Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. 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.

• Initial Complaint

  Date:03/22/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have been trying to contact APEX Fintech Solutions clearing department for over a week since March 16, 2023. I have went through their website like requested and left multiple phone calls and messages that they have never responded. I finally received a ***** pre made email. I am getting nowhere with them trying to get my money back after my Flyte account was closed. This is a ridiculous system that is in place with no feedback or call back to help customers. I just want to speak with someone directly to resolve my situation.

  Business Response

  Date: 05/12/2023

  May 12, 2023

  ***********
  PSC 473 Box 8212
  Fpo, AP 96349
  Re: BBB Matter No. ********: Complaint/Apex Response
  Dear ***********,
  Apex Clearing Corporation (Apex) is in receipt of a copy of your submission to BBB dated March 27, 2023, regarding your brokerage account with Flyte. In your submission to BBB, you allege you attempted to contact Apex about your brokerage account and failed to receive a response from the firm. Our records indicate that Apexs ************** BDW team received your Letter of Instruction to liquidate and responded via email with the following:

  Tue Apr 04 09:36:41 CDT 2023
  To: ****************************
  Subject: [BDW] Issue: Closure OPS-******* has been commented.
  Thank you for the completed forms. We have submitted the checks for processing and they will be issued tomorrow, if not the very latest Thursday. Please allow up to 10 business days to receive them in the mail as they are sent via regular ***** Thank you, BDW Department APEX Clearing Corporation Check for $1,013.90 paid on 4/10/23 Chk#****** If you have any further questions regarding this matter, please contact the Apex ************** BDW team at bdwacct@apexclearing or ************, or the ********************* at *********************************************.
  

  Sincerely,
  Apex *********************
  Cc: FINRA

• Initial Complaint

  Date:03/21/2023

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  As of March 16th this company s*** down the **************** app .I am trying to get a refund of my money.no one answers the phone No one calls back. No one offers a clear explanation on how to get your money out of their investment account. I have been emailed a form and been giving auto response information over and over. I do not have a account number, flyte never gave them. I do not know the exact amount in my account and this form has to be notarized so I want to make sure my information is accurate . Can someone get me in contact with customer service so I can get my money? Tell me how i can get my account number tell me how i can get the number in the account .Give me a explanation on this form and how its suppose to be filled out if you will not give me the accurate information?

• Initial Complaint

  Date:03/21/2023

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I am writing to file a formal complaint against Apex Custodial. An organization named Flyte (flyte.com), which I trusted to handle my 11-year-old child's investments, recently closed their doors and sent our assets (without consent) to Apex Custodial. Flyte's actions have led to the loss of my child's funds without clear guidance on how to recover them.During the week ending on 3/12/2023, Flyte added a notice to their iOS Apple application stating they were closing their doors. They offered an option to request an automated liquidation of assets and account closure by clicking a button. I made this request on 3/10/2023, expecting a timely refund. However, instead of returning the funds to me, they sent the money to Apex Custodial.Apex Custodial has provided three options for recovering the funds:With a current brokerage, or by opening a new brokerage account, I should request the transfer of my assets at a cost of a $75 fee.Use Stockpile, another investment platform (less cost than the previous option).Request a check for a refund with a $5 fee, requiring a notarized form that asks for an amount and account number.I have attempted to contact both Flyte and Apex Custodial via email and phone on multiple occasions to seek clarification and assistance in recovering my money, as I need more direction on what to put in the form. However, I have not received any response. They also stated that they would start charging us if the money is not withdrawn within 30 days.The lack of communication and transparency in this matter is concerning and unacceptable. I am seeking your assistance in investigating this issue and ensuring that my child's funds are returned without any unnecessary fees or complications.Thank you for your attention to this matter. I look forward to your prompt response and resolution.Sincerely,*************************

  Business Response

  Date: 04/17/2023

  April 17, 2023

  
  RE: BBB Complaint ****** ********/ /Apex Response

  
  Dear *************************,

  
  Apex Clearing Corporation (Apex) is in receipt of a copy of your submission to the BBB dated March 22,2023, regarding your brokerage account with Flyte. 

  
  In your submission to the BBB, you allege that you contacted Apex to recover monies from an account closing you requested through Flyte.  Our records indicate that ************* BDW team liquidated the account and delivered a check to you on March 31, 2023.

  
  If you have any further questions regarding this matter, please contact the ******************* BDW team at bdwacct@apexclearing or ************, or the ********************* at *********************************************.
  

