Sharebuilder - Deliberate misrepresentation

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Deliberate misrepresentation

Apr 9, 2008

Sharebuilder complaint

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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!

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