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E-Trade Holding My Money Hostage
StarEmpty StarEmpty StarEmpty StarEmpty StarBy -
Rating: 1/51

JERSEY CITY, NEW JERSEY -- E-Trade has my money and won't let me get it back. I sent a external deposit and a wire totaling $20,000. E-Trade won't let me access my money. I have never used the account yet. Did not make one trade. I talk to Tiffany **. She promised me today at 3:30 pm central time that I could contact customer service and arrange my transfer of funds. I called. They told me no, there are no notes and there is nothing they can do... I'LL HAVE TO WAIT AND SOME WILL GET BACK TO ME.

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Non-Existent Customer Service
StarEmpty StarEmpty StarEmpty StarEmpty StarBy -
Rating: 1/51

I decided to pursue online trading and opened an Etrade account to see what was required to start trading. The sign-up offer included 60 days of trading with reimbursement of fees up to $600. Once into the website, I spent a considerable amount of time researching the various TA tools and trying learn the basics. Before I realized it, I was 30 days into my "free" 60 day trial and had not spent a dime of my initial deposit in my account.

I called etrade and asked if I could extend my 60 day promotional period since I had not taken advantage of any part of the deal so far. They denied my request. They said I could deposit another lump sum into my account in an amount that would entitle me to another promotional deal, but they could not reset my 60-day start clock. When I said it seemed foolish to deposit more money into my account since I still had the initial unused $10K still available to me, especially when all I had to do was go to another online brokerage and get the same new customer deal from them, they had no response.

After three different people reviewed my request, the answer was always the same; "sorry, we cannot do that." I have since closed my account with etrade and am waiting for my funds to redeposit into my bank account. I'll then sign on with a brokerage that knows the value of customer service.

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An Example of How Not to Invest Your Money
By -

For the past seven months I have been trying to close my recently deceased father's E*TRADE investment account. As a co-executor of his estate, I needed to close this account and retrieve the remaining balance of $93.76. Unfortunately, what first appeared to be a simple, mundane task ended up being one of the most frustrating and time consuming processes my family and I have ever had to undertake.

When I contacted E*TRADE the first time, I explained the situation. At that point they promptly made his account inaccessible online and told me where to download the necessary forms which were required to officially close his account. Note: What E*TRADE actually does is require you to open an account with them first. Once that has been done and all of the required documents have been processed, they will transfer the funds from the deceased's account to yours, at which point you should be able to go online and withdraw everything and close the account. How absurd is that?

Well, after two months had passed, I mailed in the forms for processing. However, I did not submit the Personal Account Application at that time because that I really did not want to establish a personal relationship with them. I only wanted my father's account closed and a check sent to me for the remaining balance of $93.76. Another month had passed without any contact from E*TRADE. So, I called them again to find out if they had received the forms I sent. After staying on hold for about 20 minutes, the service representative came back on and said they had received them and informed me of the missing Personal Account Application.

First, I told the service rep that I did not want to open a new account with E*TRADE (establishing a personal relationship with them) and that all I wanted was my father's account closed and a check sent to me for the remaining balance. I then asked her why they did not promptly contact me about this issue. She had no response to that one and put me on hold again for another 10 minutes. When she came back on she said they could not process anything further until they received the Personal Account Application. Needless to say, I was furious at this point and terminated the conversation.

Now, six months since the original call to E*TRADE, I finally decided to go ahead and submit the Personal Account Application. I just wanted to be done with all of this! A few days later I called E*TRADE customer service once again to ensure that everything was in order this time. Of course, there were still issues and I was put on hold for 20 minutes. This time they said that the Personal Account Application (the longest of all the forms) was not completed properly. Oh, great. Can you guess how mad I was now?

Well, I told the service rep that she and I were going to fill it out together this time to make sure that it was done properly. Once that was completed, I asked for their fax number so I could get this thing submitted fast. I faxed the "new and improved" Personal Account Application that same day to the number they provided to me and added the following comment to the coversheet: "PLEASE CALL THE ABOVE PHONE NUMBER IF THERE ARE ANY ISSUES WITH THIS TRANSMISSION."

Another ten days had passed without any contact from them, but I decided to call them again anyway just to be sure everything was OK. Nope, there was now a new issue. These estate forms must be sent via mail, not fax. Now they tell me! At that point, I requested to speak with a supervisor. A customer service supervisor eventually gets on the line and asks that I mail the Personal Account Application to her personally and she would ensure that it gets processed promptly and properly. But then I asked her if this was indeed the last remaining document they required to completely process everything.

She said she would need to make a few calls but promised that she would get back to me by the end of the business day. When the E*TRADE supervisor called me back later that day she had more bad news. This time I was told that some of the other documents I mailed to them several months prior needed updating. At that point I voiced my frustration with everything and asked if they could just close the account and keep the $93.76. What do you think she said? "Yes, I can process that request immediately." I then blurted out some choice words and terminated the conversation.

