Here's what I just got in response to my complaint about poor customer service and not honoring the terms of an agreement:

I apologize that you feel that way, I hope we can change your impression of OptionsXpress in the future. Unfortunately we did experience an issue posting the credit but I can assure you we are working our best to get that $100 added.

Not sure what to think.

I had the same experience. This is what I was told yesterday when I asked when the money will be credited.
The schedule indicates posting for today but it may be after the market closes

This is what I was told today.
I will need to get in touch with our marketing team to see what exactly is going to happen with this promotion.
The rep said he would email me back shortly but so far nothing.

For those of you that have a copy of the original T&C, do we have to keep the money in our account to be eligible if they eventually do pay out?

That said, there is no danger of losing cash if optionsXpress folds. Cash deposits are SIPC insured. While getting money out is a little more difficult than an FDIC claim, money listed in your account as "Cash" (and not "Money Market Funds") is protected.

SIPC is the first line of defense in the event a brokerage firm fails owing customers cash and securities that are missing from customer accounts. Although not every investor is protected by SIPC, no fewer than 99 percent of persons who are eligible get their investments back from SIPC. From its creation by Congress in 1970 through December 2006, SIPC advanced $505 million in order to make possible the recovery of $15.7 billion in assets for an estimated 626,000 investors.

When a brokerage is closed due to bankruptcy or other financial difficulties and customer assets are missing, SIPC steps in as quickly as possible and, within certain limits, works to return customers’ cash, stock and other securities. Without SIPC, investors at financially troubled brokerage firms might lose their securities or money forever…or wait for years while their assets are tied up in court.

...

SIPC does not cover individuals who are sold worthless stocks and other securities. SIPC helps individuals whose money, stocks and other securities are stolen by a broker or put at risk when a brokerage fails for other reasons.

bump

Here are the original terms from a screenshot:

Fund your new account by December 31, 2007 and get $100!*
* In order to qualify for the $100 offer, account application must be completed and a deposit of funds in the amount of at least $500 must be made by December 31, 2007. Those who qualify will receive funds in their account on or before January 10, 2008. Customer may only qualify once for this offer.

Here is a record of my live customer service chat:

Please wait for a site operator to respond.
You are now chatting with 'Victor'
Welcome to optionsXpress, how may I help you?

Cashmonkey: Hi Victor, I signed up for optionsXpress in part because of your $100 promotion that was supposed to post to my account yesterday, but I don't see the $100.
Victor: may i have your account number?
Cashmonkey: Sure, it's XXXX-XXXX
Victor: one moment
Victor: yes, we are aware of this issue. you will receive your promotion funds, we are currently looking into this, on the estimated time when you will receive this, i am sorry for this inconvenience, and i assure you, you will receive this.
Cashmonkey: So is there an estimated time?
Victor: no, we do not have an estimated time, again i apologize.
Cashmonkey: very strange way to do business. Ok, thanks Victor.
Victor: you're welcome.

Same answer from rep "heather"

Since Live Chat was down when I logged on last night, I sent optionsXpress an e-mail through the live chat e-mail link. Here is the response I received this morning:

Hello,

I am sorry for the delay, there was a problem that delayed the credit.
But I will go ahead and have that $100 added manually to the account you
should be seeing this within 1-2 business days. If you have any
questions please let me know.

Alejandro Pina Jr.
Customer Service Specialist

Whether I'll actually see the $100 in the next few days is anyone's guess, given the other responses.

tigerbump said:Since Live Chat was down when I logged on last night, I sent optionsXpress an e-mail through the live chat e-mail link. Here is the response I received this morning:

Hello,

I am sorry for the delay, there was a problem that delayed the credit.
But I will go ahead and have that $100 added manually to the account you
should be seeing this within 1-2 business days. If you have any
questions please let me know.

Alejandro Pina Jr.
Customer Service Specialist

Whether I'll actually see the $100 in the next few days is anyone's guess, given the other responses.

Logging in to the site has gotten really slow. The home page loads fine, but anything beginning with https barely loads for me. Anyway, I also wrote an email last night, and got a different response from Alejandro Pina Jr. just now:

We are currently working on getting all the credits to the eligible accounts added as soon as possible. The time frame we have as to when it will be added is anytime before January 31, 2008. There was a delay in getting the credits added. If you have any other questions please let me know.

Alejandro Pina Jr.
Customer Service Specialist

Just checked the Options website, my initial $10,000 funding is in the process of going back to my original bank via ACH.

Perhaps, I should have waited until Monday so I would not lose the 0.1% interest paid on free balances.

Just hope Options does not mess it up.

They must have finally come up with a canned response.

Got this e-mail after a short Live Chat session.

Dear Valued Client,

We're happy to let you know that no matter how the markets treated you today, you made $100!

Keep an eye on your statement for the $100 credit we promised in recognition of recently opening and funding your new optionsXpress account or transferring your account over to optionsXpress. Login now to start trading!

Thanks again for choosing optionsXpress! If you have any questions, please contact marketing@optionsXpress.com.

Sincerely,


Ned Bennett
CEO optionsXpress, Inc