  Sincerely,
  Apex *********************

  
  

• Initial Complaint

  Date:03/20/2023

  Type:Billing Issues
  Status:

  UnansweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Name: ********** Daughters Name: ************** email ********************* I opened a investment account for my daughter with a company called "Love" 3 or 4 years ago. That company name changed to FLYTE I believe sometime last year. 2 weeks ago, I got a notice from FLYTE saying their business was closing and that I need to sell all me stocks and transfer the funds to my bank account by March *******. On March 7th 2023, logged into my Flyte account I requested all my stocks be liquidated and transferred to my bank account. The site said the transfer was processing and I figured it would get transferred. I checked my bank account on March ********* and no funds were transferred. I logged back onto my flight account the my balance showed 0 funds and no way to get my money back. Flyte left an email address on their site stating Apex Fintech Solutions were in possession of all Love account customer funds and to send an email to **************************************** I have send over 5 email and all of them have bounced back as undeliverable. I tried calling the number BBB has posted for the company 214 220 200 but I get a busy tone. Its impossible to get anyone to assist me in this issue. Please find copy of emails sent attached.

• Initial Complaint

  Date:03/16/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I had stocks through a company called Bumped, which I liquidated, and received a check dated August 18, 2022 from Apex Clearing. Between the time I liquidated those stocks and now, Bumped ceased operations. As the clearing company for Bumped, Apex is responsible for mailing out tax forms.On February 26, (significantly past the Jan 31 deadline for sending forms), I received a notice from Apex that a new tax document was available for my account, with a link to their online documents center. I had never setup a login directly with Apex, so I contacted their customer service to inquire.After some back and forth proving my identity, I was provided with my account number, so that I could setup an account by *************************** on February 28. This was the last reply I ever received from ******. I was able to create an account, but when I attempted to login with the account (which I had JUST created), I was given the message "Unable to validate you as an authorized user."My username and password were correct, but never the less, I attempted a password reset. I received this message: "ERROR: A technical problem is preventing completion of your password reset request. Please contact ********************************* for assistance."I replied on March 2, explaining that I was unable to login. After no reply, I again emailed on March 4, March 8, and March 13, again with no reply. During that same time period, I contacted Apex by telephone on approximately half a dozen occasions. Despite their outgoing voicemail message saying that calls received before 2PM would be returned the same business day, and calls after would be returned the next business day, I've yet to receive any response.I just need the tax form. If they need to mail it to me because they cannot fix their own broken system, that's an acceptable solution to me.My case numbers are OPS-******* and OPS-*******

• Initial Complaint

  Date:03/16/2023

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Apex Clearing has been transferred my stocks from a brokerage (Bumped) that closed. When they closed down, ****** stated that Apex Clearing would be contacting people by email very shortly to provide information on how customers can access their accounts and securities. After not receiving an initial email, I have attempted to contact Apex Clearing using their customer support form as requested on their webpage. After several unsuccessful attempts using the form with no response, I attempted to contact their phone number. The phone message states they are busy and says they will have an agent call back no later than the next business day if you leave a voicemail. Over three weeks later, I still have yet to get a call back.I resorted to contacting their ******** page, and finally received an automated email response assigning me a case ID number ************* and stating they are reviewing my inquiry. However, I requested a way to access my accounts and liquidate the securities held, so to do this, I would need to speak with an agent. Still have yet to hear back. I contacted their ******* page today, and did receive an email. It was another automated email with a new case ID number ************* and stating they are reviewing my case and if I call them, just reference the case number. Again, no phone response. Essentially, I have been attempting to access my stocks they are holding hostage, and am unable to access my securities or reach a person to assist me with the issue. Following their own support procedures, I still have not received any actual customer support for several weeks now.

  Business Response

  Date: 05/08/2023

  Please see attached.  

• Initial Complaint

  Date:03/16/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On Thursday March 9th, I submitted wire instructions to transfer $10,000 out of Apex Clearing to a different brokerage Firm. This is now a full week later and the counterparty as not received their money. Apex is telling me that the wire is on hold by their intermediary **** of new york compliance department but an answer has not been given as to WHY the wire is on hold. Daily requests have been made and I still have not gotten a straight answer.

  Business Response

  Date: 05/08/2023

  Please see attached.  

• Initial Complaint

  Date:03/13/2023

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I never received my tax documents and they are not accessible on their app. I can not reach anyone by phone. When I call it is a busy tone. I have sent multiple emails. I also requested over a week ago to close my account so I am not charged a fee. They failed to contact their customers by email to let them know they are closing up until today 3/13/2023 giving them 3 days notice but it takes up to 5 days to close your account. They did put a note at the top of their app but for those who do not check it regularly they are going to be charged. This is not okay.

  Business Response

  Date: 04/11/2023

  April 10, 2023
  
  RE: BBB Complaint ******** ********/ /Apex Response
  
  Dear *********************************,           
  
  Apex Clearing Corporation (Apex) is in receipt of a copy of your submission to the BBB dated March 13,2023, regarding your brokerage account with Flyte. In your submission to the BBB, you allege that you contacted Apex and requested a copy of your tax documents but never received them.
  
