[X]
Feedburner count

E-trade

Star Empty star Empty star Empty star Empty star
51 Reviews & Complaints

Most Popular | Newest | More Options >
More filter options:
Don't open an account; you won't be able to close it
Posted by Sridhar_cheema1 on 01/24/2006
Summary:
- Incoherent, buggy web-interface
- Lots of service charges
- Very poor customer service (be prepared to wait for 2 hours or more)

Here's what I went through:
- I opened an account a month back.
- I haven't been able to access the account since.
- I was charged $10 a few weeks back in a statement.
- So I decided to check again. My account still had the message "your account is temporarily unavailable. "
- So I placed a call... and started playing with the interface
- This is one of the most confusing web-pages. Most clicks take me to an 'open another account' page.
- I had to activate my service by filling a different URL. The balances seemed to show.
- I could not transfer money from my bank account (thank god)
- I could not log-in to make trades. The log-in page redirected me somewhere else.
- By this time I was frustrated. I tried to close the account, but I could do it on the web.
- And the call... it took 2 hours to talk to a customer service rep.
- He charged me another $10 to close the account.
- I told him this was ridiculous. He told me that I had to read the fine-print. He also claimed that he can not credit the account, but he can close it. And that I should take this option when I have the chance.
- I asked for the manager, and he put me on hold for another 20 minutes. The same guy picks up the phone and tells me the manager is busy.
- He claimed now that he credited the account (must have learned something new in those 20 min). The funny thing is that I still don't see the credit on my web-page.
- He then gives me a FAX number where I have to send a signed statement that I want to close my account. I did not have to do any of this when I opened an account.

eTrade is the most incompetent company I have had to deal with. Take my advice: Don't open an eTrade bank account. They are not trust-worthy people.

- Sridhar

     
Read 3 RepliesAdd reply

User Replies:Close comments

Posted by miketech on 2006-01-24:
WHat is a good online trading group? I have Harris Direct. When I first sighned up for online trading I quickly parlayed $500 into about $12.50 playing with penny stocks. So I gave up. I thought I'll let them sit and maybe something will gain. Well of the 5 4 went Out but one increased. It's worth about $150 no. After about a year Harris decided to enact a fine print charge per month for not trading. I'm not paying it but the account balance is still positive. Watch these online trading sharks. Anyone using a good one?
Posted by kellyz on 2006-08-12:
WOW - The same thing just happened to me. I am in the middle of it and Etrade has $20,000 of my money they won't give back. The service was horrid - so I have been trying to close my account for about a month now. I just want my money back. They say they are closing it and all will be taken care of - then a week goes by and nothing - and the whole thing starts over again.
Posted by rosmary on 2006-08-30:
I've never written to a consumer complaint bulletin board before - this is a first for me. But I've had absolutely the same experience with ETRade banking that others have described. I can testify that a two hour wait on hold is not an exaggeration. I spent at least five hours with four different reps online trying to get my brokerage and money market account linked. Each time after numerous waits on hold listening to the same Musak loop I was told it would be fixed in 24 hrs. And I believed them every time!! Finally the last time it wasn't fixed I got real tired of totally wasting my time repeating all the same information again to someone who could have cared less about my experience, and I got tough. I demanded the supervisors name and number and told them I was posting my experience on this bulletin board (which I found while being put on hold for the umpteenth time). OhmiGOd guess what!! Twenty minutes later a supervisor called back and the problem was finally fixed.

So if you also have found this bulletin board while waiting for the totally incompetent ETrade reps, perfectly described by the emails proceeding my complaint, to solve your problem go ahead any try my solution. Don't believe, like me at first, that someone is really going to work it all out if you just stay nice and reasonable. I've never written to a consumer complaint bulletin board before - this is a first for me - and hopefully my last.
Close commentsAdd reply

Poor Customer Service Re: Withdrawal Policies And Procedures
Posted by Jgarippo on 05/27/2008
I do not recommend doing business with this company. Their customer service is inept and their policies and procedures make doing business next to impossible. This is especially the case if you have any changes in life events like marriage or changes of address.

After 4 calls to customer service and 2 faxes w/ info sent they still insist on holding $4600 hostage.
     
