Meitav Trade Customers See Zero Balances in Trading Glitch
Translated & summarized from Calcalist by baba
Meitav Trade customers were alarmed to see zero balances in their accounts due to a technical display glitch, which the company stated did not affect funds or securities. The issue was resolved later the same morning.
The story in 4 lines · by baba
- Meitav Trade customers saw zero balances due to a technical glitch.
- The company assured funds and securities were unaffected.
- The trading system returned to normal operation.
- Other Israeli trading firms have had similar system issues.
Customers of Meitav Trade experienced alarm on Tuesday morning when they logged into the trading system to find their account balances or investment portfolios displayed as zero. The company quickly issued a statement clarifying that the issue was a technical display error, not a compromise of client funds or securities. The glitch reportedly occurred during a data update and reconciliation process conducted over the weekend.
Meitav Trade assured its clients that the problem was resolved and the system returned to normal operation later that morning. The company, which is Israel's largest brokerage firm by customer count, serves over 125,000 accounts as of April, having seen significant growth in its client base over the past year. In a message to customers, Meitav Trade apologized for the inconvenience, emphasizing that funds and securities remained unaffected and thanking them for their patience.
This incident is not isolated, as other Israeli trading firms have faced similar system malfunctions this year. In March, IBI Trade and Psagot Trade experienced outages that prevented tens of thousands of customers from accessing their accounts. Blink's trading app also experienced a temporary shutdown in June during the Wall Street opening.
