ComplaintsforZacks Investment Research, Inc.

• Initial Complaint

  09/14/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I am the Principal of a Registered Investment Advisor Firm and was looking for a company to help with research on investments for my practice. I found Zacks and signed up for a trial of the service to see if it would work. I couldn't not navigate the site or use it's potential, so I reached out to my contact, ******************* and he simply ignored me. I tried multiple times to get help to no avail. I asked **** for the contact information of his supervisor and he refused to give it to me. I ended up asking about 5 times for his supervisor's contact information and he never gave it to me. I need a service like Zacks, but need to know how to use it! I did everything I could to use their service, but cold get no help or responses. Before filing this complaint, I sent one final email to **** demanding his supervisor. I got a call this morning from Zacks and the man was belligerent and I didn't catch his name. He said he was ****'s direct report and he was rude, hateful, and when I asked for his name numerous times, he ignored the request for his name, then yelled at me, "We are not doing business with you!" then he hung up. I've never been treated so poorly in my life, I'm not sure why they don't want customers or why they pick and choose who to help, but they refuse to help, refuse to train, refuse to simply respond to an email, refuse to let you speak with management, then when they call, they yell at you, tell you they won't do business with you and hang up. I don't know where else to turn, so I'm filing a complaint in hopes that a member of senior management that actually cares will contact me and resolve the issue. Again, I need a service like theirs, but need to know how to use it and need to know they care about the customer.

  

  Business response

  09/27/2023

  To Whom It May ***************** wish this person the best. However, our understanding of the events is quite different than what he describes. This person did take a trial to an institutional product. But his assigned rep offered numerous training opportunities which were declined or never attended. A different rep was then assigned who reached out with training offers. But to no avail. On the day he wrote the complaint, he spoke with a manager. But it was an unproductive call. We regret this persons unfortunate experience. But it was an unfortunate experience on both ends. It should be noted that the trial was initiated in June. And has since long expired. The call he made to us in September, along with the complaint (more than 2 months after the trial had expired), is peculiar. We wish him the best.   

• Initial Complaint

  09/07/2023

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I signed up for a $1.00 trial version of the company's service.There was NOT a disclosure of automatic renewal in 30 days.As I understand commerce the company providing services are required to disclose an automatic renewal process and how to avoid that process.Zacks did NOT do this.

  

  Business response

  09/12/2023

  Dear Customer:

  Please be advised a ********************** representative cancelled and refunded your account on 9/06. Allow up **** days for the refund to appear on your credit card account. 

  I also want to share a couple of excerpts from our marketing pages that states customers will be charged $299 per month once their 30-day trial expires. See below:

  What happens after my 30-day Zacks Ultimate trial is over?

  You'll be notified at least seven days before your trial ends. You can choose to:
  Simply walk away and owe us nothing. We'll be sorry to see you go, but we mean it when we say beyond $1 there is no obligation.
  Let your Zacks Ultimate membership continue for only $299 per month.
  Join one or more of the individual portfolios.

  No obligation beyond $1. Cancel at any time or let your Zacks Ultimate membership continue for only $299 per month.

  Please also be aware the Zacks Ultimate membership included a satisfaction guarantee which allows you to cancel up to 90 days after your $1 trial is over and if the service has not exceeded your expectations, then your money will be refunded - including the $1 you paid for the trial.

  If you have additional questions or concerns, please contact our customer support staff Monday through Friday 10am EST to 6pm EST at ************************. 

  Thanks.

   

  Customer response

  09/12/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ********************

• Initial Complaint

  08/06/2023

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  On 6/15/2023, ZACKS, a US based investment firm stole my email address and passwords, phone number, user names and personal information was sold and publicly shared to online forums. These actions are totally reprehensible, and this is one of multiple complaints towards this investment research firm . This information was brought to my attention through the *** security App installed on my device.

