E*Trade Bank Complaint - Beware The Float
I first called E*Trade to close a CD instead of rolling it over on 2/12/09. I finally received the check 4/2/09. In the meantime, I faxed, refaxed, and re-refaxed a letter of instruction to close the account, together with all the supporting documentation. I spoke to at least 3 customer service staff, and each time, there was no new information in the computer. Now, having received the check, it has been placed on hold. Although the assistant manager of my bank would not explicitly say so - "they have had some trouble collecting funds from some banks and insurance companies". This was for an amount well under $10,000. I cannot imagine why customer service would be this bad. AND, although I received the check, the account was now closed well after the rollover period, but the check was not accompanied by a statement describing the transaction - so I have no idea how much the penalty for early withdrawal was.
So, I cannot either confirm that amount, or report it on next year's taxes. Do you think they are doing this in order to get the float?