written by reader Terrible service by Stock Brokers

By gumbotori, February 27, 2021

I have two well-known stock brokers. Their service is now (Corona virus? ) execrable. Now, I don’t want to start out by naming them, but I will , if requested. Anyway, I’m thinking of replacing them, so I’m here to ask: ARE THERE ANY BROKERS WHO ARE NOW GIVING ACCEPTABLE SERVICE?

Oh, when I say bad. I’m referring to pick-up time on phone calls and response time on E-mail messages. I just don’t believe that Corona virus is a good excuse for companies in their business. Am I wrong?

Sincerely,
Gumbotori

This is a discussion topic or guest posting submitted by a Stock Gumshoe reader. The content has not been edited or reviewed by Stock Gumshoe, and any opinions expressed are those of the author alone.

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ed d schmitt
Irregular
ed d schmitt
February 28, 2021 7:42 pm

Funny you should ask, I just filled out a post service survey asking about how my customer experience was after a phone call. I tried to do an internal transfer from one account to another, something I’ve done numerous times. I subscribe to Jeff Brown’s SPAC service and for some reason, want to keep the SPAC purchases separate. I was met with a message stating that the service wasn’t available. Needless to say I missed the buy price and never was able to buy it. Then, I tried to buy a different stock on the main account that I have the cash in. It wouldn’t let me do that either saying that I didn’t have the funds available, even though I know what I have in there and I’m looking right at where it says Available cash for trading or withdrawal. So I call and have to wait 50 minutes. I get through and the guy, who was very nice, stated that he doesn’t know why I couldn’t transfer the money, but stated that he was more than happy to do that for me now. Too late! I missed the trade! As you may or may not know, when you purchase these SPAC, you purchase units that need to be split into warrants after a certain time. To do this, you have to call your broker and request that they do that. So I ask the guy on the phone if he can do that. He replied that he could not, but can transfer me to the department that can, but there’s a 30 minute wait. I asked can you give that number so I can call direct another time? He replied, no, you have to make this initial call with the 50 minute wait time and then be transferred from there. So I said ok, transfer me since I was already that far in. After 25 minutes, the music stops like the call is going through. THEY HUNG UP! After an hour and half wait, nothing was taken care of and now I have to do it all over. Ain’t nobody got time for that! ..Needless to say, I was not very nice in the survey and stated that if I had the time and patience to close my account and transfer everything, I’d be gone. That was Friday afternoon, I’m curious if they will follow up or if they don’t care. Sorry I rambled, but man! I am however, happy that I wasn’t talking to a live person afterwards. I don’t like to tee off on somebody who really didn’t have anything to do with the problem. But sure would have.

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SamWiebaux
Irregular
March 1, 2021 7:07 pm
Reply to  ed d schmitt

LoL!

Customer service DIED in the 70’s!

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outsider
Irregular
March 2, 2021 4:44 am
Reply to  ed d schmitt

lol this sounds like what I go through every freaking day

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lanchito
Irregular
lanchito
March 1, 2021 7:20 pm

I know who NOT TO USE – ALLY!!!! STAY AWAY! STAY FAR AWAY! THEY ARE IDIOTS! They bought my old Broker – Trade King. Trade King was GREAT! They took that great service and made it into an excrement sandwich for me! STAY AWAY!!!

outsider
Irregular
March 2, 2021 4:43 am

schwab / td / merrill are in the midst of merging which may be the source of your issue
until that settles i wouldn’t expect timely service

webull’s not usually bad but they blocked my gme trades about the same time robinhood did – my real problem with webull is no access to OTC markets
other than that it’s a very robust platform

It really depends what you are trading – since they are all free you can use them at your leisure…I know it sounds like a pain to have multiple accounts but there is no single solution afaik….. tradestation for futures, betterment if you dont like robinhood, moomoo for mobile… you are going to want some crypto wallets to go along with this…IOTA, for instance, requires its own application

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bunion132
Irregular
March 6, 2021 5:08 pm

gumbotori, I came “thisclose” to responding on the same day I read your post but decided to calm down and take your cue to refrain from mentioning names. It was a day I was so exasperated by the rapid deterioration in customer service from my brokerage house and was almost sure it was one of the companies you were alluding to. Oddly enough, I was impressed by their reps doing their best to pick up phone calls from their remote locations during the early months of this pandemic. But just when one would think a procedure would be in place for better connectivity and improved platform issues months later, talking to a live person has been almost impossible while their system continues to be unstable or crashing frequentlly.

Finally last week, I got hold of a rep and whined about my falling in line for a live chat – a 3 HOUR WAIT – only for the chat box to disappear around the time it was my turn to receive service. After the rep resolved my trade entry issue for an ETF (not even a restricted stock), I took the opportunity to ask rather bluntly, “What is WRONG with your company?” and proceeded with a litany of complaints.

The first part of the rep’s response was somewhat understandable. The 2nd half, I thought, was very interesting. Here goes:
1) Tax season is their busiest time of year. (I interpreted this as the number of tax-related inquiries have overwhelmed their remote answering system, so did not comment further.)
2) They are experiencing a deluge of new accounts transferring from Robinhood, a falling out resulting from Game Stop and other issues. My brokerage house is now so overwhelmed to the point where they – get this – are HIRING people to meet the demand.

Imagine that, a company actually hiring despite the mergers going on among brokerage houses and banks and during a pandemic. Maybe things will actually get better?

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Last edited 1 month ago by bunion132
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