Scottrade Review

Overall 3.65 of 5 view all 20 reviews

BottomTrader
Reno, NV

Do not use Scottrade for Margin, or anything!

an aggressive investor

Pros

Have offices everywhere

Cons

Cannot Trust Them, No respect

NOV

2008

Scottrade —

Scottrade did a margin call on zero days notice. Requirements were fully met yesterday at the close and today after the close I received a notice to sell or wire money (no checks!). The branch manager confirmed that this was not a mistake. No three day notice - nothing. This was on a six digit account that had been open for several years. Do not trust these people. Their fine print is vicious and they use it without quarter.

Scottrade is not recommended by BottomTrader

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Comments about BottomTrader’s Review

Interesting, I am just getting into Scottrade. What alternatives are you finding work better?

I agree with you. I had the most trouble experience with them. Their rules are very unfair. First there was a problem with my social security number and then I sent the form to them and they called and confirmed that they received it. After a few days, they withhold some of my money because of Tax and as a result I received a margin call and at the time I was traveling and was not able to notice as quick and they sold my stock. Next problem was exactly like what you said. I lost almost $10,000 on my BAC stocks just to sell them in 1 day to give them their margin call. No 3 days notice or anything. Just had a phone call that if I don't take care of the call immediately they will sell my stocks. I am new with Stock world and they show no courtesy to educate you or anything like that and then push you to accept these unfair changes because I guess they think you are new and they can screw you up. I want to try another Broker. Do you guys have any better suggestion? Maybe TD AMERITRADE?

I have experienced the same problems. I would finish a trading day with positive DTBP then log on the next day and have a 6 digit margin call. Today, Feb 6 2009, I sent to registered letter to top execs at Scottrade decsribing how unfair their system is and that I had set up a blog to get client feedback regarding margin issues. I also informed Scottrade that in my opinion due to their system failures they should reimburse their clients for lost funds due to their margin problems.