Hi all, I just wanted to share a recent bad experience I had with OptionsHouse and encourage all of you to watch out when dealing with any financial services firm, they are not on your side.
I opened a Roth IRA with OptionsHouse two years ago while I was still in college and put some money I made from internships into it ($5.5k per year for 2 years).
After graduating college I took up employment at a market maker/ trading firm and was required to disclose all of my brokerage accounts to the firm. I put down my OptionsHouse account number and thought nothing of it as I never really traded in the account anyways.
4 months later I get a margin call in my Roth and start freaking out. I don't trade on margin and was only long stock in the account. I call them up and it turns out I owe them money for a market data subscription for being a "professional". Note that i never was notified that I was being charged for market data and that I never even contacted them and told them I was a professional (my employer just requested statements from them). They literally just started charging me based on no direct interaction between me and OptionsHouse. I informed the guy I spoke to on the phone that this was the case and he said he'll call me back later that day to resolve the issue. That was 2 weeks ago and I never received a call so I was forced to liquidate a position for no reason. It turns out that they had silently withdrawn $150 a month from my account ever since I joined, totalling $600 in a $13k account that I rarely used. After dealing with the margin call, I reached out to them to first cancel the market data subscription and then later to ask for a refund. Two weeks have passed and I haven't yet received any kind of response from them.
Be wary, these guys won't act ethically if they don't have too.
Submitted January 13, 2016 at 06:15PM by metsessed http://ift.tt/1Oj3fvn
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