6 ms·

Deplorable. If you are a photo sharing site using an ad supported business model, your ‘support’ can be some silly chat not. If you are taking people’s money

Deplorable. If you are a photo sharing site using an ad supported business model, your ‘support’ can be some silly chat not. If you are taking people’s money for banking or investment, you provide 24/7 phone support. Period.

Scoundreller 5y ago
My broker is one of the biggest banks in Canada and the US (TD) and it doesn’t have 24/7 support anymore. Monday-Friday 7am-6pm. I’d usually call outside of market hours when I could to avoid market-hour demand/wait times, but not anymore. And they charge me $10 for trades! https://www.td.com/ca/en/investing/direct-investing/services/ https://www.td.com/ca/en/investing/direct-investing/services...
- MobileVet 5y ago
  They likely have a considerable amount of your net worth. You might want to reconsider that. Schwab provides this and they don’t charge for trades. I am sure they have warts, but I can always talk with someone. https://www.schwab.com/contact-us https://www.schwab.com/contact-us
  - Scoundreller 5y ago
    I’m not in US.
    - Snuupy 5y ago
      Consider Interactive Brokers.
    - MobileVet 5y ago
      My bad, should have realized that. Sorry they took away service that should be standard. Like you, I love calling off hours. Never a wait.
xtracto 5y ago
> If you are taking people’s money for banking or investment, you provide 24/7 phone support. Period. So much this. I have been working in Fintech for 8 years now, and the lack of seriousness I've seen in different aspects of startups in this fields is appalling. When you are mingling with other's people money, you don't get the advantage to "move fast, break things". You don't get to "whoops" when someone hacks you and steals funds, you don't get to say you are sorry when a bug makes you lose millions to fraud. But still my experience has been that the majority of product and business people in startups don't take it seriously. They keep pushing Engineering teams to move fast and release yet-another-half-assed-feature instead of listening to the clamours of the developers for bug fixing and security improvements.
- MobileVet 5y ago
  I worked on a reimbursement platform for a couple of years. It was an added layer of stress in my life that I frankly could do without... and it was just reimbursing company expenses. Can’t imagine doing investments or raw banking. Not surprised the ‘startup motto’ lives strong regardless of sector... but disappointing for sure.
stinky 5y ago
Afaik they don’t charge any brokerage fees. From what I gather, they use PFOF (payment for order flow) to get revenue, instead. This essentially means that they sell the information on the just placed customer orders to 3rd parties, so that those 3rd parties can front-run the trades and skim the profit off of RH customers.
- ac29 5y ago
  Front-running is illegal and is not why firms pay for order flow.
- bryan_w 5y ago
  I can't believe you've managed to fit so many wrong things into a short post. Do you often make comments about things you have no clue about with such confidence? At least this will be a good litmus test for community moderation.
- fighterpilot 5y ago
  That's not how it works. With PFOF, the market maker (e.g. Citadel) takes the other side of the trade with Robinhood's retail client, instead of that retail order being sent to the actual market.
apexalpha 5y ago
If you are taking people’s money for banking or investment, you provide 24/7 phone support. Period. This seems excessive. Even my own, regular bank, only has phone support between working hours. I understand the sentiment, but this whole "everyone can trade options" is not solely Robin Hoods fault. It was, and still is, hyped and promoted on Reddits' WSB.

Scoundreller 5y ago

My broker is one of the biggest banks in Canada and the US (TD) and it doesn’t have 24/7 support anymore. Monday-Friday 7am-6pm. I’d usually call outside of market hours when I could to avoid market-hour demand/wait times, but not anymore. And they charge me $10 for trades! https://www.td.com/ca/en/investing/direct-investing/services/ https://www.td.com/ca/en/investing/direct-investing/services...

MobileVet 5y ago
They likely have a considerable amount of your net worth. You might want to reconsider that. Schwab provides this and they don’t charge for trades. I am sure they have warts, but I can always talk with someone. https://www.schwab.com/contact-us https://www.schwab.com/contact-us
- Scoundreller 5y ago
  I’m not in US.
  - Snuupy 5y ago
    Consider Interactive Brokers.
  - MobileVet 5y ago
    My bad, should have realized that. Sorry they took away service that should be standard. Like you, I love calling off hours. Never a wait.

xtracto 5y ago

> If you are taking people’s money for banking or investment, you provide 24/7 phone support. Period. So much this. I have been working in Fintech for 8 years now, and the lack of seriousness I've seen in different aspects of startups in this fields is appalling. When you are mingling with other's people money, you don't get the advantage to "move fast, break things". You don't get to "whoops" when someone hacks you and steals funds, you don't get to say you are sorry when a bug makes you lose millions to fraud. But still my experience has been that the majority of product and business people in startups don't take it seriously. They keep pushing Engineering teams to move fast and release yet-another-half-assed-feature instead of listening to the clamours of the developers for bug fixing and security improvements.

MobileVet 5y ago
I worked on a reimbursement platform for a couple of years. It was an added layer of stress in my life that I frankly could do without... and it was just reimbursing company expenses. Can’t imagine doing investments or raw banking. Not surprised the ‘startup motto’ lives strong regardless of sector... but disappointing for sure.

stinky 5y ago

Afaik they don’t charge any brokerage fees. From what I gather, they use PFOF (payment for order flow) to get revenue, instead. This essentially means that they sell the information on the just placed customer orders to 3rd parties, so that those 3rd parties can front-run the trades and skim the profit off of RH customers.

ac29 5y ago
Front-running is illegal and is not why firms pay for order flow.
bryan_w 5y ago
I can't believe you've managed to fit so many wrong things into a short post. Do you often make comments about things you have no clue about with such confidence? At least this will be a good litmus test for community moderation.
fighterpilot 5y ago
That's not how it works. With PFOF, the market maker (e.g. Citadel) takes the other side of the trade with Robinhood's retail client, instead of that retail order being sent to the actual market.

apexalpha 5y ago

If you are taking people’s money for banking or investment, you provide 24/7 phone support. Period. This seems excessive. Even my own, regular bank, only has phone support between working hours. I understand the sentiment, but this whole "everyone can trade options" is not solely Robin Hoods fault. It was, and still is, hyped and promoted on Reddits' WSB.