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?
I was hoping to find a way to reverse 5 (FIVE) years of inactivity fees which they started charging me once I turned off paper statements. If I had been getting a paper statement I would have done whatever it took to stop these exorbitant fees. I only had 2 stocks with $2000 in the account and actually forgot about them until I wanted to transfer them to another brokerage account. They have been stealing all of my cash dividends which I have been paying taxes on for five years and STILL charging me $40 a quarter for an Inactivity Fee! Now before I can transfer these stocks I have to pay over $800 in Inactivity Fees and $60 to transfer and close the account.
If you are a small investor or just starting out, beware of the quarterly $40 fee that ETrade will charge you for not having any activity on your account (you pay them for letting your money sit in their coffers!) When I learned of this fee, I spoke to a representative who said that all I had to do to avoid getting charged was to make a trade once per quarter. Fair enough. So I made a trade on 6/23/09.
When my statement came in, I saw that there was that $40 charge for the 2nd quarter. So I called to inquire, and guess what... the cutoff date was 6/22. So the trade didn't count towards eliminating the fee, AND I paid the $12.99 trading fee as well. The representative was quite condescending when I complained, and wouldn't put me through to her supervisor. Shame on them for taking advantage of their customers with hidden, small print fee policies!
After notifying Etrade in Feb. that I did not either sell or transfer funds from my Roth IRA to an external account, (after ten phone calls), they informed me that it was not a fraudulent transfer. Who else can I report this to. Don't the police have to do an investigation since the bank routing number and checking account number to which it was transferred ($17,000) are known. I called Bank of America to which it was transferred and they told me that that account was fraudulent and is now closed, however, etrade refuses to investigate. I have 24 separate accounts (family and friends) with Etrade.
I first called E*Trade to close a CD instead of rolling it over on 2/12/09. I finally received the check 4/2/09. In the meantime, I faxed, refaxed, and re-refaxed a letter of instruction to close the account, together with all the supporting documentation. I spoke to at least 3 customer service staff, and each time, there was no new information in the computer. Now, having received the check, it has been placed on hold. Although the assistant manager of my bank would not explicitly say so - "they have had some trouble collecting funds from some banks and insurance companies". This was for an amount well under $10,000.
I cannot imagine why customer service would be this bad. AND, although I received the check, the account was now closed well after the rollover period, but the check was not accompanied by a statement describing the transaction - so I have no idea how much the penalty for early withdrawal was. So, I cannot either confirm that amount, or report it on next year's taxes. Do you think they are doing this in order to get the float?
Recently in order to meet margin requirement with Etrade, we sold one security from our portfolio. After selling one security, we tried to sell another security from our portfolio to create cash in the account. But Etrade system did not allow and every time message was "We cannot accept the order because there are insufficient funds in your account".
We were selling our stocks. When we call them by telephone. We were told Etrade is working to correct the system. However they can enter the trade manually. I do not understand if it's ONLINE system, why do we have to go through a middle man.
All orders are reviewed by their back office serving wealthy clients. This could be to fill orders in house to make additional money. All the time there was a difference between the real time quote and orders filled. This practice is going on at least from the last two and a half years and have the same explanation that ETrade is working to solve the system problem. Did anyone else encounter the same problem?
I have been trading online since 1998 and had good and honest trading experience with Brown Co. But with E Trade (bought out Brown Co) who have other conflicting financial services, its quite different. With E Trade, orders are not filled at the real time value; orders are directed to exchanges where E Trade receive the best kick back; orders are withheld or filled in house; E Trade without our authorization purchased securities in the account; end of the day cash missing from the account; money withdrawal takes for ever while deposit date changes from one day to another while withholding the money; margin calls appears at their own free will etc.
Like to know if any one of you had similar experience or is it only me. My experience with E Trade is similar to what I had with Morgan Stanley Online who went out of business within less than six months.
CALIFORNIA -- Please, Do not open up with E*Trade Financial. You will lose all your money like I did and you'll will be charge for a lot of stupid reasons and every time you have to call them to give your money back. Since you put your money in E*Trade account It's impossible to remove it again, They kept my money in account and my checks returned and I paid a $75 check returned fee to E*Trade and my bank. I made a very important Wire out transfer to my another banking account because I had a mortgage to pay but it returned to my E*Treaded account again because the customer service mixed up.
