Do not use this company! I wired a substantial sum of money to my wife's checking account for some unexpected (by me at least) expenses this morning at 9:00 am. The Sharebuilder website states that the funds will post the same day. This evening at 4:00 pm I logged onto my account only to discover that the wire transfer had been arbitrarily changed to an ACH (electronic funds transfer) and to the WRONG bank. I called their
Customer disService and spoke w/ a legalistic prig who informed me that:Sharebuilder reserves the right to transfer the funds back to the account from which I originally funded my trades, i.e. ING Direct Orange Savings. So,they canceled my wire transfer without informing me and instead transferred (ACH, allegedly next day) my money to themselves (ING Direct owns Sharebuilder)- to an account for which I do not have a debit card. Withdrawing money from the savings account would entail another
electronic transfer to
Bank of America, the original destination. This takes up to FIVE business days. Therefore, it takes a week to retrieve cash from my Sharebuilder MMA (longer if you have ANY unfinished trades). Is making an extra week's worth of interest on my money worth losing my business to Sharebuilder? Apparently so... This Marine is taking his business elsewhere. Shame on you Arkadi Kuhlmann (CEO) for your company's dishonest, unethical, and otherwise
deceptive business practices!
1. Written by Former Sharebuilder Employee &, on 21-10-2009 04:21
I can assure all here that 99% of the time, it is USER ERROR on these instances. People are in too much of a hurry to actually read the instructions or disclaimers on an online service product and when the action or service is not provided how they assume it will, the company is automatically blamed. I admit that at times the site could be confusing but it is also designed for a specific niche market of investors and for those not wanting or needing to do "real time" trading or moving of funds. The options to do so are there but as the company and site is not intended for such as its main focus, those who are looking for that should seek services elsewhere. And therefore may be the reason why they feel they receive an "indifferent" response. But I can GUARANTEE that SB does the utmost in customer care and trains daily on their services and standards.
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2. Written by Me too, on 19-11-2008 09:38
 I had just opened up an account and bought just a few shares. I wanted to see if my credit union was right in recommending SB. They did not fund the whole trade with the dubious electronic debit completed several days later. I was 15 cents short. Now the are threatening liquidation of my assets to cover the shortage and I guess they will be charging me a transaction fee. Sent them a nasty e-mail, but they were indifferent.
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3. Written by They got me too, on 30-07-2008 10:29
Yep, they played games trying to keep my money a little longer. 4 days after I was supposed to have my funds transfered to my checking account (which were missing the whole 4 days) they ended up back in my ShareBuilder account with a message to me that I provided the wrong bank account number (yeah, right). They don't like to give you your money back - that's for sure! Now I have to pay their $30 fee to wire the funds because I need them quickly.
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Consumer Forum is another great place to discuss consumer concerns NOT RELATED to this article. |
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