Complaint / review text:
Last Thursday (7/17/2104), I handed in a wire transfer form for $2000 from one of my IRAs (to my bank checking account) to my local Scottrade office at 8:15 AM CT (before the market opens in the central time zone). I have done this several times in the past, and the wire transfer (for which I pay $25) has never, ever taken more than 2 hours. Well, Scottrade's back office was unable to make the wire transfer that day. So, I dug out Scottrade's policy on wire transfers. The Scottrade policy is:
"Wire transfer requests must be received no later than 2:30 PM (ET) to be processed the same day at Scottrade. Typically, wire transfers are completed on the same day they are processed but may take up to 24 hours as they are forwarded to the federal reserve and then to your financial institution."
So, the Scottrade back office was unable to process the request in the 24 hour window. This really annoyed me because of a cash flow issue with my checking account. I am deeply thankful to Andy in the Bloomington, MN office for taking pity on me and closely monitoring the Scottrade back office until the wire transfer occurred (more than 24 hours - in conflict with the stated Scottrade policy and at least 22 hours more than any of the other wire transfers - there have been several over the past ten years). Kudos to Andy. Shame on the Scottrade back office for its total and complete INEPTITUDE.
I have 7 accounts with Scottrade (one trading account and six IRAs between my wife and myself). I have seriously considered closing all of them and moving the stuff in them to any other brokerage. I have had a really good relationship with Scottrade for the past 20 or so years - going back to when Scottrade was Scottdale Securities. I am deeply offended by the incompetence of the Scottrade back office - or whoever initiates the bank transfers. Keep in mind that every bank transfer costs me 25 bucks. Andy was professional enough to waive that fee in view of the back office incompetence.