- 25th Sep, 2017
- $20 Reported Loss
Sharebuilder Trading Company Has Gotten Worse Over The Years And They Are Very Unprofessional In All Their Dealings With Customers
- Report #5YCNC
- Reporter TCHALTYPOT
I have been with Sharebuilder before they were taken over by Capital One Investing. All their policies and mode of operations went through an overhaul and unfortunately for the worst. Being a loyal customer, I decided to stick thrugh te transitions and give them time to sort out the bugs in their systems. But since the last 8 months or so I was so pissed off with their customer service and their new rules and regulations which make it supremely tedious and an annoying experience to deal with them.
I can list out several complaints against this unscrupulous company so let me get started on why you should stay away from Sharebuilder if you care enough about your money. Earlier it was a charge of $20 for carrying out 20 trades. But now there has been close to a 400 percent hike and they now charge $4 per transaction. All other brokerages strive to lessen their broking commissions but not Sharebuilder, no! Losing out on customers due to this enormous change in pricing clearly is not a prime concern for the money grubbing brokerage.
Stockbroking firms like Scottrade and TD Ameritrade are aces when it comes to real time quotes of stocks and F&Os. Sharebuilder claims to do the same but in my horrible experience of more than a few times, the quote prices are actually quite delayed by as much as a 5 to 8-minute lag time. This understandable makes trading very difficult and absolutely unprofitable also potentially loss-making to its customers and even their bid-ask spreads which is basically the difference in the price that a seller is selling the shares and the price at which a buyer is ready to buy which makes it very inconvenient to make a trading decision. I have called the helpline 800-747-2537 a zillion times to complain and they just claim to have forwarded my request to the tech team with no actual improvement in the delay.
And I don’t even want to get started on how many times their trading platform crashes there is a technical error on the website and I cannot even log in to place an after-market order. A couple of times I was in the middle of a trade and I was meticulously filling in the details and poof! I am automatically logged out and I cannot log in again till at least it is too late. Have had to surely stop short of pulling my hair frustration at these incompetent nincompoops who will ‘just forward my complaint to the tech team’.
I think it’s gotta do with the fact that now Capital One has a very ‘money above all’ mind-set and the real Sharebuilder employees are all long gone. They used to be a pleasure to talk to and they actually kept in touch on occasions like birthdays and anniversaries. The new employees are rude, arrogant and untrained bozos who don’t have a degree in financial management or even a diploma remotely connected to the stock market. They are at a loss when asked queries that are not part of their ‘frequently asked questions’ and immediately retort that they are transferring to a supervisor as this is an advanced inquiry. All I am asking is for the value date of a specific dividend, is that so difficult to figure out from your system or is it that the system itself is now so faulty that even the people who use it on a regular basis cannot make head or tail from it?
This incident that happened in December 2015 had me change my mind about being loyal to crapass Sharebuilder finally. I had sold a good number of stocks for a tidy profit and wanted to have my funds transferred to my bank account. The next day I checked whether the money had been transferred as I was supposed to pay my travel agent for plane tickets. I had planned to take a short holiday with the few thousands of dollars I had made a profit of. But I saw that the transfer had not been done. I called up the helpline and received confirmation it would be transferred within 1 to 3 days so I need not worry about it. I waited till Day 4 after requesting a cash out but the transfer had not been done.
Grudgingly I cursed under my breath and called them again to give them a good hearing. The customer representative tells me that my money was transferred back into my Sharebuilder as I had given the wrong bank account information. Such bloody liars I have yet to see because I have just one bank account that is already on the system and connected to my broking account so the chances of that are zero. I put in a fresh request and the money took another 9 days to be credited back to me. That was a total 15 days’ delay and the cheats lied to me so I transferred my broking account to Scottrade and I am happier for it.
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