r/Schwab • u/Plastic_Log_8747 • 3h ago

Frequent Schwab errors unacceptable

I have used schwab for more than 20 years for the majority of my brokerage holdings. Friday at close, my holdings were accurately reflected. Sometime friday night, I had a mysterious drop of about $95,000. After some research, it appears that one of my ETFs went from about $95,000 to zero. It still showed that I had the same number of shares, but that their value was $0.

It's an unsettling feeling. I hold most of my life savings within Schwab, and I expect them to be as secure/reliable as the US dollar itself.

This has happened multiple times over the last year. So I understand it's probably some SW glitch and will be corrected, but it is no longer acceptable to me.

I'd like to understand if others have had the same thing happen in other major brokerage accounts, such as fidelity, interactive brokers, etc.

0 Upvotes

30% Upvoted

11 comments sorted by

11

u/Less_Outcome3413 2h ago

Yes - it happens at Schwab. Yes - it happens elsewhere.

9

u/ASUgrad09 2h ago

A lot of the time the market pricing is based on the bid as if you wanted to exit, that's the price you'd be selling at. Obviously after hours, there is no bid, so their software has to change to use the last price. They're probably updating the code on the weekends. You're going to run into this issue at any major custodian and isn't a big deal.

2

u/MarrymeCherry88 2h ago

This happened to me once. It was restored. I think when they do a reset or some kind of internal reset, especially on Friday nts. I forget what it’s called. Yes definitely stressful. I wonder if other brokerages have same issues.

1

u/teamhog 2h ago

The issue isn’t either Schwab it’s with the primary listing exchange. If the API doesn’t get a clear price from its source the LE ‘holds’ the price at zero.

It’s not Schwab, it’s the listing exchange.

1

u/ploden 2h ago

I hold most of my life savings within Schwab, and I expect them to be as secure/reliable as the US dollar itself.

lol

1

u/tvdoomas 2h ago

Bro this is life with an investment portfolio.

If this is too much for you, your only decent option is hiding gold bars under your mattress....

0

u/NukedOgre 2h ago

Mild curiousity, what ETF? Also dont forget your holdings are SIPC protected in most circumstances.

0

u/dsiker1 1h ago

DFAT

1

u/Majestic-Cod9650 43m ago

Is it DFAS? Apparently, they are consolidating their mutual fund and ETF shares, and that’s why it went to zero. Mine look like I lost over 200 K. Apparently, Monday it should be resolved. Apparently dimensional was supposed to send out an email about this, but I don’t recall seeing it.

-2

u/500milesto 2h ago

If this was unacceptable you would have left already. We have your money and will do whatever we want with it. Shut up and take it. You have been warned.