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Access Denied to Several Financial Service companies on a Huge Trading Day

Trading Day
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EDITOR NOTE: If you’ve tried logging into one of your online accounts recently only to find no response, it's because a large number of these services went down. This might have been particularly inconvenient or worrisome for those who needed immediate access to their banking or brokerage account. But such tech downage is a natural feature of the digital environment. With digital conveniences come certain fragilities. It’s not the fragilities themselves, but the “timing” of such risks that can be disastrous. Given this not-so-surprising condition, is the world truly ready for a completely digital banking system, where 100% of all money flows through wires and air? In a time of disaster, when digital infrastructure is compromised, or damaged, how secure might you feel once your money has gained “speed” at the expense of its tangibility? We say not. No innovation is born without its opposite. The invention of the “digital money train” is also the invention of the money train wreck.

New York (CNN) - Users of Robinhood, Vanguard, E-Trade and other online brokerages were reporting problems Monday morning, a huge day for retail investors hoping to get a piece of Apple or Tesla's newly split stock.

Robinhood tweeted that it had resolved the issue around midday Monday. "This morning, some customers were experiencing issues with delayed order status updates. We've resolved the issue and Robinhood is operational. We apologize and thank you for your patience."

Some on social media were livid. One Twitter user responded to an earlier Robinhood tweet, saying, "So was my $2000 dollar loss when I couldn't execute my trade only a display issue also??"

Twitter users also reported glitches with E-Trade, Schwab, Vanguard and TD Ameritrade.

This isn't the first time Robinhood has had to deal with tech glitches on a big trading day. In March, the app had two outages within 24 hours during one of the stock markets' wildest swings. The SEC is currently investigating Robinhood's handling of the platform's outage in March.

As of mid-August, the platform was valued at more than $11 billion. But in 2020 alone, the FTC has received far more complaints about Robinhood than its competitors -— including ETrade, Schwab, Fidelity and Interactive Brokers — according to FTC records acquired by Bloomberg News.

On Monday morning, Charles Schwab Corp (SCHWPRC) tweeted, "Due to a technical issue, Schwab.com may be intermittently inaccessible for some clients. We are working to restore service as quickly as possible."

According to the internet service tracker DownDetector, by late morning Monday on the East Coast more than 2,600 users had reported problems with Robinhood. Vanguard, which tweeted that it is working to resolve the problems, also received more than 2,600 reports. More than 1,300 users reported issues with Schwab, and more than 250 reported issues with E-Trade.

E-Trade hadn't tweeted about the issues and didn't immediately respond to requests for comment.

 

Originally posted on CNN

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