Tradeking increases ACH holding time to 60 business days

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anyone familiar with banking regulation/disputes? Is there a time period that specifies how much time someone has to report and cancel an "unauthorized" ACH/banking transactions?

That is my closest guess to why they would even consider such an absurd time period... that they got hit with an ACH cancel/charge back but the funds were already gone so they had to eat a loss.

germanpope said:
Tradeking seems to be very user friendly --- they must be responding to some kind of fraud going on

Tradeking is a joke. Sure they respond to email and pick up the phone very quickly, but so does my local plumber and I wouldn't use him as a brokerage either.

Tradeking's trading system is broken. Sometimes if you submit an order, it will not show up under status for 10's of minutes. They don't have their own clearing house so they use an outsider for that. This most likely leads to some severe delays. For example, sometimes you can submit a sale order and then submit another sale order and then another. If you do this quickly enough, all of the sudden you are selling 3 times the number of shares you own without ever specifying short and now you owe shares to Tradeking. Worst of all, whenever I've had a problem with them and call in. They would say that it's my fault. I should have known better. I respond that it's their trading system's fault. Eventually I file a complaint with the SEC and then Tradeking backs down and says they agree with me that it should not have been allowed to happen and they reverse it. There's a lot wrong with the SEC, but keeping Tradeking honest is not one of them.

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