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:04/12/2023

  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.

  I have a email from this company stating a refund would be available to me for 3000.00 on June of 2022. I have been calling and calling and calling. I have not been able to come to a resolution as of yet. I spoke with L, and he indicated that I would have to wait till 2024 to receive my refund. I asked for a refund by email within my 90 day window, and got no resolution.

  Business Response

  Date: 04/13/2023

   Thank you for your feedback.  Please let me provide
  some clarification that will prove to be helpful.  On 3/23/22, you
  purchased lifetime access to the SUPER TRADER for $3000.  The program was
  accompanied by two separate, distinct guarantees.  The first of which was
  our 90 day, pro-rated satisfaction guarantee.  This guarantee allowed you
  to evaluate the program for the initial 90 day period.  Once the 90 day
  period has concluded, we provided a 14 day window thereafter to request a
  pro-rated refund.  The guarantee reads as follows:  “ Your
  order comes with our 90-day satisfaction guarantee. This means that you are
  committed to the first 90 days of the service and after day 91 you will have
  the following options: you may transfer your remaining credit towards another
  service OR you may opt out and be refunded on the remaining unused portion. All
  you must do is notify SIR within 14 days after day 91 to request a refund. Your
  order is otherwise non-refundable.”  Although you requested a
  refund multiple times prior to the proper refund window, you were instructed
  that you must wait until the 90 day evaluation period is over before you may
  request a refund.  For example, on 5/10/22, your Account Representative
  reiterated your proper refund window of 6/23/22 – 7/7/22.  We never received
  a refund request within the proper timeframe, therefore, we never provided a
  refund under the terms of the 90 day, pro-rated satisfaction guarantee. 
  The second guarantee is a full money-back performance guarantee.  We
  guarantee to deliver a minimum of 100 recommendations, over the initial 24
  month period, that result in 100% or more gains.  If we fail to meet this
  lofty benchmark, you may request a refund in the 14 day window following the
  completion of your initial 24 month term.  The second guarantee reads as
  follows:  “Your subscription fee is fully refundable after 24 months if
  this service has not delivered 100 winning trades of +100% or more over that
  24-month period, as calculated by Schaeffer's Investment Research using our
  normal performance tracking methodology. This special guaranteed offer is only
  available to new subscribers and applies only to the first 24 months of your
  subscription. Subscribers must contact Schaeffer's Investment Research within
  the first 14 days after the initial 24-month period to request a refund. Due to
  the exclusive nature of our subscription services, your subscription fee is
  otherwise non-refundable.”   As you can see, your subscription is
  ineligible for a refund at this point in time.  As our Customer Experience
  Manager Landon W********* reinforced, you must wait until the initial 24 months
  are over before you may request an audit for us to determine whether or not we
  met the appropriate benchmark.  While we are confident we will exceed the
  performance benchmark, if we fail to achieve it, we will refund your
  subscription fee in full at that point in time.

  Customer Answer

  Date: 04/13/2023

  Better Business Bureau:
  
  
  
  I have reviewed the response made by the business in reference to complaint ** ********* and have determined that this does not resolve my complaint.  For your reference, reasons for rejection are included below.
  
  
  Regards,
  
  
  
  ********* ***
  

• Initial Complaint

  Date:04/11/2023

  Type:Sales and Advertising Issues
  Status:

  ResolvedMore 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 called them because of an email I received on 4/10/23 with an my email as a user name and a password for an account I supposedly setup. I told them I did not set one up. They said they deal will a lot of brokers and sent me a free 30 trial for their services. Then the offered me a years subscription or a lifetime the year was $9.95 lifetime was $19.95. They never said one thousand nine hundred ninety five dollars. The lifetime was transferrable to someone if I chose to due so. I agreed to $19.95. Then I got an email confirmation ask me to confirm my order for $1995.00. I called them to cancel it immediately and they refused saying they had recorded saying one thousand nine hundred ninety five dollars and I would have to take it up with my credit card company. I am doing that. I would never have agreed to one thousand nine hundred ninety five dollars. We are on fixed income and cannot afford it. I did not confirm the subscription online, I closed it without responding. Then I got an email thanking me for the confirmation.
  
  I am uploading the email I copied into Word and my reponse.