  

  Business response

  08/08/2023

  To Whom It May ***************** take our protection of customer data seriously and we would never put our customer lists on the dark web. Unfortunately, we are not immune from the relentless attacks of cyber criminals, and we experienced a data breach. While no financial or credit card information was in any way compromised in the breach, customer data, such as names and e-mails, as well as some unencrypted passwords were compromised.  Given the nature of the breach, we provided notice to our customers in three ways, by e-mail, mail and our website. How a customer received notice could depend both on state-specific requirements and what information, if any, was accessed related to the customer. While most of the password information accessed was encrypted/protected, we have recommended that customers change their passwords on zacks.com and any other site where they use the same password. We have responded directly to this customer with more information including about his account. 

  Thanks.

  Customer response

  08/08/2023

   
  Complaint: 20429245
  
  I am rejecting this response because:Zacks has not contacted me in any form as to any kind of security breach. I dont even know who they are or what they do.
  
  Sincerely,
  
  ***********************

  

  Business response

  08/25/2023

  To Whom It May ***************** email regarding the data breach was sent to customer 6/14/23. Attached is a copy of the email communication. 

  Please also check spam folder if email was not delivered to primary inbox. 

  Thanks. 

• Initial Complaint

  06/30/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Leak of All my computer information to the dark web!

  

  Business response

  07/11/2023

  Dear Whom It Concerns:

  We take our protection of customer data seriously and we would never put our customer lists on the dark web. Unfortunately, we are not immune from the relentless attacks of cyber criminals, and we experienced a data breach. While no financial or credit card information was in any way compromised in the breach, customer data, such as names and e-mails, as well as some unencrypted passwords were compromised.  Given the nature of the breach,we provided notice to our customers in three ways, by e-mail, mail and our website. How a customer received notice could depend both on state-specific requirements and what information, if any, was accessed related to the customer. While most of the password information accessed was encrypted/protected, we have recommended that customers change their passwords on zacks.com and any other site where they use the same password. We have responded directly to this customer with more information including about his account. 

  Thanks. 

• Initial Complaint

  04/24/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I agreed for the $1.00 charge but never agreed to the monthly subscription. I never used any of it nor did Iknow I wasbeingcharged $299 a month for four months until I reviewed charges on my credit card for the *** report and found it. I complained to my credit card company and they responded that since I did not complain within 60 days ***** would not refund my money. Of course, they overwhelm you once your email is theirs but at no time did I agree for a further subscription or these charges. Those months of illegal charges should be returned if **** wants to do right

  

  Business response

  05/03/2023

  On 4/1/2022, the customer took a ****** trial for $1. On the order page it was explained the person could cancel at any time within that 30 day period.Otherwise, it would be renewed into a $299 monthly subscription. That was conveyed in the confirmation as well. And in the emails prior to the $299 renewal. It also states that the person can cancel at any time within the first 90 days and get a full refund. After month 4, on 9/2022, the subscription did not renew. The customer opened the majority of emails during his subscription,including the failure to renew email in September 2022. However, more than 12 months after the initial trial and 8 months after the subscription ended, and without any prior emails or calls from the customer requesting to cancel or asking for a refund, we were notified of the BBB complaint. As the customer writes, he contacted his credit card company and they acknowledged that too much time had elapsed for a refund. We have a very generous and easy to use refund policy. But this is all happening 1 year after the start of the trial,and 8 months after the end of the subscription without any refund or cancellation request ever being made.
  
  Nonetheless,we have since refunded customer.

