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Edward Jones / lied about commission

1 United States Review updated:

Jeff Rudolf of Iowa City said he'd charge half price on his commission for a stock trade since I was going to move my money to a etrade account. He wanted 2 percent on the buy, and 2 percent on the sell, with an additional 4.95 transaction fee. Half of that is 1 percent on both ends, and 4.95 transaction. He bought the stock and I got mail confirmation of 1.25 percent commission of the buy end. The stock rose a bit. I told him to sell and I got mail confirmation that he charged 1.75 percent commission on the sell end. So he charged an extra 1 percent all together. On a six grand investment, he took an additional $60. I only agreed to pay 2% total equaling $120. $120 bucks is a lot when I could have made the same on etrade for 9 bucks on both ends. But to kick me in the nuts by charging 50% more than was agreed is not right. I made $30 bucks insted of $90. Not a lot of money, I know, but I like to stick to the agreement. Even if the investment went sour, I would be more happy losing $200 bucks on my word, rather than nickle and diming your customers. When I called him, he just talked over me about getting me the highest price possible and that he did not want to do the trade, and he made no money on it. He made $180 bucks to my $30. Let me remind you, He called me after he knew i was moving it to etrade. What a joke. Thanks Ed ###!!!

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Comments

  • Jo
      29th of Sep, 2008
    0 Votes

    Yes, I agree with you regarding Edward Jones.We wanted to invest in short term bond market for a while. and we saw Edward Jones Ad at one of the groceries store in Kanata Ontario offering 5.5 percent interest. I went there with my Wife. I have clearly stated that we are conservative investors and want to invest in the fixed income market. I want to invest in short term bond up to maximum five years. the louse advisor understood my risk tolerance level since I know that the longer the bonds the higher the risk will be. later, he sold us five years bond ( most of them are US dollars bond, we did not know why, we were looking for Canadian bonds). Today is Sep 23, I read the statement mailed from you, and surprisingly realized that he purchased a $20, 000 dollars Citygroup 10years bond for me and my wife. I can not believe my eyes since I have told the "advior" that we want to have a five years bonds. I called him regarding the mistake, but this advisor kept telling me do not worry and in 5 years he can sell the bond, and the market will be turning around. I told him that was not the point. My point is that, I want purchase a 5 years bonds, why did he purchase 10 years bonds for us? why he did not tell us he's planning to sell us the 10 years bond? I told him that I also work in the customer service industry, our basic concept is that we have to provide what our clients want. First of all, he did not listen to what we want, secondly, he did not inform us what he did to our investment. He even did not restate what he is going to purchase for us and at what term . Later, he admitted his mistake and promised me that he would not do that again, but at the same time, he kept telling me do not worry and market will be turning around and he can sell the bond in five years. The problem is how can we ensure the market, how can we know the amount of money we are going to receive. I want to have our bond mature in five year. Because i know that no matter how volatile the market is, I can get my face value plus interest in five years, but with this 10 years bonds, we can not redeem in five years time if the market is not in our favor, because we can not get our face value in five years. We are very upset about this. My wife she is happy that she did not introduce her friends to him, otherwise, her friends would mad at her too. We are thinking This is our first time investing our money in Edward Jones and it should be the last time investing in Edward Jones.

  • J
      17th of Oct, 2008
    0 Votes

    I too have complaints
    We decided to dell out our so called "great" mutual funds with Edward Jones and then they were going down down down. I decided to liquidate and go to cash, I got a better rate at my bank, RBC.
    They informed me in writing that they are closing our account, and I still dont even have the cash in my accounts. They were very rude and unprofessional and make me feel like I am a rotten person because I asked to move MY money to a GIC for a while until the markets settle down.
    Something is wrong with this company. I see now that I am not the only one that is being treated horrifically!!!

  • Ed
      16th of Aug, 2012
    0 Votes

    I moved my accounts from Ed Jones to another instution that I was familar with. Ed Jones lied to me and told me my account was not rolling over but instead being liquid "as we speak" and he probably wont be able to stop it. I was so scared. I called the other institution and they told me all was fine that Ed Jones has been known to lie and scare their clients because they get mad when you move your accounts from them. I live in Antelope, California.

  • Ed
      16th of Aug, 2012
    0 Votes

    Do not do business with Edward Jones in Antelope California. They try to take your money and dont care about you at all.

  • Ad
      19th of Sep, 2018
    0 Votes
    Edward Jones - Froud adwords account
    Ahmedabad
    India
    movingpackingindia.com

    Hello sir...this man is froud.this man is indian.he take adwords invoice acc usa uk etc. After take acc he run account india.he give offer 10000 of 50000,

  • In
      15th of Oct, 2018
    0 Votes
    Edward Jones - Unethical Behavior
    United States

    As a company you should be monitoring your employees outbound calls.
    I keep getting private calls which have been traced back to your headquarters in Manchester, Mo.
    From the Distribution File Department.
    If they continue, I will take further action against your company & the employee.

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