Charles Schwab took $20,382 cash out of my account 1/29/21 without warning or my permission and they refuse to return it to me. This was from a trade that was already closed last year! A trade with a maximum possible loss of about $2,000. The very same week they also cost me about $7,000 (Trade Order #44893545) when I closed an option position at “market price” and the price it closed at was about 4% of the “market price” i.e. I lost about 96% from the price that was shown to me vs the price I actually got. This is not some obscure stock this was a liquid stock with tens of thousands of contracts trading on it that week.
I feel completely robbed and betrayed by Schwab. I’m a novice trader who placed and closed a trade on spy in 2020 and Schwab took $20,382 out of my account this year (2021). Before placing any trade I always check their max loss max gain calculator. Had I placed the hypothetical trade below (imagine a spy dividend day is this week) and been called out on I could have owed $158,000 to Schwab even though their claimed “maximum loss” is only $2,000. This is not right.
I called to get answers and they apologized and shrugged and said they would not refund the money to me. On the day in question I had two different Schwab employees on the phone controlling my trading account. One of them made me short spy the other made me long spy on the dividend day. I have no idea if one of them screwed up and did something that cost me $20,382 but I suspect they did.
Boycott Charles Schwab and do not trust their trade calculators they are not accurate.
Furthermore in the case of the misrepresented market price (which I never would have closed at the price it closed at) had I closed out the trade the next day I could have closed it out at around $20,000 instead of the $300 I got.
I also had to close out an active in profit position to cover the $20,382 which doubled in value that week.
So in total this cost me about $52,000.
