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E*TRADE / E*Trade froze my fund for months

1 P.O. Box 1542, Merrifield, VA, United States Review updated:
Contact information:
Phone: 1-800-387-2331

In November 2008, I found out that my outgoing transfer in E*trade bank was not successful because they placed security hold on my account which was at the balance of approximately $20, 000. I called them and they told me I need to write a notarized letter to them. This started my nightmare with their incoherent verification process and rude customer service.

They lost my notarized letter by accidents, repeated tricky requests to me even if I was not able to do their requests. Their requests didn’t make sense at all, like requesting my source bank to promise I am the account holder. But E*trade didn’t care, and would hold my fund forever until they smelled possible lawsuit from me.

Their representatives had been really rude during my communication with them. Some of them told me if I satisfy their request, they would “consider” removing security hold on my account. Some other representatives directly hung up on me and refused to communicate after I finally satisfied their request (and that was hard to do). They even got rude when I pointed out that they did receive my notarized letter.

Their service and attitude were very bad through the tedious discussion, which took me 3 months of time, countless call and headache. The funny thing is they kept making difficult requests to me, but they could never give me a clear answer why they placed security hold on my account.

After reading hundreds of complaint in Internet, I know my case is not rare. It looks like E*trade is doing every possible trick to hold customer’s money as long as they can. Very unethical and disgusting.

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Comments

  • Ra
      6th of Apr, 2010
    0 Votes

    not unusual behavior at all from etrade, they are the most scurious scammy unethical crimminal brokerage out there.
    Here is what thye did, and are still doing to me. The so-called useless Regulators must be bought off or sleeping with e*### fecal for brains "complaince" dept":
    E*Trade's Auction Rate Security Fraud}
    I am almost 62 years old, and in the fall of 2007 I was lured by E*trade's ad for a JP Morgan money market fund for an IRA. In Short} I called to purchase this money market fund, (the trade could not be placed on-line) I was transfered to their "fixed-income" department and was solicitied to buy Auction Rate Securities, for which the market has been frozen since Feb 2008.

    E*Trade, in my opinion, knew the risk of this soon to be illiquid market, yet pawned them off on me and thousands more of their "clients=victims". They have been totally uncooperative, intransigent, rude, threatening, and unwilling to accept responsibility for their fraud and lies perpetuated by their agents back in late 2007. They offer no solution to help assist those of us caught in this mess, and they continously deflect, deny, and defend their lack of accountability and irresponsible stance.

    They have effectively stolen my $50, 000 in an IRA no less and they only put up a smoke screen with low rent mafioso like attorneys. E*Trade from my experience is pure pond ###, and has zero ethics, and morality. Who on Wall Street does? They are the worst of the worst. RUN, DON'T WALK AWAY FROM E*TRADE, They will screw you over financially given the chance and are totally untrustworthy to be a custodian of any one's money.


    Read more: http://www.consumeraffairs.com/finance/etrade.html#ixzz0kNOqZzYF

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