7 ms·
Schwab users are unable to log in
- ajoseps 2y agoseems like fidelity is also affected: https://www.reuters.com/business/finance/online-trading-platforms-down-thousands-users-downdetector-shows-2024-08-05/ https://www.reuters.com/business/finance/online-trading-plat...
- TacticalCoder 2y agoFWIW Interactive Brokers is working fine (so far) but, geez, is it a rock'n'roll day!
- mikkom 2y agoYes tws is printing numbers like crazy. Happy to be with solid broker :-D
- ricketyricky 2y ago[dead]
- jwcrux 2y agoVanguard is also affected for me.
- yieldcrv 2y agoAmusing that Robinhood is working I wonder if pre-emptively moving to a 24 hour trading market has helped reduce load on Robinhood
- creaghpatr 2y agoExcept Robinhood halted 24 hr trading last night https://www.investing.com/news/stock-market-news/robinhood-halts-trading-amidst-global-market-meltdown-3554009 https://www.investing.com/news/stock-market-news/robinhood-h...
- yieldcrv 2y agoAh, probably wise with the expected massive divergence in price discovery. Well, nothing explained fully, thanks
- uncivilized 2y agoThat has nothing to do with Robinhood and everything to do with BOATS, their off exchange provider.
- qclibre22 2y agohttps://finance.yahoo.com/quote/HOOD/ https://finance.yahoo.com/quote/HOOD/ Robinhood down 15% this morning.
- yieldcrv 2y agoThat’s a non sequitur
- bob1029 2y ago> I wonder if pre-emptively moving to a 24 hour trading market has helped reduce load on Robinhood Not directly, but expanding the product scope may have placed additional selection pressure on engineering choices such that boring and stable options became more likely over time.
- sleepingpie 2y agoSchwabb is 100% down, can’t even get in contact with support because their phone line and chat is down
- deleted 2y ago[deleted]
- candiddevmike 2y agoRetail getting killed while institutions sell off. Is this something SEC will get involved with? This is like a bank stress test only for brokerages.
- 0goel0 2y ago[dead]
- tootie 2y agoIt's an interesting topic. I'm sure this is just excess server load and nothing nefarious but could the SEC mandate an SLA? Require disclosure of their DataDog dashboard?
- frankwiles 2y agoThe SEC does mandate SLAs and have for years. They’ll pay a hefty fine for this is my understanding
- deagle50 2y agothey don't care about fines, they are orders of magnitude less than the opportunity cost.
- everybodyknows 2y agoNow we know how our zero-fee transactions became possible.
- swarnie 2y agoThey haven't the last half dozen times.
- botro 2y agoIn this scenario, who are the institutions selling to?
- KyleBrandt 2y agoMore widespread than just Schwab, multiple platforms including vanguard https://news.ycombinator.com/item?id=41161502 https://news.ycombinator.com/item?id=41161502
- blueridge 2y agoYeah, haven't been able to get into Vanguard all morning, looks like they're trying to load their older HTML version.
- deleted 2y ago[deleted]
- 0goel0 2y ago[dead]
- Workaccount2 2y agoSomehow I was able to stay logged into schwab (checked markets at 6am EST) and it's working without a hitch on the other side of login, I was able to make trades at open. So it seems it is the login servers that are getting destroyed, which is expected, but also annoying that this happens anytime volatility spikes. You'd think they would be prepared by now. Or maybe it's "overlooked" to dampen panic selling by retail...
- jarsin 2y agoIt's almost like nobody unique indexes the username column anymore.
- crsv 2y agoWill probably save a lot of people money by inhibiting panic selling for losses.
- bitwidget 2y agoOn the other hand, it's also preventing people from buying shares and capitalizing on the downturn.
- abadpoli 2y agoBoth Fidelity and Schwab were fine for me on devices where I was already logged in, but logging into a new device wasn’t working. This seems like a common issue - even if backend systems can take the load, login systems all seem to have a lower TPS limit and have a lot of trouble during big surge events like this. It reminds me a lot of when a new video game releases where the issue is often the login servers being overloaded.
- everybodyknows 2y agoMaybe logins are being throttled deliberately, to protect the transaction servers -- to which all institutional clients are already logged in. West Coast retail customers are out of luck.
- dv_dt 2y agoI can't login on a device i always use, so the failure is more complex than your sample
- abadpoli 2y agoI’m not sure how the inability to login is “more complex”. I clearly state in my comment that logging in wasn’t working.
- dv_dt 2y agoRevalidating session data could be a smaller surface area than validating a fresh login. But if logging in existing devices works in some cases, and doesn't in others, the failure case is more complex than just fresh logins don't work.
- abadpoli 2y agoAh, yes, my original comment was a little unclear. I actually wasn’t logging in on new device vs existing device, it was that I had logged in to one device before 9:30est (presumably before the surge began) and just had an existing already-logged-in-session.
- nemo44x 2y agoThere's a good reason you want to avoid holding significant margin over the weekend, or even over night. Anyways, there will be plenty of good deals going on sale this week. The market is granting opportunity this week. If you're not on margin and looking to be fast then just ignore and keep adding to your investment accounts as you have been.
- jarsin 2y agoThey learned this from Coinbase.
- djeastm 2y agoThere goes thinking we had any sort of resiliency in the retail stock market... I really wonder how all of the major brokers could be having an issue. Is it just one of those "we haven't ever had a real market crash since we started this website in 2015, so let's not do a load test" kind of thing?
- gradus_ad 2y agoCompletely unacceptable. For those unaware TD Ameritrade was acquired by Schwab recently and in the year since the acquisition Schwab has had multiple days of outages. I was with TD for years without a single instance I can recall of being unable to access my account. This is just absolute negligence and neglect of necessary technical investment from management. The only thing that will get their attention is people withdrawing funds and moving to better run brokerages, which is what I intend to do.
