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Schwab Trading Platform Glitch Irks Investors

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What You Need to Know

  • There were 715 reports of issues with the Schwab trading platform on Monday morning.
  • An intermittent issue impacted some users of Schwab's mobile app for about 30 minutes and was resolved, a company spokesperson said.
  • Glitches and outages have plagued multiple trading platforms over the past two years.

Investors took to Twitter and on Monday morning to complain they were unable to trade stocks on the Charles Schwab platform due to a technical glitch — the latest of several that have plagued Schwab and other firms over the past two years.

There were 715 reports of issues with the Schwab trading platform on Monday morning, with many of the complaints made between 9:16 a.m. and 10:16 a.m.

“An earlier intermittent issue which impacted some users of our mobile app for about 30 minutes has been resolved,” Schwab spokesperson Mayura Hooper told ThinkAdvisor just before 12:30 p.m. on Monday. She declined to elaborate on the issue and what caused it.

“Other Schwab platforms including our website were not impacted,” she said, adding: “We apologize to our clients for any inconvenience.”

However, one person complaining tweeted: “Even your website is down and you expect me to pay 7$ per trade on otc when you’re costing me thousands. Switching after this bs.”

At least a couple of investors said they received an error message while using the Schwab platform that said: “This feature is temporarily unavailable. However, other app services may still be accessible. Please try again later.”

Several investors complained about technical issues with the Schwab platform in July.

After many service glitches and outages across multiple trading platforms last year, 2021 started with investors complaining of glitches when logging in or attempting to make trades using the online and mobile trading platforms of Schwab, Fidelity, Merrill Lynch, Morgan Stanley’s E-Trade, Robinhood, TD Ameritrade’s thinkorswim and Vanguard.

Although problems had been reported with trading platforms many times in the previous months, that was one of the few times in which issues were reported across so many major platforms at about the same time.

On Aug. 31, however, a multi-system market outage affected many of the largest brokerage firm platforms, with clients taking to Twitter to voice their frustration.

(Photo: Bloomberg)