e*Trade

Keith of Owensboro KY (03/28/09)
ETrade has pushed their ETrade index funds for years as an inexpensive way to diversify. They recently decided to close these funds out, forcing everyone who owned shares to cash out. In the email sent by management, they indicated that they had been considering this for some time, however, they never disclosed this to investors. They continued selling shares during a market decline knowing they might close the index funds and cause investors significant loss. Although I expect they are within their legal rights to close the funds, it clearly demonstrates a lack of concern for their customers and I would advise anyone considering using Etrade to go elsewhere.

I lost almost 6,000 in having to cash in the funds at near the market bottom. I had planned on holding for several years until the market recovered. I hope the SEC investigates or a class action suit is initiated to combat their deception on investors.

Thomas of Jacksonville, FL March 28, 2009

Thomas of Jacksonville FL (03/28/09)
I opened an account with etrade and was able to trade just fine, but when I requested some of my money, the transfers failed twice, and the third time my account was frozen due to unusual activity I called them and my call was forwarded overseas somewhere where the english was not good.They told me I needed to send a notorized letter stating who I was and why I wanted my account opened.

I spent 17.00 in postage and they gave me a po# where to send it. There was nobody there to sign for the letter I sent because it was a post office box number. I called and told them about this and they gave me another address so I had to go get another letter notorized and spend another 17.00 to do that. I had no problems with them until I wanted some of MY money back, and I suspect that they are running some kind of scheme. If I dont get my money back I promise they will regret it.  If I knew then what I know now, I would never have got involved with etrade.

Im sure my blood pressure is up. I have 7800.00 that they have tied up because they have blocked my account

Robert of Bow, WA March 22, 2009

Robert of Bow WA (03/22/09)
In February 2009, E Trade sold all of my stocks, at a loss of 9,862.00, to satisfy 240.00 in Maintenance fees?, without my permission or giving me any prior notice. I'm so mad. I urge everyone taken by these guys to file an SEC complaint!

Lost an initial investment of over 11,000.00 for maintenance fees

Danielle of Port St. Lucie, FL March 10, 2009

Danielle of Port St. Lucie FL (03/10/09)
I have a Rollover IRA account that I want to tranfer to another institution but they will not transfer my funds. I have tried 3 times and they refuse to transfer my funds to the other financial institution. I tried to transfer it to Third Federal Savings Bank and they said that third federal bank does not have the proper medallion signatures to allow them to transfer my IRA to the bank. I then tried to tranfer my IRA to Countrywide bank and they refused to transfer it again. I then tried to transfer it to GMAC and they refused.

They always find a reason why they can not transfer the funds. It is because they want to hold on to my funds as long as possible. It is now 6 months later and my money is not accruing any interest and they have use of it and refuse to give it to me. I now have to do an indirect transfer by withdrawing the money and paying fees and then sending it the funds to the other financial institution myself and then later have to prove that it was not an early withdrawal so I am not penalized on my taxes. E-trade is the most incompetent company I have ever worked with.

During this 6 months process, I have spoken to at least 8 or 9 people. Whenever you call, they always tell you that someone is always going to look into the problem and get back to you and address the issue but no one ever calls you and it is up to you to keep calling every week or every 2 weeks to find out if it was taken care of and they always tell you that just about everything takes up to 7 to 10 days to process so if you call before the 10 days and they realize they have not addressed the problem, they will always tell you that the 10 days are not up and someone will call you and you just have to continue to call and call until you are so beside yourself that you just want to tell all of them to go to hell and just take your money out and never deal with them again no matter what kind of fees or what penalty you will have to pay.

I have lost 6 months of CD interest. I have to pay IRA withdrawal fees (although I am not withdrawing the funds but I just want to tranfer the funds to another financial institution)

I have to pay 25 for them to cut me a check for the account balance. I have to pay an account closing fee because I am so disgusted with them that I am closing all my accounts with them including my checking & savings account.

I have spent hours and hours and hours on the phone trying to resolve this issue. My blood pressure has gone up dealing with a bunch of the most incompetent people I have ever seen in my life.

Danielle of 2221 Sw Marshfield Court, FL March 10, 2009

Danielle of 2221 Sw Marshfield Court FL (03/10/09)
I have a Rollover IRA account that I want to tranfer to another institution but they will not transfer my funds. I have tried 3 times and they refuse to transfer my funds to the other financial institution. I tried to transfer it to Third Federal Savings Bank and they said that third federal bank does not have the proper medallion signatures to allow them to transfer my IRA to the bank. I then tried to tranfer my IRA to Countrywide bank and they refused to transfer it again. I then tried to transfer it to GMAC and they refused. They always find a reason why they can not transfer the funds. It is because they want to hold on to my funds as long as possible.

It is now 6 months later and my money is not accruing any interest and they have use of it and refuse to give it to me. I now have to do an indirect transfer by withdrawing the money and paying fees and then sending it the funds to the other financial institution myself and then later have to prove that it was not an early withdrawal so I am not penalized on my taxes.

E-trade is the most incompetent company I have ever worked with. During this 6 months process, I have spoken to at least 8 or 9 people. Whenever you call, they always tell you that someone is always going to look into the problem and get back to you and address the issue but no one ever calls you and it is up to you to keep calling every week or every 2 weeks to find out if it was taken care of and they always tell you that just about everything takes up to 7 to 10 days to process so if you call before the 10 days and they realize they have not addressed the problem, they will always tell you that the 10 days are not up and someone will call you and you just have to continue to call and call until you are so beside yourself that you just want to tell all of them to go to hell and just take your money out and never deal with them again no matter what kind of fees or what penalty you will have to pay.

I have lost 6 months of CD interest. I have to pay IRA withdrawal fees (although I am not withdrawing the funds but I just want to tranfer the funds to another financial institution) I have to pay 25 for them to cut me a check for the account balance. I have to pay an account closing fee because I am so disgusted with them that I am closing all my accounts with them including my checking & savings account. I have spent hours and hours and hours on the phone trying to resolve this issue. My blood pressure has gone up dealing with a bunch of the most incompetent people I have ever seen in my life.

Michele of Corona, CA March 3, 2009

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