F, which is the lowest possible.
They also have 6 outstanding, unanswered complaints as of this posting.

According to their Broker Check profile, Equinox securities
(All securities and investments are offered through Zecco Trading, a division of Equinox Securities, Inc. ) was fined $4,700 by SEC for late filing of Financial Statements. Remember whose dealing with your $$$$.

You are paying for Zecco's Wastefulness

$ .34 postage per statement
x 40 statements per month
13.60 postage per user
+ .46 postage for end of month statement
14.06 wasted per customer, per month
x 10,000 users (modest estimate)
$140,600 of postage per month
x 12 months per year

$1,687,200

$1,687,200 amount of money zecco flushes down toilet on postage
÷ 30,000 descent salary for call center rep
56.24 call center reps that could be hired out of the waste on postage alone

For the money zecco wastes on postage alone, it could easily hire 56 more call center representatives. So if the motivation of raising rates was to improve customer service, why not trim the fat on your operation, instead of punishing your users by jacking up fees!

So the next time the CEO tells you that your rates are being raised in order to improve customer service, be sure to quote him this figure. I'm sure in the future this postage mailings will be trimmed, but the prices for the services will not go back to what they were.

This is a prime example of why this "new offer" for zecco is bad for all of us

Zecco has become what it was against

Press release from Zecco, before their bait and switch went into effect. Now they have officially become what they once used as their selling point.



http://media.zecco.com/releases/zecco_disputes_wellsf_02-13-07.html

Zecco Disputes Wells Fargo's Claim to be Best Commission-Free Online Trading

Wells Fargo Restricts to a Few What Zecco Provides access to for All.

Burlingame, California

Zecco.com, the industry's first online trading site that provides access to zero commission trading, points out that Wells Fargo's new offer requires a high balance and gives investors too few free trades.

"We are pleased to welcome another legacy bank with a half hearted offer to the free trade community, but it's too little, too late," says Jeroen Veth, CEO of Zecco. Zecco provides access to up to 480 stock trades per year with a minimum balance of as little as $0 through its association with Zecco Trading, a division of Equinox Securities, Inc. a NASD, SIPC member firm. "The old-school banks are trying to get into the free trading game, but all of them have a huge catch and none of them deliver value to investors like Zecco."

Wells Fargo requires $25,000 in combined balances and gives customers only 100 trades per year. Bank of America requires $25,000 in uninvested cash, which can generate $1,000 or more per year of revenue. And, both banks charge an additional account fee: $100 per year for Bank of America and $60 per year for Wells Fargo.

Through Zecco.com, there are no catches. You can open a regular brokerage account with Zecco Trading and get up to 40 free trades per month with a minimum initial investment of $2500 in cash or securities. What's more, you can open an IRA with $0 minimum initial contribution and get up to 40 free trades per month. A $30 annual custodial fee does, however, apply.

Switch to Scottrade

Switch to Scottrade and get3 free trades and up to $100 back. There is a requirement of 25,000 account, but after you open your account, talk to your local Scottrade rep about your experience with zecco, they may waive that requirement. They have for other users I referred with alot smaller accounts.

This business was built on customer service and customer retention. They will bend over backwards to make you happy.

Sign up with the offer below and complete the account transfer and reimbursement request forms. You will also get 3 free trades, even if you dont transfer your account

Click here and use my referral code
http://www.scottrade.com/apply.asp?refNum=JMGP7230

Betrayal and Deceit

This blog was created to express my dissatisfaction with the recent changes to Zecco.com

More to come