Taking a few minutes to share my experience with poems here. I’m appalled by the customer management from Phillips securities.
What happened was: I placed an order on Friday to sell all 300 of my DBS shares at 21.53. The price dropped further, so I withdrew the order, received the “your order of 300 shares of DBS has been withdrawn” message and placed another order to sell at 21.52, which I recieved notification that it was done. I received a call this morning to notify me that I have short sell 300 DBS shares and I have to settle payment, which was very strange because I have never done short-selling before and I don’t even know how it works.
So apparently, the staff told me that the system did not recieve any withdrawn order and both orders of selling 300 shares were done. This meant that I sold 300 of my own dbs shares and short sell another 300 dbs shares, which I don’t own.
I find it strange that there was a pop up of the successful withdrawal of order on the app and it was not registered on the backend. The staff insisted that I might have withdrawn it incorrectly because the system is always right and this was the first such incident and thus, it was impossible for this to happen. Firstly, covid-19 is also unprecedented and it happened. Secondly, if they checked my purchase history of other stocks, they would know that I have experience withdrawing orders since I have done it a few times when ordering stocks.
Phillips securities then asked that I produce photo proof that the withdrawal message did show up, which is quite impractical?! Does Phillips expect all customers to screenshot every transaction we make with Phillips? Is this the right message to send across?
And also, if I had wanted to short-sell, I would have selected the short-sell option instead, since their app has three options when trading: buy, sell and short-sell.
Throughout the whole experience, I felt that my point of view wasn’t taken into consideration at all, and Phillips securities just wanted to pin this app error on me and compel me to make payment ASAP through their SBL so I wouldn’t lose more money. (And of course, they earn some fees in the process)
In the first place, I shouldn’t even be paying for it since it’s not my error but the app’s.
And also, Phillips securities customer service is probably the most terrible out there in the market. They were quick to demand payment but when I had other queries after I made payment, customer service office told me “it’s after 6pm, I have another appointment” and “can we get back to you next week after payment has been processed”?
For those considering this platform, you might be better off with DBS vickers/FSMONE so you do not have to pay the cost of system error that you can’t control and lose money from your investment. They have a more reliable customer service and system. Waiting for all my stocks to rise before selling and getting away from POEMS forever. Use POEMS at your own risk (: