E-trade Informative - Deceptive Practice
Recently in order to meet margin requirement with Etrade, we sold one security from our portfolio. After selling one security, we tried to sell another security from our portfolio to create cash in the account. But Etrade system did not allow and every time message was " We cannot accept the order because there are insufficient funds in your account".
We were selling our stocks. When we call them by telephone, we were told Etrade is working to correct the system. However they can enter the trade manually. I do not understand if its ONLINE system, why do we have to go thru a middle man.
All orders are reviewed by their back office serving wealthy clients. This could be to fill orders in house to make additional money. All the time there was a difference between the real time quote and orders filled.
This practice is going on at least from the last two and a half years and have the same explanation that E Trade is working to solve the system problem.
Did any one else encounter the same problem?