  Business Response

  Date: 04/12/2023

  Thank you for your feedback.  We apologize for the
  misunderstanding.  We have granted an exception in your
  situation.  The charge in question has been refunded in full.  At Schaeffer's Investments, we strive to provide the best possible customer experience.  If we ever fall short, we make our best effort to rectify the matter immediately.

  Customer Answer

  Date: 04/12/2023

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

• Initial Complaint

  Date:03/27/2023

  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.

  This stock options trading service was recommended to me and I did everything I could to work with them.
  I have contacted them repeatedly to receive a refund. I was under the impression that I had 24 months in which to do that. This guarantee was misrepresented. There was no impression made on the 14 days' guarantee.
  
  Your subscription fee is fully refundable after 24 months if this service has not delivered 100 winning trades of +100% or more over that 24-month period, as calculated by Schaeffer's Investment Research using our normal performance tracking methodology. This special guarantee offer is only available to new subscribers and applies only to the first 24 months of your subscription. Subscribers must contact Schaeffer's Investment Research within the first 14 days after the initial 24-month period to request a refund. Due to the exclusive nature of our subscription services, your subscription fee is otherwise non-refundable.
  
  I don't understand the 'performance tracking methodology but was told that it was only on the trades I made. As a matter of fact, I have lost at least as much as the subscription price since I started. Many of the close recommendations say 'We recommend exiting to preserve capital.' which is a nice way of saying we lost our shirt. I ignore most of their suggestions since they suggest a 'call' when it should be a 'put' and visa versa. Surprisingly their verticals, strangles and straddles do no better. In total I have paid $13489 since 5/11/22 and expect a full refund based on their inability to perform as advertised or even as could be expected. Please contact them for a full refund. My detailed transactions are as follows:
  
  5/31/22 Weekly options Alert $995
  5/26/22 Weekly Options Alert $1495
  5/25/22 Scheaffers Investment $4500 have email rcpt
  5/11/22 Schaeffers Investment $3999
  6/14/22 Schaeffers Investment $2500 have email rcpt
  
  Based on these payments I was told that I have them for life, but I don't want them anymore.

  Business Response

  Date: 03/28/2023

  Thank you for your feedback.  Please allow me to
  clarify a few important points.  All of your programs are set up on
  lifetime status and covered under our full money-back performance
  guarantee.  Our performance guarantee states:
  
  “Your subscription fee is fully refundable after
  24 months if this service has not delivered 100 winning trades of +100% or more
  over that 24-month period, as calculated by Schaeffer's Investment Research
  using our normal performance tracking methodology. This special guarantee offer
  is only available to new subscribers and applies only to the first 24 months of
  your subscription. Subscribers must contact Schaeffer's Investment Research
  within the first 14 days after the initial 24-month period to request a refund.
  Due to the exclusive nature of our subscription services, your subscription fee
  is otherwise non-refundable.”
  
  In terms of performance tracking methodology,
  it’s based off the recommendations delivered to you, not whether or not you
  actually participated in the recommendations.  If we fail to meet the benchmark
  of delivering a minimum of 100 recommendations that result in 100% or more
  gains over the initial 24 months, then we will gladly refund your subscription
  fees in-full.   The main issue at hand is that we must wait out the
  initial 24 month term in order to determine if we met the appropriate benchmarks. 
  Below are the proper refund request windows for each of your programs. 
  You may request an audit anytime within the selected windows below.  At
  that point in time, we will perform an audit to determine if we met the
  appropriate metrics :
  
  Super Trader -  5/10/24 – 5/24/24
  Weekend Professional -  5/24/24 – 6/4/24
  Expiration Week Countdown Plus – 6/13/24 – 6/27/24
     
  
  As you can see, we are unable to honor your refund request
  at this point in time. 
  

  Customer Answer

  Date: 03/28/2023

  Better Business Bureau:
  
  
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint.  For your reference, reasons for rejection are included below.

  As I stated, I do not know anything about your 'performance guarantee'.  That can be twisted to meet anyone's desire since there are so many trades.  What I need at this time is all of the trades up to this point and their losses and gains so that I can verify them.  There seems to be complete confusion by the members of your team, once I was told I would receive a refund (check recording of my 1/4 conversation).  In another I was told that they were only the trades I made.  I am sure that you have a record of the times I called there and can check the recordings.  If you cannot confirm or refute my claims you have my word.

