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 your 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.
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. Let's 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. Then 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Protection from what, when the money was already withdrawn and this is 2-3 days later.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.
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, it's 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 kickback, 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 forever 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 anyone 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.
I was a happy E*Trade customer for 4 years. My account balance is about 150k and I place about 300 trades a year. I logged in from another location and they froze my account. Checking, savings, brokerage, everything. No notice or explanation as to why I could not view or access my account, everything was just gone. I found out when my E*Trade visa card was declined at a restaurant when I was out with my girlfriend. It was Friday night and customer service wouldn't be available until 8am Monday.
I contacted customer service and they were useless. I asked them to contact me next time and they refused. Fidelity said that would never happen, gave me 100 free trades, and a 6 month gold membership for switching. I suggest you do the same.
I just talked to another E*Trade representative today while I was closing my accounts, and he was actually really understanding. He disagrees with the company's policy and acknowledged that this is a serious problem but there was nothing he could do to immediately fix it. So, if you have an E*Trade account send customer service a message requesting that they change this asinine policy of locking out accounts without notice! If you log in from an unrecognized computer they should just ask some security questions like every other financial institution does. This can happen to you too and this is the only way we can stop it.