e*Trade

Robin of Apo Ae, OTHER July 18, 2008

Robin of Apo Ae OTHER (07/18/08)
Etrade has blocked access to my trading account. I am not able to trade, access or view my holdings. I called and spoke with an Etrade representative, identified myself as the owner of the account and inquired as to what has happened. I was told that one possible reason for this could be a login to my account from a foreign country. Despite my inquiry I was not given a specific reason as to why my account was secured.

Explaining that I travel globaly 240 days a year also fell on deaf ears. I was then told that I would not be able to trade or cover any margin debts currently on my account until my account was reinstated. I was then told that a nortarized letter of Authorization is required within one hour from my phone call to re-activate my account however, after inquiring about what a letter of authorization is, I was not given an answer.

I further explained that I am in Iraq and do not have access to a fax machine and since emails with attachments are not allowed the only option available to me is the postal system which requires at least ten days for delivery. In this current stock market I am loosing several thousands of dollars because I can not trade. I attempted to draft what I thought Etrade might demand in an LOA and sent it via email despite their restrictions, a reply was received stating only that attachments are not allowed, please mail your request. To send the required letter requires a minimum of ten days and we are already long beyond that. At this point Etrade has offered no follow up, no assistance and no resolution.

Damages have not been determined at this time. There are margin interest cost that are rising but since I have no access to my account I am not able to determine this amount. The biggest losses come from not be able to trade stocks and given the current market condition this results in thousands of dollars per day.

Miss of Miami, FL July 17, 2008

Miss of Miami FL (07/17/08)
Recently, I opened an account with E trade. As a first time trader ( I had a good tip- my stock has since climbed twenty points in forty days) I was excited to buy the shares I had a good hunch on. With the ''natural'' difficulty I had in opening this account ( June 5th, 08) and then verifying my identity, I have since requested the account closure and the return of my funds in the amount of 1000.00 USD On July 1st I called and spoke to an Adam Gardener and was assured that my account was closed and that I should find the return of my funds no later than the 3rd.

it is now July 16th and only until a 5th call on Monday the 14th was my request to have this account closed acknowledged; it was written on their books for July 15th @ 7pm! I do not feel that this is acceptable, efficient or a price I should have to pay considering it is not a trivial amount of money, it is a mortgage payment.

I have provided all the nessecary documentation proving I am the person who initiated the transfer of funds- such as a copy of my DL and passport and a w-2. I don't know what the proper procedure is on returning an account like this, but I do know that I am entitled access to my money and that it doesn't take 3 weeks to post a wire. I have no reason from them as to why the money has not posted, nor a wire number that states they have in fact issued it. Every time I have called, I get the same waste of time answer stating ''the money should post by today, if it does not, call tomorrow.'' or the really cute, '' I understand your frustration, I have done everything I can, the securities people that handle wires have gone home for the day.'' I have spoken to them (numerous times) well before 2pm and their incorrectly noted 7pm.

Jd of Crawfordville, FL July 14, 2008

Jd of Crawfordville FL (07/14/08)
In 2002 I opened an account with E*TRADE after the company I was working for said I had to transfer my Employee Stock Purchase Plan to an outside broker. E*TRADE had no account fees so I moved the stock to E*TRADE. For some time (a couple years) I hadn't received any statements. I moved and called E*TRADE with the new address. My statements started arrived to the new address showing a negative balance.

Apparently in 2005 E*TRADE took started charging my account a monthly service fees. This was never disclosed to me. I called E*TRADE and basically told that they have the right to change the account conditions any time, and it was my fault not paying attention to the account changes available on line. An argument ensued with the bad attitude non helping creodont E*TRADE broker. I decided to cool off and wait for my next statement before dealing with E*TRADE again.

Surprise! When my next statement arrived, E*TRADE stole my stock and sold it. I never provided authorization for the transaction. I called again to discuss. They said I had to write to the complaints department. I did. A letter was received from E*TRADE shortly explaining that my account was closed due to inactivity and sold off due to the fees owed. Although the transaction didnt cover the total fees owed, they zeroed by account. Well thank you E*TRADE! I will file a complaint with the SEC.

The impact is based on principal. A private citizen owns property; in this case it is stock in a company. The government forces me to use a broker to hold this property; in this case it is E*TRADE. I consider E*TRADE to be in a contract and as long as Im alive my property is being managed by this contracted company. 1. You would think that something as important as changing a contract, not initiated nor in my benefit would be illegal. 2. You would think it to be illegal to continue to charge fees to an account beyond the balance of the account. 3. You would it to be illegal for a contracted company to seize my property and sell it. 

Paul of Goleta, CA July 11, 2008

Paul of Goleta CA (07/11/08)
I had many overcharges on my account with them, and the SEC even made them pay some back. I tried several times to cancel the account last year, and one time a customer rep said, well, let's see what we can do. I thought that the account was closed in December 2007, but they continue to charge fees and now it appears to be in negative. I wrote another letter last month with no answer. Please help.

I have lost thousands of dollars due to margin changes during the transactions. I continue to be charge fees.

Paul of Goleta, CA July 11, 2008

Paul of Goleta CA (07/11/08)
I had many overcharges on my account with them, and the SEC even made them pay some back. I tried several times to cancel the account last year, and one time a customer rep said, well, let's see what we can do. I thought that the account was closed in December 2007, but they continue to charge fees and now it appears to be in negative. I wrote another letter last month with no answer. Please help.

I have lost thousands of dollars due to margin changes during the transactions. I continue to be charge fees.

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