Charles Schwab crashed again, adding to investor frustrations during a market crisis
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Multiple investment platforms, including Charles Schwab, Fidelity, Vanguard, Ameritrade, eTrade and Robinhood, were reportedly down for several hours, starting around 9 a.m. ET today. According to downdetector.comThe incident lasted approximately three hours, with nearly 15,000 reported issuances for Charles Schwab, 3,500 for Fidelity, 3,000 for Vanguard and 2,000 for Ameritrade.
The outages that have plagued several investment platforms appear to be over, judging by the number of issues reported to downdetector.com. Charles Schwab took up the challenge X to announce: “A technical issue some customers were experiencing has been resolved. We apologize for the inconvenience.”
We have reached out to Vanguard for comment on the incident and are awaiting a response.
During the outage, users were unable to access their accounts through their mobile apps or online, similar to an issue Charles Scwhab experienced in June, when more than 5,800 users reported problems.
In a time of extreme market volatility, a few hours can make a big difference for investors. Frenzied trading amid what is a “collapse” of the stock market has followed a weak work report on Friday, sending Wall Street’s major indexes tumbling. With growing concerns around the world about a severe economic downturn, speculation is mounting that the Federal Reserve will need to make a major move, such as a larger rate cut at its September meeting or even an emergency cut sooner.
Tiffany Wendeln Connors is a senior editor for CNET Money with a focus on credit cards. Previously, she covered personal finance topics as a writer and editor at The Penny Hoarder. She is passionate about helping people make the best financial decisions for themselves and their families. She graduated from Bowling Green State University with a bachelor’s degree in journalism and has been a writer and editor for publications such as the New York Post, Women’s Running magazine, and Soap Opera Digest. When she’s not working, you can find her enjoying life in St. Petersburg, Florida, with her husband, daughter, and very needy dog.
Evan Zimmer is a longtime finance writer. After earning a journalism degree from SUNY Oswego, he wrote credit card content for Credit Card Insider (now Money Tips) before moving to ZDNET Finance to cover credit card, banking, and blockchain news. He currently works at CNET Money to bring readers the most accurate and up-to-date financial information. You can also find him reading, rock climbing, snowboarding, and enjoying the great outdoors.
