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E*Trade Financial Corporation

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1271 Avenue of the Americas, 14th Floor
New York, New York
United States - 10020-1302
Mail Contacts:

Regular mail:
E*TRADE Securities, LLC
PO Box 484, Jersey City, NJ, 07303-0484

Overnight mail:
E*TRADE Securities, LLC
501 Plaza 2, 34 Exchange Place
Jersey City, NJ , 07311-1113

Complaints & Reviews

Harassment

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.

Took all of my money without warning

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.

  • Ch
    chris Apr 24, 2009

    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.

    0 Votes
  • Ch
    chris Apr 24, 2009

    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.

    0 Votes

Fraud and scam

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.

  • Ra
    Raj Goel May 25, 2011

    I just bought CTIC 360 shares few days back, company split 6 to 1 SHARES, GUESS WHAT, E-TRADE CHARGED ME $20.00 FEE without telling me anything on my account. Fee titled new fee. Never open any account with E-Trade, you will never know what they will do to your money.

    0 Votes
  • Fe
    FELIX KITELE Aug 13, 2013

    ETRADE TREAT THEIR CUSTOMERS WITH NO RESPECT AND THEY ARE NOT COURTEOUS THEY ALSO NEVER FOLLOW UP ON TIME WITH THEIR CLIENTS. ALSO THEIR MOTIVE IS NOT TO THE BEST INTEREST OF THEIR CUSTOMERS.THEY PLAY TOO MANY GAMES WITH PEOPLES MONEY. ITS AN ISSUE WHEN A CUSTOMER WANT THEIR MONEY FROM THEIR ACCOUNTS. THEY ALSO DISCRIMINATE. FELIX KITELE IS MY NAME AM A REAL PERSON THAT WENT THROUGH HELL WITH THEM. I AM PLANNING TO SUE THEM FOR UNFAIR TREATMENT. WATCH OUT PEOPLE BE CAREFULL WITH THEM.

    0 Votes
  • Po
    Pottermus Feb 16, 2014

    These people are lower than low. They have persecuted and redaculed my wife who is fighting cancer over the tone of her voice. The bum that started the whole thing is named Tim Mills direct #800.355-8888 ext 223-7737.

    He has literally traumatized me over the sound of my voice. Nothing else. This company is slimy.

    0 Votes

unauthorized charging

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.

Unauthorized billing

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.

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Holding My Funds

AS per my letter to ETRADE: BEWARE OF THEM!!!

ETRADE Securities
671 N. Glebe Road, 10th Floor
Arlington, Va. 22203

Re: Account: xxxxxx
Attn. Mr. Donald Layton
Mr 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.

  • Ri
    Rick Dec 01, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I found that they hold for nearly 2 weeks when you first open up an account. I did an instant funds transfer from B of A. They have it in their account and it has posted, yet they won't let me at MY money. They will hawever pay me one half of one percent. That won't change my life but it will their owners when you mulitply the millions of dollars they use for less than the prime! What a bogus deal. I am going to move on to another stok brokerage and see what their deal is. Sure does pay to shop around these days!

    1 Votes
  • In
    interczar Mar 04, 2009

    Yes horrible experience. Actually, https://us.etrade.com/e/t/estation/help?id=1903000000#Know2

    tells you that the hold time is only 3 days. They have been holding my money for 5 days now. I replied to their customer service after getting an email about the 4 day period, with this linkage saying, you are contradicting yourself, and it actually says 3 days. I don't know why they are holding the money. I transferred this money from a savings account, and this money has been sitting there for 5 DAYS!!!

    Here is the WORST PART:

    I wanted to buy a penny stock with this money. IN THE 4TH DAY OF HOLDING MY MONEY, THE STOCK ROSE UP %56 !!! Can you believe how ridiculous this is? Beware of e-trade. Go to websites where you can trade stocks easier. Avoid etrade at all costs. They hold your money and give you contradicting information about it. I just missed a great opportunity thanks to E-Trade. Thanks for nothing...