Read 2 RepliesAdd reply

User Replies:Close comments

Posted by NRussell88 on 2008-09-24:
Call the Office of Thrift Supervision and file a complaint. They told me they have not heard too many complaints filed with them. I told them about all the online reviews and she said to have everyone start calling them. They can assist in resolving our issues and they could alterantely close this bank down for good.
Posted by DynamicD on 2013-04-27:
Heavy on lawyers, light on customer service.

Good luck getting any money OUT of an eTrade account and to your heirs should you pass away. I was in a Domestic Partnership and it was easier to stop life support when he was terminal than it has been to get the stock options from eTrade. So far, I have had to get a notary signature, gold Medallion signature, fill out multiple forms, sit on hold only to talk to someone in a foreign country who I can barely understand, pay for and consult two attorneys and because they claim they never got his faxes to put his eTrade account in our trust, I now have to go to Probate. I am the Beneficiary on his Will, I am the Beneficiary on his Trust, I was his Durable Power of Attorney for Healthcare Decisions and we signed an Affidavit with his company that we were in a Domestic Partnership (28 years). Good luck for those of you in Domestic Partnerships, you will be discriminated against and NOT treated equal to a married couple.

When Corporations create an account for an employee for stock options, it should be automatic that a Beneficiary form goes out to that employee, like with Life Insurance Accounts and 401 Accounts. Not the case with eTrade.

Cancer killed my soulmate and eTrade is another cancer in my life.
Close commentsAdd reply

Terrible Company, Go elsewhere
Posted by JavaGrinder on 07/12/2005
Account Started: 11/8/02
Problem Started: 6/23/04
Disputed Value: $155

E-trade is a predatory company that bills more for services not rendered than for services rendered. I've been a customer for 3 years, and an active trader for two of those. Then E-trade began to bill me for account inactivity. Recently, they increased account inactivity rates from an outstanding $25/qtr to $40/qtr without any notice. This is completely outrageous as they hide these fees deep within their contract and it is easy to forget about them after 2 years of continuous trading.

It is obvious that E-trade is going to lose more from this issue by encouraging a disgruntled consumer to advertise against them than they would from simply refunding the account and encouraging more active trading in the future. But their customer service is of the lowest quality. After waiting on hold for over 30 minutes on 2 separate occasions for the "current account holders" department, I decided to call the "new accounts" department. This line only took 3 minutes before I got an answer. This means that E-trade, while overloaded with their current account volume is counter-compensating by putting even more energy into opening new accounts.

Finally, when I attempt to sever ties with the company, they freeze my funds for 72 hours waiting for the account to "settle." I have made one single trade in 12 months time and they claim it will take 72 hours for the account to settle. In those 12 months, they charged me $155 for services not rendered and the 30 cents worth of server space that my account occupied. This is absolutely a humiliating experience for me, and I wouldn't wish it upon anyone.
     
Read 1 RepliesAdd reply

User Replies:Close comments

Posted by hengli on 2005-07-20:
I agree with you 100%. I am also a victim. To me, they are thieves, robbers. They never clearly notify you of their changes.
Close commentsAdd reply

Lies And More Lies. Be Advised Not To Use Etrade For Stocks
Posted by Webdawg on 04/06/2009
WOMELSDORF, PENNSYLVANIA -- ETrade is the GoDaddy of stock trading. All marketing with a crappy service. The customer support is a nightmare. The website is full of half truths and misleading verbiage.

First, I deposited my funds with "Quick Transfer" (more on this below) and called to confirm my free trades. They told me that because I previously had a savings account with their bank that I was considered an existing customer and did not qualify for any free trades or promotions. They suggested I read their web site as if it actually contained this information. I was so mad. The web site says nothing to this effect. If I would have selected the option not to link by trading account to my bank account I would have qualified for the promo.

Next, they proceeded to tell me that because I was a new customer they would hold my funds for 10 days (they just said I was not a new customer). So while my money sat in limbo for 10 days my stock shot up and I lost out on one of the best opportunities I ever had. To this day their web site says nothing about this type of hold. I read all the transfer information they have. You would think they would share this critical info.

