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Charles Schwab Crashed Again, Adding to Investors’ Frustrations During a Market Meltdown [CNET]
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Tiffany Wendeln Connors is a senior editor for CNET Money with a focus on credit cards. Previously, she covered personal finance topics as a writer and editor at The Penny Hoarder. She is passionate about helping people make the best money decisions for themselves and their families. She graduated from Bowling Green State University with a bachelor’s degree in journalism and has been a writer and editor for publications including the New York Post, Women’s Running magazine and Soap Opera Digest. When she isn’t working, you can find her enjoying life in St. Petersburg, Florida, with her husband, daughter and a very needy dog.
Evan Zimmer has been writing about finance for years. After graduating with a journalism degree from SUNY Oswego, he wrote credit card content for Credit Card Insider (now Money Tips) before moving to ZDNET Finance to cover credit card, banking and blockchain news. He currently works with CNET Money to bring readers the most accurate and up-to-date financial information. Otherwise, you can find him reading, rock climbing, snowboarding and enjoying the outdoors.
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Multiple investment platforms, including Charles Schwab, Fidelity, Vanguard, Ameritrade, eTrade and Robinhood, reportedly went offline for a few hours beginning around 9 a.m. ET today. According to downdetector.com, the incident lasted about three hours, with nearly 15,000 issues reported for Charles Schwab, 3,500 for Fidelity, 3,000 for Vanguard and 2,000 for Ameritrade.
The outages that plagued several investing platforms seem to be over, based on the number of issues reported to downdetector.com. Charles Schwab took to X to announce, “A technical issue experienced by some clients has been resolved. We apologize for the inconvenience.”
We’ve reached out to Vanguard for comment on the incident and are awaiting a response.
During the outage, users could not access their accounts on their mobile apps or online, similar to a problem Charles Scwhab encountered in June when more than 5,800 users reported issues.
In a time of severe market volatility, a few hours can make a big difference to investors. Frenzied trading amid what is being called a stock market “meltdown” has followed a weak labor report on Friday, which caused Wall Street’s main indexes to tumble. With increased concerns worldwide about a severe economic downturn, there is speculation that the Federal Reserve might need to make a significant move, such as a larger interest rate cut at its September meeting or even an emergency cut sooner.
Written by
Tiffany Connors
Editor
Tiffany Wendeln Connors is a senior editor for CNET Money with a focus on credit cards. Previously, she covered personal finance topics as a writer and editor at The Penny Hoarder. She is passionate about helping people make the best money decisions for themselves and their families. She graduated from Bowling Green State University with a bachelor’s degree in journalism and has been a writer and editor for publications including the New York Post, Women’s Running magazine and Soap Opera Digest. When she isn’t working, you can find her enjoying life in St. Petersburg, Florida, with her husband, daughter and a very needy dog.
Written by
Evan Zimmer
Staff Writer
Evan Zimmer has been writing about finance for years. After graduating with a journalism degree from SUNY Oswego, he wrote credit card content for Credit Card Insider (now Money Tips) before moving to ZDNET Finance to cover credit card, banking and blockchain news. He currently works with CNET Money to bring readers the most accurate and up-to-date financial information. Otherwise, you can find him reading, rock climbing, snowboarding and enjoying the outdoors.
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