Complaint Review: Sharebuilder

Sharebuilder is a stock brokerage company that only conducts transactions online. I applied for an account online and their automated system advised me to mail them:

1) Tax Payer Identification Number or other documentation demonstrating proof of tax payer ID, copy of drivers license, and copy of SS-9 form.

I mailed all of the requested documents to Sharebuilder with a Cashiers Check for more than $2859.00, but never heard from anyone. I attempted to access my account online and got an error message indicating that I had to contact customer service.

I called customer service and the representative told me that they couldn't find my name or tax payer ID in the credit bureaus data files. He then indicated that I should resend the originally requested information. When I pointed out it was already sent, the customer service representative said that they were still processing it after three weeks. I called again and they put me on hold for over 15 minutes without answering the phone.

Sharebuilder has accessed a credit bureau without my authority or blessing. In addition, they have violated security laws with respect to tardy processing of payments.

I never requested to open a margin account (a loan) and therefore they have no legitimate reason to pull anyones credit report.

My conclusion is that Sharebuilder is slipshod company that violates federal laws and converts peoples money. My complaint would be resolved if they opened the account and processed it in accordance with rules governing receipts of cash.

Also, there are problems with their website. If you don't type the syntax perfectly correct when logging in, their server locks you out and causes you to reassign your password. This is silly and incompetant and would be more appropriately be handled by a technique known as "virtual numbers", a process successfully inmplemented by AOL and Citibank.

Randal
Renton, Washington
U.S.A.