Many Charles Schwab clients were upset after the banking service experienced an outage on Tuesday morning.
More than 1,000 users reported problems logging into the website and app, as tracked by Downdetector.
Schwab Faces Backlash Over Trading Outage
Many Charles Schwab clients were upset over an unexpected trading outage. According to the Daily Mail, a customer expressed frustration about the sudden disruption, particularly troubling during trading hours, stating that such unannounced outages were unacceptable.
The problem persisted into the early afternoon, with one person noting at 12:10 PM ET that the service was still unavailable. They urged others to hold Charles Schwab accountable and demanded compensation for the inconvenience.
Charles Schwab acknowledged the issue on their website, attributing it to a technical glitch that hindered access to their Schwab.com site, mobile app, and StreetSmart platforms. The company announced they were addressing the problem promptly and apologized for the inconvenience caused.
By 1 PM ET, Charles Schwab sent an email update confirming the resolution of the earlier login issues. They encouraged clients to attempt logging in again and reiterated their apologies for any disruption caused.
After a significant service outage, Charles Schwab clients are strongly dissatisfied with the company. According to comments on Downdetector, one user criticized the timing of the login issues, particularly during the market opening, affecting both the ThinkorSwim platform and the Schwab website.
Another user voiced a harsher judgment, labeling Schwab as "the absolute worst" and criticizing the company's performance since acquiring TD Ameritrade.
This user also expressed concerns about the potential financial losses due to inaccessible accounts during market downturns and suggested that discontinuing business with Schwab might be the only way to encourage improved service reliability.
Another comment accused Charles Schwab of favoring wealthier clients over average retail investors.
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Charles Schwab Updates Clients on Login Issues
Charles Schwab has released a new statement on X, previously known as Twitter, advising clients experiencing login issues to contact the company directly. The statement acknowledged some clients' difficulties and mentioned their teams actively working to resolve the issue.
The U.S. Sun reports that they apologized for any inconvenience caused and noted that while social media support is limited, brokers can address specific trade concerns via phone at 800-435-9050.
As of 10:45 AM today, reports on Downdetector indicate that the login issues have been resolved. Clients shared their relief, with one noting that the service was working again after being down for over an hour.
Another client confirmed they could access the phone app and the website, although they had not yet checked the TOS, as they had remained logged in before the issue arose.
According to Downdetector, reports of technical issues at Charles Schwab are beginning to decline. After a peak of over 6,000 reports at around 10 AM ET, the number of people still experiencing problems dropped to 2,700 just 30 minutes later.
Charles Schwab Exceeds Earnings Expectations, Eyes Future Growth
Meanwhile, in other news from Seeking Alpha, Charles Schwab has reported strong earnings that surpassed analyst expectations, signaling a potential turnaround and prospects for future growth.
The company's effective corporate strategy, emphasizing low-cost leadership, educational resources, and a robust brand reputation, positions it favorably for continued expansion and increased market share.
Analysts have initiated coverage with a cautious buy recommendation, citing Schwab's solid financial health and potential advantages from lower interest rates. However, they also warned of possible near-term volatility influenced by upcoming Federal Reserve meetings and earnings reports.
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