Scottrade Bank Complaint: Deposits and withdrawals

#1653042 12 Nov 2015

Bank account or service Savings account

Complaint #1653042 submitted on 11/12/2015 relating to Scottrade Bank. Complaint relates to Bank account or service Savings account - Deposits and withdrawals .

Complaint was submitted via Web and sent to the company on Thursday 12th November 2015.

Narrative (may be redacted).

I was formerly a Scottrade customer and part time Scottrade intern at the XXXX XXXX campus - and I can not say I am surprised that this happened.

Scottrade 's customer support has always been horrendous with managers placing emphasis on an unwritten policy to not deal with any dispute if it requires significant resources. Managers have cut the Scottrade support staff to a minimum and instructed employees that if a customer is not satisfied - " force them to use arbitration ''. The corporate culture is all about profit - not a minute is dedicated towards customer satisfaction.

In terms of cybersecurity, Scottrade is at best below par, at worst, utterly incompetent. I have now moved to the Cybersecurity business and have analyzed complaints against Scottrade as well as their statements in an effort to research the industry and found some very disturbing things. Like others has mentioned, it took Scottrade more than two years to discover the breach, they refuse to give details, and do not provide retroactive identity theft coverage - but there is much more.

1. ) If you XXXX " scottrade muckrock '' you will see that a number of complaints submitted to the SEC and forwarded to Scottrade have directly reported the failed cybersecurity infrastructure and corporate ignorance. If you file FOIA requests with the SEC you can obtain more information.
2. ) An associate of mine was a victim of an " account takeover '' in 2013. His Scottrade account was hacked and over XXXX dollars was stolen. Scottrade refused to acknowledge the fraud and claimed on numerous occasions that their cyber systems are " flawless ''.
3. ) Also reading complaints about Scottrade and researching their computer networks, there are STILL security vulnerabilities in Scottrade 's systems that allow fraudulent ACH transfers, fake account, and market manipulation.

To everybody that has decided to leave Scottrade - Good for you.

To everybody that is decided whether to go elsewhere - There are numerous other options available, choose somebody that offers two factor authentication, that is generally an indicator that they at least have a half-way competent cybersecurity department.

To everybody that is still doing business with Scottrade - If things go south, expect Scottrade to XXXX you in an efforts to protect their profits and avoid liability.

Have you dealt with Scottrade Bank?

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