We filed and received a line of credit from Etrade. We pay our payments every month and haven't ever missed a payment. Now Etrade calls 3 or 4 times a day to harass us. Some person on the internet warned me not to go with Etrade because they harass people by calling and saying they are recording the conversation. We record every call there is from them.
To get the calls to stop we are going to file a lawsuit and make it very public. My advice: Don't apply for a line of credit on the internet.
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.
I opened an etrade account in the latter part of 2001 (or so). I started getting into day trading with some friends at work. For the next couple of years I traded allot, and they made considerable trading fees from me. In the end, I was not that good at it, and lost most of the money I put in.
So, what I did is I kept a stock I like (at that time what was left was only $6-$700) and decided to just let that stock hopefully mature over the years. Which it really didn't, was pretty constant where it stood. Bt I became inactive and allowed my stock position to hopefully accrue and grow over the years. After all thats what savings is suppose to be.
About a year or so later, etrade went and sold my entire stock position, (at the time I think the value of the sale was about $3-$400) and kept all the money for themselves to pay for its 'maintenance fees'
Since having my etrade account, to my knowledge they never EVER sent me any notice that I had to pay any maintenance fees, or to send them any monies to pay for there fees. They sold my position without my authorization. When I contacted them, no one cared, and no one ever responded back to me (when I did it via email), and regular mail. They also did not tell me how much was my maintenance fees, or ever refunded any change from these sale proceeds.
When I sent this to my attorney, who had me send all the ebay agreements over, it appeared like there was interest in the case, but than kind of fizzled off and not pursued.
I know this is only a $3-$400 damage to me, and not allot of money in grander schemes, but I know that this was still improper, and to me if I still held my position, my stock that was originally closer to $600-$700 (don't really recall the exact amounts), could always turn around and become an over $1000 position or more. Won't ever happen now, its a complete total loss for me. I also don't think my account fees should be or ever be $300-$400 for 1-2 years, there should be monies still owed back to me. I could of switched easily to another brokerage account if they were going to charge that much for the little amounts I had mainted there in the end. Not to mention the huge fees they made from me the couple years prior, with all the activity I did with them trading. Something definitely was not right here.
If anyone who has experienced something similar with them, or attorney can offer some assistance with this, I would still like to go after them for this. Was seriously considering filing a small claims court suit against them, but needed a little research or education on which exact violations to pursue. I'm sure there are arbitration clauses and who knows what else in there small print.
On a side note, today I decided to get back into some trading. I opened up a Scottrade account. Etrade will never see a dime from me again. Etrade also has more customer rip off complaints and lawsuit filing announcement on internet search engines than they do about there company info. A sign of a very bad company that just does not seem to get it regarding customer service.
Etrade overdrew my brokerage account by $6, 000 with no notice to me nor even a simple phone call, just to satisfy the greed of some broke broker. I'll enjoy watching them and their lawyers in Bankruptcy court. Suggest you read every single line of their agreements or their lawyers will steal your money. I used to have over $100, 000 in accounts with them, and their short term greed has cost them all of it.
We had a small account with them that had $10, 000 plus in stocks. Needless to say, it went down in value recently and they started to pile on their maintenance charges. I decided to close it and get the cash. Easier said than done. I started the process October 7th, there have been glitches galore, and now, to add insult to injury, they are charging me $10 for a check. I still don't have the money. I had a checking account with them that they could have used, a wire to our bank account that they could have used, or just a plain free check. I will be back in the market but will go with any other company doing this sort of thing. I have never complained in print about a company, but these are bad folks to deal with. I can't imagine that their enthusiasm to get the float on every $ won't bite them in the... in the end.
AS per my letter to ETRADE: BEWARE OF THEM!!!
671 N. Glebe Road, 10th Floor
Arlington, Va. 22203
Re: Account: xxxxxx
Attn. Mr. Donald Layton
To be brief:
With the condition of the stock market, I thought that this would be a great opportunity to purchase some stock. I was looking for a expedient solution, and ETRADE looked like a viable option. I was ready to do some trades.
I transferred $2000.00 into an ETRADE account this weekend. I did this via your online website. After making the transfer from my bank account to ETRADE (transaction complete) I found that there was a four day hold period on my funds. I wasn’t too happy about that, but it was too late.
I contacted ETRADE today (10/08) and found out that there is an additional 7 day hold on my funds, though it was verified that you are indeed in possession of my funds as of today. In essence that gives you the use of my funds for another 7 days, and there are (to my disappointment) still no trades for me. It seems very unreasonable considering that we are in an age of electronic transfers that you would hold my funds for such a length of time.
This is ridicules and bad business. I had hopes of doing some trades, but you guys are so hard to work with. I also spent a lot of time on the phone to your representatives trying to sort this thing out. I was put on hold for a long time. You should release my funds immediately. I wish to close this account immediately. I expect to be refunded my money immediately.
THIS HAS BEEN A HASSLE AND A BIG DISAPPOINTMENT. I will not recommend ETRADE to any of my friends, (all who invest heavily). Close my account and refund my funds. I will file an FTC complaint. This is a bad policy that needs to be corrected.
