Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. 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.

• Initial Complaint

  Date:03/10/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On February 24 2023, I tried to transfer cash from to my ************ account from my Sofi Invest account. I got an error saying "unknown error" on mobile, so I re-attempted the transfer on desktop and got the same error message. I immediately called Sofi and was told I had to wait till Monday, February 27 to talk to someone about this issue. When I contacted **** and February 27 and 28th 2023, they told me my account is restricted by their clearing agent, Apex Clearing, and I'm unable to withdraw. Apex Clearing has no way to contact them, they only operate as a clearing agent for Sofi Invest, among other brokerages. I was never notified of any restriction placed on my account. To have Apex Clearing restrict my account without warning, not be able to invest or withdraw my cash, and not even be given a timeline for resolution is completely unacceptable and negligent. This issue needs to be fixed as soon as possible. I have never touched these funds since depositing, they are settled cash, ready to be withdrawn. Despite repeated phone calls and live chats with Sofi to remove the restrictions on my account and access my cash (no direct way for retail customers to contact Apex), Apex has yet to remove my account restrictions. **** has repeatedly been in contact with Apex and have asked them to remove the restrictions several times as they have confirmed my identity. I even provided them with a copy of my driver's license and bank statement to further prove my identity.This is illegal and unacceptable to have a clearing agent holding my cash and restricting all investing and withdrawal activity. This puts Apex Clearing in direct violation of rules and regulations from several regulatory bodies: CFPB, CFTC, FCRA, SEC and OCC among others. Reports will be filed with all regulatory bodies to help prevent others from being abused by this institution in the future. Sofi Invest Account # ********

  Business Response

  Date: 04/04/2023

  Dear *************************,
  Apex Clearing Corporation (Apex) is in receipt of a copy of your submission to the Better Business
  Bureau (BBB) dated March 13, 2023, regarding your brokerage account with SoFi. In your submission to
  the BBB, you allege that you contacted SoFi requesting to withdraw funds from your investment account
  into your savings account and they told you that Apex placed a restriction on your account.
  Please note, Apex is a company that merely provides clearing services to brokerage firms (called
  introducing brokers) like SoFi. We only accept account instructions from introducing brokers. For
  some brokerage firms, it is impractical to take on the back-office burden of keeping customer funds and
  securities, executing trades on national exchanges, or generating daily confirmations or monthly
  statements for customers. To avoid the administrative burdens imposed by those back-office tasks,
  firms like SoFi contract with clearing firms like Apex to perform the ministerial functions described
  above. The relationship between Apex and SoFi is contractual, nothing more. Sofi and Apex are
  separate, non-affiliated entities.
  We conducted an extensive review of your account, and our records indicate that as of March 13, 2023
  there are no restrictions on your account. We recommend that you contact Sofi directly for additional
  details as we do not accept instructions from their clients.
  If you have any further questions regarding this matter, please contact our ************** team at
  bdwacct@apexclearing or ************, or our ********************* at
  *********************************************.
  Sincerely,
  Apex *********************
  Cc: FINRA

• Initial Complaint

  Date:03/07/2023

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  When the Bumped app shutdown all of my funds were transferred to Apex. I have been reaching out to them for over 2 months via email and via phone. I've never received a response. I get emails about statements but have no way to setup my account to access them because I've only ever received the last 4 digits of the account number. They say they'll return your call within the day at the latest the next day when leaving a voice message. This is extremely frustrating.... I just want to remove my funds and never deal with Apex again. I didn't choose to put my funds here they were transferred here by default. Absolutely terrible to deal with...

  Business Response

  Date: 04/13/2023

  April 13, 2023
  
  *******************
  17719 *************************
  ************, **  43522              
  
  Re: BBB Matter No. 91720242:Complaint/Apex Response
  
  Dear *******************,
  
  Apex Clearing Corporation (Apex)is in receipt of a copy of your submission to the BBB dated March 8, 2023,regarding your brokerage account with **************** LLC (Bumped).  In your submission to the BBB, you allege that you contacted Apex and requested that your Bumped account be liquidated but have not received a response back from Apex.
  
  Our records indicate that Bumped withdrew its registration with FINRA and left this account orphaned at Apex along with many other accounts of that broker.
  
  In addition, our ************** BDW team received your correspondence and responded to you directly via email on February 9, 2023, March 9, 2023, and March 20, 2023, providing you with instruction on how to retrieve your account number, create a login on Apexs website as well as instruction on how to close your Bumped account.
  
  To liquidate your account, you will need to submit a completed Check Request form, a signed Letter of Instruction to sell your assets, and a government issued Photo-ID (i.e Drivers License).
  
  If you have any further questions regarding this matter, please contact our ************** BDW team at bdwacct@apexclearing or ************, or our ********************* at *********************************************.
  
  Sincerely,
  
  Apex *********************
  
  Cc: FINRA, BBB

• Initial Complaint

  Date:03/07/2023

  Type:Delivery Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I was told i had an account in my name with apex clearing i never opened a account and i can't reach anyone...

