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E*TRADE Complaints & Reviews

E*TRADEThis is the worse bank ever

I opened an account with Etrade so that I can get into trading. Well I opened it online so i was approved right away and i made my first deposit into the account via quick transfer. So the transaction finally cleared about 4 days later and i was ready to trade. Its going good so far until i get contacted by my external bank saying that there were two transactions of the same made by etrade that totaled upto 19, 000 so now i'm confused because one of them i knew about, but the other one i had no idea so i informed my bank that only 9800 was to go to etrade and no more than that. So my back reversed one of the transaction i'm thinking that everthing should be good. Wrong never been so wrong in my life. Etrade puts my account on hold and tell me it needs to be investigated. What you mean investigated? Your account is in the negative ma'am and why is that your deposit was reversed no no no. i informed her that etrade made another transfer without my consent and that i could get my bank to give me a copy of the transfer so that i can give it to them. they didn't want that at all they telling me that my account is overdrawn adnd that i owe them like 8500.00. Really strange how that when the customer loses money investing in etrade they never seem to care or give them thier money back, but when its on them oh my they want thier money, they have the debt collector calling you not the ones outside of etrade the ones in the inside. So to bank or do business with etrade is financial suicide keep your money do not invest in etrade. Feel free to comment on this and give advice and yes i do have a lawyer on this. but how is it my fault, because i stopped them before they recieved the other 9800 they requested

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    • Pa
      Palelot1910 May 12, 2010
      This comment was posted by
      a verified customer
      Verified customer

      ETrade is not your best choice.


      There are better options available.


      Account setup is slow and transfer out money is even slower.

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    • Aq
      aquanut Jan 16, 2010

      I was hoping to find a way to reverse 5 (FIVE) years of inactivity fees which they started charging me once I turned off paper statements. If I had been getting a paper statement I would have done whatever it took to stop these exorbitant fees. I only had 2 stocks with $2017 in the account and actually forgot about them until I wanted to transfer them to another brokerage account. They have been stealing all of my cash dividends which I have been paying taxes on for five years and STILL charging me $40 a quarter for an Inactivity Fee!

      Now before I can transfer these stocks I have to pay over $800 in Inactivity Fees and $60 to transfer and close the account.

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    E*TRADEE*Trade froze my fund for months

    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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      • Ra
        raccoon22 Apr 06, 2010

        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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      E*TRADENot honoring promotion

      E*TRADE has been running a special promotion whereby they offer to refund your commission on your first 100 trades when you setup a new brokerage account. So I set up a new account and made about 40 trades which gave them about $500 in commissions. Now they are not honoring the promotion. Here is the amazing trail of communications with their so-called customer service:

      First they told me that I had not clicked on the right hyperlink when I setup my account so I did not qualify for the promotion. Next I pointed out to them that this requirement was not stated anywhere in their offer.

      So next they told me that I had funded the account with a transfer from my E*TRADE savings account, and that is why I did not qualify. Again I pointed out to them that this is not stated in their offer.

      I certainly expect better from a well established and respected company such as E*TRADE. I am very disappointed that they seem to be working very hard to find (bogus) reasons to dishonor the promotion in my case.

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        • Hh
          HH Dec 23, 2016
          This comment was posted by
          a verified customer
          Verified customer

          The same exact problem with ETRADE SOLO 401k. They would not fulfil the promotion because outside funds were transferred to account before promo was applied - they would not backdate. No where in their marketing literature is this exception noted.

          Here is the promo details copy/pasted from their site:

          Here's how to get your cash credit:
          Mail or fax your completed small business retirement plan application to us
          Call Customer Service at [protected] once your account is open to be enrolled in and receive the offer.
          Credits for cash or securities will be made based on deposits of new funds or securities from external accounts made within 45 days of account open, as shown in the chart below. Your account will be credited within one week of the close of the 45-day window, as follows:

          Receive
          Deposit or Transfer
          $2, 500 + free trades $1, 000, 000+
          $1, 200 + free trades $500, 000 - $999, 999
          $600 + free trades $250, 000 - $499, 999
          $300 + free trades $100, 000 - $249, 999
          $200 + free trades $25, 000 - $99, 999
          Only Free Trades $10, 000 - $24, 999

          Here's how to get your free trades:
          You will receive up to 500 free trade commissions for each stock or options trade executed within 60 days of the deposited funds being made available for investment in the new account (excluding options contract fees). You will pay $9.99 for your first 149 stock or options trades and $7.99 thereafter up to 500 stock or options trades (plus 75¢ per options contract). Your account will be credited for trades within a week. Account must be funded within 60 days of account open with funds from outside of E*TRADE.