  Our records indicate that Apexs ************** BDW team received your correspondence and responded to you directly via email on March 20, 2023, March 24, 2023, and March 24, 2023. Each time, the Apex ************** BDW team provided you with instruction on how to create a login on Apexs website as well as instruction on how to close your Flyte account. Apexs most recent correspondence to you regarding this matter was on March 31, 2023.
  
  To access your account and view tax documents, please visit apexclearing.com and create a User ID. Click on the person icon in the top right corner and select "Create User ID". After you have signed in, you will be able to access tax documents on the Account Summary Page > Documents button > Tax Forms. You will need your Flyte account number to complete this process. However, if you do not have your Flyte account number you will need to provide Apex with the last for digits of your social security number and the email address on file for further assistance.
  
  Lastly, in efforts to liquidate your account you will need to submit a completed Check Request form, a signed Letter of Instruction, and a government issued Photo-ID (i.e Drivers License).
  
  If you have any further questions regarding this matter, please contact the Apex ************** BDW team at bdwacct@apexclearing or ************, or the ********************* at *********************************************.
  
  Sincerely,
  
  Apex *********************
  
  Cc: FINRA, BBB

• Initial Complaint

  Date:03/11/2023

  Type:Customer Service Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On 3/2/2023 I received the a letter from the ************************ (***), related to a ****-MISC tax form submitted to the *** from APEX Clearing, indicating income of $30 for which I did not report to the *** during for tax year 2021. The letter contained the following information related to APEX Clearing and the tax form they submitted with my social security number:Received from/Address: APEX Clearing, One ************** ****** ** *****. Account Information: ********, SSN , Form ****-MISC. Reported by others: $30. I do not believe I have any account with APEX **********************. For the tax year 2021, or any other year, I have not received any tax forms, or any other communications, at my home address from APEX Clearing. I believe that either APEX or the person who setup the related account either accidently submitted or reported an incorrect social security number, or the person who setup the account did so with the intention of committing identity fraud. In either case I need to resolve the issue with APEX and the ***.I have been unable to get APEX to answer the phone, return voice mails, or return my email and web form communications.Between, March 6 and March 9, 2023, I attempted to communicate with APEX via the following contacts methods I found online:Account Services: M-F 9am - 6:30pm, ************** email address: ********************************* Web communication form: ******************************************, (followed by clicking "Reach Out" and then clicking "CONTACT SUPPORT". I called 10 times, beginning on 3/6, over the course of 3 different days, during their regular business hours and it always went to voicemail. The email I sent generated an auto reply with APEX case number: OPS-2039666.To resolve this issue, I require APEX to contact me and work towards a resolution.

  Business Response

  Date: 04/04/2023

  Dear *****************************,
  
  Apex Clearing Corporation (Apex) is in receipt of a copy of your submission to the Better Business Bureau (BBB) dated March 11, 2023, regarding a letter you received from the ************************ (IRS) related to a ****-MISC tax form submitted allegedly by Apex to the IRS.
  
  Please note, Apex is a company that merely provides clearing services to brokerage firms (called introducing brokers).  We only accept account instructions from introducing brokers. For some brokerage firms, it is impractical to take on the back-office burden of keeping customer funds and securities, executing trades on national exchanges, or generating daily confirmations or monthly statements for customers.  To avoid the administrative burdens imposed by those back-office tasks, firms contract with clearing firms like Apex to perform the ministerial functions described above.  The relationship between Apex and introducing brokers is contractual, nothing more.  Introducing brokers and Apex are separate, non-affiliated entities. 
  
  Our records indicate that there were no accounts which matched the information you provided. 
  
  If you have any further questions regarding this matter, please contact our ************** team at bdwacct@apexclearing or ************, or our ********************* at *********************************************.
  
  Sincerely,
  
  Apex *********************
  
  Cc: FINRA

  Customer Answer

  Date: 04/08/2023

  I am rejecting this response because:   I'm sorry, but I was not specific enough in my original complaint, where I stated: "To resolve this issue, I require APEX to contact me and work towards a resolution". In Apex's response to BBB in regards to my initial complaint they stated: "Our records indicate that there were no accounts which matched the information you provided.". However, I have yet to provide them with the key piece of information against which I would like them to search their records in regards to the issue at that. That piece of information is my social security number (SSN), which is what was listed on the *** letter I received, in association with Apex and form ****-MISC. As I am not comfortable sharing my SSN unless it is over the phone with an Apex account representative, who is able to search their account records for it while I am on the phone with me. If they find no record of my SSN for tax records they sent to the *** in tax year 2021, then I need that in writing from them to pass on to the ***. If they do find my SSN for tax records they sent to the *** in tax year 2021, I need whatever additional information they can provide in relation to that SSN, such as the person's name, home address, phone number, email address, the name of their partner financial company for which they processed the ****-MISC. This information I would also need in writing from them to provide to the *** to document that either the ****-MISC at issue is or is not related to me. I realize this information may need to be partially redacted to protect the privacy of the true account holder, but needs to be enough to show that it is not me and my SSN may have been used mistakenly or fraudulently. If the account info shows that it is not related to me, that will give me the evidence to not have to pay the tax owed related to the form for which the *** is attempting to collect from me.