  Without having you provide these items I cannot agree with your vague reasoning.

  Regards,
  
  
  
  **** ******
  
  

  Business Response

  Date: 04/06/2023

  The full money-back, performance guarantee was communicated
  to the client on the phone, at the point of sale, on 5/10/22, 5/24/22 and
  6/13/22, as well as in writing.  I can assure you we have no desire to
  “twist” or manipulate the results in any way.  In terms of trade volume,
  the SUPER TRADER provides about 40 recommendations per month or approximately
  960 recommendations over the course of the initial 24 months.  The WEEKEND
  PROFESSIONAL program provides about 24 recommendations per month or approximately
  576 recommendations over the course of the initial 24 months.  The
  EXPIRATION WEEK COUNTDOWN PLUS program only provides 6 recommendations per
  month or 144 recommendations over the course of the initial 24 months.  As
  you can see, depending on the program, the burden of achieving 100 trades,
  resulting in 100% or greater gains, is a rather significant undertaking on our
  part.  Just to reiterate, the performance guarantee only applies to
  recommendations delivered.  There is no burden of proof required by our clients
  to illustrate whether or not they actually participated in the trades.
  

  Customer Answer

  Date: 04/11/2023

  Better Business Bureau:
  
  
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint.  For your reference, reasons for rejection are included below.
  
  
  Regards,
  
  
  
  **** ******

   

  Again, I need to understand what makes up this performance guarantee.  The only way that is possible it to analyze each trade and assume that the customer  executed these precisely at the time of the notifications.  My experience with the trades is that they have only reduced my initial investments.  I know that in a large part to see the actual losses and the statement '...to preserve capital...".  In short, this has turned out to be extremely disappointing.   My brother expressed how 'great' this service was but I did not experience that after I purchased the SUPER TRADER.  This set of tools were are advertised at generating superior income which is false advertising.  This 24 month performance guarantee is also misleading.  I understanding that this meant the performance experienced by the customer.  I certainly am choosing recommendations by looking at charts and such and therefore am not making every trade.

  Business Response

  Date: 04/13/2023

  Our performance guarantee is rather simple, we guarantee to
  deliver a minimum of 100 recommendations, over the initial 24 month period,
  that result in 100% or more gains.  If we fail to meet this lofty
  benchmark, we must provide a refund in full.  The guarantee reads as
  follows:  “Your subscription fee is fully refundable after 24 months if
  this service has not delivered 100 winning trades of +100% or more over that
  24-month period, as calculated by Schaeffer's Investment Research using our
  normal performance tracking methodology. This special guaranteed offer is only
  available to new subscribers and applies only to the first 24 months of your
  subscription. Subscribers must contact Schaeffer's Investment Research within
  the first 14 days after the initial 24-month period to request a refund. Due to
  the exclusive nature of our subscription services, your subscription fee is
  otherwise non-refundable.”  Let me be clear, at Schaeffer’s
  Investments, we never assume anything.  Our performance guarantee doesn’t
  contain any stipulation that a client must trade the service throughout the
  initial 24 months.  Clients aren’t required to take any or all the trades
  for that matter.  We put the burden on ourselves.  Our focus is
  solely on our ability to DELIVER at least 100 money-doubling recommendations
  for our clients’ benefit.  As you brother correctly pointed out, the SUPER
  TRADER is a dynamic tool that will help generate consistent, meaningful
  profits. We are confident that you will share a similar perspective in the course
  of time.     

  Customer Answer

  Date: 04/19/2023

  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. 
  
  
  
  Regards,

   

  I am still not happy in not knowing what their 'performance guarantee' is but they strongly are not moving from their initial stance.  If after 24 months they do not provide satisfactory documentation I will be communicating through the BBB again.  And mind you, it may be better to pay me back if Schaeffer does not expect to provide clear and detailed communications to me.  Thank you for your help in this matter.
  