          More important information
          Offer valid for one new E*TRADE Securities retirement account opened by 12/31/2016 and funded within 60 days of account opening with $10, 000 or more with funds from outside of E*TRADE. Excludes E*TRADE Securities brokerage and E*TRADE Bank accounts.

          You will not receive cash compensation for any unused free trade commissions. Excludes current E*TRADE Financial Corporation associates, non-U.S. residents, and any jurisdiction where this offer is not valid. This offer is not valid for business, Custodial, Estate, LLC, Sole Proprietorship, Unincorporated Organization or E*TRADE Bank accounts. New funds or securities must remain in the account (minus any trading losses) for a minimum of 6 months or the credit may be surrendered. One promotion per customer. E*TRADE Securities reserves the right to terminate this offer at any time.

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        • Na
          nan Apr 26, 2010
          This comment was posted by
          a verified customer
          Verified customer

          i agree

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        • Na
          nan Apr 26, 2010
          This comment was posted by
          a verified customer
          Verified customer

          I had the same problem with E-Trade today. I am a first time customer and in fact had never bought stocks directly. I was sucked into applying with e-trade with the "bait and switch" technique of "free trades for 60 days." I had read all the application info and even talked on the phone to a customer rep. about applying So today, April 26, 2010 I bought 50 sales of a stock and noted that the commission of $9.95 or so was charged. I phoned the company and a rep. told me that I had not deposited the required $2, 000 to be eligible for the 60 free trade days. I had only deposited $1, 000. I disputed this comission charge extensively and complained about the "60 free trade days" promotion as being deceptive as the required $2, 000 deposit wasn't mentioned anywhere in the promotional literature and while appllying. Of course the usual "we're sorry you weren't aware of this" line was given out...Ha Ha! E-trade could care less!!

          The rep told me that she could only enroll me retroactively in the 30 day free trades so out of complete frustration and anger, I said OK but that I would complain on the web and warn future applicants. However, e-trade in my opinion is just another crooked wall street gang and obvioulsy could care less about" bait and switch " complaints. what a racket...don't apply for an e-trade account. The business is obvioulsy crooked. I am not stupid and applied with the understanding that I had 60 days free trade. It was a ploy for business and is unethical. In this economy and distrust of wall street and big banking, how dare they do business like this. I will get out of this as soon as I can. Crooks they are!!!

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        ADVERTISIMENT

        E*TRADEUnscrupulous business practices

        I opened an etrade account about a year ago wanting to learn about trading stocks. I purchased 8 stocks from 5 difference companies. I just found out today that I have been accruing a 40 dollar "maintenance" quarterly fee by etrade for having an inactive account. I was never notified or forewarned about the fee. And because I was never notified by etrade, I had a negative balance. But today I received an email from Etrade, one of 5 emails over the course of a year that states a trade confirmation in my account. Apparently, etrade can sell your stocks for you whenever they feel like it without contacting you, yet they will send you an email after they do what they want with your account. I am a college student with very little money to go by. I had initially invested 150 dollars into etrade. So not only did I have to pay a high fee for each transaction, I have been paying a "maintenance" fee for the past year that costs almost as much as I had invested in stocks. Totally unscrupulous. Its big business stepping on the individual. It is a complete lack of respect for the individual. Etrade conducts itself in a very unsavory manner that I find disgusting.

        This is a warning to other people who, like me, thought that Etrade would be user friendly and would not secretly siphon my money away without my knowledge.

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          • Al
            Alintore Aug 05, 2016
            This comment was posted by
            a verified customer
            Verified customer

            We had several negative experiences with E*Trade Financial.

            First, E*Trade ignored several of our change of address requests. It took several months before E*Trade and their third party vendor, Clarke American, stopped sending our account materials to the wrong address.

            These materials included our PIN numbers, ATM cards, and checks.

            The other negative experience was with E*Trade's online Bill Pay system.

            E*Trade issued payment a day later than scheduled and, as a result, we were assessed a hefty penalty fee of $250.99 for the late property tax payment that E*Trade caused.

            After several phone calls and ignored faxes, we spoke with one of E*Trade's branch managers, Amy Alley. She was very unprofessional and rude for the entire conversation. E*Trade refused to cover the fee caused by their negligence. That was the final straw for us.

            We're in the process of switching our accounts to another institution. I wouldn't recommend E*Trade to my worst enemy!