    2 Votes
  • Ho
    Holly May 04, 2009

    The latest with E-trade is their false advertising of immediately available funds whe you transfer from one E-Trade to another E-trade.
    I made an on-line transfwr, received notfication that funds would be made available immediately. When I checked the account details they were in the balance but not available yet. Since the transaction had been made early am PT (before 4:00 p.m) I called. Funds have always been made immediately as is their written policy.
    I received a vague excuse that sometimes it takes longer to process yet they would not clear the transfer.
    A week ago when I tried to take out my $1, 000.00 ATM limit the bank permitted $800 only.
    After callong Etrade they tried to tell me it depended on the bank (I have not seen that in writing anywhere)
    Since I had made those type of withdrawals at the same bank I asked why now?
    There have been several inconsistencies of what is policy and what actually happens, but holding money that should have been legitumately available? ISTHAT NOT WHAT WE CALL STEALING?

    1 Votes
  • Ba
    badbluemoon Apr 11, 2010
    This comment was posted by
    a verified customer
    Verified customer

    They did almost the identical thing to me referenced by Mchristo above. If you are still reading this did FINRA side with the crooks? They are a kangaroo Court, the fox guarding the hen house.
    E*Trade effectively stole, no stole as in thieves, $50, 000.00 from my IRA account in December 2007.
    They committed fraud by selling to me on a solicitied basis no less, a security that just 4 weeks later was illiquid. This trash is an Auction Rate Security. The former CEO was dumping them in his own account in the early fall of 2007 and in E*trades house account. meanwhile the little pos' "brokers-liverworts" there were selling them as cash equivalent, money market funds, short term AAA rated short term bonds. Nothing was further from the truth! To this day I cannot access MY funds, and E*Turd just tells me to go pound sand.
    STAY AWAY UNLESS YOU WANT TO BE ROBBED BY A GANG OF THUGS! The "folks" at this bucket shop make Poncho Villa look like a guardian angel, imo.

    0 Votes
  • So
    softrider Sep 07, 2014
    This comment was posted by
    a verified customer
    Verified customer

    Unfortunately if you really want to be sure that funds are immediately available in any brokerage account, WIRE the funds to them (especially with a new account). Electronic Funds Transfers (EFT) are relatively slow and won't clear for 3-5 days, depending on whether a weekend in involved and the actual time you initiated the transfer. Your bank will inform you on how to WIRE funds and their fee for this service. Your brokerage firm will let you know the information you need to WIRE funds directly to them.

    Regarding the unrelated comment by badbluemoon, ETrade does not make any recommendations. They will only execute your trande and depend on you to know what you are buying. So there is no way that they can solicit you to buy a particular security. If you happen to call them, they will only inform you of what is available. Auction rate securities were very popular for awhile until the stock market crash in 2008. Meanwhile most investor who purchase these securities have been reimbursed at par.

    0 Votes

Awful service

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.

  • Ma
    mario caceres Oct 30, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I had the same problem. Their customer service is usless!! Oh by the way by the time they release your funds you lapse your time to redeem their so called 100 free trades promotion. How are they still in business?

    1 Votes
  • Me
    Mehdi Yese Nov 03, 2008
    This comment was posted by
    a verified customer
    Verified customer

    ETRADE SUCKS!!! DONT OPEN AN ACCOUNT WITHOUT READING THIS BLOG!...

    I had the same problem with etrade. I requested to close the account immediately... But the problme is that they will not transfer my money until 2 week waiting time is completed. Etrade sucks... I bet you they are using this money in stocks and making extra profit with my money...

    The customer service sucks, and dont really care if you are going to close the account. The online transfer said it will be available in 4 business days, and at the 3rd day I looked and shocked to see that funds will not be available for 2 more weeks. I immediately called etade and close the account..

