eTrade — Holding My Funds
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.