I want to cancel my account now, but I am reading they are going to charge me to get my money back.

This is the worst company on the planet. They should get taken down for false advertising.

     
Read 1 RepliesAdd reply

User Replies:Close comments

Posted by Soaring Consumer on 2009-04-06:
This is very absurd - giving you the restrictions of an existing customer and not giving you the promotion, yet giving you the restrictions of a new customer by not allowing you to use the service for 10 days. And furthermore these restrictions are not on their website.

This is very deceptive and screwed up. I suggest that you contact your state's Office of the Attorney General's Consumer Protection Division, as either one or the other can apply, and not both, if they even were supposed to actually exist.
Close commentsAdd reply

E-Trade has stolen USD 466.000 from me
Posted by Maverick26 on 07/01/2007
ARLINGTON, VIRGINIA -- I wanted to make a third party wire. In order to make sure nothing would go wrong and no faxes would disappear I went into their affiliate in Chinatown, Manhattan. Despite standing in their affiliate with passport and driver’s license they insisted on having the wire instruction notarized. I have it notarized in Citibank. The
E-Trade computer systems are not working, so they fax the document to Costumer Service. Days go by. Nothing happens. My account becomes restricted and the balance is changed to USD 0.00.

A month has gone by. I have contacted E-Trade by letter two times, visited three different affiliates in California, Chicago and NY. I have called Customer Service over and over again wasting hours trying to get through to the Security Department to clear up whatever issues they have with my account. They have not contacted me once. They have effectively stolen USD 466,000 from me. I cannot pay my mortgage. My apartment will be sold below value.

Do never open an account at E-Trade! You have no rights! They take your property from you and will never contact you again!
     
Read 8 RepliesAdd reply

User Replies:Close comments

Posted by Starlord on 2007-07-01:
How does sending a fax converty to stealing $466? Something is not right here. Third party wire? fear of disappearing emails? Nope.
Posted by Maverick26 on 2007-07-02:
I have had no access to my property for one month. I have not been contacted once. That is what I call stealing. That is what is not right here!

I do not understand your comment about the fax.
Posted by Anonymous on 2007-07-02:
Another case of the worthless freaking government not doing their job of REGULATING the stupid rip-off type things.

That is one he11 of an expensive lesson to learn.

Good luck to you Maverick26 and thanks for the information.
Posted by poppapia on 2007-07-02:
Is it $466.00, or $466,000.00? There is a difference, depending on use of a period (header), or comma (later in the post). I have a hard time believing Etrade would hold $466,000 because you requested a wire. We are not getting all of the information.
Posted by Maverick26 on 2007-07-02:
USD 466,000. I have a hard time believing that as well! But that is the case. I have not done much trading in the E-Trade account. I have a brokerage account in the British West Indies. I prefer the service of that brokerage because it provides me with higher leverage and access to trading large cap equities across US, Europe and Asia.

However, that does not entitle E-Trade to freeze my funds for more than a month. I have done nothing illegal and will of course pay taxes on my capital gains. My problem is that since E-Trade prevents me from accessing my own funds I cannot hire an attorney!

I can file a complaint with the SEC. Is the SEC then required to take action? Is there any other authority that I can file a complaint with?

At the very least you would expect E-Trade to contact me and explain based on which legal warrant they feel they are entitled to freeze my account for more than a month.
Posted by poppapia on 2007-07-02:
File a complaint, and hire an attorney that specializes in this area. It may be a simple as an attorney sending a letter asking for explanation. For this amount of money, you deserve to get some answers.
Posted by Maverick26 on 2007-07-15:
My attorney has written a letter to E-Trade and I have filed a complain with NASD.
Posted by Maverick26 on 2007-07-19:
I have received my funds.
Close commentsAdd reply

Formal Complaint Policy Procedures
Posted by Idealtas on 02/05/2008
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 setup the account online, and I took their advise, my Goodness, this time it went ok, up 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 !
     
