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E*TRADE / Unscrupulous business practices

1 United States Review updated:

I opened an etrade account about a year ago wanting to learn about trading stocks. I purchased 8 stocks from 5 difference companies. I just found out today that I have been accruing a 40 dollar "maintenance" quarterly fee by etrade for having an inactive account. I was never notified or forewarned about the fee. And because I was never notified by etrade, I had a negative balance. But today I received an email from Etrade, one of 5 emails over the course of a year that states a trade confirmation in my account. Apparently, etrade can sell your stocks for you whenever they feel like it without contacting you, yet they will send you an email after they do what they want with your account. I am a college student with very little money to go by. I had initially invested 150 dollars into etrade. So not only did I have to pay a high fee for each transaction, I have been paying a "maintenance" fee for the past year that costs almost as much as I had invested in stocks. Totally unscrupulous. Its big business stepping on the individual. It is a complete lack of respect for the individual. Etrade conducts itself in a very unsavory manner that I find disgusting.

This is a warning to other people who, like me, thought that Etrade would be user friendly and would not secretly siphon my money away without my knowledge.

Am
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Comments

  • Sh
      4th of Jun, 2009
    0 Votes

    I'm having the same problem. What action can we take against them to stop this from happening?! there is complaints all over the internet. Has anyone found anything useful to take action against etrade?

  • Nj
      24th of Jul, 2009
    0 Votes

    they took shares of my stocks and sold them without asking me-and said it was because i owed them money

  • Ld
      11th of Feb, 2010
    0 Votes

    Etrade took over $800.00 from my account due to their $40.00 monthly fee which I was unaware of. I now have stocks worth much less than initial investment. I have held these stocks for over 9 years and I only LOST money. How can I recoup these fee's?

  • Pa
      12th of May, 2010
    0 Votes

    ETrade is not your best choice.


    There are better options available.


    Account setup is slow and transfer out money is even slower.

  • Th
      26th of Apr, 2012
    0 Votes

    I to incurred the $40 fee per quarter for "in-activity". They sold my stock to cover over $700 dollars in these fees and did not ever advise me of the sale. I only found out when I noticed on my tax form that the account seemed low. They did reimburse me HALF the amount. I filed complaints but they were denied.

  • Va
      5th of Aug, 2016
    0 Votes
    E*TRADE - Poor service
    E*TRADE
    United States
    www.us.etrade.com

    It's been close to 2 weeks since I first opened my account and it's still not working. 3 times I was promised a phone call from a supervisor. I am still waiting. Their customer services representatives are useless. I was denied talking to supervisor. Emails to customer service have gone un-responded. It's been 7 days since I was promised a solution in 48 to 72 hours. Etrade offers horrible customer service. I do not recommend this company. They are horrible. Now I expect problems cancelling the process of opening this account but I refuse to give them my money to manage It's been close to 2 weeks since I first opened my account and it's still not working. 3 times I was promised a phone call from a supervisor. I am still waiting. Their customer services representatives are useless. I was denied talking to supervisor. Emails to customer service have gone un-responded. It's been 7 days since I was promised a solution in 48 to 72 hours. Etrade offers horrible customer service. I do not recommend this company. They are horrible. Now I expect problems cancelling the process of opening this account but I refuse to give them my money to manage.

  • Pa
      5th of Aug, 2016
    0 Votes

    ETrade is not your best choice.


    There are better options available.


    Account setup is slow and transfer out money is even slower.

  • Al
      5th of Aug, 2016
    0 Votes
    E*TRADE - I wouldn't recommend E*Trade to my worst enemy
    E*Trade
    United States

    We had several negative experiences with E*Trade Financial.

    First, E*Trade ignored several of our change of address requests. It took several months before E*Trade and their third party vendor, Clarke American, stopped sending our account materials to the wrong address.

    These materials included our PIN numbers, ATM cards, and checks.

    The other negative experience was with E*Trade's online Bill Pay system.

    E*Trade issued payment a day later than scheduled and, as a result, we were assessed a hefty penalty fee of $250.99 for the late property tax payment that E*Trade caused.

    After several phone calls and ignored faxes, we spoke with one of E*Trade's branch managers, Amy Alley. She was very unprofessional and rude for the entire conversation. E*Trade refused to cover the fee caused by their negligence. That was the final straw for us.

    We're in the process of switching our accounts to another institution. I wouldn't recommend E*Trade to my worst enemy!

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