Margin Account

Investorline Broker Miscalculates Interest And Tries To Keep It

Submitted by Customers Revenge on Tue, 02/27/2007 - 04:33

Here is another tale of BMO incompetence and thievery:

I have a margin account with the Investorline brokerage through which I fooled around with daytrading for a little while.  One of my MOs was to sell short if I though a stock was going to fall in the near future.  To sell short I have to borrow stock I don't have from the brokerage, for which I am charged interest.  After I make the short sale, I immediately put in a buy order to cover at some lower price and wait for the stock to go down.