In a previous post, I wrote that Tradeking is holding my money hostage.
Basically the issues started after I indicated my intention to transfer my business elsewhere. Tradeking started a lock-down on my account, restricted my account and then told me that any money that I transferred by ACH to them cannot be returned for 60 business days.
60 business days! That’s a minimum of 12 weeks or almost 3 months. I wouldn’t have ACH my money to any broker if I knew that my money is going to be stuck for 3 months!
Anyway, Tradeking sent me an email that pointed me to the following link:
The link states
– 5 business days to clear for trading
– 60 business days from date of deposit to release funds from the account – return funds via ACH only
From the wording in the email, it is intended to inform me that the ACH holding policy of 60 business days had been in place for a while. It’s my fault that I did not see it.
After I checked carefully, I noticed that the page in question was modified on 12/08/08 (see bottom of the page: 12/08/2008 Version 003) AFTER my issues with Tradeking started. I then hunted for the previous version. The previous version, which is still in Google’s cache currently (cache date Nov 24, 2008 12:44:48 GMT), stated a ACH holding time of 10 business days.
5 business days to clear for trading.
Allow 10 business days from date of deposit to release funds from the account – return funds via ACH only.
To see this, type
site:content.tradeking.com ACH availability
into Google’s search box, and then click for the cache version in the first search result.
You can also access it via this DIRECT LINK. Note that since this is in Google’s cache, it will be overwritten in the next cache update and you might not be able to view it a few weeks after the date of this post. So I have kept a screenshot HERE.
I understand that Tradeking can probably change the terms and conditions at any time they like (most likely covered in the client signup agreement), but in this case, I don’t think that this is a fair or reasonable business practice, especially it appears that the modification were made to discriminate against me.
I also don’t consider it a reputable business practice to change the terms and conditions without advance notification to all other investors. I am now really getting concerned with the integrity of this brokerage firm.
For investors who already have an account with Tradeking, I urge you to consider carefully before you ACH new money to Tradeking. You might not be able to see your money again before waiting for 3 months. You probably might also want to evaluate if you want to continue using them.
By the way, the ACH holding time stated at the point of the ACH transfer page is still showing a 10-day holding period:
They should change this to 60 business days to avoid misleading investors.
Keywords: complain, complaints, sucks, issues, problems, cash balance, ACH, wire, review, overview, shady.