• Initial Complaint

  02/23/2023

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I purchased software from ZACKS.com on Jan 30, 2023 in the amount of $2495. There is a 90 day return policy. I have contacted the person responsible for billing/refunding named Tyler Tigges but they have not returned my calls. I spoke to a customer svc rep Jack DeRose who then sent me an email claiming my refund would be processed but I have yet to receive it.I was told by DeRose that he would contact a manager who would contact me named John Schaeffer (sp). He has not responded.My request is within the 90 days.I have not even used the software as it does not perform the operations it claims properly. I am disabled on a fixed income. This is unacceptable. I tried to contact them on their facebook page and got no response. The telephone number on their facebook page is out of service. I need help. This company owes me a refund. Tyler Tigges the one responsible for issuing the credit called the salesman who sold me the software named David Bright. Bright called me very angry when he found out I was cancelling/requesting refund. Why didn't Tigges contact me, yet he contacted the salesman.These people have only been responsive when selling or attempting to upsell me (in this case $8,000) but they disappear when I attempt to get my email. I have screen shots of facebook page, the email from DeRose stating my refund will be issued. Please help ******* ******* 

  

  Business response

  02/28/2023

  We reached out to this customer and refunded his purchase. This was an unfortunate misunderstanding. And miscommunication. We explained to the customer that the product purchased did not have a 90-day return policy, but instead a performance warranty. The customer was shown that the program did work properly. Nonetheless, it was clear the customer was not interested in using the program so we happily refunded it.

  Customer response

  02/28/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID 19453795, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  * *******

• Initial Complaint

  02/14/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I signed up for a $1 monthly trial which came with the option to cancel anytime before the end of the 30 day period. I signed up on 1/15/2023, and have been trying to cancel my subscription before the deadline so that i am not charged a $299 monthly subscription fee. This company has a website with a link to cancel my subscription, however it doesnt link to a place to cancel; rather, it is a continuous loop that asks for payment information. I have emailed to try to cancel, and my messages have not been returned, nor has a confirmation of my cancellation been issued as of today, 2/14/23. I have wasted considerable time trying to get this issue resolved before I am charged and fall into the same trap others have apparently been stuck with. I believe this company is deliberately attempting to mislead people with the $1 trial deal with no clear or easy way to cancel before the deadline so they can continue to charge for their monthly service. It looks like I am going to have to put a stop on my credit card to avoid being charged tomorrow.

  

  Business response

  02/16/2023

  Dear *****************:

  Our records indicate you contacted on support team overnight 2/15/23. A refund was processed the next day.

  If you require additional assistance, please contact our support team Monday through Friday 10am-6pm at ************************. 

  Thank you.

• Initial Complaint

  09/28/2022

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I signed up for the $1 deal to get investment advice from Zacks. I now discovered they have been charging me $299 USD a month since jan 2021. They flood your emails so the subscription email is buried forever. No receipts sent by emails. I find it very deceptive, unfair and to be blunt a scam. Consulting with law firm as this seems to be a trend based on other complaints on this page. Serious issue with their consenting process and marketing schemes

  

  Business response

  10/05/2022

  Dear ***********************:

  One of our dedicated rep reached out to you. It is my understanding this matter was addressed to your satisfaction.

  If you have additional questions, please feel free to contact us Monday through Friday 10am to 6pm EST at ************************. 

  Thanks.

  Customer response

  10/10/2022

   
  Complaint: 18141920
  
  I am rejecting this response because: they are only offering half a refund and Im still at $3000 USD loss

  I never used their service, I feel deceived and its a lot of money that I lost total $6000 USD for a service I never used

  The company rep said they would talk to management to see if they can refund me

  
  Sincerely,
  
  ***********************

  

  Business response

  10/19/2022

  We have been in contact with *******************
  
  We have agreed to refund his full subscription.
  
  The customer is happy with this resolution.
  
  We would like to note that before a person signs up, our 90-day money-back-guarantee is fully disclosed, along with our full-year,money-back performance guarantee. It also clearly states on the sign-up page that the subscription will automatically renew after the 30-day trial, but that the user could cancel at any time prior to that and not be charged. We also send emails prior to the first renewal, letting the user know they will be charged,but that they could cancel and not be charged. Additionally, an email is sent before the subsequent renewal, once again, letting the user know they will be charged, and that they could cancel at any time and no longer be charged.Moreover, every Zacks charge is identified as such on a persons credit card statement.
  
