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
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.
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.
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.
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?