ETrade - Left Hand Doesn't Know What the Right Hand Is Doing
i401K transfer - Complaint
SANTA CLARA, CALIFORNIA -- I want to transfer my ETrade i401K account to my Vanguard traditional IRA account. ETrade's left hand doesn't know what the right hand is doing.
They misinformed me that the securities can transfer in kind to Vanguard. After back and forth with ETrade and Vanguard over several days, I find out ETrade requires liquidation of my securities (why didn't they tell me initially?). After a couple more phone calls, I find out they require that I manually sell them. Robo calls from them are vague. I return their call and I have to repeat what I've already in detail told a previous representative in a previous call. Time burner.
2/13/12 I was told their computers would automatically know the securities are sold and proceed with transferring the money.
I sold the securities 2/14/12. 2/15/12 I was told that the request must be re-submitted. 2/16/12 I was told that funds must be sent by a check to me or wired to Vanguard. for a $25 fee. I approved the wire and the wire fee. I was told the funds would wire 2/17/12.
2/17/12 I receive a robo call from ETrade. I call and I have to repeat ALL I said on 2/16/12. I am told that the funds will wire 2/21/12. I hope it happens, I am so done with ETrade.