Dow 30 shuffle brings in three new stocksAugust 31, 2020
New York (CNN)Users of Robinhood, Vanguard, E-Trade and other online brokerages were reporting problems Monday, a huge day for retail investors hoping to get a piece of Apple or Tesla’s newly split stock.
“Some users are experiencing issues with delayed order status updates. These are display issues only, and should not impact order execution. We’ll update the status page with the latest,” Robinhood wrote in a tweet.
But some on social media pushed back on that, saying the problems were more critical. One Twitter user responded to Robinhood’s 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 TDA.
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.
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