I would STRONGLY recommend researching this company before doing business with them. I actually filed a complaint with the FTC. Also, go to Manta.com----this is NOT a Charles Schwab---it has three employees.
Issue One: With Zecco you risk arbitrary stock liquidation. This caveat is buried in the bottom of their emails.
“ Zecco Trading reserves the right to liquidate stock or option positions at any time if it deems that sufficient risk exists to the firm. In the event Zecco Trading takes action to mitigate risks by closing out positions, the client is not absolved of his/her financial obligations to meet additional margin calls or unsecured debit balances. Any market losses due to forced liquidations are the sole responsibility of the account holder(s).”
Issue Two---Price Gouging: 4.50 a trade? Expect more fees. This is from another email they sent to me.
"“Dear Client, Please be advised that recent activity or market value adjustments has generated a Required Maintenance (RM) margin call in your Zecco Trading account. NOTE: If you have a cash account and are receiving this Required Maintenance Margin Call, please know that your actual call type is a Money Due call and you may have a different due date. Please contact us immediately for details or visit the Margin Call Summary Page under “Account Records” once in the Trading Center of the Zecco Trading website.”"
ISSUE THREE: CHARGING CUSTOMERS FOR ACH TRANSFER PROBLEMS:
They also will charge fees (again with no warning on their site) if they have problems accessing the bank account used to set up the stock account, even though they admitted this is a common problem with credit unions, &an issue between institutions, and an issue that the consumer has no control over. (Secondly, my two micro deposits went in my account successfully, and then Zecco even withdrew a micro-deposit from my account successfully, yet they then claimed they could not “access” my bank account and I owed them 30$.)
If this is a common problem, and they are going to charge the 30$ fee…they need to have a written warning on their web site, and they do not.
P.S. I called Charles Schwab and E-Trade to ask if they charged a fee if the ACH transfer didn't go through, and they said definitely not. This is NOT common practice.
In closing, their customer service reminded me of talking to someone on the Sopranoes---talking down, whining saying they have to get money from somehwerre, etc. Probably one of the most unprofessional companies I have dealt with ever.