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Original review: Feb. 23, 2018 I tried moving my funds from the merger with TD Ameritrade. I was told, 'No problem but why?'
I answered because trades were $17 and now going to $49 per buy on a mutual fund and $49 for a sale. This was never in the prospectus. I had to do research on my own. When I called they said, 'Sorry. That is the way it is.' So I transferred my account to another online banker.
Then I get a call my from local branch and they want me back and negotiated that I get grandfathered in at $17. I said too little too late. When the funds finally transferred they still had my cash and the 2 funds the new online banker could not transfer were stuck and locked in my account. I called and asked why and their reply was it will take 2 weeks from the day I transferred to get this worked out.
No indication the cost would go up 300%. No transfer of my money for 2 weeks. This company needs to play fair, glad they sold and I think TD Ameritrade will get plenty more problems.
I know would never go back to either Scottrade or TD Ameritrade. Original review: Feb. 15, 2018 I was with Scottrade for about seven years. Their trading platform was the best for the way I trade as I am considered a day trader. The office in Mobile was very helpful for the get-go.
Their trades were executed real quick. Their site was easy to get around in. Figuring gain/lost was easy. Nothing but praise for this company. I transferred to CS and I was not charged the $75 transfer fee. Their wash sale configuration was perfect which was attached to the next trade. I am with CS now and theirs stink.
Too bad Scottrade sold out to TDA. Their charts is nothing like Scottrade's. Scottrade charts were perfect for me and possibly for any day trader. Probably quit trading in the near future. Original review: Nov. 14, 2017 I only had a minimal amount in this account and I only had it for a few months before I realized most of what I was making was being eaten up by their commissions' fees. I decided to transfer to Wells Fargo and when I did that, they charged me a $75 account closure fee.
This fee along with the other fees completely depleted everything I had earned in my account, plus some. I talked to a Scottrade representative who told me he would like to help but there was nothing he could do about the fee because my account was already closed. Original review: Oct. 17, 2017 I have been with Scottrade for 18 years & mostly it was a very good experience. However since Ameritrade has taken over I consider it a disaster. When I sold all my stocks & asked to have my cash in my IRA account transferred to my new broker the Montana branch manager was very rude but finally complied which took several days.
When I sold all the stocks in my ordinary account they would only send the cash to me by check. My funds were withdrawn from my old account on & supposedly mailed by 'snail' mail that day.
Original review: Aug. 11, 2017 The only action this company does on a scheduled basis is to withdraw the quarterly management fee. It was set up for a monthly funds withdrawal but it depended on the whims of snail mail. Why when every other banking process is available by automatic withdraw/deposit, Scottrade only sends out by snail mail? The performance of the account basically reflected the market over the past year but statements were unclear exactly how it performed compared to other benchmarks. When I opened the account I was promised and an account agent would check in and I never once heard from him.
Furthermore, it was very difficult to adjust the amount of the monthly withdrawal. I intend to move this account to another brokerage within a week. Original review: Aug. 4, 2017 I am on a world tour- a long vacation. As I locked myself out of my account, I called Scottrade to unblock the account.
I spent an hour on the phone with Kevin. Who was unable to unlock the account. Do not open an account with this company if you value any of your money! I have had accounts with Scottrade and worked with a Scottrade manager for 15 years and ask that she contact me.
Today, I received an email from Kevin saying he 'was closing my account' because I am currently on vacation outside of the US. I am a US citizen, born, raised, and worked in the US my entire life. I know what anyone reading this is thinking, I am thinking the same thing. Had I understood that I would be speaking to someone with capacity and communication skills as limited as Kevin., I would have contacted the manager directly. I have had issues with Scottrade in the past and should have closed my accounts at that time. Scottrade has cost me thousands of dollars through incompetence. I have accounts with other companies and the knowledge, understanding and professionalism are excellent.
Run from Scottrade! Original review: July 21, 2017 Concerning a transfer of securities from my mother's California Scottrade account to my Scottrade account in Louisiana, it's Friday today, 3 days after the request was made, and still no transfer made. The national office is telling me it may take until Tuesday, incredibly. After a few phone calls, I tracked the delay to the CA branch where the paperwork was submitted. The advisor there claims that my mother, in addition to the transfer, wanted cash in her account mailed to her, basically complicating and delaying the process of the transfer. The advisor took care of the cash request first and left the transfer paperwork to her colleague to do the next day, as she was leaving for vacation. Why the advisor could not address both duties in an expeditious manner speaks to their poor client services and management.
