ComplaintsforZacks Investment Research, Inc.

• Initial Complaint

  04/28/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Like others, I was victim to Zacks 'negative options' subscription model. As a result, I have spent countless hours and over two months trying to resolve the issue with both the Zacks' representative and my credit card company but, to date, am still out $897.00 for a service I never utilized, let alone realized I had been signed up for. To find out how this could have happened without my knowledge, I was instructed to sift through some of the ***** emails Zacks had sent me over the past year (all of which had been filtered to my spam folder, because indeed that is what they were). Even then, I couldn't determine the specifics-- including the exorbitant monthly fees, or any confirmation of my informed consent--of what I was being automatically enrolled in. What is now evident is that ****** goal was to make the details appear anything less than 'clear and conspicuous' in an effort to lure unwitting lay people into an expensive, and as the representative noted, 'targeted for professionals', service. While Zacks did agree to refund some of the fees, they refused to refund them in total despite their highly advertised "100% refund guarantee", which, of course, included small print disclaimers (conditioned upon the subscriber knowing what it was they were actually subscribed to in the first place).

  

  Business response

  05/05/2022

  Dear *********************:

  Please be advised you signed up for a trial offer to our Zacks Ultimate product. This offer includes a $299 recurring monthly charge if a customer continues beyond the ****** trial. The following information was stated as part of the sign-up process when you took advantage of Zacks Ultimate subscription:

  You'll be notified at least seven days before your trial ends. You can choose to:

  1. Simply walk away and owe us nothing. We'll be sorry to see you go, but we mean it when we say beyond $1 there is no obligation.

  2. Let your Zacks Ultimate membership continue for only $299 per month.

  3. Join one or more of the individual portfolios.

  The Zacks Ultimate subscription also includes a satisfaction guarantee which states you may cancel up to 90 days after your $1 trial is over and if the service has not exceeded your expectations, then your money will be refunded - including the $1 you paid for the trial.

  We honored your request for a refund beyond 90 days and refunded you for several recurring monthly charges totaling $1794. In addition, your credit card company charged back an additional $598. The $1794 refunded by Zacks and the $598 ($299 x 2) charge your credit card company reversed totals $2392 in reimbursement. 

  We believe these combined efforts concludes this matter.

  If you have additional questions, please free to contact our customer service department Monday through Friday between 10am and 6pm EST at *****************************. 

  Thanks, 

• Initial Complaint

  09/27/2021

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I signed up for a free 30 day trial with Zacks.com When reviewing website to cancel trial before payment due I can not find on site where to do this. I do not want the product/service and this seems misleading as it doesnt seem as if one can easily cancel. I do not want to incur any payment and my only choice is to leave my bank account with less funds than the payment. However by doing this Im sure Bank of America will charge me ***** for insufficient funds should zacks.com try and proceed with payment. I have emailed there customer support to cancel but Im not Totally sure it will cancel in time. Any advice or help will be greatly appreciated. I noticed on bbb website that this is not an uncommon problem when dealing with zacks.com. Again I thank you in advanced for any help. Thank you for your time,********************* ******************

  

  Business response

  09/28/2021

  Dear *********************:

  Our customer support team received your request to cancel your trial after hours on 9/27. Be advised your request was completed the following day.

  Also be aware customers have the ability to cancel their subscription online via the "my account" section on Zacks.com.

  In addition, your subscription included a 100% Satisfaction Guarantee which states you may cancel any time, even up to 90 days after any given payment, and receive a full refund.

  If you have additional questions please contact our customer support team Monday through Friday 10am-6pm at ************************.

  Thanks. 

   

   

  
  
  
  
  

• Initial Complaint

  09/18/2021

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Resolved

  More info

  On the first page of the offer from Zacks, it stated that it was basically free for the first month. There was no mention of a MONTHLY charge therafter. I was willing to pay an annual fee, but was shocked when I found out many months later that I had been charged a total of thousands of dollars. The MONTHLY nature of the fees should be made clear in large font on the first page. I would be satisfied with a refund of all the months with exception of the charges for one month.

  

  Business response

  09/22/2021

  Dear **************************************:

  You have been refunded a total of six monthly charges in the amount of $1794.00. Please allow up to seven days for the refund to appear on your credit card account. 

  I also want to point out our marketing pages state the following:

  You'll be notified at least seven days before your trial ends. You can choose to:

  1. Simply walk away and owe us nothing. We'll be sorry to see you go, but we mean it when we say beyond $1 there is no obligation.
  2. Let your Zacks Ultimate membership continue for only $299 per month.
  3. Join one or more of the individual portfolios.

  In addition, the  registration page highlights the following:

  No obligation beyond $1. Cancel at any time or let your Zacks Ultimate membership continue for only $299 per month.

  100% Satisfaction Guarantee. You may cancel any time, even up to 90 days after any given payment, and receive a full refund for it.

  Please also check your email in-box including any spam folders. You received emails stating your credit card would be charged the $299 monthly charges in seven days.

  If you have additional questions, please contact our customer support staff Monday through Friday 10am - 6pm ET at ************************.

  Thanks.

  Customer response

  10/14/2021

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  **************************************

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