  
  
  **** ******
  
  

  Customer Answer

  Date: 08/05/2024

  
  
  
  
  Complaints.  I submitted this in April of 2023.  The vendor , Schaeffers, promised to fulfill the advertised items in a year.  The code doesn't work by stating it was too old.  I take it that you folks did not follow up or that Schaeffer's did not get back with you.  Please move forward with these complaints.
  
   

  Business Response

  Date: 08/05/2024

  I'm sorry but we do not understand the reference to the code.  Please elaborate.  We do not show any unfulfilled items for this account.

• Initial Complaint

  Date:02/19/2023

  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'm an 83 year old retiree caring for my 86 year old wife who has dementia. We live on a limited fixed income. I never applied for investment advise from "Burnie Schaffer". Suddenly, out of no where we began to be deluged with E-mails from him. I sent an E-mail asking who paid for his services---it was not me. Now I will have to monitor all our credit card transactions carefully watching for any fraudulent charges. Bernie is an SOB who doesn't have he decency to respond to my E-mail requesting payment history. Because of my excellent credit rating I have been a victim of personal information theft in the past. Please do what you can to stop any further E-mails from this idiot.
  Thank you,
  *** ***** ******

  Business Response

  Date: 02/22/2023

  RE:  Complaint ID # ********
  
  
  Thank you for your feedback.  I’m sorry but
  we didn’t have the ability to respond to your email prior since we never
  received your original payment history request.  After reviewing your
  account, I can verify we never received payment of any kind.  The only
  subscription on your account was a complimentary 90 day trial to our
  Schaeffer’s Daily Bulletin.  The free trial was set to automatically
  expire on 5/2/23.  Clearly, you do not wish to receive any future emails
  from our organization.  I have deleted your account from our database per
  your request. 
  

• Initial Complaint

  Date:02/18/2023

  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 signed up for a promo offer on January 20 $15 for one month of one of their services. I got a response that They were having trouble processing my credit card. I resubscribed and got 2 emails back, thanking me for subscribing - I then checked my credit card charges and saw that I was indeed charged twice once for the $15 promo and also $495 for some service I knew nothing about-I immediately sent them an email telling him I did not sign up for the $495 service whatever that was and please cancel that. I did not receive a response by mid morning so I contacted customer service and I was told that because I paid for it with a credit card it was not refundable. I found that pretty absurd since how else does anybody pay for anything online? The agent refused to take care of me, and I filed a complaint with my credit card company. I just received an email from ******** that the business has not responded still. I’m hoping you may be able to help me take care of this deceptive charge that should’ve been taken care of that morning. Thanks, ***** **********.

  Customer Answer

  Date: 03/01/2023

  i just logged into my account withn them .I am still receiving emails from my trial Subscription from them-the charge in dispute is for some lifetime service of theirs that had a $495 one time charge-I have multiple emails from them and the confirmatory email for the charge in question. The charge is listed on my credit card statement as from Schaeffers research with a contact number of ###-###-#### which is answered as Schaeffers..- So i am not really sure what they are talking about as to no record of me and the charge -Thanks.

  Customer Answer

  Date: 03/01/2023

  H My complaint is in regards to Schaeffer's investment research .They are at 5151 Pfeiffer rd, suite 450 Cincinnati with a phone number of ###-###-#### Thanks for your help

  Business Response

  Date: 03/03/2023

  RE:  Complaint ID #
  ********     
  
  Thank you for your feedback.  The $495 charge in
  question was for lifetime access to our OVERNIGHT TRADER program.  The
  $495 charge is not an erroneous transaction as you contend but rather a valid
  charge.  You indicated online that you agreed to the terms and conditions
  of the sale prior to the transaction.  The $495 subscription fee isn’t
  non-refundable due to using a credit card but rather non-refundable due to the
  terms and conditions stating the purchase is non-refundable.
  
  Below are the terms and conditions agreed to for your specific
  purchase:
  
  Please Note: Stock and Options involve
  risk. Prior to buying or selling an option, an investor must receive a copy of Characteristics and
  Risks of Standardized Options. Investors need a broker to trade
  options, and must meet suitability requirements. Due to the exclusive nature of
  Schaeffer's Investment Research's services, any applicable subscription fees
  are non-refundable.
  
  Since the charge in question is currently under an active
  dispute with your credit card provider, we must follow our internal protocols
  of communicating directly with your financial institution until the dispute has
  been resolved.
  