Let me tell you, E*TRADE Securities certainly makes things simple when you open up an account, and they're so quick to take YOUR money... but, at the same time, they make it nearly impossible for you to close an account and retrieve YOUR funds! Their motto should be, "E*TRADE. Give us your money so you'll never have to deal with it again."

What's more, it really amazes me at how E*TRADE (or any company) will spend enormous amounts of money on marketing and promotion then go and piss it all away by unnecessarily creating bad publicity for itself. Here's a link to the anti-E*TRADE website (which details the complete story) I created recently **.

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Moved From Etrade to an Advisor at ML, Best Decision Ever.
StarEmpty StarEmpty StarEmpty StarEmpty StarBy -
Rating: 1/51

CHICAGO, ILLINOIS -- A few months ago, my husband and I decided that it was time to open a brokerage account. We both have 401K plans with our companies, but since we are rather busy, neither of us had ever done anything with the large cash balances we had in our savings accounts. We decided to start off by opening an etrade account, starting small with $20K.

It was okay, but for an internet obsessed user like me, I just thought the experience would be a lot different, and I'd later realize investing my money on my own was a dumb idea. The customer service support was less than satisfactory. I always had issues, and I didn't feel confident with the whole experience.

I'd always shunned away from financial advisors, however I met my current advisor at a charity event for autism, and our introduction was nothing but genuine. Because of our shared interest in the cause, we talked for a while and it wasn't until I asked what she did that she told me she was a financial advisor. Maybe it was the timing of the bad experience with Etrade, but I was interested and wanted to hear more so I asked if I could come in to meet with her the following week. Some of our friends have had negative experiences with advisors, and the girl was a little younger (not the typical old male I picture when I think of a financial advisor).

Everything about her was just so trusting. She made me believe that she'd understand me better than anyone else, and that she would work with my assets as if they were her own, and she has. I think she's different than most advisors because she addressed all of my concerns first. She broke down the fees, asked if I was comfortable with them. She asked what kind of relationship she wanted to have and how often she'd like me to contact her, whether I wanted to come to events with her, if I wanted her to come to my house to meet, etc.

The moral of the story, and why I've taken the time to write this is, a lot of people don't want to pay the fees for advisors. I think that's very apparent. However, the service my advisor has provided me not only has given me motivation to write this post, but I feel as if I'm not paying a fee. I am very comfortable, and everything is transparent. It's unfortunate to read reviews saying their advisors haven't provided the same service. (Not to mention, my husband and I aren't millionaires! We started off investing $100K with her, now we have about $350K).

I'm from Chicago, and I'd be glad to give her contact info to anyone out there who is interested in genuine, high quality financial service. She actually just helped out my friend refinance her mortgage:) My email is ** if you have any questions. Good luck, and I hope people have better luck!

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Diabolical Customer Service and Support
By -

Four weeks ago E-trade advertised a great rate for a 6 month CD. I opened an account on Jan. 3 which was quite easy, called a few days later to give them my bank details as they had instructed me to do, i.e., routing number and checking account number. After that call they told me in seven days my money would be transferred out of the my checking account and into my new CD account. It is now January 31, 2008 and they still have not transferred the money.

When you call to tell them of the problem, which I did as soon as I saw that it was over 7 days and my money is still sitting in a non earning interest checking account they told me they would have to open a work flow number and it would take 2 business days. I called on a Thursday and asked them if they could tell me why the money could not be transferred before the weekend? The pleasant, but very scripted and robotics customer service person keep repeating the policy.

I told her I needed to know that my "guaranteed" rate will still take effect and the unknown delays would not impact it, she said... “Oh no, I can't guarantee that.” Told me to wait until I received a letter in the mail after the transfer was completed and if it was not the rate I signed on for then I can call back and dispute it!! I asked to speak to a manager, however, I was transferred to "a more experience representative." Who repeated exactly what the other person already told. And, was not overly sympathetic to my problem.

I called back on the Monday (they do not give customer's call backs.. even under the circumstances. I had to call them) only to be told that I had to wait until Tuesday (mind you this is 3 weeks later from the time I called to have the money transferred), because I called late in the day back on Thursday so that did not really count! I called today, only to be told the same thing.. that my money still did not transfer over and that they did not know why so they would have to open another work flow research application and let me know in two to three business days.

I again asked to speak with a manager, only to have the customer service rep get back on and say, “Oh my supervisor is on another call.” I said, “OH I AM SURE SHE IS.” So she continued to apologize to me about how sorry she was. I told her I felt bad for her that she is working for such a poorly managed company who puts them on the frontline with no support or back up. She continued to shovel me niceties hoping I'd go away. I told her that I want the rate I was promised and that I want the manager to call me not in 3 more days but the next day. Ha-ha. I have a better chance of single handedly pulling the troops out of Iraq!

