• Report: #226731

Complaint Review: Scottrade

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  • Submitted: Thu, December 21, 2006
  • Updated: Tue, May 05, 2009

  • Reported By:elmsford New York
Scottrade
scottrade.com Internet U.S.A.

Scottrade Deceptive ripoff Internet

*Consumer Suggestion: Your report is a lie

*Consumer Comment: What is the rip-off?

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I contacted Scottrade to open a cash account. On the website, they asked for my SSN# to pull my credit report to, "Make sure I wasn't a terrorist". In reality, they ran my credit to check my score! I never would have agreed to this had I known they would approve or deny opening a cash account based on credit. Apparently my $30,000 was not good enough for Scottrade.
TD AMERITRADE had no problem opening an account me. Scottrade should make it clear that if you want to open an account with them and you do not have stellar credit, your money is no good.

M
elmsford, New York
U.S.A.

This report was posted on Ripoff Report on 12/21/2006 10:11 PM and is a permanent record located here: http://www.ripoffreport.com/r/Scottrade/internet/Scottrade-Deceptive-ripoff-Internet-226731. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

Your report is a lie

AUTHOR: Cubshundley9 - (U.S.A.)

Lets start with the beginning, I don't know why you put the "Make sure I wasn't a terrorist" in quotes because I guarantee that is not a quote from the Scottrade's website. And next, if you have $30,000, you should probably use that money to pay for a course on financial responsibility and improve your credit score because your credit score has to be terrible for Scottrade to reject your application.
Scottrade's service is awesome. Give it a shot for free. Use this referral code and get 5 free trades: EGZW3356
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#2 Consumer Comment

What is the rip-off?

AUTHOR: David - (U.S.A.)

I had downright lousy credit when I opened my Scottrade account. I gave them my $3,000 and was able to start trading as soon as the check cleared. I did provide them with my SSAN for tax reporting purposes, but they never showed up on my credit report either as an authorized or routine business check until I opened a margin account.

Yet, I still do not see how you were ripped off. Lied to? Maybe, but I do not believe it. Scotttrade is one of the most ethical businesses I have ever dealt with. Their customer service has always been excellent. I am leary of TD Ameritrade though, their commercials are very deceptive.
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