Complain about a product or service

Buy and Hold

77 Water Street, 6th Floor NY, NY

Stacey of Glendale NY writes (12/20/01):
On Oct. 5th, I purchased $1500 worth of stock from Buy and Hold. The $1500 was taken from my bank account. Three days later, the company tried to take another $1500 from my account, leaving it overdrawn. The bank charged me $120. I was notified two weeks later by the bank.

I called Buy and Hold and spoke with Heather and she then transferred me to a customer rep who then transferred me back to Heather. She said that the company would be more than happy to refund me the $120 and that she would take care of everything. She never called. I called her twice before reaching her. She then said that she wasn't going to help because she worked in the Operations Department. I was then transferred to Dennis, a customer rep and he told me that he needed to research this. He never called.

When I called back, I asked for a manager and I was told that my message would be left for Susan. Once again, I had to call twice and when I finally spoke with Susan she said that I made two transactions. I know I would have remembered making two $1500 transactions. And why would I make a second one knowing that I didn't money to cover the second one?

So, Susan told me that it was the end of the line for me and that I cost the company $1500. I told her that I wanted to speak to her manager and she refused. I didn't get off the phone until she transferred me to Mary Ellen Dunn and she said that she also had to research this. Once again, no return phone call. I called three times before I spoke with Mary Ellen and she informed me that she wasn't going to help either.

I told her to close my account and send me certificates for my stock and she said she would and that I would receive the certificates in two weeks. Two months later, I still haven't received them. I wrote to the founders and the president of Buy and Hold and the Better Business Bureau twice; the Attorney General and the FTC. Noone has bothered to respond.

Stacey should file a complaint with the Securities and Exchange Commission.

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