At the Laguna, CA branch, at least. She was very dismissive in our phone conversation, as well.
'I'm so sorry you're not happy, but what's done is done.' In addition, I worry about the accuracy of stock prices at closing time, just as the complaint below about Apple price was made. A few years ago it happened with my mother's ACAS shares. When we called the next morning, they seemed to be aware of the error and fixed it. We excused it at the time, but now, reading the previous reviews and thinking about the aggravations caused by this transfer delay, I am fast losing faith in Scottrade. Original review: July 14, 2017 After requesting a withdrawal they emailed me a money wire transfer form which I promptly filled out and sent back.
Then, I called them and they assured me that the money would be in my bank account by Friday. Friday came but they still have my money. I just got off the phone with Jeff, who is a manager, and he has assured me that I will have the money Monday.
While on the phone with Jeff I could not help but notice how nervous he sounded. This is concerning but maybe I just made him nervous. Either way, I am taking my business elsewhere after this.
We as a society should not allow companies like this to stay in business. Original review: June 4, 2017 My step-father died owning a Scottrade account. I wrote to the Scottrade office that held his account seeking forms for my mother to submit to collect those assets. I wrote a second time, no response. I then wrote to corporate headquarters.
Over one month later, a paralegal stated I needed to submit an authorization signed by my mother to release any information. I submitted the authorization and the death certificate. Nearly two months have passed with no response. Scottrade's customer service is atrocious! One star is way too generous. Original review: May 19, 2017 The first time I asked them to send me a check, it took them 2 weeks to respond. I finally got hold of the store manager to get the check sent to me.
The second time I asked them to wire transfer money to me, it was on Friday, they told me that it was already after 2 p.m., they could not send it until Monday morning. I said that's fine.
On Monday early afternoon, 2 p.m., they still have not sent it. I was upset because I paid $25 for the wire fee and nothing was done.
I called the store manager and they sent it later that afternoon. The third time which was in late April, I requested them to send me a check, after a week I still have not received it. I was very upset. I tried to get hold of the store manager, was told that he was in a conference meeting.
I tried 2 hours later, was told that he was tied up. I tried again the third time, there was another guy, not the store manager, finally help me and rushed me the check overnight. I am very tired of their non-responsiveness to customer need, over and over again. If you all have any better brokerage firm, would be glad you share it. Original review: May 13, 2017 They change the prices of the stock you are trying to buy constantly as you attempt to make the buy, making you pay more and more.
They force the price of the stock down when you are in a margin call so they can collect on your default that they made happen by selling the stock in increments of shares till they get it where they want it and then they buy it back up when it is low so they make even more money when they force it to go up as they want it to go. This company is all about making money and they do everything to make this happen with no concern for their clients, all they care about is making more money and they are stealing it from people in every way they can. I have seen all kind of account oddities that have caused me to lose a total of 209000.00 dollars or more. If you are a lawyer I would like to talk to you about suing this company for one hell of a lot. This company was caught in the past trading against their clients and I am sure they are still at it, this is how the head of the company became so rich in such a little amount of time. He is a billionaire, the company has been sold to Ameritrade as of recently and the head of the company of Scottrade is currently not well.
Lawyers let's talk if you think you can recover for me. J.C. This company is being assisted by the crooked market regulations that I can explain. Long story short.after being jerked around by their phone system (at times, they have you talking to other people in other 'call centers' in other states), which they leave you to believe you're speaking to someone in the office you're calling. I finally went to the office and got my money transferred back to my bank. They jerk around.
Totally unacceptable, unprofessional and possibly against NASD regulations (not sure). I will be moving my three IRA accounts from them.
They don't care. I wonder why people leave their money in their bank. Original review: April 10, 2017 Every time I go to these people for services, I'm told, 'We can't do that.' I tried 5-6 times to link my outside checking account to no avail. They repeatedly told my account number or routing number was wrong. They're both valid.
