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E*TRADE / Not honoring promotion

United States Review updated:
5
E*TRADE has been running a special promotion whereby they offer to refund your commission on your first 100 trades when you setup a new brokerage account. So I set up a new account and made about 40 trades which gave them about $500 in commissions. Now they are not honoring the promotion. Here is the amazing trail of communications with their so-called customer service:

First they told me that I had not clicked on the right hyperlink when I setup my account so I did not qualify for the promotion. Next I pointed out to them that this requirement was not stated anywhere in their offer.

So next they told me that I had funded the account with a transfer from my E*TRADE savings account, and that is why I did not qualify. Again I pointed out to them that this is not stated in their offer.

I certainly expect better from a well established and respected company such as E*TRADE. I am very disappointed that they seem to be working very hard to find (bogus) reasons to dishonor the promotion in my case.
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Na
  26th of Apr, 2010
Agree Disagree 0 Votes
I had the same problem with E-Trade today. I am a first time customer and in fact had never bought stocks directly. I was sucked into applying with e-trade with the "bait and switch" technique of "free trades for 60 days." I had read all the application info and even talked on the phone to a customer rep. about applying So today, April 26, 2010 I bought 50 sales of a stock and noted that the commission of $9.95 or so was charged. I phoned the company and a rep. told me that I had not deposited the required $2, 000 to be eligible for the 60 free trade days. I had only deposited $1, 000. I disputed this comission charge extensively and complained about the "60 free trade days" promotion as being deceptive as the required $2, 000 deposit wasn't mentioned anywhere in the promotional literature and while appllying. Of course the usual "we're sorry you weren't aware of this" line was given out...Ha Ha! E-trade could care less!!

The rep told me that she could only enroll me retroactively in the 30 day free trades so out of complete frustration and anger, I said OK but that I would complain on the web and warn future applicants. However, e-trade in my opinion is just another crooked wall street gang and obvioulsy could care less about" bait and switch " complaints. what a racket...don't apply for an e-trade account. The business is obvioulsy crooked. I am not stupid and applied with the understanding that I had 60 days free trade. It was a ploy for business and is unethical. In this economy and distrust of wall street and big banking, how dare they do business like this. I will get out of this as soon as I can. Crooks they are!!!
Na
  26th of Apr, 2010
Agree Disagree 0 Votes
i agree
Hh
  23rd of Dec, 2016
Agree Disagree +1 Votes
The same exact problem with ETRADE SOLO 401k. They would not fulfil the promotion because outside funds were transferred to account before promo was applied - they would not backdate. No where in their marketing literature is this exception noted.

Here is the promo details copy/pasted from their site:

Here's how to get your cash credit:
Mail or fax your completed small business retirement plan application to us
Call Customer Service at 1-888-402-0654 once your account is open to be enrolled in and receive the offer.
Credits for cash or securities will be made based on deposits of new funds or securities from external accounts made within 45 days of account open, as shown in the chart below. Your account will be credited within one week of the close of the 45-day window, as follows:

Receive
Deposit or Transfer
$2, 500 + free trades $1, 000, 000+
$1, 200 + free trades $500, 000 - $999, 999
$600 + free trades $250, 000 - $499, 999
$300 + free trades $100, 000 - $249, 999
$200 + free trades $25, 000 - $99, 999
Only Free Trades $10, 000 - $24, 999

Here's how to get your free trades:
You will receive up to 500 free trade commissions for each stock or options trade executed within 60 days of the deposited funds being made available for investment in the new account (excluding options contract fees). You will pay $9.99 for your first 149 stock or options trades and $7.99 thereafter up to 500 stock or options trades (plus 75¢ per options contract). Your account will be credited for trades within a week. Account must be funded within 60 days of account open with funds from outside of E*TRADE.

More important information
Offer valid for one new E*TRADE Securities retirement account opened by 12/31/2016 and funded within 60 days of account opening with $10, 000 or more with funds from outside of E*TRADE. Excludes E*TRADE Securities brokerage and E*TRADE Bank accounts.

You will not receive cash compensation for any unused free trade commissions. Excludes current E*TRADE Financial Corporation associates, non-U.S. residents, and any jurisdiction where this offer is not valid. This offer is not valid for business, Custodial, Estate, LLC, Sole Proprietorship, Unincorporated Organization or E*TRADE Bank accounts. New funds or securities must remain in the account (minus any trading losses) for a minimum of 6 months or the credit may be surrendered. One promotion per customer. E*TRADE Securities reserves the right to terminate this offer at any time.

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