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51 Reviews & Complaints

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Etrade Doesn't Know What Is Unusual About Nothing
Posted by Williamlorca on 09/01/2012
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 wanna 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 its 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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Posted by trmn8r on 2012-09-01:
I doubt this is the typical experience when someone signs up. There was something unusual about your account. I don't blame you for going elsewhere, because what you describe is a PITR.
Posted by Max on 2014-01-20:
Ha, it's January 2014 and I got the same problem with sending my ID and SSN, but then even I sent in a clear copy they could not even scan it in properly and then said they could not read it!. These people all need to be fired and replaced with more intelligent people. Oh now I get it. They employ minimum wage idiots!
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BAD Customer Service Results in What Feels Like STRONG ARM ROBBERY
Posted by Jerinmichigan on 05/09/2012
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 Febuary (2012) when the amount of the transfer was DOUBLE the a lotted 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 repicutions 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 origianlly set off to make" but I had stopped all "automatic buys", and waited for money to show up in my IRA and than I would personally purchase right, this is what I was told that I can do on ANOTHER call with Etarde 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 than 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 origianlly called about this 3 1/2 months ago and the fact that it was their wrong doing and mis information that caused this so why I am the one being penalized for their mistakes. They should be the one's who have to wait until the next transfer in order to cover the negative portion of the account.
     
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E-trade Relies on "Babies" for Customers
Posted by Jssprout on 03/18/2012
E-trade's talking baby ads are no joke. The company tries to appeal to young techy business types who don't know much about investing.

I very glad they only had a portion of our portfolio. Markets and investments go up and down, but you can be certain that your ups will not be as high with E-trade, and your downs will go much lower. They eat you alive with hidden costs and fees. During a downturn, they would not let me sell or close and account. They needed the last thousands for sell-offs and fees. Then, they started charging me every month. My 15 grand in stocks investments went negative with these guys. Customer service was apologetic and ineffective.

Stick with Fidelity, Schwab, Well Fargo and any number of other reputable financial service companies that treat customers as adults and talking babies. E-trade is a sure-thing bad move.
     
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Posted by BigAl on 2012-03-19:
I am sorry to hear of your bad experience with E-trade. I have had very good experiences with them. I have not been hit with any unexpected fees. I have never had a hard time buying or selling with them. However, if you have no idea what you are doing I would suggest a reputable broker to do this for you. Good luck finding one.
Posted by BiggerAl on 2012-03-22:
I have a reputable broker, and have done well with other financial service companies. I knew what I was doing--but it took awhile to figure out what E-trade was doing to us! No one said brokers were dishonest. The company model is set up to lure "babies" and take their candy. Bad news.
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Left Hand Doesn't Know What the Right Hand Is Doing
Posted by Cathymwong on 02/17/2012
SANTA CLARA, CALIFORNIA -- I want to transfer my ETrade i401K account to my Vanguard traditional IRA account. ETrade's left hand doesn't know what the right hand is doing.

They misinformed me that the securities can transfer in kind to Vanguard. After back and forth with ETrade and Vanguard over several days, I find out ETrade requires liquidation of my securities (why didn't they tell me initially?). After a couple more phone calls, I find out they require that I manually sell them. Robo calls from them are vague. I return their call and I have to repeat what I've already in detail told a previous representative in a previous call. Time burner.

2/13/12 I was told their computers would automatically know the securities are sold and proceed with transferring the money.

I sold the securities 2/14/12. 2/15/12 I was told that the request must be re-submitted. 2/16/12 I was told that funds must be sent by a check to me or wired to Vanguard. for a $25 fee. I approved the wire and the wire fee. I was told the funds would wire 2/17/12.

2/17/12 I receive a robo call from ETrade. I call and I have to repeat ALL I said on 2/16/12. I am told that the funds will wire 2/21/12. I hope it happens, I am so done with ETrade.

     
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Posted by tnchuck100 on 2012-02-18:
As with most multi-department corporations the only path that is greased for efficient transactions is the one where money transfers from you to them. All other paths are fraught with hurdles to retain control of your money for as long as possible.
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Just try to get your money
Posted by Galwaychase86 on 12/22/2011
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 instaneous 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 onto 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.
     
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Close you account while you can
Posted by Smarchand8 on 08/07/2011
I had several accounts with E*Trade. Nothing was on margin and no checks every bounced. They closed out all my accounts on me. Customer service said you will get something in mail explaining why. Well later came and it was basically we reserve the right to close out you account at any time for any reason. 2 weeks later I'm still chasing my money from them and the customer service has no clue. FDIC will not do anything because they say it is a OCC issue. OCC will not get back to me. So now I'm waiting till they decide it is a right time for me to have my money back. I will just make sure I let everyone I know about the problems I have had with them. Maybe they will not join or will switch their accounts elsewhere. This is a poorly run business.
     