I wrote a check on my account assuming overdraft would automatically come from my margin account as my previous brokers had done. They bounced the check and charged me 25.00. I needed to do a wire transfer to pay for a home I was buying; I was used to doing this online through my checking account. With Scottrade I had to fill out a form and present it in person and wait for them to process it and hope it was done in time for the closing. I've complained and complained and complained about the 25.00 fee and they keep sending me boilerplate. I've threatened to move my investments to my bank's investment branch and they did not care. Today I got an email saying I'd exceeded the number of transactions allowed on my Scottrade Money Market account.
I've never heard of such a thing in the banking industry. If you just want $7.00 trades by all means stay or sign on with Scottrade. If you want decent service do your homework and find a better brokerage. Their website is slow, and it often crashes. I've even been told that their stock values are NOT real time so who knows? Maybe they're skimming playing the milliseconds and stock values to their advantage. I am thoroughly disgusted with this company.
Do yourself a favor. Steer clear of Scottrade. They're total schlock! Original review: March 22, 2017 After being a customer for 15 years my accounts (3) were frozen because I had moved to Israel. I moved 9 years ago and used my son's address in the city I opened the account.
I was never notified and this year they refused to transfer my required distribution to the account even though they transferred my wife's whose address is the same. They told me I had to come in even though I am bedridden. I contacted an attorney who advised me that is against the law to not issue the distribution they reported to the IRS and I reported on my 1040. From what I have heard many employees are disgruntled because of the takeover by TD Ameritrade and they don't care about their customers.
I immediately printed many examples for many stocks on many websites proving this. And I contacted the Securities and Exchange Commission. They have agreed that there appears there may very well be validity to my complaint. The info that stock brokerage firms provide is critical to our psychologically well being wouldn't you say? If it's absolutely incorrect then aren't they just duping people? This is what I hope to find out.
![Scottrade App For Mac Scottrade App For Mac](/uploads/1/2/5/6/125618091/667115092.jpg)
This all took place Friday Feb. Now, this morning Monday Feb. 6th, the EPS values at least on PULM are correct at -1.52!
I'd like to think I've done something worthwhile for my fellow investors. It's not going to stop me from going down the street to the location and letting them know that they're going to reimburse us for the cost of the trade and the money (small amount) that we lost or believe me it's off to court we'll go.
Original review: Dec. 31, 2016 Scottradepro (Scottrade's active trading arm) is a complete joke. Their server is extremely unstable - you would be lucky if you don't get kicked out by their server while you are logged on and are ACTIVELY doing things in the account (e.g., researching, reviewing positions, or placing trades). The system is very user-UNFRIENDLY, e.g. Not only you as a client couldn't figure out how to do certain things (such as wiring money out), their service rep couldn't figure out either. Also, their IBKey app - developed by InteractiveBroker - doesn't work properly, and they refer me to a number that you can only leave a voice mail and No One ever calls you back even after leaving a dozen voice mails. Many of Scottradepro's staff aren't trained properly to be familiar with the functions of their system, yet they pretend they know when they actually don't.
Above-mentioned money wiring is one example: one rep told me to set up Withdraw by Third Party and wait for their back office approval of the Third Party in 1-2 days, before I can actually schedule a wire; when I called 2 days later without seeing an approval, a different rep now says I need to just set up a Withdraw, not Withdraw by Third Party. In both cases I was put on hold while the rep checked with their back office or something, indicating they had no idea how the process actually works. Though the 2nd rep found the correct answer, that is to set up a Withdraw, he was unfamiliar with the detailed steps to complete the process and kept on telling me wrong instructions he obtained from the back office - something about using an emailed code to confirm even though there was no email being sent as I was using a security device. Also, no one seems to know their back office cutoff time for accepting a same-day wire request, and they just say if it doesn't get done today, it will be done the next business day. Anyway, my request was submitted around 3:30 and didn't go out on the same day, while if you submit a wire at 3:30 through a bank, it will go out the same day. Scottradepro's staff also are ignorant of how to calculate tax base for a stock position involving calls or puts, of the exact capital requirement for a long put position, etc. Anyway, I had enough.