    I am gonna try scottrade. I learned that their stock trade fees are $7 versus $9.99 and electronic funds will be available in 2-4 hrs on the same day. Thats what I call fast service. It is amazing to see etrade still in business...

    I am so pissed that I am thinking about opening up a web site dedicated to complaints about etrade. That would teach them a lesson in the long run. But in the short run I requested to close my account immediately.

    1 Votes
  • Mc
    mchristo Nov 11, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I have had MUCH WORSE ISSUES with E*trade so consider yourself warned by your experience. CLOSE YOUR ACCOUNT WITH E*TRADE, DO NOT BUY THEIR STOCK!!! I just finished a FINRA hearing against E*trade in which their inexperienced reps sent out false and misleading information to my account which caused me to lose 125K, yes one hundred and twenty five thousand dollars!!!

    They are breaking laws each and everyday and will be out of business soon. In my case the attorney's for E*trade lied, covered up and refused to produce documents, erased recorded phone calls of their untrained stupid dipshit reps talking to me, deleted portions of other conversations, and lied about screen shots they send out ot their customers. This company is pure ###...I've seen them in person, I've seen them Lie through their teeth. THEY WILL BE GOING OUT OF BUSINESS SOON!!!

    1 Votes
  • Ri
    Rick Dec 01, 2008
    This comment was posted by
    a verified customer
    Verified customer

    Total rip off!

    1 Votes
  • Fu
    fuqshaq Feb 22, 2010

    Etrade's policies and employees are unethical. Don't use their site.

    1 Votes
  • Ba
    badbluemoon Apr 11, 2010
    This comment was posted by
    a verified customer
    Verified customer

    They did almost the identical thing to me referenced by Mchristo above. If you are still reading this did FINRA side with the crooks? They are a kangaroo Court, the fox guarding the hen house.
    E*Trade effectively stole, no stole as in thieves, $50, 000.00 from my IRA account in December 2007.
    They committed fraud by selling to me on a solicitied basis no less, a security that just 4 weeks later was illiquid. This trash is an Auction Rate Security. The former CEO was dumping them in his own account in the early fall of 2007 and in E*trades house account. meanwhile the little pos' "brokers-liverworts" there were selling them as cash equivalent, money market funds, short term AAA rated short term bonds. Nothing was further from the truth! To this day I cannot access MY funds, and E*Turd just tells me to go pound sand.
    STAY AWAY UNLESS YOU WANT TO BE ROBBED BY A GANG OF THUGS! The "folks" at this bucket shop make Poncho Villa look like a guardian angel, imo.

    1 Votes

They blocked my account

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.

  • Et
    ETRADE SCAM Jun 14, 2013

    ETRADE ACCEPTED SECURITIES WORTH MANY THOUSANDS OF DOLLARS ON 5/30/2013 RECEIPT ACKNOWLEDGED AND NOW HAS NO IDEA WHERE IT IS 14 DAYS LATER AND IS PASSING THE BUCK, A REAL SCHLOCK HOUSE OPERATION

    0 Votes
  • Dt
    dttd Sep 13, 2014

    Leave etrash. Avoid. They do what they do, and it sucks for client when it falls on you. Life is too short to voluntarily be treated like a fraud more than once by the same coompany

    0 Votes

Cash Transfer

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.

Resolved Bad experience

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.

Customer service is helpless to assist!

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.

Regards,
Jim Gernand

  • Gl
    Glen May 03, 2008
    This comment was posted by
    a verified customer
    Verified customer

    Etrade has locked my account.
    They said to me that they cannot tell me why because
    they are not sure that I'm me, I ask to call back me on my wired phone but they disagree.
    They ask me to send a NOLA mail only to tell me what the problem is. Account was "secured" from three months and my mail was still delivered to etrade, but they don't call me back. Etrade has to completely rewiew his policy and to radically change his customer's service.

