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51 Reviews & Complaints

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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 Protection from what, when the money was already withdrawn and this is 2-3 days later.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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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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E*Trade exorbitant inactivity fees
Posted by Aquanut on 01/16/2010
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.
     
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Posted by momsey on 2010-01-16:
Are you saying that they didn't notify of you of inactivity fees? Are you also saying that you didn't receive a monthly statement via email? Because, if so, both of those things are serious violations, and you should bring your issue straight to the SEC!

Actually, I imagine that you were notified of all fees and when you "turned off paper statements," you turned on e-statements. It is no one's fault but your own if you didn't look at your statements at least once in a while.
Posted by let me see? on 2010-01-16:
You said it all "actually forgot about them" Stealing is hardly the case. You agreed upon the fees when you signed up for the account. What was Etrade to do, come to your house and remind you that you had 2000 dollars in stocks? You forgot about these stocks and now can't believe that Etrade is holding you to your agreement.
Posted by aquanut on 2010-02-14:
When I said I forgot about the stocks it is because I bought them for the long term and intended on holding unto them. When I opened my E*Trade account there were no Inactivity Fees no Account Closing Fees. Those were added later. E*Trade emails were considered SPAM by my email system because I was receiving "junk" from them almost daily. I have filed a complaint with the SEC and am also contacting my Attorney General and Congressman. After a lot of research I cannot find another brokerage house that charges Inactivity Fees.
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Human Customer Service, when I didn't even request it
Posted by Davidm on 08/20/2009
I had some fraudulent charges on my debit card. I emailed customer service, they emailed me back, I emailed them. I was fine with this interaction as I do most stuff online. Then they called me to explain in person how they were going to resolve my issue. Well done, E-Trade. Well done!

     
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E-"no"trade
Posted by Piedirt on 08/18/2009
I asked, in writing, that my account be closed out to my favorite charity. Over 60 days after sending the request, still no movement. They acknowledge receiving the request but indicate it has their highest priority and will likely take a full 60 days from their date of logging in the request. Incredibly slow and frustrating. This absolutely is about the worst customer service I can imagine.
     
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Deceptive Fee Policy
Posted by Annabirdie on 07/07/2009
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!
     
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Complaint
Posted by Nayaug on 04/26/2009
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, e trade refuses to investigate. I have 24 separate accounts (family and friends) with E trade.
     
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Posted by Soaring Consumer on 2009-04-26:
So basically, E-Trade sent $17,000 of your money into thin air?

Contact your state's Office of the Attorney General's Consumer Protection Division. Written proof from BOA that the account was fraudulent will definitely benefit your case.
Posted by nanomarket on 2009-04-27:
I don't think your money was stolen because a thief could not break the safeguards and E Trade could not wire the $17,000 to a fraudulent BOA account. The IRA withdrawl from E trade must be authorized in writing by the account holder (i.e., you). E trade must then cofirm the transaction with you and the IRS (form 1099-R). This confirmation process includes a verification that the E trade and bank accounts are ownded by the same person (you). If E trade insists that you authorized this transfer, ask them to show you the paperwork.
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Beware The Float
Posted by Bubbe239 on 04/13/2009
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?

     
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Posted by Anonymous on 2009-04-13:
Why are you paying an early withdrawal penalty? If you have records showing you demanded return of the funds (in writing) during the rollover period, you should not be charged anything for early withdrawal. In any case, you can estimate any penalty (from the deposit agreement) and use that amount for your taxes and file an amended return if there is a significant difference between your estimate and the actual amount.
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Deceptive Practice
Posted by Lou gupta on 03/06/2009
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 its ONLINE system, why do we have to go thru 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 E Trade is working to solve the system problem.

Did any one else encounter the same problem?
     
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Deceptive Accounting
Posted by Lou gupta on 02/02/2009
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.
     
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