In the latest round of what has become increasingly commonplace among online trading platforms, Charles Schwab reported that an unspecified “technical issue” prevented at least some clients from being able to log into its online trading platform Monday morning, while Downdetector said outages were also experienced by E-Trade, Fidelity, Merrill Lynch, Robinhood, TD Ameritrade and Vanguard.
“Due to a technical issue, clients may have difficulty logging in,” Charles Schwab tweeted at 10:05 a.m. ET Monday morning. That was about half an hour after Downdetector reported the Schwab outage.
“We’re working to resolve this issue as quickly as possible,” Schwab said, adding: “Hold times may be longer than usual. Thank you for your patience.”
Several people claiming to be clients tweeted in response that they were having problems with Schwab’s app, website and also its phone line when calling to report the issue.
“Some Schwab applications experienced technical issues early this morning which have now been resolved,” Schwab spokesman Peter Greenley told ThinkAdvisor by email just after noon ET Monday. “We are now working to address client questions as quickly as possible. We apologize for any inconvenience this may be causing our clients.”
Fidelity, Merrill Lynch, Robinhood and TD Ameritrade indicated that any issues were caused by excessive trading volumes Monday morning. Indeed, the Dow soared more than 1,000 points Monday morning — more than 4% — after Pfizer announced promising news about a COVID-19 vaccine.
“Customers are able to access our online systems,” a Fidelity spokeswoman told ThinkAdvisor. “Some may have experienced slower processing speeds for a short period at market open due to extremely high volumes, but trades were processed,” she said.