E*trade Complaint - Just try to get your money
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.