E-trade Complaint - Stay away from E-Trade.
In the beginning of on-line brokerages, E-Trade seemed the perfect business model, with many diverse services for the independant investor. But, when the market dropped in 2001 (If I remember correctly) people began selling out and most just stayed the course hoping the market would turn around. E-Trade, which never had fees above trade commissions began to install a fee for every purpose under the sun to earn money. If they couldn't earn money with trades then fees would do. A quarterly fee, a check fee, a transfer fee, a management fee for no load IRA's added in 30 days after tax and IRA buying season. But what they did to me makes me hate them as the worst company I have ever dealt with, in my 62 years. When they added the IRA management fee, I decided to transfer my account to the brokerage that actually manages this particular fund. Following all the instructions to the "t" E-Trade would not transfer the account. No matter how many times I or the other company sent the required paper work, everyone I would speak to at E-Trade (14) could find no record of the transfer paperwork. It was as if they had a policy of frustrating all transfer requests, while charging fees all along the way. It took almost 2 years and the SEC to get a decent answer about my transfer request. This last year end, when I decided to cash out and take my losses on common stocks, they found some additional fees to apply against my account. Do yourselves a favor and stay far, far away from such an unprincipaled company. They are cheats and lyers and I can not be the only previous customer who is left with that opinion.