- max_ 2y agoWhat are the "better run" brokerages? Any examples you suggest?
- sleepingpie 2y agoI don’t love robinhood as a company but functionally it works really well most of the time. I think a lot of the newer banks/neobanks are pretty good both because they have less customers and therefore less stampeding herd issues and because they are a lot more oriented towards supporting fast scaling. I use Wealthfront and have enjoyed so far
- areyousure 2y agoToday around 9am (Eastern time), Robinhood retroactively canceled all orders filled(!) between 1:45am and 4am.
- ycombinatrix 2y agowat
- ensignavenger 2y agoRobinhood? You mean the company that halted trading of Gamestop stock and lied about why? I don't know, maybe their app isn't "broken" but it certainly isn't reliable.
- everybodyknows 2y agoBloomberg Surveillance daily before-opening podcast: None this morning, not on Apple mobile.
- codegeek 2y agoVanguard is down as well. What a racket
- compumike 2y agoDoes anyone on the inside know, when people talk about login services being down, what’s the actual technical bottleneck? I’d hope we’re not talking about them simply not having enough CPU to bcrypt_compare() everyone’s passwords as they try to log in… In-house service-wide rate limits that are too low? Two-factor auth steps? (Third party providers may be rate limiting?) Anti-fraud things? GeoIP lookups? Etc Writing out logs of logins? Some login audit DB? (Or is it not actually some login-specific service that is down?)
- shermantanktop 2y ago“Login” is such a misnomer. It sounds like a password check (==read) but includes write activities of various kinds and complex can’t-skip logic. It’s the step where the system first sees the user and must establish identity, of course. But it’s also an attractive place for system designers to frontload complex logic that result in cache-priming or context-priming which the rest of the system depends upon. And then there’s DDOS, device status, account status, anti-fraud, throttles, etc.
- ricketyricky 2y ago[dead]
- nimbius 2y agoI wonder if this has anything to do with the massive global sell-off?
- daemonologist 2y agoIt absolutely does - Fidelity, Vanguard, eTrade, and others are also having issues to some degree. https://www.bbc.com/news/live/c5ykkryglp3t?post=asset%3Ad6256a7b-489c-48d4-bbbb-72953bd56fd4#post https://www.bbc.com/news/live/c5ykkryglp3t?post=asset%3Ad625...
- deleted 2y ago[deleted]
- jebby 2y agoI was planning on opening accounts with Schwab, but after I signed up and went through the login process, I very quickly closed the account and went elsewhere. It was among the worst user experiences I can recall. Everything about it screamed legacy and immutable. I had the same feeling about LastPass a few years ago. Always go with the gut!
- MangoCoffee 2y agoThe current market is pretty red... I'm no conspiracy theorist, but isn't it suspicious that two major brokers (Schwab and Vanguard) are down?
- TacticalCoder 2y agoSomeone in this thread reported Fidelity being down too. This is a bit suspicious indeed.
- abadpoli 2y agoIt’s the largest trading volume day in years and everyone that isn’t living under a rock is trying to log into their banks to check their portfolio. The banks can’t handle the surge logging in. It’s not that suspicious. Not everything is a conspiracy.
- masterjack 2y agoAs a long-time Schwab user, one thing I was shocked by is that the login flow silently truncates the password to eight characters. I found this since I tend to have complex suffixes I rotate around, and one day I was able to login with the wrong suffix and even with no suffix at all. This must be due to some legacy process only allowing eight characters.
- yoctonaut 2y agoThat's surprising and alarming. Thank you for bringing that up, though!
- everybodyknows 2y agoGrounds for class action litigation? To anyone looking to test this, once login again becomes possible: Response I've gotten from Schwab website to a wrong password is merely loading of a blank page, with an endless spinner on top.
- neilv 2y ago"Financial Sites Including Schwab, Fidelity, And Vanguard Experience Outages As Stocks Decline" https://www.forbes.com/sites/tylerroush/2024/08/05/financial-sites-including-schwab-fidelity-and-vanguard-experience-outages-as-stocks-decline/ https://www.forbes.com/sites/tylerroush/2024/08/05/financial... Downdetector also says E-trade high reports. If it's true that all four had outages, that's going to need some explaining. But I'm also keeping in mind that the source of the data is Downdetector user reports, presumably some percentage of which are user's own computer/networking problems or forgotten passwords, and presumably there will be a much higher number of people who rarely log in trying to do so, right after news that looks like possible imminent market crash.
- deleted 2y ago[deleted]
- mikestew 2y agoIt’s not the login that’s the problem. On two accounts, I could login to Fidelity just fine. Displaying balances and positions threw an error, however.
- neilv 2y agoWe could say that people not able to access their accounts right now means less panic-selling by retirement account owners, so fewer people locking in their losses. But that doesn't make it right. People not being able to sell/buy when they really want to (and should be able to) also lends itself to suspicions of retail/retirement investors being sheep to be shorn by professional investors, and the mad scramble of a market correction is when there's less pretense otherwise.
- manvillej 2y agomobile apps seem to be working just fine
- wbshaw 2y agoYesterday, I was able to successfully log in before the market opened without issues. My session timed out and it took me four tries to get logged in. I was able to finally get a confirmation code and complete the login process after about 10 minutes. This was mid-morning. This is the third time in 3 weeks I've had login issues. The first two were massively delayed 2fa keys to my phone. They directly correlated to Azure issues and down time. I wouldn't be surprised if this was somehow related to yet another outage with one of their infrastructure providers.