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Zecco & Penson Financial / unauthorized ach withdrawal

1 United States Review updated:

Zecco is a stock broker company that uses Penson Financial to conduct its financial transaction including ACH deposits and withdrawals to/from other banks.

It withdrew two amounts from my account at Citibank and has refused to refund the unauthorized charges.

People beware!

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  • Jo
      9th of Apr, 2008
    0 Votes

    If you are a consumer customer, and did not authorize an electronic transaction, you can, potentially, obtain statutory minimum damages or, if larger, triple damages + attorney fees and costs, under the Federal Electronic Transfers Act, if the bank or financial institution refuses to refund your money. You must be able to prove that the electronic transaction was not authorized.

  • De
      19th of Dec, 2008
    0 Votes
    Zecco & Penson Financial - Forced trades at Market price
    Zecco Trading
    United States

    Zecco options agreement says :

    It is your responsibility to close these positions before the end of trading on Friday, December 19th(at 4:00 PM EST), or have sufficient buying power to meet margin calls for any resulting stock positions. If you are not able to meet these calls, please close your open positions prior to expiration.

    This means that If I have in-the-money options, I get till end of trading on the Options expiry day to close my positions. However they forcibly sold some in-the-money options I had 1.5 hour before end of Trading, without providing any kind of notification. Customer service first claimed that they didn't do this trade, it was done from my end.. and after I gave them proof, they accepted, cited reason that If I keep it beyond OE, my account will not have money to exercise options ( I still had 1.5 hour to close the positions myself).

    The option was $0.30 in the money, while they sold them as a market order for $0.20.

    This results in 50% loss over what I would have got provided the forced market order was not done.

    Anyone suggest what options I may have? The loss is very little, but I feel that they did behave irresponsibly.

  • Ro
      12th of Oct, 2009
    0 Votes

    I also have a charge from them of $78.34 that I know nothing of. It come on my bank statement like
    ACH Withdrawal ATT Payment FirstName LastName*****4001EVR1F
    I will be calling my bank to dispute the charge.

  • Of
      3rd of Mar, 2010
    0 Votes

    I also had some problems with Zecco. I had enough cash, however the site kept showing a negative buying power.

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