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eTrade / Took all of my money without warning

1 TX, United States Review updated:
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I opened an account a few years ago with $1, 000 in it. I did not plan on doing much, just to see if it would grow.

I kept an eye on the investments every month and do not remember anything about a $40 penalty for not trading.

Afte about 4 years with Etrade, my statement said I only had $10 left in it. Etrade sold my stock and kept the money for their fees.

There was NO WARNING that this might happen. I am sure there was some fine print somewhere that I missed. Bottom line, I BELIEVE THIS IS AN INTENTIONAL STRATEGY TO ROB PEOPLE OF THEIR MONEY.

Would we put up with an electric company that never sent you a bill them turned off your electricity without warning? ETrades policy is liked to that. I wish I had never heard of ETrade.

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  • Ch
      24th of Apr, 2009
    0 Votes

    E trade is a crooked company...I too put in about 1500 dollars and held for long term...I did not realize they would be charging me more than my retirement account to keep money in securities...5 years went by and a stock that was trading at a bit less than what it was before was dwindled down to mere scraps! I cannot believe that this is okay to do. I am writing on as many websites about their practices to insure that NOONE does business with them again. I believe you must inform someone of a fee like that...and also send some form or statement letting them know that they are being charged a fee like that...I am not a socialist, but I definetely believe in regulation of these kind of practices. Lawsuit should be coming I am sure.

  • Ch
      24th of Apr, 2009
    0 Votes

    I agree dude...just found out today my account is gone...i did nothing wrong except let it ride for a few years!!! totally crooked.

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