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E-trade Complaint - Don't open an account; you won't be able to close it - Online Banking
Online Banking - Complaint
Summary:
- Incoherent, buggy web-interface
- Lots of service charges
- Very poor customer service (be prepared to wait for 2 hours or more)
Here's what I went through:
- I opened an account a month back.
- I haven't been able to access the account since.
- I was charged $10 a few weeks back in a statement.
- So I decided to check again. My account still had the message "your account is temporarily unavailable. "
- So I placed a call... and started playing with the interface
- This is one of the most confusing web-pages. Most clicks take me to an 'open another account' page.
- I had to activate my service by filling a different URL. The balances seemed to show.
- I could not transfer money from my bank account (thank god)
- I could not log-in to make trades. The log-in page redirected me somewhere else.
- By this time I was frustrated. I tried to close the account, but I could do it on the web.
- And the call... it took 2 hours to talk to a customer service rep.
- He charged me another $10 to close the account.
- I told him this was ridiculous. He told me that I had to read the fine-print. He also claimed that he can not credit the account, but he can close it. And that I should take this option when I have the chance.
- I asked for the manager, and he put me on hold for another 20 minutes. The same guy picks up the phone and tells me the manager is busy.
- He claimed now that he credited the account (must have learned something new in those 20 min). The funny thing is that I still don't see the credit on my web-page.
- He then gives me a FAX number where I have to send a signed statement that I want to close my account. I did not have to do any of this when I opened an account.
eTrade is the most incompetent company I have had to deal with. Take my advice: Don't open an eTrade bank account. They are not trust-worthy people.
- Sridhar
- Incoherent, buggy web-interface
- Lots of service charges
- Very poor customer service (be prepared to wait for 2 hours or more)
Here's what I went through:
- I opened an account a month back.
- I haven't been able to access the account since.
- I was charged $10 a few weeks back in a statement.
- So I decided to check again. My account still had the message "your account is temporarily unavailable. "
- So I placed a call... and started playing with the interface
- This is one of the most confusing web-pages. Most clicks take me to an 'open another account' page.
- I had to activate my service by filling a different URL. The balances seemed to show.
- I could not transfer money from my bank account (thank god)
- I could not log-in to make trades. The log-in page redirected me somewhere else.
- By this time I was frustrated. I tried to close the account, but I could do it on the web.
- And the call... it took 2 hours to talk to a customer service rep.
- He charged me another $10 to close the account.
- I told him this was ridiculous. He told me that I had to read the fine-print. He also claimed that he can not credit the account, but he can close it. And that I should take this option when I have the chance.
- I asked for the manager, and he put me on hold for another 20 minutes. The same guy picks up the phone and tells me the manager is busy.
- He claimed now that he credited the account (must have learned something new in those 20 min). The funny thing is that I still don't see the credit on my web-page.
- He then gives me a FAX number where I have to send a signed statement that I want to close my account. I did not have to do any of this when I opened an account.
eTrade is the most incompetent company I have had to deal with. Take my advice: Don't open an eTrade bank account. They are not trust-worthy people.
- Sridhar
Comments:
Posted by miketech on 2006-01-24:
WHat is a good online trading group? I have Harris Direct. When I first sighned up for online trading I quickly parlayed $500 into about $12.50 playing with penny stocks. So I gave up. I thought I'll let them sit and maybe something will gain. Well of the 5 4 went Out but one increased. It's worth about $150 no. After about a year Harris decided to enact a fine print charge per month for not trading. I'm not paying it but the account balance is still positive. Watch these online trading sharks. Anyone using a good one?
Posted by kellyz on 2006-08-12:
WOW - The same thing just happened to me. I am in the middle of it and Etrade has $20,000 of my money they won't give back. The service was horrid - so I have been trying to close my account for about a month now. I just want my money back. They say they are closing it and all will be taken care of - then a week goes by and nothing - and the whole thing starts over again.
Posted by rosmary on 2006-08-30:
I've never written to a consumer complaint bulletin board before - this is a first for me. But I've had absolutely the same experience with ETRade banking that others have described. I can testify that a two hour wait on hold is not an exaggeration. I spent at least five hours with four different reps online trying to get my brokerage and money market account linked. Each time after numerous waits on hold listening to the same Musak loop I was told it would be fixed in 24 hrs. And I believed them every time!! Finally the last time it wasn't fixed I got real tired of totally wasting my time repeating all the same information again to someone who could have cared less about my experience, and I got tough. I demanded the supervisors name and number and told them I was posting my experience on this bulletin board (which I found while being put on hold for the umpteenth time). OhmiGOd guess what!! Twenty minutes later a supervisor called back and the problem was finally fixed.
So if you also have found this bulletin board while waiting for the totally incompetent ETrade reps, perfectly described by the emails proceeding my complaint, to solve your problem go ahead any try my solution. Don't believe, like me at first, that someone is really going to work it all out if you just stay nice and reasonable. I've never written to a consumer complaint bulletin board before - this is a first for me - and hopefully my last.
So if you also have found this bulletin board while waiting for the totally incompetent ETrade reps, perfectly described by the emails proceeding my complaint, to solve your problem go ahead any try my solution. Don't believe, like me at first, that someone is really going to work it all out if you just stay nice and reasonable. I've never written to a consumer complaint bulletin board before - this is a first for me - and hopefully my last.
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