Online brokerages went down for thousands of customers on Monday amid a global stock market selloff, according to an outage tracking site.
Almost 15,000 users reported issues with Charles Schwab at around 10 a.m., according to Downdetector, with customers citing problems with both the firm’s mobile and online brokerage. The company said in a statement that a “technical issue” meant “some clients may have difficulty logging in to Schwab platforms.”
“Please accept our apologies as our teams work to resolve the issue as quickly as possible,” the statement added. “Hold times may be longer than usual.”
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Over 3,700 users similarly reported issues with Fidelity while more than 2,800 flagged problems with Vanguard, according to Downdetector. Smaller outages were also reported at Robinhood.
“We are aware some customers experienced intermittent issues earlier today,” Fidelity told Bloomberg in a statement. “This is now resolved.” A Robinhood spokesperson told the outlet that the site was operational Monday. The Daily Beast has contacted Vanguard for comment.
Mounting fears of a U.S. recession sparked a worldwide selloff on Monday, with the Dow Jones Industrial Average plummeting over 1,000 points at the open. The S&P 500 and Nasdaq composite both fell by over 3 percent, while Japan’s Nikkei 225 slid 12.4 percent in its worst day since the Black Monday crash in 1987.
