e*Trade

Dennis of Yorktown VA (02/03/09)
This was my letter to E*TRADE:

I know why the baby throws up in your commercials.

We opened an E*TRADE account for our daughter in 2000 with 1000 deposited to a money market account with no minimum and no fees?.

Your company later changed the rules and switched this to a 10,000 minimum and started charging 40 a quarter in inactive account fees?. Our daughter was never informed of this major change, and with moving three times lost track of this account.

In January she found out this account had been drained down to 180. I personally think this is unethical. This is a very hard lesson for a young investor.

Your customer service? representatives were very rude to this young woman when she called about this account. Then your company even charged her to close the account you had almost drained to no money left.

Your company has done this to thousands of forgotten accounts as shown by thousands of internet complaints.

After spending millions on Super Bowl commercials, I now see that you are hoping for billions in federal bail-out money. I have written to my U.S Senators and U.S. Congressman with my thoughts on this money for your company.

I also have written to AARP Magazine, Consumers Reports, Money Magazine, Bob Brinkers show Moneytalk?, The Clark Howard Show?, and Neil Cavuto, anchor and managing editor at FOX Business Network. Someone will break this interesting story.

I really dont expect an answer, or that you will do the proper thing and refund this account.

Alexander of Rego Park, NY January 16, 2009

Alexander of Rego Park NY (01/16/09)
I've opened deposit accounts with ETrade Bank 12/10/08, transferred in about 90K. The moment I've scheduled a transfer out they put my account on security hold, requested a Notarized letter of Authorization, denying my right to talk to any supervisors or managers. I've been charged 25 fee for the failed transfer. Now they're researching my letter breaking all own terms as they promised 2-3 business days. Next they'll ask another Notarized letter, stating that the first one was from me.

In fact, they literally stole my money, will hold & use it until I'll get a court subpoena & bring in US Marshals to get my money back. Stay away from ETrade, let them to go bankrupt.

Richard of Highlands, NJ January 15, 2009

Richard of Highlands NJ (01/15/09)
The only way to find information about fees is to type in fees into thier website search form. A clickable link doesn't exist.

E*Trade started accessing 40.00 / month fee for inactivity (minimum number of trades). They charge 60.00 to transfer to another brokerage. Only other way to close account is to sell all the securities or have stock certificates sent, which generates a fee.

Tiser of Pasadena, CA January 13, 2009

Tiser of Pasadena CA (01/13/09)
I was told my account has been suspened due to address verification so i sent the apporiate documentaion in to to verify I have been going thru this for the last 5 weeks they have been giving me the run around and I do not have access to my account so I due not know how my money is dueing I have 20k with them invested and they are give me the run around. I need to make transactions on the market but i can because they can not get right iver there. I need to do something because I'm gettein no where with them

I do not kno if I'm losing money or not and if I am I do not have access to my account to sell my shares. this is very frustrating please help!

Mark of Mesa, AZ January 4, 2009

Mark of Mesa AZ (01/04/09)
I had 190,000 in mutual fund plus 1000 in Stocks, when I transferred an additional 1000 electronically from my checking account. A few days later I found my checking account empty because eTrade initiated 2 1000 transfers instead of one. I called there help desk and they politely said they would reverse the second transfer and reimburse me for the overdraft fee.

After about a week with no returned funds, I called again too find a different attitude and little cooperation. Since I could not keep my checking account empty and etrade not cooperating I called my bank to inform them that I did not authorize one of the transactions at which time my bank Wells Fargo promptly credited me 1000 and a few days later cleared the funds.

When I logged onto eTrade I found my account gone including its records. which to me must have been some federal law violation. I called eTrade and was told they didn't want my business and I had to write a notarized letter instruction them how to process. I went to TD Ameritrade which helped me file the paperwork and told me storied about other eTrade customers. By the time I got my funds to TD Ameritrade, I had lost 45000.

Robert of Bryant, AR December 25, 2008

Report Your Experience
If you've had a bad experience -- or a good one -- with a consumer product or service, we'd like to hear about it. All complaints are reviewed by class action attorneys and are considered for publication on our site. Knowledge is power! Help spread the word. File your consumer report now.

Share		Follow us on Twitter.

Back to the top |