    0 Votes
  • Ma
    Marc Hickham Oct 17, 2008
    This comment was posted by
    a verified customer
    Verified customer

    My experience is similar:
    ETRADE Securities
    671 N. Glebe Road, 10th Floor
    Arlington, Va. 22203

    Re: Account:
    Attn. Mr. Donald Layton
    Mr 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.

    0 Votes
  • Vi
    Vic Nizic Feb 01, 2009

    Etrade are thieves. They closed my account two years ago but still have the $14, 700 (the value of the account when closed). If you are not a US citizen and do not live in the USA they have you over a barrel. My lawyer described them as "selective scammers" and said the short version of the contract is "If you give us your money, they you authorise us to do with it as we please".

    I still get a monthly statement through email and it shows the $14, 700 less their monthly account fees and it appears all investments and interest has stopped.

    They won't take my calls and my later advised that his cost to persue the case would be more than the account is worth. In total the fund I had started for my grandchildren is worthless, and the people who have stolen it will not speak to me, answer my letters or emails.

    I cannot believe I fought wars so these donkey's can take our money.

    0 Votes
  • Pl
    pl26 May 28, 2009

    I agree that Etrade's Customer Service is the complete opposite of the word and definition. It is ironic and shocking that they even have a Dept with this name! They do not value their customers, their time or money, nor appreciate the fact that they merely exist on the benefit of customers who hold $money/funds w/ them. They "only want" your money and never want to help you with managing, growing it nor do they want to release your money back to you when you want or need it. Furthermore, they only want to release your money back to you for additional fees (wires, processing fees, etc) and would only do so at extremely long and intricate internal operating procedures that make NO business sense. Etrade is UNfit to be called a financial services company, they do not understand business nor the advancement of available technology to service any customers that come to them. Again, Etrade does NOT understand the meaning of service, let alone "Financial serviceS" -- is this the reason for their demise in the recent credit crisis and was only able to exist through the benefit or capital infusion of a legitimate financial services company?! I wonder how long Etrade will survive on their antics of so-called customer service or financial services??? Words of advice: Seeking financial services of any kind, do yourself a favor and go anywhere but etrade!

    0 Votes
  • Mr
    Mr.L Jun 09, 2009

    I also agree -- polite, but unhelpful (like that old joke about the plane lost in the fog circling the Microsoft campus).
    In my case, I had collected a handful of TWX certificates over a number of years (after my company was acquired and I could exercise-and-hold ISO shares for a "long-term investment" -- believing the AOLTW hype was my first mistake!). I later deposited them in my E*Trade account and had set up the exercise date and price for each lot.
    Along comes the 1-for-3 reverse split. Though all of the other (Non-Qual) shares were handled correctly, i.e. multiplying the exercise prices by 3 and dividing the shares by 3, E*Trade mis-recorded the certificate shares as a 1-for-9 reverse split! The total number of 1-for-3 shares were maintained by E*Trade creating a new lot with no exercise date or price.

    Q: "Look, you did it correctly for one set, can't you correct it for the other set?"
    A: "The information provided in the portfolio is not an official cost basis record, rather it is there for your convenience, and can be edited by you to properly reflect the correct purchase price. For liability reasons, this information will not be adjusted by E*TRADE Securities employees." (Translation: Not our problem.)
    "In order to change the information listed in your portfolio please click on the blue Edit link located on the far right of each position. You may then change any information that is incorrect or missing." (Translation: This is what our script says.)
    Q: "Really? The quantity is incorrect and I can't change it. I can't divide the new combined lot into the original exercise dates and quantities. You think the IRS isn't going to audit me after I sell these and the E*Trade tax report shows a basis that doesn't match my tax return?"
    A: "You are welcome for the information that was provided. I hope everything was handled to your satisfaction. Please let us know if there is anything else that we can help you with. Thank you." (Translation: Now go away.)

    Note that all through this Cust Service never acknowledged the original problem -- that there was a recalculation error. Does make you want to reexamine all of your E*Trade statements...

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