Schwab users are seeing inaccurate stock data on the investing platform

By Gordon Gottsegen

This new issue comes just a few days after Schwab users were locked out of their accounts

It's been a tough week for people who invest with Charles Schwab (SCHW).

On Thursday, a number of Schwab users reported seeing inaccurate stock data on the platform. Schwab has sent out a notice to users warning about the issue, saying it's currently working to resolve it.

In the notice, Schwab said the issue affects day-change values and account balances. The brokerage platform expects this data to be corrected overnight before Friday's market open, but it also says that this inaccurate data may impact buying power.

Several Dow Jones employees (MarketWatch is owned by Dow Jones) were able to independently confirm the issue.

A Schwab spokesperson sent the following to MarketWatch via email:

"Our platforms are fully operational but some clients may be seeing inaccurate account day change values for some securities. We are actively working to resolve the issue as quickly as possible. Our teams stand ready to support our clients and we apologize for any inconvenience."

Several Schwab customers have also posted on X to complain about the issue. This frustration has likely compounded due to other recent issues with Schwab. Earlier this week, customers across various Charles Schwab platforms including Schwab, Thinkorswim and TD Ameritrade were locked out of their accounts.

Read more: It's not just you - Schwab, Thinkorswim and TD Ameritrade were down this morning

Between getting locked out of their accounts and inaccurate data that impacts buying power, Schwab users have every right to be frustrated. Not being able to place a trade when you want to could mean losing money, especially when dealing with options or volatile stocks.

This is not a good time for Schwab to disappoint its users either. Last month, Schwab finished transitioning the last batch of TD Ameritrade users to its platform. Schwab bought TD Ameritrade in 2020, and spent years moving about 17 million TDA accounts to its platform, in a transition that some users called "a mess."

Because of this transition, many Schwab users are extra sensitive to issues on the platform that they feel were forced upon them. As a result, a number of Schwab users have left the platform and gone to other brokerages like Robinhood (HOOD).

This puts Schwab in a tricky place, where even relatively small issues may end up being the final straw and cause customers to close their accounts.

-Gordon Gottsegen

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06-13-24 1239ET

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