Original review: Dec. 22, 2016 Wanted to make a trade the next business day and needed to move money from personal checking to brokerage account, Scottrade boasts their 'Money Direct' will post same day. In fact once the money posted Scottrade put a three day hold on it preventing me from making the trade, then when I called and said I want to return the money to my checking account they said there is a five day hold before I could initiate a transfer.
After five days I said I wanted to close account and get my money back and they told me they will take another 5-10 business day to issue a check and I cannot pick it up from my branch and that it must be mailed. So in the end they tied my money up for more than three weeks. GO TO E-TRADE!
Original review: Dec. 16, 2016 I agree with Joe of Durham. I transferred my accounts to Schwab soon after being informed by Scottrade that they were being taken over by TD Ameritrade.
It is shameful that Scottrade is still charging a $75 transfer fee per account to customers like me who do not wish to become TD Ameritrade customers. Coincidentally, Schwab contacted me recently to say about an offer for Scottrade customers who switch accounts to Schwab.
You get commission-free stock trades for as long as you had your Scottrade account. In my case I will get 10 years commission-free trades and $6.95 trades after that. It's unbelievable but true. I've been using it. I should point out that I'm not employed in any way by Schwab, just a very happy customer of theirs.
I don't know how long this offer will last but long-term Scottrade customers should give it serious thought. Original review: Nov. 28, 2016 Scottrade is a fraud. The servers will crash or the trading programs will freeze if you are about to make any money.
They try to influence trades. A stock I was trading was in a down trend and they 'froze trading in that stock due to volatility'.
They would let you buy it but not short it. I called Etrade immediately. They said they had no problem with executing my short trade.
Then Scottrade said they had no shares to short but again I called Etrade and they had shares. Scottrade offered me free trades for the inconvenience. I called Scottrade to execute a trade and the guy who answered had a tone of 'you sure you want to do that?' Totally trying to influence and interfere with my trade plan and tried to sell me a Scottrade bank account. Original review: Nov.
27, 2016 I've been a customer of Scottrade for many years with no problem at all. However, the recent sale to TD Ameritrade will result in a 42% increase in fees for stock trades, plus similar increases for options, and other charges. It's ridiculous. Why on earth would any Scottrade customer agree to this? If we wanted bad service and high fees we could have opened TD Ameritrade accounts ourselves. At least that way we would have received the $600 bonus for opening the account. But now, we receive no bonus, just the increased fees.
We are told by TD Ameritrade that we will have access to more research, etc. Well, if you do not already have that, you shouldn't be doing your own investing, anyway. There are alternatives. Some have local offices, and all have lower fees.
This is simply a matter of greed. Scottrade could have done a IPO, in which its customers could have perhaps profited. Instead, we were ignored and insulted.
And TD Ameritrade is counting their eggs. They are expecting Scottrade's customers to simply act like fools and accept this mistreatment. Sadly, some will. But I hope there are enough intelligent, fair-minded Scottrade customers who will show the true results of this sale: a large decrease in the number of Scottrade customers who go to TD Ameritrade. And a large increase in new accounts at other online brokerages. Scottrade is an investment firm that offers many types of financial services and investing options to clients, including self-directed online trading. The company was founded in 1980 and is headquartered in St.
It serves more than three million clients. Customizable homepage: Account holders can create three different homepages and switch between them whenever they want, each one with a customizable layout. This feature makes it easy for traders to see the information most important to them as soon as they log in. Research tools: Clients have access to quick quotes, asset allocation models, market data and other tools to help them determine which stocks or options are right for their portfolio. The company’s SmartText tool simplifies technical analysis.
The site also has calculators to help clients determine their goals. Levels of support: Scottrade has investment choices with varying levels of support.
Self-directed investors can use the site and tools to make trades themselves, but those who want additional guidance can get help. Managed accounts for hands-off investors are also available. Portfolio review: All account holders can meet with a Scottrade advisor to review their portfolio and investment goals. Scottrade offers this service for free.
Education: The Scottrade website has basic information to help those moderately new to investing understand the terminology of investing and the stock market. Scottrade also hosts local workshops at branch locations and webinars.
Best for: Scottrade has tools and options making it a good choice for any investor; for self-directed investors, it is best for those with some level of investment knowledge. At ConsumerAffairs we love to hear from both consumers and brands; please never hesitate to. We take privacy seriously, please refer to our to learn more about how we keep you protected.
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