E*trade Complaint - Etrade Has A Policy Of Freezing Accounts Without Warning
I was a happy Etrade customer for 4 years. My account balance is about 150k and I place about 300 trades a year. I logged in from another location and they froze my account. Checking, savings, brokerage, everything. No notice or explanation as to why I could not view or access my account, everything was just gone. I found out when my Etrade visa card was declined at a restaurant when I was out with my girlfriend. It was Friday night and customer service wouldn't be available until 8am Monday.
I contacted customer service and they were useless. I asked them to contact me next time and they refused. Fidelity said that would never happen, gave me 100 free trades, and a 6 month gold membership for switching. I suggest you do the same.
I just talked to another Etrade representative today while I was closing my accounts, and he was actually really understanding. He disagrees with the company's policy and acknowledged that this is a serious problem but there was nothing he could do to immediately fix it. So, if you have an Etrade account send customer service a message requesting that they change this asinine policy of locking out accounts without notice! If you log in from an unrecognized computer they should just ask some security questions like every other financial institution does.
This can happen to you too and this is the only way we can stop it.