Wed, Dec 06, 2017 - Page 10 News List

Fund firms affected by online glitches

‘TECHNICAL ISSUE’:Clients took to Twitter to complain after they were unable to perform trading tasks, with some saying that the problem had cost them money

Bloomberg

Clients of four top fund firms — Fidelity Investments, Charles Schwab Corp, TD Ameritrade Holding Corp and Wells Fargo & Co — on Monday faced technical glitches that prevented them from accessing some account information.

Clients were primarily affected in the morning after the the open of US markets.

Each of the companies said the issues had been resolved.

Unable to perform a variety of tasks from making trades to viewing account balances, customers took to Twitter to rail.

The outages occurred as mutual fund and brokerage firms enter a busy period when investors grapple with year-end tax and financial matters.

That process is unusually fraught this year due to the pending tax legislation in the US Congress.

It is unclear if the issues at the four companies are related.

In a posting on its Twitter page on 10:26am, Fidelity reported “issues with our website” and said it was looking into the matter.

The company did not disclose the precise nature of the problem.

At about 11am, Fidelity said the matter had been cleared up.

It was the second time in two weeks Fidelity customers were affected by Web site glitches.

On Nov. 29, the company reported a technical error that blocked clients from online brokerage accounts. The issue was resolved the same day.

“This morning, some clients experienced issues accessing their account balances online due to an internal technical issue,” Schwab said on Monday, according to a statement from company spokeswoman Mayura Hooper

“Trading was not impacted. The issue was quickly resolved and online functionality has been restored,” the statement said.

Several TD Ameritrade customers tweeted in the morning saying the company’s app was frozen and that the problem had cost them money.

Others said they could not get through by telephone either.

The posts prompted the company to respond online to those who complained but TD Ameritrade did not fully acknowledge the nature of the problem until late Monday.

“We had an issue where clients were experiencing some slowness on our trading site and mobile apps for about 15 minutes this morning,” TD Ameritrade spokeswoman Kim Hillyer said by e-mail. “The issue has since been resolved.”

Wells Fargo spokeswoman Emily Acquisto said an internal issue caused some clients to experience issues accessing their Wells Fargo Advisors accounts online early in the morning for about an hour.

“Wells Fargo Advisors worked quickly to resolve the issue and access is now restored,” she said in an e-mailed statement.

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