Complaint / review text:
I have had a brokerage account with sharebuilder since they used to be associated with Costco (several years). I was using this account to grow emergency funds.
Unfortunately the day came that I needed to withdraw these funds for their intended use. I followed the normal procedure of selling all shares so the funds would be available for me to transfer to my bank account. When it I initiated the funds transfer to my bank account Sharebuilder put the brakes on. I received a notification that the funds were being held for "security review" and that I would have to contact the customer center.
I spent about 15 minutes on hold before speaking to a rep. I was then required to answer a multitude of security questions which I answered correctly. I was then transferred to a "senior account rep" who proceeded to ask more security questions (some of the same that I already answered). I again answered and verified my identity.
I was then informed that my information was going to be sent to the account security department for review before my funds could be released. I explained that I needed the funds in emergent manner. The "senior account rep" was unable to give me an explanation as to why my funds transfer was being subjected to such scrutiny but did say that it would take 3-5 business days to get an final answer. After asking to speak with someone in the "account security department" I was told that they don't take phone calls.
Bottom line, I am in emergent need of my "emergency funds" and am sitting here waiting for three people and a computer to do who knows what.
My advice would be: do not open an account with capital one sharebuilder if you think you will ever need access to your money when you need it.