Read 3 RepliesAdd reply

User Replies:Close comments

Posted by Anonymous on 2008-02-05:
They must have put all of their effort into the super bowl commercial.
Posted by Anonymous on 2008-02-05:
SuperBowl, is that true?
Posted by richfirst on 2008-03-21:
Did you get your money back?
U should file complaint with USTreasury - Office of Thrift Supervision:
www.ots.treas.gov
E*Trade Bank HQ is in Arlington, VA, so is regulated by the Southeast division of OTS.
Close commentsAdd reply

StarEmpty StarEmpty StarEmpty StarEmpty Star
Heavy on Lawyers, Light on Customer Service.
Posted by Dynamic Dee on 04/27/2013
SAN FRANCISCO, CALIFORNIA -- Heavy on lawyers, light on customer service.

Good luck getting any money OUT of an eTrade account and to your heirs should you pass away. I was in a Domestic Partnership and it was easier to stop life support when he was terminal than it has been to get the stock options from eTrade. So far, I have had to get a notary signature, gold Medallion signature, fill out multiple forms, sit on hold only to talk to someone in a foreign country who I can barely understand, pay for and consult two attorneys and because they claim they never got his faxes to put his eTrade account in our trust, I now have to go to Probate. I am the Beneficiary on his Will, I am the Beneficiary on his Trust, I was his Durable Power of Attorney for Health Care Decisions and we signed an Affidavit with his company that we were in a Domestic Partnership (28 years). Good luck for those of you in Domestic Partnerships, you will be discriminated against and NOT treated equal to a married couple.

When Corporations create an account for an employee for stock options, it should be automatic that a Beneficiary form goes out to that employee, like with Life Insurance Accounts and 401 Accounts. Not the case with eTrade.

Cancer killed my soul mate and eTrade is another cancer in my life.
     
Read 1 RepliesAdd reply

User Replies:Close comments

Posted by trmn8r on 2013-04-27:
This sounds like a case where something was missed along the way, despite attempts to set things up properly.

If they didn't receive forms to place an account in a trust, that is a different matter than whether domestic partnerships are treated the same as marriages.

I'm sorry for your loss, but this matter should be able to be resolved ultimately. Comparing your partner's illness to the issue you now face seems a bit extreme.
Close commentsAdd reply

StarEmpty StarEmpty StarEmpty StarEmpty Star
Moved from Etrade to an advisor at ML, best decision ever.
Posted by Acparker674 on 03/07/2013
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 geniune. Because of our shared interest in the cause, we talked for awhile 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 acparker674@gmail.com if you have any questions.

Good luck, and I hope people have better luck!

     
Add reply

StarEmpty StarEmpty StarEmpty StarEmpty Star
Lost access to my account.
Posted by Vive_ on 12/05/2012
For no apparent reasons my account at E-trade was locked. I called the company and despite the fact I provided the E-trade representatives with my SS number, date of birth and current address they did not unlock my account. Not to mention I spent couple of hours on the phone answering ridicules questions. I will be withdrawing my money from Etrade ASAP.
After reading reviews on the Internet I realized a lot of people are having the same problem. This may be an indication Etrade is having a financial difficulties so it has to froze accounts to stay afloat. I think Etrade soon will be going out of business. My advise - stay away from Etrade.
     
Read 1 RepliesAdd reply

User Replies:Close comments

Posted by Vinnie11 on 2012-12-06:
Something is fishy there. My e-Trade account was locked before because I had trouble remembering the password but I do not recall jumping through any hoops to have it corrected. I hope you get it resolved soon.
Close commentsAdd reply

StarEmpty StarEmpty StarEmpty StarEmpty Star
Why do I bother wasting my time and money
Posted by Cassandra.croft on 11/13/2012
BRISBANE -- Oh my God if their systems could be anymore outdated, irresponsible and down right stupid ... here we go their portfolio section which you trade from to see your holdings does not communicated with your account balance all the time so you may have holdings you don't know about. So this is the second time where shares that have been full sold down then reappear on my account balance. I am then told that I haven't sold them all and that this is my fault, I should have contacted them. WTF is my statement as you are trying to use what is meant to be a trading platform where you are charged an arm and a leg to trade and they can't get it right but your wrong. I hate they way they take forever and I mean forever to settle. I wish they could fix the errors or admit that they have an issue and make amends not charge me like I have millions of dollars.
     
Add reply

Top of Page | Next Page >