  On April 5th, 2023, I contacted Apex via all the methods of communication they provided, leaving details on how to contact me via telephone: Client Service team at ************************************** and ************, and the ********************* at ********************************************** The telephone number went to voicemail where I left detailed instructions on the times and phone number on which to call me back. One of the email addresses resulted in an automated response on how to contact them via a web form and the other email resulted in an automated email response with case number: OPS-2052321. I attempted to call the provided phone number many more times on April 5-7 at various times during the business day and no one answered. I also never received a personal response from my voicemail or emails. It appears the only way to get a response from Apex is via a BBB complaint.

  Customer Answer

  Date: 04/14/2023

  Apex Clearing called me and discussed the issue on the phone and resolved the issue to my satisfaction. This complaint may be closed and marked as resolved and that I accepted their response. While they were extremely slow to respond to emails, web contact requests and voicemails, they were helpful in identifying the source of my concern, a **** tax form that was sent to the *** but for which I never received a copy. The account was valid and they were acting as a 3rd party processing company for the actual financial institution.

  Customer Answer

  Date: 04/17/2023

  Apex Clearing called me and discussed the issue on the phone and resolved the issue to my satisfaction. This complaint may be closed and marked as resolved and that I accepted their response. While they were extremely slow to respond to emails, web contact requests and voicemails, they were helpful in identifying the source of my concern, a **** tax form that was sent to the *** but for which I never received a copy. The account was valid and they were acting as a 3rd party processing company for the actual financial institution.

• Initial Complaint

  Date:03/10/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On February 24 2023, I tried to transfer cash from to my ************ account from my Sofi Invest account. I got an error saying "unknown error" on mobile, so I re-attempted the transfer on desktop and got the same error message. I immediately called Sofi and was told I had to wait till Monday, February 27 to talk to someone about this issue. When I contacted **** and February 27 and 28th 2023, they told me my account is restricted by their clearing agent, Apex Clearing, and I'm unable to withdraw. Apex Clearing has no way to contact them, they only operate as a clearing agent for Sofi Invest, among other brokerages. I was never notified of any restriction placed on my account. To have Apex Clearing restrict my account without warning, not be able to invest or withdraw my cash, and not even be given a timeline for resolution is completely unacceptable and negligent. This issue needs to be fixed as soon as possible. I have never touched these funds since depositing, they are settled cash, ready to be withdrawn. Despite repeated phone calls and live chats with Sofi to remove the restrictions on my account and access my cash (no direct way for retail customers to contact Apex), Apex has yet to remove my account restrictions. **** has repeatedly been in contact with Apex and have asked them to remove the restrictions several times as they have confirmed my identity. I even provided them with a copy of my driver's license and bank statement to further prove my identity.This is illegal and unacceptable to have a clearing agent holding my cash and restricting all investing and withdrawal activity. This puts Apex Clearing in direct violation of rules and regulations from several regulatory bodies: CFPB, CFTC, FCRA, SEC and OCC among others. Reports will be filed with all regulatory bodies to help prevent others from being abused by this institution in the future. Sofi Invest Account # ********

  Business Response

  Date: 04/04/2023

  Dear *************************,
  Apex Clearing Corporation (Apex) is in receipt of a copy of your submission to the Better Business
  Bureau (BBB) dated March 13, 2023, regarding your brokerage account with SoFi. In your submission to
  the BBB, you allege that you contacted SoFi requesting to withdraw funds from your investment account
  into your savings account and they told you that Apex placed a restriction on your account.
  Please note, Apex is a company that merely provides clearing services to brokerage firms (called
  introducing brokers) like SoFi. We only accept account instructions from introducing brokers. For
  some brokerage firms, it is impractical to take on the back-office burden of keeping customer funds and
  securities, executing trades on national exchanges, or generating daily confirmations or monthly
  statements for customers. To avoid the administrative burdens imposed by those back-office tasks,
  firms like SoFi contract with clearing firms like Apex to perform the ministerial functions described
  above. The relationship between Apex and SoFi is contractual, nothing more. Sofi and Apex are
  separate, non-affiliated entities.
  We conducted an extensive review of your account, and our records indicate that as of March 13, 2023
  there are no restrictions on your account. We recommend that you contact Sofi directly for additional
  details as we do not accept instructions from their clients.
  If you have any further questions regarding this matter, please contact our ************** team at
  bdwacct@apexclearing or ************, or our ********************* at
  *********************************************.
  Sincerely,
  Apex *********************
  Cc: FINRA