  

• Initial Complaint

  Date:01/30/2023

  Type:Sales and Advertising 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 had an initial service with the company that I liked and it was working fine for me. Then I attempted to make another purpose regarding an email promotion sent to my email. I made the purchase and then receive a phone call from **** who is over my account informing me that what I purchased did not fit my trading style. So after he explained I agreed, he then recommended a much more expensive program. I specifically asked if this program came with a stop loss, and he said yes. I feel now that I was just told anything to get my money. After the purchase was made I saw that the product did not have a stop loss. I am now aware that they don't offer services with that feature. I tried calling to inform **** that I want to go back to what I had because, without that stop-loss feature, I don't feel more comfortable. He immediately began to get aggressive and rushed me off the phone saying he had a meeting to attend and would call back.
  I am now feeling very uneasy with this company, **** never called back and I would like a refund. It seems like the company is giving me a hard time regarding a refund. No one wants to talk when you ask for a refund. I only had the service for 1 day. **** has terrible customer service skills, he's only interested if you are making a purchase he makes that obvious. Please do not have **** call my phone I do not want to talk to him. Thank you

  Business Response

  Date: 01/31/2023

  RE: Complaint ID # 1*******
  
  Thank you for your feedback.  I’m sorry to hear your
  experience failed to meet your expectations.  You are correct, very few of
  our programs overtly involve stop losses.  However, our Real-Time Alert
  programs, such as your Lightning Trader, are actively managed by our Trading
  Team.  When the Trading Team develops a recommendation, they will identify
  a host of catalysts they believe will influence the underlying stock’s
  movement.  Once those catalysts are no longer present, once the stock
  fails to behave as intended, in addition to a host of other factors such as
  stop losses, the position will be closed out to preserve capital.  As you
  can see, while stop losses are not specifically identified at the onset of the
  trade, they are very much incorporated in the overall management of the trade.
  
  In terms of a refund, your Lightning Trader lifetime
  subscription is accompanied by a full money-back performance guarantee. 
  We guarantee to deliver a minimum of 100 recommendations resulting in 100% or
  greater gains over the next 24 months.  If we fail to meet that benchmark,
  we will refund your subscription fee in-full. However, in the interim, the
  program is non-refundable.  Upon review of your account, it appears
  numerous interactions occurred addressing your refund request by multiple
  *********** Investment Research employees.  In fact, your account was reassigned
  to a different Account Executive upon your request.   We value your
  business but regret your disappointment.
  

  Customer Answer

  Date: 01/31/2023

  Better Business Bureau:
  
  
  
  I have reviewed the response made by the business in reference to complaint ** ********, and have determined that this does not resolve my complaint.  For your reference, reasons for rejection are included below.
  
  
  Regards,
  
  
  ******** ********

  I purchased the upgrade based on what your employee stated, that was a false statement to lead me to believe that the program comes with a stop loss, it's on the recording from our conversation and you as a whole have no integrity. You don't prospor when you don't treat clients right and as I can see now that's why you all have to chase money because if you stood for what is right and had an once of morals you would have no problem refunding my money. It's shameful that you would rather ruin your repetation than refund one person the money back or maybe I'm not the only one.

• Initial Complaint

  Date:12/21/2022

  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.

  Schaeffer Investment sold me an options subscription and I informed them at the time that I didn’t have an options account and I tried to cancel the subscription on September 7th. the same day that I signed up. They said that I would have to keep the subscription for 3 months before I could cancel.
  
  I tried again to cancel the subscription three months later in early December. To this day, they have not cancelled the subscription. I have never used the subscription because I don’t trade options.
  
  I also have asked them to close my account because I don’t want to do business with an unethical business.
  
  I don’t know why Schaeffer would sell me a product that I am unable to use.
  
  I have the email that I sent to Bernie Schaffer on the day I signed up. I am unable to upload the email as a file. Thanks.

  Business Response

  Date: 12/22/2022

  Thank you for your feedback!  Since the charge in
  question is currently under dispute with your credit card provider, we must
  follow our internal protocols of communicating directly with your financial
  institution until the dispute has been resolved.

• Initial Complaint

  Date:12/06/2022

  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.

