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Re:FINRA Orders Record Financial Penalties Against Robinhood by jw1224 on Monday July 05, 2021 @08:17AM (#27737181)
The customer who took his own life over the margin bug had repeatedly tried to call Robinhood's customer support, for several days, but nobody ever picked up the phone.
Re:FINRA Orders Record Financial Penalties Against Robinhood by MobileVet on Monday July 05, 2021 @08:44AM (#27737371)
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.

Re:FINRA Orders Record Financial Penalties Against Robinhood by xtracto on Monday July 05, 2021 @01:54PM (#27740283)
> 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.

Re:FINRA Orders Record Financial Penalties Against Robinhood by MobileVet on Monday July 05, 2021 @06:35PM (#27742445)
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.

Re:FINRA Orders Record Financial Penalties Against Robinhood by Scoundreller on Monday July 05, 2021 @11:36AM (#27739018)
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...

Re:FINRA Orders Record Financial Penalties Against Robinhood by MobileVet on Monday July 05, 2021 @11:46AM (#27739103)
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

Re:FINRA Orders Record Financial Penalties Against Robinhood by Scoundreller on Monday July 05, 2021 @01:27PM (#27740032)
I’m not in US.
Re:FINRA Orders Record Financial Penalties Against Robinhood by MobileVet on Monday July 05, 2021 @06:31PM (#27742419)
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.

Re:FINRA Orders Record Financial Penalties Against Robinhood by Snuupy on Monday July 05, 2021 @04:16PM (#27741460)
Consider Interactive Brokers.
Re:FINRA Orders Record Financial Penalties Against Robinhood by apexalpha on Tuesday July 06, 2021 @08:46AM (#27747738)
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.

Re:FINRA Orders Record Financial Penalties Against Robinhood by stinky on Monday July 05, 2021 @02:05PM (#27740402)
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.
Re:FINRA Orders Record Financial Penalties Against Robinhood by bryan_w on Monday July 05, 2021 @03:10PM (#27740986)
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.

Re:FINRA Orders Record Financial Penalties Against Robinhood by ac29 on Monday July 05, 2021 @02:47PM (#27740772)
Front-running is illegal and is not why firms pay for order flow.
Re:FINRA Orders Record Financial Penalties Against Robinhood by fighterpilot on Tuesday July 06, 2021 @07:04AM (#27746696)
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.
Re:FINRA Orders Record Financial Penalties Against Robinhood by spaetzleesser on Monday July 05, 2021 @10:00AM (#27738078)
This is one of the things that bug me about modern tech companies. They often “disrupt” a market by not offering any meaningful customer support and can save a lot of money that way. It’s all smooth sailing when things go well but if you encounter a bug you are basically out of luck. See all the stories of people having their PayPal, Google or Amazon accounts shut down for unknown reason and there is nothing they can do to clear things up other than having friends in the company or having a large Twitter audience.
Re:FINRA Orders Record Financial Penalties Against Robinhood by bena on Monday July 05, 2021 @10:40AM (#27738466)
They often disrupt by either deliberately ignoring or just not being aware of the industry's edge cases.

AirBnb style rentals and ride-sharing are both slowly rediscovering exactly why the taxi and hotel industry operate the way they do.

Every single stupid rule has a story attached to it.