Opened account with Etrade and electronically deposited funds. Etrade web site indicates funds will be available in three business days. It's been 5 business days and funds still not available for use. No Etrade indicates they will not release funds until two weeks after the account is opened.
Numerous calls and emails to Etrade have failed. Etrade refuses to release funds, despite acknowledging the funds were deposited electronically 5 days ago. Their customer service officials have no clue how to serve, they simply repeat no, no, no.
I will close my account... they won't close it until two weeks have passed... as soon as possible and suggest anyone considering this firm look elsewhere.
Well I’m now into my 3rd week of dealing with Etrade blocking my account because supposedly it had been "violated" by somebody from overseas. I was in Indonesia at the time and they allowed me access to about $1000 before shutting down my account. Since then, they have stated they need to verify my identity before fedexing a new banking card...
They continually promise FedEx tracking numbers with security tokens, but inevitably come up with excuses such as "FedEx said the zip code was wrong", "I’m checking into it". I have given them a 4 day deadline before I start engaging legal help.
If anybody has had a similar experience and resolved it... I’d appreciate knowing. This is my primary money source with most of my savings and funds.
I'd love to hear other stories or successful resolutions.
One idea was to literally sit on the phone and call every 10-15 min until they got weary.
I have brokerage accounts (in USD) both at Etrade US and Etrade Canada. In early April 2008 I submitted a Form B (to Etrade Canada) to transfer cash of USD 44, 000 from the US account into the Canadian account. I checked both accounts a week later and nothing happened. I called customer service (at both Etrade's) and inquired about the status. They told me it's in progress and should be done by 3-5 business days (from the day I called). I waited 5 business days and checked both accounts again. Same thing - no change. I called customer service again (both Etrade's) and the reps told me they will open a ticket to "research" on what's going on. And then they told me to wait another 5 business days and you guess it - the same thing happened. Finally in May 28 I was furious and told customer service (at Etrade US) that if the transfer is still pending, just cancel it and do a wired transfer of 44k US. At last (on May 29) I found out that all of my cash (i.e. more than the 44k I specified) had been transferred to the Canadian account. Now I have to call Etrade US again to have them deposit the "extra" money back into the US account. The whole thing lasted almost 2 months and I lost the opportunity to utilize my funds - had I simply write a check against my US account and mail it to Etrade Canada my funds would be available a month ago - and I don't have to put up with all the idiots in the so-called customer service departments with both Etrade's.
I had options in altria 2 months before the spin-off of Philip Morris intl. I talked to one of their reps 2 weeks before the spin-off and he reassured me that I would have adjusted options to reflect the spin-off. The spin-off happened on a Friday night and opened Monday morning. When it opened Monday my options were up a good amount. I tried to sell them but etrade wouldn't let me. I finally got through to the options desk and got a trade through. I tried to make another options purchase later that day and couldn't. I had a cash position of 6, 000 before this day even happened I wasn’t trying to use the proceeds from the sale. They had put a 13, 000 margin call on my account. This was supposed to be fixed when I looked at my account the margin call was gone. But I still could not buy anything, a closer look at the bottom of my info page revealed a cash call against my account for 12, 000. I missed several trades and a lot of money, the last rep I spoke with told me to write a letter to compliance and complaints. All they said was sorry about your inconvenience. If anyone else has had problems like this please contact me. I am going to send copies of my letter and there response to the NASD and the SEC.
I am the treasurer for an investment club. We maintain a portfolio valued in the low 6 figures. While not large, I would think this size account would merit decent service from our broker, Etrade, but it does not. We did not choose Etrade, they acquired us when Harris merged with Etrade. During the merger we were sent information related to accessing the new website and account feature but we were not provided with or requested to complete any new account applications for our existing account. In spring of 2006, we changed officers and sent a letter of instruction and club resolution to Etrade indicating the individuals who were to be named as agents for the account. These documents included signatures of the new agents and the club’s officers. Over three months passed with no action or response from Etrade. We called to inquire about the status, we were informed that they received the letter of instruction but did not do as instructed because they need us to complete new account forms. Of course they did not inform us of this situation. We requested the forms, we completed them, had a question about a particular line on the form so I called the help line, through this call I was informed that the forms I had been sent we out of date and they would send me new ones. Pretty inconvenient, as a club, we have many members, getting the signatures of all members on an application is time consuming and difficult, to be told the three pages of signature I had were on the wrong form (which I got from Etrade) is inexcusable, but I got the new form and obtained all of the signatures again. It is by now Fall, the completed brokerage forms, along with a bank account application and a new letter of instruction requesting a transfer from the brokerage to the new bank account were sent to Etrade, all in one package. The bank account was opened, the money transferred, however they will not allow our club’s agents to access the new account or the old account because they say they never got the application (that was in the same package). So they removed money from our brokerage account and placed it into a bank account but will not tell us what the account number is or allow us to access it. And customer service is helpless to assist, they claim to have not received the package (thought they have a copy of the first sheets and acted on the last three sheets of what was in the package) and they suggested that I complete new application forms. Faa, like that is going to happen, we are closing and moving to a full service brokerage. By comparison, in one month, working with Charles Schwab, I have successfully opened three trust accounts, two college saver accounts, a Rollover IRA account transfer, a trust bank account and transferred several stock Drip account balances with only two phone calls and sending forms once.