  But we understand people get busy, and things can get overlooked.
  
  We are glad the customer is happy with this resolution.
  
  Thanks.
  

  Customer response

  10/26/2022

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ***********************

• Initial Complaint

  07/19/2022

  Complaint Type:

  Delivery Issues

  Status:

  Answered

  More info

  On June 16, I purchased the Zacks Method For Training Home Study Course for $51.96 USD. It includes screening tools, investment tools/information and a free hardcover book titled Finding #1 Stocks. None of this has arrived, I have sent two emails to the customer support email by which I was told I would get a reply within 24 hours. There has been no reply. I eventually got a hold of someone from customer service by calling in, I was given an email belonging to someone in charge of the correct department to help me out; ********************************** I described my issue in the email and also left a message for him on the phone number I was also provided, still no reply. Im a loyal customer and have been patient and respectful but am fed up now. It has now been 1 month!

  

  Business response

  07/21/2022

  Dear ***************************:

  I've requested the account supervisor for Zacks' Method for Trading to reach out to you today. The video series, workbook, Top 10 Screening Strategies Booklet and Top 5 Valuations Guide all should have been delivered to you via email. Please check your spam folder. The hardcover book Finding #1 Stock is distributed by our publisher. But unfortunately we do not have tracking codes for ******** addresses. Nonetheless, I have asked the team to send a new copy immediately via a parcel delivery company. Striving to resolve this issue as soon as possible. 

  Thanks. 

• Initial Complaint

  04/28/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Like others, I was victim to Zacks 'negative options' subscription model. As a result, I have spent countless hours and over two months trying to resolve the issue with both the Zacks' representative and my credit card company but, to date, am still out $897.00 for a service I never utilized, let alone realized I had been signed up for. To find out how this could have happened without my knowledge, I was instructed to sift through some of the ***** emails Zacks had sent me over the past year (all of which had been filtered to my spam folder, because indeed that is what they were). Even then, I couldn't determine the specifics-- including the exorbitant monthly fees, or any confirmation of my informed consent--of what I was being automatically enrolled in. What is now evident is that ****** goal was to make the details appear anything less than 'clear and conspicuous' in an effort to lure unwitting lay people into an expensive, and as the representative noted, 'targeted for professionals', service. While Zacks did agree to refund some of the fees, they refused to refund them in total despite their highly advertised "100% refund guarantee", which, of course, included small print disclaimers (conditioned upon the subscriber knowing what it was they were actually subscribed to in the first place).

  

  Business response

  05/05/2022

  Dear *********************:

  Please be advised you signed up for a trial offer to our Zacks Ultimate product. This offer includes a $299 recurring monthly charge if a customer continues beyond the ****** trial. The following information was stated as part of the sign-up process when you took advantage of Zacks Ultimate subscription:

  You'll be notified at least seven days before your trial ends. You can choose to:

  1. Simply walk away and owe us nothing. We'll be sorry to see you go, but we mean it when we say beyond $1 there is no obligation.

  2. Let your Zacks Ultimate membership continue for only $299 per month.

  3. Join one or more of the individual portfolios.

  The Zacks Ultimate subscription also includes a satisfaction guarantee which states you may cancel up to 90 days after your $1 trial is over and if the service has not exceeded your expectations, then your money will be refunded - including the $1 you paid for the trial.

  We honored your request for a refund beyond 90 days and refunded you for several recurring monthly charges totaling $1794. In addition, your credit card company charged back an additional $598. The $1794 refunded by Zacks and the $598 ($299 x 2) charge your credit card company reversed totals $2392 in reimbursement. 

  We believe these combined efforts concludes this matter.

  If you have additional questions, please free to contact our customer service department Monday through Friday between 10am and 6pm EST at *****************************. 

  Thanks, 

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