Used managed account. Never liked several stock and bond picks. Lousy return. Asked for money out. After three requests from a new broker and 21 days missing good turn up in stocks costing me several thousands. Account still locked up. Spoke to them over four times. Always told it was pending. Do not put money in managed account unless you want lack of access.
I am the executor of a sizable estate. There is about $500 in an eTrade account which had probably been closed but not swept. Of all the accounts, some containing hundreds of thousands of dollars, this is the worst nightmare. Every week, I am told they need something else or the never ending "it is under review". NEVER, NEVER put your money with eTrade. They are very unhelpful and frustrating. I have been working on this for 6 months and truly believe they won't close it, which means we can't close the trust.
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.
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!
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!
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.
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.
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.
Unbelievable! Due to a personal emergency I needed to liquidate stock and access the funds. First of course is the joke of a $20+ 'trading fee' but then I started the process one week PLUS before I needed the funds. I get the whole SEC excuse for the 3 days to settle (although I am not sure just how entirely accurate that is) but then once the 'quick transfer' to my bank account was initiated what entailed was ridiculous. When 24 hours had passed with zero activity at my bank I called. What I was then told was it would another FOUR business days before the funds would available to my bank! What?!
So with a holiday in the middle and two weekends the time frame from executing a trade to actual deposit would be TWELVE DAYS. Of course they would do it sooner if I would simply 'pay' $25 dollars for a wire transfer! What happened next says it all. When the CSR offered to cancel the 'quick transfer' in order to do a wire transfer the funds were immediately available back in my account. So it takes 9 days on top of the three day settling period to have the funds available to the owner of those funds but essentially when you make a deposit into your account it's instantaneous and instantaneously held captive by e*trade.
Caveat emptor, and even though it's likely not significant to e*trade I will be liquidating ALL the funds at once and moving them to where I can actually access and use them when needed. Keep in mind I am not upset about the trading period but the idea that they hold on to funds for a week in this day and age of electronic transfers... that's almost the same if not worse than the days of handling it all by paper. FTR, my Fidelity and Ameritrade accounts have ALWAYS posted deposit requests to my personal bank account within the same day. Buyer beware and do yourself a favor and simply stay away.
NEW YORK, NEW YORK -- We had a Line of Credit that was sold to ETrade Bank. They are absolutely the WORST company I have ever dealt within my life. Trying to get the loan paid off is a nightmare. After a recent home refinance, our title company sent a payoff with the request that the loan be paid off, closed and title release forwarded. If there were any problems, such as an incorrect amount required for closing, please call the title company immediately.
After two months we discovered that there was still a small balance remaining on the account. After spending nearly an hour on the phone and speaking to two individuals trying to find out why we were not supplied with corrected information for closing, we were told that their service department is NOT ALLOWED to call customers when there is a problem. All they can do is cash checks. They will not contact you even if you request it in writing.
When you call them no one has the authority to do anything. You can only write or fax them, they have no contact numbers for individuals. They also claimed not to have received any paperwork with the check, then after further research found an eTrade form, but denied finding the title company's transmittal request. I for one do not believe that a title company would send a check, the financial company's payoff form and neglect to send their own transmittal form, signed by us, requesting release of the lien (I have a copy of the form).
I used to work for a bank that actually helped customers, so I could not believe this horrible attitude. Our bank would have been on the phone within 5 minutes to clear up any problems. Thankfully, we were not in a situation where we were trying to sell the house and had to wait for a lien release.
This is a situation where we were trying to GIVE them money. Their poor customer service has cost additional time and fees on our part to get this matter settled. Can you imagine the horror if you were trying to get your money out of them. If you value your sanity, read the other reviews of eTrade and go elsewhere. There are other financial institutions/brokerages who still value your business, that are cheaper, and have helpful customer service departments.