It's the perfect storm in the finance world. The global stock market is experiencing turmoil and historic downs as fear of recession looms. Now, several major brokerages are down and experiencing errors.
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Many turned to try to manage their finances to save as much of their money as they can. However, they encountered error messages and an inability to make needed transactions. It's all become a bit of a mess.
One report says, "Multiple brokerages, including Charles Schwab, Fidelity, Vanguard, TD Ameritrade, E-Trade, UPS, CenturyLink, and Interactive Brokers, are currently down and reporting errors amid market crashes."
On social media, several people are complaining about brokerages. One broker told their clients not to even bother calling. The person wrote, "My broker which is one of the largest brokerage houses, with an excellent reputation, is telling clients not even to bother calling. Their website is not working either! Never thought I would see the day."
Multiple Brokerages Reportedly Down
Meanwhile, Charles Schwab wrote, "Due to a technical issue, some clients may have difficulty logging in to Schwab platforms. Please accept our apologies as our teams work to resolve the issue as quickly as possible. Hold times may be longer than usual."
Several complained about the service. One wrote, "Can't even get into my Schwab account but fortunately I don't see my holdings getting hammered too badly. There will be class actions following this I am sure." Another wrote, "It's sad when Robinhood can get their clients access before Charles Schwab can. What a joke of a broker."
Another complained, "Brokerage houses are preventing further sell offs in the States!"
As for the reason of the current stock market woes, many are fearful of a recession.
It's painful," said Victoria Greene, chief investment officer at G Squared Private Wealth on CNBC's "Worldwide Exchange." "I think there's a lot being absorbed that happened over the weekend between Berkshire cutting Apple...you had the Japan sell-off... you have the yen spike and the end of that carry trade...You have a lot of bad news getting priced in."
"This is a pullback, a correction," she added. "We'll probably hit oversold at some point...rather quickly at these levels."
