Scottrade Bank Bank Account Or Service Complaint

Scottrade Bank Bank account or service department,

Savings account Using a debit or ATM card Iowa

My experiences have left me truly wondering if Scottrade should n't be investigated by the SEC. It 's very strange how one day my funds are scheduled to be settled, but when the day arrives my money is n't there. The local store representative blamed a " computer error '' when I called him and another representative offered me - free trades to offset the inability to access about $38000.00 for trading. No other explanation was proffered, despite my correspondence and a promise they would review the matter. Another suspicious occurrence involves Scottrade restricting my account and possibly limiting access to my cash for more days than the normal 2 to 3 days it takes trades to " settle '' because their store representative claimed their computer accused me of making a " free ride. '' However, I was very careful to sell only shares I had carried for as much as a couple of weeks, and I purposefully waited to sell shares which had n't settled until their reported settlement dates. But, the store clerk would n't accept my explanation and my account was restricted anyway. Remember, this is the same computer that their store clerk blamed for failing to fund my account a couple weeks prior. So, I 'm going to reduce my trading activities at Scottrade out of an abundance of caution, and likely take my grievance to the SEC in a formal complaint. I urge others to be careful and look out for activities like I 've described. Do n't forget that often matters dealing with brokerage accounts will require arbitration instead of a day in court.