QUESTION
Can a company change my commission plan without my consent, to a more costlier one, and refuse to return me to the original plan?
Asked on Mar 12th, 2021 on Securities - Illinois
More details to this question:
I trade stock equities through TradeStation. I am an international customer based in Tel Aviv. I was put on the TS GO free commission plan. I have been trading commission free since summer 2020. On March 10th, all my trades were subject to a commission fee. After speaking with the company, I was told that I was put on the Free commission plan by mistake, and they have refused my request to be put back to the TS GO free commission plan, as it is not available to international customers (even though I was on it since summer 2020). I want to be back on the free commission plan, or sue them. I don't know what my next steps would be
1 ANSWER
I am sure that when you opened your account with TradeStation, you were required to sign an agreement. And, most likely this agreement had some small print. I would continue to believe that their agreement stated that they have the right to do as they please. If they want to drop you as a customer, they can do so. Unless your original agreements says something to contrary, if they want to change your commission schedule, they can do so. Go back, and read your original opening account agreement. You'll probably be surprised at the terms of this agreement. However, if the agreement states you had no commissions for the first year, tell them that you want to set-up a FINRA arbiration session. They will get their attention.
Answered on Mar 13th, 2021 at 3:54 PM