E-trade Complaint - Terrible Company, Go elsewhere
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.