- Charles Schwab, TD Ameritrade, Vanguard, and Fidelity experienced outages, with thousands of users unable to access their online trading accounts.
- The outages occurred as global markets tumbled, with the Dow Jones Industrial Average dropping over 1,000 points at the opening bell.
- The brokerages acknowledged the issues and stated that they were working to restore functionality, apologizing for the inconvenience.
As stock markets plunged on Monday, thousands of investors found themselves locked out of their online trading accounts due to widespread technical issues at major brokerages like Charles Schwab, TD Ameritrade, Vanguard and Fidelity.
Brokerages Acknowledge Login and Access Issues
Around 10 AM Eastern, over 15,000 Charles Schwab users reported difficulty logging into their accounts, according to Downdetector. Thousands more faced access problems on competing platforms.
“Due to a technical issue, some clients may have difficulty logging in to Schwab platforms,” the brokerage said on Twitter. “Please accept our apologies as our teams work to resolve the issue as quickly as possible.”
Vanguard also confirmed login delays, stating: “We are working diligently to restore functionality and apologize for any inconvenience.”
Outages Coincide With Steep Market Declines
The trading platform disruptions occurred as the Dow Jones Industrial Average plunged over 1,000 points Monday morning. Japan’s Nikkei 225 stock index saw its biggest ever one-day percentage drop, sinking 4.5%.
Global markets have extending their slide in recent days amid disappointing economic data. Investors are increasingly worried about the prospects of a recession.
Frustration Mounts Among Investors
The inability to access accounts on a historically bad trading day added to anxiety among investors. Many vented their frustration on social media.
“It’s like showing up to work and finding the doors locked without any notice,” complained one TD Ameritrade customer on Twitter. “Unacceptable lack of preparedness for volatile markets,” wrote another.
With volatility expected to continue, brokerages are scrambling to resolve technical glitches quickly before testing the patience of their clients even further.
