ComplaintsforFirstrade Securities, Inc.
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Complaint Details
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Initial Complaint
05/06/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I am trying to transfer funds from a retirement account to a roll over account. Every time I call Firstrade the customer service is atrocious. They have no idea what is going on with my account and act like it is the first phone call. My money has been sent back and forth between Firstrade and Principal for over a month. I can't find a resolution with either company. They keep pushing the blame on the other company without any options for resolution. The majority of the conversations do not make any logical sense where they just keep asking to put me on hold or confirm my email without answering any of my questions.Business response
05/09/2024
We apologize for the delay in processing your request. ******************** Team will be calling you today to assist you in this matter.Initial Complaint
03/18/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
Firstrade will not transfer my funds back to me for over 12 days. They've rejected 3 different attempts to withdraw settled funds using any excuse they can conceive of. They keep making up excuses to reject my wire transfer or ACAT transfer. I've submitted every documentation they've requested. I've spoken with csr people on the phone several times. I watched the last transfer I made process for a week. They keep canceling the request to transfer my money back to me. They keep coming up with excuses to not return my money. There is no valid excuse for withholding my funds from me. I want my money.Business response
03/21/2024
After the customer provided verification of account ownership, the withdrawal was completed on March 18.Initial Complaint
03/05/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I have been trying to withdraw my money for WEEKS! I've tried everything... ACH, WIRE, ACAT... they reject everything. I already provided my ID and account statement... no response. Support doesn't even answer the phone. This is a criminal organization. I'm lawyering up to slam them with a lawsuit that will hopefully return my money, bankrupt them, and of course make a profit for my time. They even want a reason to withdraw... why do they need a reason other than the customer wants their money. I'm going to even financial regulator I can. FINRA is next. They are required to hold insurance, and I'll be tapping that insurance too. Then after that, of course the SEC... clearly the firm is illiquid, and probably a ponzi scheme. Before anyone else loses money, the SEC needs to seize everything. Just go on Reddit, this is clearly an insolvent fund, no one can withdraw right now.Business response
03/06/2024
Due to regulatory requirements, deposited funds can only be withdrawn by the same method as it was received within 60 days. ********** completed on 3/5/24, customer notified, case resolved.Initial Complaint
11/07/2023
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
Firstrade keeps making excuses not to release my funds back to me. They needed no proof or documentation where my funds came from when they accepted them but now refuse to return my money. First they make me take a dozen different photos with my license before theyre satisfied then they say the bank account address that am trying to transfer the funds to doesnt match the address on my drivers license; I get this issue resolved. Then they tell me they need my husbands identification; now this issue is resolved(even though they didnt bother to check this when I moved the funds into the firstrade account to begin with) after this was resolved they tell me the issue will definitely be resolved Monday bc their tech support has already left for the day. Here it is Monday afternoon Ive been busy all day just checked and still cant withdrawal my money; basically they have just been giving me the run around and I feel like this will go on forever.Business response
11/07/2023
Attempted to contact customer, but no answer. Will call and email customer that the account has been verified and customer can withdraw funds.Initial Complaint
10/19/2023
- Complaint Type:
- Order Issues
- Status:
- Answered
Hello. My husband and I have been trying to send a wire for weeks. Firstrade has been completely incompetent. I have spent hours on the phone day after day and I am concerned I am gong to lose a property I am trying to purchase with the funds because they cannot figure out how to send a wire. I would love for a manager or someone who can get a wire sent to call me. **********.Business response
10/19/2023
We apologize for the delay, and we appreciate your patience.
We have spoken to the account holder today and let him know the funds were sent by wire today.
We greatly value our customers and are committed to ensuring the safety and security of the assets you entrust to us.
Initial Complaint
07/17/2023
- Complaint Type:
- Billing Issues
- Status:
- Answered
I've told Firstrade multiple times since April to close my account and every month they are still sending me paper statement fees even though I had paperless statements when my account was open last year. I've called them multiple times and they said my account is closed but I keep getting pages of statements every month.Business response
07/17/2023
****************,
Thank you for contacting us.
The statement you received is the final statement after the account closure. The paper statement fee has been reversed and no further action is needed.
If you have additional questions, please let us know.
****************
Firstrade Securities
Customer response
07/18/2023
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:Someone the same thing last month and also the month before that. I never got a check in the mail for the interest for borrowing my stocks or transfered into my checking account.
In order for the BBB to appropriately process your response, you MUST answer the question above.
Sincerely,
***************************
Customer response
08/02/2023
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because: I'm still getting statements in the mail and still getting paper statement fees 4 months later.[Your Answer Here]
In order for the BBB to appropriately process your response, you MUST answer the question above.
Sincerely,
***************************
Business response
08/03/2023
We attempted to contact the customer. He answered the phone. When the agent identified we are calling from Firstrade, the customer hung the phone.
Additionally, I sent an email to the customer to provide resolution information.
Initial Complaint
03/24/2023
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I signed up with allofus financial a few years ago, and they went out of business and gave all my stocks to First Trade. I have been trying to get my stocks back for over a year. First trade just pretends they have no idea what I am talking about. They say they will call me back once they figure it out and never do. They are the least professional group I have ever had the displeasure of interacting with.Business response
03/24/2023
We apologize for the delay.
I am personally resolving this request. I called the customer today and left a message for a call back.
Initial Complaint
08/01/2022
- Complaint Type:
- Product Issues
- Status:
- Answered
I can't get my money out of my First Trade account. There's no option to upload my bank statement and ID.Business response
08/04/2022
Firstrade made attempt to call customer today and left a message for a call back. We are working to resolve the issue with the customer.Initial Complaint
03/29/2022
- Complaint Type:
- Customer Service Issues
- Status:
- Unanswered
I want to close my account at Firstrade. All I want is for them to mail me a check with my balance. They are requiring me to set up *** in order to get my money. That would be fine but they won't let me set up the *** online and instead are making me fill out a form. Then they keep finding reasons to make me refill out the form again. I just want to close my account and get my money out. I have contacted them over and over by phone and email and all they will do is tell me to fill out the form again. I do not want to fill out the form again, I want my money.Initial Complaint
03/16/2022
- Complaint Type:
- Service or Repair Issues
- Status:
- Resolved
I've been trying to sell and withdraw my stock and I've submitted atleast ten documents verifying who I am and I keep getting a automated response saying it doesn't work I've also talked to customer support I need to have this resolved as it's been going on over a monthCustomer response
04/26/2022
Better Business Bureau:
At this time, my complaint, ID ******** regarding Firstrade Securities, Inc. has been resolved.(By clicking "OK", your complaint will be closed as Resolved.)
Sincerely,
***************************
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Customer Complaints Summary
14 total complaints in the last 3 years.
6 complaints closed in the last 12 months.