It occurred to me that E-trade reps are trained to handle unhappy customers because they are so prepared to take bullets and ranting. They all stay calm and just apologize and repeat over and over the procedures (which obviously don't work). I work for a 60 Billion dollar company and no one had to train me on how to handle an unhappy customer. They teach me how to make darn sure the customer is happy and treat them how I would want to be treated if I was that person on the other end of the phone. E-trade folks have no sense of urgency or passion. I say it must come from the top down.

As of today, I have lost money and so has E-trade. I want my rate as a matter of principle but I may have to cut my already great loses and move on and leave E-trade where they belong.. in the dust! It's sad to see a company that could have so much potential throw it away due to lack of genuine care for the most important parts of their organization. #1 their customers and #2 their employees.

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Etrade Brokerage Not For The Meek Or Faint Of Heart
By -

ARLINGTON, VIRGINIA -- E*Trade's Auction Rate Security Fraud. I am over 60 years old and in the fall of 2007 I was lured by E*trade's ad for a JP Morgan money market fund for an IRA. In Short, I called to purchase this money market fund, (the trade could not be placed online). I was transferred to their "fixed-income" department and was solicited to buy Auction Rate Securities, for which the market has been frozen since Feb 2008.

E*Trade, in my opinion, knew the risk of this soon to be illiquid market, yet pawned them off on me and thousands more of their "clients=victims". They have been totally uncooperative, intransigent, rude, threatening, and unwilling to accept responsibility for their fraud and lies perpetuated by their agents back in late 2007. They offer no solution to help assist those of us caught in this mess, and they continuously deflect, deny, and defend their lack of accountability and irresponsible stance.

They have effectively stolen my 50,000 in an IRA no less and they only put up a smoke screen with low rent mafioso like attorneys. E*Trade from my experience is pure pond scam, and has zero ethics, and morality. Who on Wall Street does? They are the worst of the worst. RUN, DON'T WALK AWAY FROM E*TRADE, they will screw you over financially given the chance and are totally untrustworthy to be a custodian of anyone's money.

USE E*TRADE AT YOUR OWN PERIL.. I worked 20 years for my IRA money, and E*Trade does not have the honor, integrity, and lacks any accountability of the smallest scintilla of nil honesty. They SOLICITED Auction Rate Securities as a safe cash equivalent investment, the same as a money market fund. E*trade was warned and aware this market was a scam. Their former CEO a Lillien, was urging his brokers to sell the junk out of their house account. And that they did.

They have committed legal theft and have been all but the last broker (other being Schwab) to make their investors whole. If you want high blood pressure, anxiety, frustration, rudeness, untrustworthiness... then E*trade is your broker. If you value your sanity STAY AWAY from E*Trade. They, in my opinion, are thieves and wolves who will eat your account alive if you give 'em a chance. I am trying to spare others the angst and intimidation that you would incur if you have a brokerage account with them!

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Watch Out for Extremely High Fees - Avoid
By -

Let me preface by saying I have had E-Trade Accounts for more than 10 Years.. E-Trade is inexpensive for trades and has some great tools BUT - they have some huge fees that can blind side you. I found out the hard way. I have 1 smaller account I used for trading, about $1000 value three years ago. I held INTL shares and just thought I'd get out of trading for a while. I just logged in to my account and realized they had been charging me $40 EVERY 3 MONTHS for account fees. So in 10 quarters, they charged me $400. That's a pretty fast way to lose my investment.

I have 7 E-Trade accounts currently - all but one are retirement accounts or education savings accounts for my kids. All told, I have in excess of $25,000 invested with E-trade, a 2nd mortgage and a credit card. I asked their customer service to waive or return some or all of the fees, because I met their requirements. They would not. Not even a little. I know - I should have paid closer attention, but I signed up for electronic notifications and I used a outdated email. My own fault there.

I just feel they are clearly using the huge quarterly fee to eliminate unprofitable accounts (how it's unprofitable, I don't know) - and when they are targeting a loyal and hopefully valued customer, they should express some latitude. BTW - I sold the stock, and now to transfer the $494 I have left to my bank account will incur a $60 transfer fee! I'll bet, most of the fees not associated with trading (which they advertise all the time) are very high and serve as their main source of profit. I believe there are better alternatives and unfortunately, that's where I'll be transferring the remainder of my accounts.

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Formal Complaint Policy Procedures
By -

MERRIFIELD, VIRGINIA -- November 2007 by phone contact, I set up an account with E-Trade Financial Bank, thinking my account was set up after following the direction's of the Teller. I had to go and deposit from my external account B Of A, a $100 to start up a checking, and $1.00 to set up the savings. Upon doing all that was requested, I was informed that I would be receiving all Check books and Visa card within 7 working days and those days went for more than what was stated.

