ShareBuilder Review

Reviews: 1


Total views: 4033

Published: 24 June 2018

Posted by: Anonymously

This complaint is about Capital One ShareBuilder in reference to an individual brokerage account that I opened with them on 2/18/15. This account was funded with a large deposit from my Bank of America checking account on 3/12/15. The complaint does not involve Bank of America. On 3/12/15, I received a message from ShareBuilder that these funds would be on hold and the account would be “under restriction” for 5 business days, which I was not made aware of before I initiated this large deposit. The message stated that I could have Bank of America fax to ShareBuilder some information that showed that the funding account was legitimate and the funds were available in the Bank of America account before they were sent to ShareBuilder. Subsequently on 3/12/15, I contacted Bank of America and asked for them to send this information, which they did. On 3/13/15, I received another message from ShareBuilder that said the information received from Bank of America was not sufficient since it did not contain the bank representative’s signature and the bank representative could not discuss client information on the phone due to security reasons. I again visited my local Bank of America and requested the information to be signed. Bank of America faxed in the revised information to ShareBuilder on 3/13/15. On 3/16/15, I received another message from ShareBuilder that the information faxed to them by Bank of America on 3/13/15 was still not sufficient. I called ShareBuilder and was told that I would just have to wait the 5 business days before the funds would be made available, which I reluctantly accepted. I confirmed with ShareBuilder that the funds would be made available in my ShareBuilder account on 3/19/15 and the call concluded. On 3/17/15, I received yet another message from ShareBuilder that stated that my individual brokerage account was reviewed by the ShareBuilder Operations Department and it was determined that the account would be closed and the funds would be credited back to my original bank funding method 60 DAYS (!) after the original deposit on 3/12/15. I immediately called ShareBuilder to see why this decision was made and to see how I could recover the funds immediately rather than wait 60 days. ShareBuilder could not provide a reason why the decision was made and I was told that I would need to wait the full 60 days to recover the funds. I respect that ShareBuilder and other companies have a right to choose who they do business with, but if the business relationship is terminated for whatever reason, then the funds need to be credited back to the account owner AS SOON AS POSSIBLE. It is not reasonable that the account owner should have to wait 60 days for the funds to be returned. Likewise, it could be considered common courtesy to advise the account owner of the reason why the Capital One ShareBuilder Operations Department has decided to close the account. Based on this experience, I will advise everyone I discuss finance with to not do business with Capital One or Capital One ShareBuilder. This company clearly has dishonest business practices including misrepresentation of deposit status (account restriction for 5 business days after a new deposit), poor client customer service, inability to efficiently refund customers of their rightful funds at account termination, and overall company disorganization. .

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