Complaint / review text:
These people are terrible, evil people. Do not do business with them. There was a message popped up on my account on TOS that said I had a margin call of $47000. I didn't know what to make of it. I only had $2k invested and $23K cash in the account. When I accessed my account from the internet there was no message. I thought it a glitch since the system allowed me to trade and I had $800 buying power. Then out of the blue, TOS liquidated $1200 of short call options without my authorization, without calling me, and they chose the most inappropriate positions to close. They closed 10 cent options and charged 1.5 cents per share. These options were 400% out of the money and expiring in 2 weeks. I also had 0.5 cent options expiring in 4 days that would not result in a commission when closed out and they did not touch them.
How can I be in a margin call? I have only $2K invested. I told them I did not know I was in a margin call and they called me a liar because there was a bogus message on my screen. They said there was a glitch in their internet version so the message does not show. They also said there is a problem with the buying power calculation so it lets me trade even when in a margin call. I reinstated one of the trades for $400 and I asked that they refund the commission ($19.50) for the trade because of all the glitches in their software and they said absolutely not. Now that I know about the glitches, they are not obligated to refund any commissions and they are free to liquidate anything without telling me.
How am I supposed to trade with a glitch. I don't know what my buying power is. They will liquidate anything they want and blame it on this glitch and they are not even going to fix. They can't even refund a $19.50 commission. These guys are total losers, liars, thieves - they churned my account. Don't do business with td ameritrade.