After not receiving the information needed for the account, I called E- Trade Financial again. They informed me that they needed me to fax over my personal ID in which they gave me the fax number to pass on the information. I thought I was finished and all was completed. I waited another week, and nothing again so I called and asked about the account again. This time I was told that my account was denied due to me for not sending my ID as I was requested.

I let them know after getting my information and number I was given to fax the requested information to them, I did what I was asked to do, and you all should have let me know what decision you had made before you cancel the account, at least you should have given some kind of notice to me what decision was made. This time I was told to set up the account online and I took their advise. My Goodness, this time it went OK, until I was trying to make a withdrawal from my account after making more than a hefty deposit in there.

It was worse than the first time and I was told that they didn't want my service anymore and I stated the feeling is mutual, I don't want yours. I do agree with their Security procedures, but when they create questions that you have not put down for your personal information in processing the online application, there is a big problem at that point. I will never do any business with these people again. And I am in the process even as I write this message in attempting to retrieve my funds now at this time. Hopefully no one else go through what I have!

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Etrade Doesn't Know What Is Unusual About Nothing
StarEmpty StarEmpty StarEmpty StarEmpty StarBy -
Rating: 1/51

CHICAGO, ILLINOIS -- So, I have some stocks and stuff and I thought, maybe I will consolidate it all to ETrade. I mean, they are cheap, good products, etc. Why not? HA! So, I opened my account. Easy. I go online to do the online transfer and get a message: "You are not authorized." Okay, so I email customer service since it is not urgent enough to call. They say to mail money or use the link to transfer. Ummm... it didn't work which is why I emailed them to begin with. SO, I replied and cut and paste the message.

Now they reply that I have to mail or fax a copy of my ID, SS Card (front and BACK) and utility bill. Okay, I get it - they want to make sure I am me. Fine. So I fax all of it in. I get a message that it is received. Next day I login to a new message: DUE TO UNUSUAL ACTIVITY WE HAVE FROZEN YOUR ACCOUNT. Hmmm... What activity? There is NO money and NO stocks because you asked for my ID so I did that? What constitutes unusual activity? Perhaps no activity is unusual. Of course, NO ONE can explain why so I sit on hold and transfer and hold. I send another message to customer service via email for fun.

A couple a days later, they answer saying that they need to VERIFY information, but won't tell me what information. They send 16 account alerts to me on a single afternoon. Most refer to the "unusual" activity but one mentions they could not read my ID. Well, here is the thing. IDs now are designed NOT to copy well and fax them in and it's worse. So I offer my US Passport which copies better but that is NOT acceptable. So, needless to say, I give up. I am out nothing because I did not ever get around to transferring my securities in. Just keep that all in mind.

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Bad Customer Service Results In What Feels Like Strong Arm Robbery
StarEmpty StarEmpty StarEmpty StarEmpty StarBy -
Rating: 1/51

NEW YORK, NEW YORK -- I opened an Etrade account last year (2011) and set-up a regularly scheduled transfer and everything was going as planned until February (2012) when the amount of the transfer was DOUBLE the allotted amount. I immediately called Etrade Customer Service and was SPECIFICALLY TOLD "There was a GLITCH in the system and that this would not happen again and that they have looked into my account and if I was to have the extra money that was transferred refunded that it would have repercussions on me come tax time or for the early redemption clause on the mutual fund that I had been purchasing".

So now fast forward to May (2012) the extra money had still been being transferred into my IRA account but I was able to manage and thought "well this will only benefit me in the long run by making double the contributions I originally set off to make" but I had stopped all "automatic buys", and waited for money to show up in my IRA and then I would personally purchase right.

This is what I was told that I can do on ANOTHER call with E-trade Customer Service, but get this here I am in May and I realize my account is in the NEGATIVE, so I call them on Monday to get this straightened out and was told that one of my AUTOMATIC TRANSFERS would clear in 2 days and that I should call back then and figure out what I need to do to keep this from happening again.

I get a call 3 days later explaining to me that I need transfer money into my account immediately to cover the cash call or Etrade will be forced to sell shares in order to cover the negative amount holding me responsible for any and all tax liabilities in the future unless I do a quick transfer. My complaint is why was this dragged out until I hit a negative amount when I originally called about this 3 1/2 months ago and the fact that it was their wrong doing and misinformation that caused this so why I am the one being penalized for their mistakes. They should be ones who have to wait until the next transfer in order to cover the negative portion of the account.

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E-trade Rating:
Star Empty star Empty star Empty star Empty star
1.0 out of 5, based on 10 ratings and
53 reviews & complaints.
Contact Information:
E-trade
1271 Avenue of the Americas, 14th Floor
New York, NY 10020-1302
1-800-387-2331 (ph)
ww.us.etrade.com
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