They advertised 100 Free Trade but that is not trough. They charge you $13 for each trading and you have to pay and if you buy over 2000 shares you have to pay 1.5 Cents extra and you have to do all your 100 free trading within a month and then they may credit it back to you almost 2 mints after opening your account witch I'm not sourer, So far I haven't received it yet. But not the money you pay 1.5 cents for over 2000 share. You have to pay that once for buying and gain for selling that stock and it will be 3 cents.
E*Trade has a very bad Finical situation and you can check with stock market. Don't put yourself in a big chance of losing your everything with E*Trade with merging account. I had a margin account with them and since stock hit the lower price in last two weeks, they forced me to sell my stock or they will sell it without my permission. They don't tell you they have a charge and it calls malignancy fee witch is $40 every 3 months. Anyway, I've been told to not open account with E*Trade but I didn't lessen and now I'm a loser.
If they did transfer my wire money correctly at the first time now I wasn't a loser and I wouldn't buy stock again and they wouldn't forced me to see it or they will sell my stock to any price. I transfer money last Friday 11/28/08 but today 12/02/08 my money is not into my another account and when I called them they said it will take by next 2 more day.
My husband and I are in E-Trade Nightmare Hell. We have nearly a half million dollars invested in an IRA there. Two years ago, my husband called to purchase a $100,000 CD within the IRA account, our only one with E-Trade. It took two hours, which should have been a sign. (The other sign was E-Trade taking over three weeks to open the IRA with all this money without notifying us--a common complaint, I see from these boards. Just found my desperate letters on that.) Anyway, some idiot moved the $100,000 out of the IRA money market without my husband's permission. Mind you, we weren't surrendering the IRA funds-- just wanted to transfer the hundred thou out of the money market into the CD within the tax=free IRA account.
Fast forward to last week. The IRS sent us a bill because we hadn't paid taxes on the interest on the $100,000 CD!
Turns out they moved the money from the IRA and misregistered it as a regular account. We cannot get any satisfaction from their outsourced Philippino help line, nor from the local "relationship manager" who was unbelievable rude and had a real blame the victim attitude. In four separate phone calls to four separate people, we were told they would "solve" the problem within 48 hours. It's been a week. Every phone call says something different, but one of their people said: "We can't do anything. You just have to pay the tax until the CD expires in 2010." Unbelievable. I am in the process of pulling out all the other funds and putting them at another brokerage.
We may hire a tax lawyer. E-Trade has not been able to produce anything historical that shows the money was moved out of the IRA. We have statements--new account number, true--with the IRA statements, so didn't realize until the IRS notice that this money was invested outside the IRA without permission. They are so horrible and ineffectual, we are going to get a lawyer.
ARLINGTON, VIRGINIA -- It all started on Sept 12, 2007 when I faxed over some documents showing my name change. I sent it to both the bank and stock broker side. The stock broker side was quick to get things changed. The bank side had no clue. I called them on October 1st asking what was going on. They had no clue and tried to claim that I never faxed it over. But when I mentioned that the brokerage was good then they decided they would look for it. I was able to give them enough information to find it. I had followed the information on the web site which said that if I wanted a new bank card and checks to make sure that it was in the letter.
It was about a week later that I finally saw that the information was finally changed however they had not sent checks or a new bank card. I ordered new checks via online but called to get a new card. When I got the card, it had the wrong name on it. I called them up and was told by the customer service agent that he had seen this before and would ensure that a new one was sent out with the correct name on it. during this time, the card that I had was working. When I got the second card, it had the wrong name on it as well. I called the bank back up and the customer service agent told me several times that he had never seen this before. The next day I went to buy lunch with my debit card and it had been canceled. I called the bank and was told it was SOP to cancel a card when a new one was ordered, however they had not followed the policy when ordering the previous two.
I asked when I called to speak to a supervisor who was feeding me the same useless information that the other customer service reps had given me. I then asked to speak to his boss. Randy (the supervisor) told me that I had all ready asked to speak to a supervisor and his boss did not take calls. I hung up and immediately called the CEO's office. I talked to Sasha there and he immediately set out to help me out. He was able to verify that a new card was ordered and the order had the correct name on it. He was also able to tell me when the card was going to get here. I am very disappointed with customer service reps. I also requested from Sasha that someone senior review the tapes of the days record and I made sure that he was aware that Randy had told me that I could not talk to his supervisor.
I hardly recommend that people stay away from eTrade.