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Posted by Alain on 2011-08-08:
There are similar complaints about ETrade here and on other sites. You can try going to http://www.sec.gov/complaint/select.shtml and see if the information there is helpful to you.
Posted by 123 on 2012-09-12:
eTrade has advised that something is wrong with my 1099, and therefore they are going to classify my 501(c)4 as a S Corporation. They further allege they are going to take out unauthorized withholding from my S-Chapter corporation. eTrade should be shut down for dishonesty and theft. My advice is take your money out of there and run as far a way as possible. I am growing increasingly distrustful of the US as a place to keep your money and it is getting worse. We have absolutely no regulatory protection whatsoever. The FCC, SIPCA, and FINRA are only there to protect the companies they regulate. They could care less about the public.
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Be Careful
Posted by Lou gupta on 02/02/2011
Back Office personnel and Software designers of ONLINE Discount Brokers are inexperienced. Their lack of experience and knowledge in financial sector can be detrimental to your portfolio. Please be careful of discount brokers. Real time quotations may be inflated or deflated by few pennies. Your order may be forwarded to an exchange who may be paying the brokers commission on forwarding orders.

Broker may have high mark up on interest on margin. There may be hidden fees. Etc. Its better to protect your wealth rather than be a victim.
     
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Posted by trmn8r on 2011-02-02:
I don't find this informative. It appears to be about E-Trade, but it contains many generalizations and accusations listed without ssupporting evidence.

I have used TD Ameritrade for several years and I am very pleased with the knowledge of the CSR's I have dealt with, as well as the website.
Posted by Anonymous on 2011-02-03:
You seem to post a lot of attacts on Etrade. I use them and have had zero issues. As a casual trader they are great. No broker to deal with trying to sell you this or that. No broker churnning sales to bolster their commissions. No broker giving you bad information.
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Wrongful Account Balances
Posted by Lafrodesiac on 06/10/2010
I have a Brokerage Account with E-Trade and every time I have to call and ask for a balance update. Why.

Ex: I will get my jobs direct deposit. Lets say &700.00 I will withdraw 100.00 from the ATM. My account will view $500.00 ATM fees are reimbursed that's why I'm giving you single digit numbers. Them I would fill up my Tank of my car for approx. 46.01 my account will then view $353.30 do anyone see how crazy this is. Then when I'll call and explain to them the wrongful account balances they'll give me some lame excuse that for every transaction Visa/ or a Merchant will put a hold on your funds for a certain amount of money "for protection". Protection from what, when the money was already withdrawn and this is 2-3 days later. So then I started only! using debit. And the same thing happens today. This is causing me late fees on paying my insurance and car note. I work hard for my money for it to be tied up in god knows what. And to hear poor excuses. What are they doing with my money why do I have to wait 3-10 business days for my money to be available. I need help a lawyer or something I need to be Reimbursed for all my late fees due to the banks negligence.

     
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Posted by MDSasquatch on 2010-06-10:
Sounds like you need a new bank
Posted by CUFlipSide on 2010-06-10:
For starters, they aren't a bank, but OP is using them like one, so that would make banking problems more likely. Secondly, what they told you is exactly true, it's the merchant that places the hold, not the bank. When you run the transaction as a credit, not a debit, they verify and hold the exact amount. In fact, in most cases the transaction is completed by the bank on the spot.
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E*TRADE BROKERAGE NOT FOR THE MEEK OR FAINT OF HEART
Posted by Etradeishalloweentown on 04/09/2010
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 on-line) 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 scum, 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 any one'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 you sanity STAY AWAY from ETrade. 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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Posted by idontthinkso on 2010-04-09:
While a knee-jerk reaction of "Caveat Emptor" is inevitable, you backed up your opinion with instances of abuse. The accuracy of those claims is up to the viewer to verify. Me, I'll take your word for it and give you a thumbs up while doing so.
Posted by new57 on 2010-04-10:
my advice to you is stop posting on the complaint boards and redirect your energy and hire an attorney to start the arbitration process.

it is the only way you will ever see your money.
Posted by RestaurantGuy on 2010-04-10:
I am sorry you lost your money. With that said you have to take some personal responsibility for this. It is up to the investor to do his homework and then decide for yourself where to put your money. Always get multiple opinions and do your homework when investing as the market goes up and down everyday. You run that risk when investing and always do the research
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Lousy customer service
Posted by Lutgardis on 03/01/2010
I have been an E*Trade customer for many years. Ten days ago my money market account was suddenly frozen. No word of explanation. No notice. I emailed customer service repeatedly and spoke with four different representatives. Not one was able to explain what happened or tell me how to solve the problem. I was promised repeatedly a case manager would call me. None did. I contacted the Corporate Information Officer by email and the Chief Operations Officer by fax. NO ANSWER. They refuse to honor my credit card charges and keep sending me overdraft notices, when my "available balance" is more than 100 times the charged amount.

What can I do when even the Chief Operations Officer does not care?
     
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Posted by Anonymous on 2010-03-01:
They're probably still investigating what's going on with your account... something that takes more than just a day to do.
If there's suspicious activity going on... things that not of the norm... that's a standard for freezing accounts.
Have you tried to get the number for who's working your case?
Posted by etradeishalloweentown on 2010-04-06:
E*Trade's Auction Rate Security Fraud I am almost 62 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 on-line) I was transferred to their "fixed-income" department and was solicitied 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 continously 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 scum, 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 any one's money.

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