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          • Pa
            Palelot1910 Aug 05, 2016
            This comment was posted by
            a verified customer
            Verified customer

            ETrade is not your best choice.


            There are better options available.


            Account setup is slow and transfer out money is even slower.

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          • Valerie Aug 05, 2016

            It's been close to 2 weeks since I first opened my account and it's still not working. 3 times I was promised a phone call from a supervisor. I am still waiting. Their customer services representatives are useless. I was denied talking to supervisor. Emails to customer service have gone un-responded. It's been 7 days since I was promised a solution in 48 to 72 hours. Etrade offers horrible customer service. I do not recommend this company. They are horrible. Now I expect problems cancelling the process of opening this account but I refuse to give them my money to manage It's been close to 2 weeks since I first opened my account and it's still not working. 3 times I was promised a phone call from a supervisor. I am still waiting. Their customer services representatives are useless. I was denied talking to supervisor. Emails to customer service have gone un-responded. It's been 7 days since I was promised a solution in 48 to 72 hours. Etrade offers horrible customer service. I do not recommend this company. They are horrible. Now I expect problems cancelling the process of opening this account but I refuse to give them my money to manage.

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          • Th
            T.H.A. Apr 26, 2012

            I to incurred the $40 fee per quarter for "in-activity". They sold my stock to cover over $700 dollars in these fees and did not ever advise me of the sale. I only found out when I noticed on my tax form that the account seemed low. They did reimburse me HALF the amount. I filed complaints but they were denied.

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          • Pa
            Palelot1910 May 12, 2010
            This comment was posted by
            a verified customer
            Verified customer

            ETrade is not your best choice.


            There are better options available.


            Account setup is slow and transfer out money is even slower.

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          • Ld
            LDG Feb 11, 2010

            Etrade took over $800.00 from my account due to their $40.00 monthly fee which I was unaware of. I now have stocks worth much less than initial investment. I have held these stocks for over 9 years and I only LOST money. How can I recoup these fee's?

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          • Nj
            njc Jul 24, 2009

            they took shares of my stocks and sold them without asking me-and said it was because i owed them money

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          • Sh
            sherry Jun 04, 2009

            I'm having the same problem. What action can we take against them to stop this from happening?! there is complaints all over the internet. Has anyone found anything useful to take action against etrade?

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          The complaint has been investigated and
          resolved to the customer's satisfaction
          Resolved
          E*TRADEFormerly satisfied customer

          Until recently, I've been a satisfied Etrade customer. Two months ago, I moved to California and changed my address online on Etrade. Three weeks ago I lost my ATM check card in an ATM machine and asked Etrade customer service to send me a new card. While waiting for my new card, I discovered that I had a typo in the address I had entered. I called customer service and was told to fax in a signed letter with my new address. I did as asked and my new ATM debit card arrived before my 1.5

          week business trip to Europe. Before leaving for Europe, I activated my card and changed my PIN number.

          When I arrived in Warsaw Poland, my bags were lost and I had to go shopping in order to have clothes to wear for my business trip. I was actually able to purchase clothes with my Etrade Visa Check card. It was not until I arrived in Prague two days later that I discovered I had an issue when I tried withdrawing funds from an ATM machine. Assuming that

          fraud prevention had locked down my card, I called Etrade to let them know that all transactions were appropriate. Etrade customer support assured

          me that the card was unlocked.

          Later that evening I tried using my Visa check card again, with no luck. I assumed at that time that Etrade needed 24 hours to fix the issue. The

          next day, I flew to New York and discovered that my Visa check card was not working and that the direct deposit of my paycheck had been rejected.

          I called Etrade customer support and asked them what was going on and they told me that my account had been locked and that I needed to send them proof of my new address. When I asked to speak to a supervisor, I was disconnected on two occasions with no return call.

          I can understand the need for security, but can someone explain the following to me?

          1. If my address information was an issue, why did Etrade send me a new Visa check card to my new address?

          2. Why did ETrade not ask for the needed information the first time I called?

          3. Why did Etrade allow me to use my Visa check card in Poland?

          4. Why would Etrade lock my account without an email, telephone or alert notification?

          5. It appears that Etrade will still allow me to transfer all of my funds to an outside account. Why can I transfer funds online but can't resolve my home address online?

          6. What is Etrade's issue with customer service not returning calls when a disconnect occurs?

          7. Why did Etrade block my direct deposit of my paycheck?

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            • Ra
              raccoon22 Apr 06, 2010

              etrade is 3 step below pond ###

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