Complain about a product or service

Scottrade

Terry of Telluride CO (06/02/08)
Scottrade restricted access to my equities, limited trading ability, and refused to allow access to cash in my account, all without any valid reason. Scottrade claimed that a approx. 1.5 year old, previously resolved IRS notice gave them authority and responsibility to restrict my account. This is despite the fact that the IRS claimed that no such instruction or authority had ever been given to Scottrade. Despite repeated requests that Scottrade contact the IRS to specifically inquire about this issue, they, incredibly, repeatedly refused to do so.

To this day, Mark Clardy, the Scottrade Compliance supervisor responsible for this debacle has never contacted the IRS to verfiy his error, never mind fix it. This Scottrade employee even recently sent me a letter cancelling my account, claiming that I was too high maintenance for them. This is outrageous because I simply insisted that they investigate the problem and fulfill their responsibilities to me, thier client, by determining correct procedures instead of making presumptous and damaging decision based on thier groundless personal opinions, which is all they are working with, still. It was all incredibly insulting and unreasonable, not to mention expensive.

The IRS agents I spoke with all agreed that Scottrade was acting inappropriately and without any instruction or authority from the IRS. I emailed the CEO, Rodger Riney, repeatedly to make him aware of this debacle, to no avail. I did not receive as much as a response from him or his office. This debacle was only resoved after the IRS overrode thier own protocol and sent Scottrade information to resolve the problem. By resolved, I mean access to my cash funds was finally granted however other restrictions remain on my account. I will be happy to provide more details and copies of correspondence to appropriate investigators.

I was unable to trade, transfer or reinvest my equities, nor access cash in my account. This problem has been ongoing for 1.5 years! I still can buy and sell equities on this account.

Neel of Lexington SC (09/26/07)
I am using Scottrade for my equity trades. The company has a real time platform to buy and sell stocks. The company software miscalculated by buy price by over 40 dollars. Since this is what a trader looks at to buy and sell stocks in real time..it is a big deal. Unfortunately the company manager does not see it this way. The problem has not been rectified. On my paper statement the correct buy price is recorded

When you are dealing with over 200K in equities this is a concern. Especially since lead to a loss of time at work and miscalculation of my trades for that day. The potential financial consequences are concerning.

Ronald of Saugus MA (03/17/06)
Received today a corrected 1099 form. This had to be addressed by my accountant and became part of the fee I was to be charged for my tax work up. Scottrade assumed no financial responsibility for this error on their part

Additional cost for tax preperation. I just walked with my account to another firm

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