ConsumerAffairs Unaccredited Brand
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.
This seemed absurd to me so I asked for more clarification and was told to send an email via the contact us link and "someone would take a closer look." I sent an email explaining why I thought the fee should be refunded to me as a courtesy because they had already garnered enough in commissions from my account but received a generic response stating the fee was in the fee schedule, so they would not be "able" to refund.
This is the worst company I have ever dealt with. I have traded for 20 years and never seen such incompetence and downright theft. This company did not honor a trade they confirmed online and on the phone. Resulting in a 50k loss. I will slam this sham for the rest of my life. STAY AWAY.
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 My funds were withdrawn from my old account on 10/06/2017 & supposedly mailed by 'snail' mail that day.
Yesterday was 10/16/2017 so after my mail was delivered but no check I spoke to the Montana branch manager asking for a solution. He assure me that he would have a stop payment on the original check, then have a new check sent overnight. Well, my it is 10/17/2017 & my check has not arrived. Silly me, if I had hired an old cowpoke to get on his horse & bring my check it would have been here in half the time. I can only say BEWARE of this broker in any guise.
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.
I sold shares on Monday. It's Saturday and they are only available for trading! There should be cash available already. I need this to pay my rent! Of course customer service is not available. Completely unreliable brokerage. Especially unannounced maintenance during the weekend. Never had this trouble with E*Trade or Fidelity.
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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!
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.
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.
7-3-17 I checked on my daily brokerage balance in Scottrade and found that Scottrade mistakenly reported the Apple stock price closing at 123.47 instead of its real closing price of 143.50. Scottrade deducted over 2500 dollars from my account for the loss in stock price today. They need to refund me my money. What a serious mistake! I wonder how many other Scottrade customers holding Apple stock also got money mistakenly deducted from their balance today?
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. No response. 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.
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.
Stay away if you can. I wish I could give 0 star if I can. This is the worst financial institution I have ever deal with. The issue is related with my dad's account, a 70 years old man with poor English. His international account cannot be set up properly over years but Scottrade hold the money for years and not giving back to him. The Scottrade international service is a joke!
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.
You have to be aware that when you transfer the money to their account it is within an hour but when you want your money out from the account it's 10 business days or pay 25 dollars for the service. Ridiculous. Definitely not recommended. Avoid.
My experience as a Scottrade customer for horrific. During the sign up I was promised an unconditional bonus. Conversation was recorded. Since the trading software and support were of the poorest quality, I later transferred to Fidelity, and bonus was removed. They checked the conversation, and still did not keep their word. They lied because there is no other way they could get me as a customer. Lesson learned. Never Scottrade again.
I've had IRA's with Scottrade for about 15 years. I acquired additional money and went to an office in The Villages, Fl. I was told that for depositing 250K I would get a $600 bonus in my account within 2-3 weeks. I told him if transaction went smooth I would put more in. Five weeks later - no $600. I contacted agent three times by email, no response. He left no "out of office" on his email, so I didn't have a clue why he wasn't contacting me.
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.
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. Wrong! 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!
This used to be a great company. Their phone lines are always busy. When you do reach someone at a local branch, they're fairly clueless as to simple matters. I missed the three pm cut off today because I couldn't get a straight answer in the first two phone calls.
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 beddren. 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.
In pouring over various websites I discovered that Scottrade had values on their website that were actually the complete opposite of what these EPS numbers were in reality. Understanding there are so many variables that are important when considering buying a stock especially Penny stocks. This stock was PULM. In reality the EPS was -1.52 but they had it listed as 1.52. The complete opposite of what it truly was.
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. This all took place Friday Feb. 3rd, 2017. 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.
I've used many different trading platforms and this one is by far, the worst. I bought some shares of a stock but decided to cancel my order immediately after. I COULD NOT find the cancellation button for the life of me. The platform looks very old and outdated and commissions are high for no apparent reason. Moving all of my funds to another brokerage account and cancelling mine with Scottrade.
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. What a joke. 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.
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!
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.
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.
I am so done with them. Their trading desk makes a market in a lot of securities and rips its customers off. STAY FAR AWAY from Scottrade. Unless all you want to do is spend time being frustrated while using free trades to lose money while being harassed to open a bank account for their "bankorage." There were other technical issues with trading and trades that cost me money time and frustration but the details are irrelevant. Bottom line is Scottrade is fraudulent in my honest opinion.
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.
When I sold all my shares, I went to Scottrade Sarasota FL office to ask my money to wired to my bank account... They gave me form, I filled up the form, gave them back on Friday morning around 10 am. I was told that in couple of hours money will be wired to my bank account and end of the day nothing wired to my account. I called them 5 pm, office is closed... Monday I talked to them, I was asked again routing number, bank account number, everything is matching...
Again I was told in couple hours I'll have the money then nothing happened again... I called them. They said "we trying, your bank is refusing the wire transfer!!!" Tuesday I called them again. This time I was told I gave them joint account, my wife name on it, that's why is not happening. I called my bank, my bank told me that there it's not a reason, no wire for your joint account, it's not Scottrade business and I was told there is no attempt by Scottrade wiring money to my bank account!!! They never even tried!!!
Wednesday again. I called them in the morning again, same stories. I have my wife's name on my account, my bank kick it back... "In couple hours you gonna receive the money." Again nothing, after couple hours I called again, start screaming to them. In 2 min I received the money finally. I told them that I want prove of your attempts to wire the money shows that my bank refused it or you couldn't do it because of my joint account... Of course I got nothing!!! After all no apology and $25 wire fee. I was going to buy a business. Lost the opportunity just because of them.
I have been a customer of Scottrade for close to 10 years, I have a "significant" account balance and maintain a fairly high margin balance. Recently Scottrade called to review my margin interest rate, I was currently paying 4.75% which I felt was high. Scottrade looked to convince me to move additional funds from eTrade to Scottrade and I indicated that I was not comfortable doing so due to the fact that I had dividend paying stocks in eTrade and Scottrade does not have a "true" dividend reinvestment option. Also their Scottrade Elite tool doesn't work on my Mac.
I asked to get a better margin rate and they said no, I indicated that eTrade has been attempting to get my account from Scottarde for a period of time and would guarantee they could get me a lower margin rate. So I called eTrade and found that they were more than willing to get my account and provide me significant savings over Scottrade, on both my margin rate and my trading fees. I was sitting on the fence but I realized that Scottrade actually increased my margin rate after speaking to them.
So I was upset that they could not "put their best foot forward" when I spoke to them and decided to move everything to eTrade, which in hindsight, I should have done much sooner. I have no idea how they state they have proven great customer service, maybe as it relates to getting new accounts but once you are on board, good luck.
I received a 2011 thru 2013 tax return. Two checks were stolen and I finally received the third issued by the BFS U.S. Treasury, I deposit into my Scottrade account which they email me all the time to make a deposit. Jeff ** states the IRS was coming to get the money, well I spoke to Mr. ** from the IRS. He states "They are scamming you. That is and has been your tax return for sometime. That's your money." The issuer of the check BFS said same. They have stolen my money and my wife is ill and this has caused me financial ruin. Please give me my money.
I opened an account with them after answering way more questions about my finances than I should. After the account was open and they had transferred my money from my bank account, they came back with even more personal questions. I blew my top and am now struggling with them to get my money back out.
Scottrade expert review by ConsumerAffairs
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. Louis. 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.
The ConsumerAffairs Research Team believes everyone deserves to make smart decisions. We aim to provide readers with the most up-to-date information available about today's consumer products and services.
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