E-trade Complaint - Watch Out for Extremely High Fees - Avoid
Let me preface by saying I have had E-Trade Accounts for more than 10 Years....
E-Trade is inexpensive for trades and has some great tools BUT - they have some huge fees that can blind-side you. I( found out the hard way.
I have 1 smaller account I used for trading, about $1000 value three years ago. I held INTL shares and just thought I'd get out of trading for a while... I just logged in to my account and realized they had been charging me $40 EVERY 3 MONTHS for account fees. So in 10 quarters, they charged me $400. That's a pretty fast way tolose my investment.
I have 7 E-Trade accounts currently - all but one are retirement accounts or education savings accounts for my kids. All told, I have in excess of $25,000 invested with E-trade, a 2nd mortgage and a credit card.
I asked their customer service to waive or return some or all of the fees, because I met their requirements. They would not. Not even a little.
I know - I should have paid closer attention, but I signed up for electronic notifications, and I used a outdated email. My own fault there.
I just feel they are clearly using the huge quarterly fee to eliminate unprofitable accounts (how it's unprofitable, I don't know) - and when they are targetting a loyal and hopefully valued customer, they should express some latitude.
BTW - I sold the stock, and now to trasfer the $494 I have left to my bank account will incurr a $60 transfer fee! I'll bet, most of the fees not associated with trading (which they advertise all the time) are very high and serve as there main source of profit.
I believe there are better alternatives and unfortunately, that's where I'll be transferring the remainder of my accounts.