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E-Trade Complaint - Froze My Assets With No Cause Or Warning - Brokerage Account

Brokerage Account - Complaint
Review by JRM on 2007-09-22
ROANOKE, VIRGINIA -- Etrade gladly took my account from another company. Then all of a sudden I received a phone call asking me a bunch of "identity questions." I was told they wanted to clear up "my issue." I said I didn't have an "issue...they called me." They asked me stupid questions, one of which was to identify 4 zip codes in which I've lived. I failed my own identity test because I could only name 3! The next thing I know I'm told they would liquidate my entire account and send me a check within 30 days unless I move it elsewhere. They said they had the right to refuse to do business with me. So, I'm thinking my civil rights have been violated and I want to sue them, but I also recognize that my primary focus has to be on getting my money somewhere safe, AND QUICKLY. So I ask the person I was on the phone with how fast can I get my account transferred. Turns out that person is in THE PHILIPPINES working at a call center for Etrade. She said she'd have to "check with a licensed broker." I was on hold for 51 minutes and 6 seconds before I finally just hung up and called my tax preparer for suggestions.

I can only imagine what elderly, hard-of-hearing folks must go through dealing with ETRADE. I believe the company is riddled with problems!!!
Comments:
Posted by *Brenda* on 2007-09-22:
Bad service, sure but how have your civil rights been violated?
Posted by superbowl on 2007-09-22:
eTrade has some serious issues. You can Google them and see all the problems they are dealing with. Closed my eTrade account years ago when they sold some of my stock to pay for "fee's"? No one could explain the fee's so I transfered what stocks were with eTrade to another broker. No one at eTrade even cared or tried to keep me as a customer.
Posted by terrencesmom on 2007-10-08:
Exactly the same thing happened to me today. I am going to E-trade in person tomorrow to close my accounts and hopefully be able to transfer all my assets to another brokerage firm.

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