  On the 7th of November I have subscribed to their newsletter for around 50$ as they have promised money back if i don't like it. Next day i got a call from my "account manager" who strongly suggested that i should extend my subscription for 29.95. I have agreed mostly to get rid of him, he kept promising me millions etc. and i could not finish this conversation politely. besides he reminded me that I can get my money back if not satisfied. A Few days later i have discovered a charge on my credit card in amount of 2995.00USD. I have found their receipt in my spam folder and replied asking them to refund me since the transaction was in error. about a month later there was still no response from them and no refund. I have emailed again demanding my money back. This time they have emailed me back stating that "I have committed to 90 days of their newsletter" and can request my refund only after that, plus some other ridiculous options such as use the payment towards bigger purchase of something that I don't need. I have called them and after many tries got a call back from a person who after listening to me promised to find "my original conversation" and come back to me in a few days. They really want to keep my money no matter what. This practice if not fraud is bordering on fraud and must be terminated.

  Business Response

  Date: 12/07/2022

  Thank you for your feedback!  Since the charge in
  question is currently under dispute with your credit card provider, we must
  follow our internal protocols of communicating directly with your financial
  institution until the dispute has been resolved.
  

  Customer Answer

  Date: 12/07/2022

  Better Business Bureau:
  
  
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint.  For your reference, reasons for rejection are included below.
  
  
  Regards,
  
  
  
  ********* *****

  Business has declined to give any response to my complaint other then there is a dispute with my credit card company. However any such disputes are separate from the complaint I had filed here. I was not looking for dialog with the business and have nothing else to discuss so it doese not matter if there are any other disputes are pending elsewhere. My goal is to report fraudulent practices of this business for other customers to know about it and hopefully avoid suffering the same. Business has not denied the facts and that is of the most importance. Regardless of the outcome of dispute with credit card company, these people must be stopped from continuing fraudulent practice and other potential and existing customers should be warned.

  To summarize - business has avoided replying to my claim and there nonresponse should be treated accordingly.  

   

• Initial Complaint

  Date:11/13/2022

  Type:Sales and Advertising Issues
  Status:

  ResolvedMore 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 wanted to take a beginner options class. I signed up for the beginner options class on 9/8/2022 which was $795.00. Before I signed up, I called Schaeffer and spoke with Mr. Son, who is a senior account executive, about my transaction. He did not say anything about this not being refundable for that beginner class. About two hours later, I received a phone call from someone by the name of Nathan who stated he was calling from Schaeffer and he was the vice president here. He told me that Mr. S** gave him my name and he told me the class I signed up for was a waste of money and that I would not learn anything beneficial from this and that I would not get a refund for it. He was pressuring me that I only had one day for him to credit the $795.00 to another subscription that he said was what I should take. I asked him to call my husband about the subscription because I wasn't sure about this. He said he didn't have time. I asked him what the total for this type of subscription would be. He told me and I said no, that's too high. He said that he already put the subscription through. I did not give him authorization to put this on my credit card. He then became very rude, sarcastic and chuckled. I hung up and he called me back and asked, are you disputing this and I said yes. He then got sarcastic again and chuckled and said our dispute department is excellent. A short time later I e-mailed Mr. S**, who is a Senior Account Executive at Schaeffer about this transaction and that I wanted to cancel my subscription. I never heard back from him. I never confirmed these subscriptions on the Schaeffer website so I have never used their services. After this dishonest experience with Nathan, I did not want anything to do with this company. I don't have trust in this company at all. I want a full refund credited to me. I also don't want anyone else to experience this type of treatment also. I disputed this with my credit card company too.

  Business Response

  Date: 12/07/2022

  Thank you for your feedback!  Since the charge in
  question is currently under dispute with your credit card provider, we must
  follow our internal protocols of communicating directly with your financial
  institution until the dispute has been resolved.
  

  Customer Answer

  Date: 12/11/2022

  Better Business Bureau:
  
  
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint.  For your reference, reasons for rejection are included below.  I left a message for a Mr. V*** or B*** at Schaeffer who left me a voice mail on November 14th.  I specifically left a message for him that I wanted a full refund because of the experience with the person by the name of Nathan.  I did not authorize this Nathan to put this amount on my credit card.  I understand that this is in dispute but since I originally e-mailed a Mr. S** at Schaeffer who is a Senior Account Executive about disputing this on 9/12/22 regarding this dishonest transaction, I don't understand why this wasn't taken care of at that time and why no one from Schaeffer contacted me at that time.
  