  Customer Answer

  Date: 03/22/2023

  Hello how many time you going change the date i need this matter resolved **** thankyou

• Initial Complaint

  Date:03/02/2023

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I utilize apex clearing as the clearing house for multiple brokerage accounts. Since it is tax time I need to complete my documentation with tradelog software that reviews all of my trades. However, in order to do this I need to sign into my account with Apex Clearing. Unfortunately my account is locked. I tried to reset my password and no password email is generated. I filed multiple support requests on their email and no one has contacted me. I emailed their support service and received an automated response but again, no one has contacted me to help. I have left a voice message with their customer support phone line every day for the past month and NO ONE has returned my call. This is absolutely ridiculous. I just want to sign into my account.
  

  Business Response

  Date: 03/21/2023

  Business Response /* (1000, 5, 2023/03/07) */
  Apex Clearing will respond directly to the customer.

• Initial Complaint

  Date:02/20/2023

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  The full return of my ***** from apex or **********.

  Business Response

  Date: 03/06/2023

  Apex Clearing will respond directly to the customer.

  Customer Answer

  Date: 04/13/2023

  They are telling me they arent connected to apex the only form of communication is through the ********** investing app

  Help would be greatly appreciated Ive been trying to get around 20k back for months

   

  Customer Answer

  Date: 04/20/2023

  This company scammed me out of two payments that were reversed one of $5,999 and one of $5,555 and they have made no effort to refund me. I need Help this business is stealing money from people.

  Customer Answer

  Date: 04/26/2023

  I did not reject the companys offer they never sent me any form or offer. I have had ***** and ***** dollars stolen from me directly by this business. Please help

• Initial Complaint

  Date:02/15/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I am trying to access my account that was automatically created when I closed my ********* account. They directed me to Apex Clearning house and my account number. The website says an account already exists, but I am unable to access it. I have tried emailing and calling and have not heard back. I need my tax documents ASAP.
  

  Business Response

  Date: 03/21/2023

  Business Response /* (1000, 6, 2023/02/28) */
  Apex Clearing will respond directly to the customer.

• Initial Complaint

  Date:02/10/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Twofold. While my brokerage account(2) were closed in December 2022, I still need 1099 - Forms to file taxes. While I can wait on those, one of the custodial accounts (my grandson's) had tax withholding that needs to be refunded. When I attempted to access his account with his Social# and Acct.#, I get a message they do not match. I can access the other two accounts using Social# and Acct.#. My concern is 1) Getting the tax documents and 2) Having the correct SS# on file.
  
  Complaint: Help is via chat only and they consistently post a reply "Our usual reply time under 5 hours" On a chat???
  

  Business Response

  Date: 03/21/2023

  Business Response /* (1000, 7, 2023/03/07) */
  Apex Clearing will respond directly to the customer.

• Initial Complaint

  Date:01/21/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I received 6 envelopes at the same time from Apex clearing on behalf of **** all because of a simple address change I made in the app. 6 LETTERS! FOR AN ADDRESS CHANGE. They all said the same thing. How incredibly wasteful and environmentally irresponsible. Do they just enjoy killing trees and wasting their own money? Like f off for real get with the digital age.

  Business Response

  Date: 03/10/2023

  Business Response /* (1000, 5, 2023/01/31) */
  Apex Clearing **** respond directly to the customer.
  
  
  Consumer Response /* (3000, 7, 2023/02/01) */
  (The consumer indicated he/she DID NOT accept the response from the business.)
  This is not a sufficient answer. So you agree you are contributing to climate change by being so incredibly wasteful if you stick by this ridiculous practice? Why do 2 copies need to be mailed out with a half a paragraph on each letter to my new address and my old address? I dont live at the old address thats why i made the change morons. So you send peoples' mail to someone elses house revealing their new address? This is the digital age where everyone has access to internet and email. Stop this archaic, iditotic practice at once or I will start a movement against **** to drop your goofy *****. GOOD DAY

• Initial Complaint

  Date:12/22/2022

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  An account has been opened under my name without my authorization. I have tried to cancel the account but small trades are still being made.
  

  Business Response

  Date: 03/23/2023

  Business Response /* (1000, 5, 2023/01/04) */
  Apex Clearing will respond directly to the customer.

• Initial Complaint

  Date:12/21/2022

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I kept receiving mail from a company called ***** which I have nothing to do with so I kept throwing them away. After the fourth one I'd say I opened it and it has all the stuff saying that I have an account with them. That I had an opening balance of $17.02 and then I have a closing balance of $9.02 which I have no financial dealings with these people at all! I called ***** first, and they immediately asked me for my Social Security number, and I refused. I also reported them to you the Better Business Bureau. Then I called Apex clearing which has two different addresses and three different phone numbers. That told me I had to deal with *****. I informed the person that I was talking to that they had several complaints for fraud and stealing peoples money. Like they're complete life savings and then I would be reporting Apex clearing to you the BBB also. I'm going to send you page one and what I have written on it. The other nine pages are in the other complaint with ***** in New York, NY at the BBB.
  This guy told me that I must've opened an account with *****. Which I NEVER did. I don't know HOW they got my information but I know my next step is calling the bank!
  

  Business Response

  Date: 03/21/2023

  Business Response /* (1000, 7, 2023/01/12) */
  Apex Clearing will respond directly to the customer.
  
  
  Consumer Response /* (3000, 9, 2023/01/13) */
  (The consumer indicated he/she DID NOT accept the response from the business.)
  I've found several emails from this same company. Also sending additional things via USPS. I've read several derogatory reviews about this company stealing people's life savings. I don't want them to contact me in any shape or form.