One week after TradeKing’s move to Ally.com, account transfer remains problematic

Maria Nikolova

Traders have issues logging in, using the new applications, and finding necessary forms for the account transfer.

As FinanceFeeds has reported, TradeKing instructed its customers for the move to ally.com during the May 6th – May 7th weekend. The week following those couple of days saw some additional work, with TradeKing officially becoming Ally Invest. While everything looked neat and tidy on the landing pages informing about the move, as well as on the new webpages of services like TradeKing Forex (now Ally Invest Forex) and TradeKing Advisors (now redirecting to Ally Invest Managed Portfolios), clients of TradeKing appear to be having hard time adapting to the changes.

Of course, one could hardly expect that an account transfer would happen swiftly, smoothly and without any issues whatsoever. And yet, one has to note the lack of elementary instructions or some icons or banners on ally.com providing information to confused (former) clients of TradeKing that are not aware of the new Twitter account or the special landing page they were supposed to bookmark. These TradeKing clients are now confused about where to find forms to fill and how to log in into the new application or to get access to Ally’s services.

There have been a dozen complaints on Ally Invest’s Twitter account by customers who have trouble logging in, using the new application (some are displeased with the functionalities of the app too), and making their way through the transfer procedure. The complaints are persistent, the last ones being from less than 24 hours ago.

US financial services provider Ally Financial Inc (NYSE:ALLY) agreed to acquire TradeKing more than a year ago, with the deal then valued at $275 million.

After the change, securities products and services are now offered through Ally Invest Securities LLC, whereas advisory products and services are offered now through Ally Invest Advisors, Inc. Forex products and services are offered through Ally Invest Forex LLC, an introducing broker to GAIN Capital Group. These Forex accounts are held and maintained at Gain.

The website of MB Trading, whose acquisition by TradeKing was announced in August 2015, now says that Ally Invest owns MB Trading.

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