  
  Regards,
  
  
  
  ******* ********
  

  Customer Answer

  Date: 03/06/2023

  *** *******,
  
  Per our telephone conversation today, this is the explanation of the two transactions done by Schaeffer Investment Research for the complaint that I am re-establishing. 
  
  - The FIRST transaction was for the $795.00 for the beginner options class.  The reason I called ***** regarding this FIRST transaction was because a fraud alert popped up while I was putting this FIRST transaction through and first I called Schaeffer and spoke to Mr. S**, the senior account officer and he told me just to call my bank because they needed me to confirm it was me making this FIRST transaction which I did call ***** for the 795.00 transaction.
  
  - I did not authorize the SECOND transaction with my credit card that Nathan put through in the amount of $2,200.  I did not authorize Nathan with my credit card information, I asked him to telephone my husband to explain what this subscription entailed because I wasn't sure, and he said no, that he was finishing for the day so I asked him what would be the total for this and  I told him No, that is too high of a total over the phone and he said I already put it through and again I said No, I did not authorize my credit card for this and he got hostile with me and I wouldn't tolerate his disrespectful manner and I hung up and right after he did this I called ***** regarding this but that phone call was to dispute the SECOND transaction with Nathan.  Nathan called me right back after I hung up and asked me, are you disputing this charge and I said yes and he said, our dispute department is excellent.   
  
  - Nathan charged $2.200 which was the second transaction which I didn't authorize with the first transaction of $795.00 making the total charge $2,995.00.
  
  - I e-mailed Mr. Son, on 9/10/22 regarding that I wanted any subscriptions cancelled due to the dishonest transaction with Nathan and that I wanted a full refund.  I never heard back from him.
  
  - Also regarding their response that this is in dispute, the credit card dispute has been closed, there are two complaints filed now that ***** is dealing with regarding this.  One, the executive office at ***** is handling and the other was put through by our local branch of ***** on 3/1/23  It was explained to me at the local branch of ***** that there was a disconnect and confusion by ***** regarding these transactions because at first they were examined as one transaction and they should have been examined as two different transactions.  The second transaction was the one that I said NO to and that is the transaction that was done with Nathan. 
  
  - The only times I received a response from Schaeffer were on 11/14/22 after I made a complaint at the Better Business Bureau.  Mr. V*** at Schaeffer left me a voice mail, I then left him a voice mail asking him to communicate via e-mail and asking for a refund but I did not receive a response back.  My husband telephoned Mr. V*** on 3/23/23 and asked him to call us, he telephoned my husband back and said he would speak with someone in the executive office and see what he could do.  Mr. V*** left me a voice mail on 3/27/23 and I spoke to him on 3/28/23 and he said that the executive office said that they would not give me a refund.  Mr. V*** suggested that I e-mail Ms. Schaeffer at the executive office and try to resolve this.  I e-mailed her on 3/28/23 and explained the situation again.  I also asked her to telephone me about this.  It has been 4 days now and I have not heard anything back.
  
  - This has been a horrible experience to me as a consumer.  I want a full refund for these charges because I never used the services or took the class.  I also never confirmed the purchases on their website.
  
  This payment of 2,995.00 was for nothing that I used or took service of. 
  
  Thank You,
  
  ******* ********
  ###-###-####

  ---

  *** *******,
  
  I wanted to note that I input March instead of February for the contact date regarding the last contact with Schaeffer.  It was actually 2/23/2022 that my husband spoke with Mr. V*** and 2/27/22 was when Mr. V*** left the voice mail and I returned his call on 2/28/22.  The e-mail that I sent to Ms. Schaeffer was on 2/28/22.  Sorry about that typo, I noticed it when I was putting my information away regarding this.
  
  ******* ********
  ###-###-####

  Business Response

  Date: 03/20/2023

  After thorough review, we would like to extend a
  meaningful compromise regarding the complaint above.  Although we believe
  both transactions from September 8th are valid, we are willing to
  refund the $2200 charge in question if the complainant agrees to recognize the
  $795 as a legitimate purchase.
  
  Please advise if this accommodation will serve as a
  suitable settlement for this matter. 
  

  Customer Answer

  Date: 03/20/2023

  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. 

  I want to make sure that this credit for $2,200.00 which I didn't authorize will be credited to my credit card shortly.  I noticed on some other complaints on the BBB that several people had to keep waiting for the credit.  They were promised the credit but didn't receive it.  Also, regarding the $795.00, that was for the beginner options class, that was the class I wanted to take and I want to make sure that the class will be provided for me since this was already charged on my credit card.
  

  
  
  
  
  Regards,
  
  
  
  ******* ********
  
  

• Initial Complaint

  Date:09/17/2022

  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 purchased an option trading servive from Bernie at the end of 2020. He asked that I upgrade to life time sevice for a few 100 more. I agreed. I paid almost 900 dollars. things go fine the 1st year then everything falls apart. I bought two services. weekly option and expiration day options. He completely stopped sending as of may 2022.
  I called them to ask why. They were real apologetic and told me my internet service provider was blocking me from getting the notifications. I called my isp and they said that is ridiculous. He finally started to give me what I paid for in august of 2022. Now he completely stopped again when it was time for the monthly expiration in September I got nothing, I didnt even get the weekly option service either. So he is sending nothing for months now not even an apology. Seems like fraud to me. I just want other people to avoid the disaster. Hes not a good business person. So dishonest but keeps asking me to buy more. I told his boy Alex that called that I would consider his proposal if he did right by my first purchase. I got absolutely nothing but a scam. Neither service I bought has come to fullfilment.

  Business Response

  Date: 09/20/2022

  RE: Complaint # ********
  
  Thank you for your feedback!  I’m sorry to hear about
  your delivery issues.  While we continue to attempt to deliver your
  recommendations, your email provider is not allowing them to come through to
  you.  As noted in your handbook as well as your confirmation, please
  whitelist our addresses in order to alleviate the problem.  Here are the
  specific instructions to resolve the issue:
  Please take this time to add
  these email addresses to your email address book/contacts. This will help to
  ensure you are getting your trade information and all other important
  communication.
  

  [email protected]
  [email protected]
  [email protected]
  

  I can assure you we are not a scam.  On the contrary,
  we have been a leader in the options industry for over 41 years.  In fact,
  we have spoken with you multiple times over the past few weeks to resolve the
  delivery issue.  Most importantly, we do not want you to feel anger or
  blame, we only want to help you rectify the problem.  Please contact our
  Customer Service Team @ # ###-###-#### so they can help you fix the problem
  once and for all.

  
  

  Customer Answer

  Date: 09/22/2022

  Better Business Bureau:
  
  
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint.  For your reference, reasons for rejection are included below.
  
  
  Regards,
  
  
  
  ***** ******** 

  Ok first of all I received the messages all lat year an then they abruptly stopped. I did exactly as instructed and nothing this month for either services I paid for. all the other emails come in but the ones I pay for just cant seem to make it.  I am not angry, its  disappointment in Scaeffers Is all I feel. They wont do what they promised when I paid. Thats crooked.  Stop blaming me please. It cannot be my fault that your emails aren't sent as promised. You will have to make up another excuse or do what you claim. Times are strange enough without having to worry about your option service. I dont expect anything because you dont deliver.  Even after taking the money on both services. You cannot prove you sent them because you didnt. Your whitelist theory doesn't hold water because its false too. Like i said i was just looking for an option service. I guess  once you are paid you are not service anymore. Please stop Bernie.   PLEASE do what you said you would do over a year ago. The option service that you cant or wont deliver is not what I was looking for.  That is unfair and I should not have to pay for that.  Thank you, 

  Business Response

  Date: 10/03/2022

  I verified we have been sending your recommendations to the correct address on file successfully.  More than likely, the recommendation emails are being re-directed to your JUNK folder.  Please add [email protected] to your address book to rectify the problem.  In addition, I have forwarded the Sent Confirmation report to your email for review.  As you can see, the recommendations have been sent without issue.  Please let me know if I can be of further assistance.