Consumer Complaints and Reviews
Etrade shut down my Etrade account without explanation. I had a grey sheet penny stock and Etrade said "Either transfer your shares or we will sell your shares automatically." Etrade will not divulge why they will not service my account. I cannot sell my shares as on the grey sheets. It is not possible. Etrade did find the shares when they sold them for me. Etrade also will not reimburse me for the cost of the trade(s) to acquire the shares.
Something is going on illegal here imo since Etrade will not divulge the reason why they shut down my account. They also found shares I could buy out of thin air even though there was a seller wanting me to buy their shares (which did not happen). The company (MIKP) is not selling shares so where is Etrade getting these shares. The Etrade traders claimed they did a workaround to get me the shares. Worst experience of any brokerage out there.
I have been a customer with e*Trade for 12 years. Sunday, I logged into my account and discovered that all 3 of my accounts had been frozen. E*Trade did not proactively notify me by email or phone. I am lucky that I discovered the fact two days after they froze it. I got grilled to the nth degree by their rep and manager--very private and intrusive questions way beyond the questions they have asked in the past when needing to verify my identity (beyond the 8 question list). These were questions to uncover a crime (but no crime had been committed). Although the reps were evasive, I could tell that some wire transfers I made to buy and sell property were being viewed as "suspicious activity" and that they were getting ready to submit a SAR (or perhaps had already done so).
No one I spoke to could tell me what was going on. In fact, I asked the manager on duty what department was reviewing my information and who could I talk with to resolve the matter and re-activate my account. He claimed arrogantly that "he" was the top level on duty for the day, and there was nothing else I could do. Well, I called back and got a very nice rep, and he immediately gave me the information for the activation department. Why couldn't the manager have provided me that info?
I did call the activation team this morning, but still no one can tell me when my answers and documentation will be reviewed and when my account will be re-activated. I am traveling all day tomorrow and have no access to my funds. And I am also a cancer patient who has to pay for appointments out-of-pocket. I feel completely powerless and resent the way I was treated. I am very concerned about getting access to my account back. I have a significant amount of deposits with them. I do not recommend banking with e*Trade, but I also wonder if all banks are like this now due to the Bank Secrecy Act (BSA). BEWARE!
Rolled my 401K into E-trade, a relatively large amount. Shortly after applied for a loan. Was told it would take 3-5 business days... Three Weeks later... After overnighting additional paperwork on a weekend, (thus not slowing the process, they had it by Monday morning) and instantly wiring funds to make up for a trading shortfall of $90, in order to make certain that the full loan amount was available, and being told about 10 times that it would take 3-5 business days, I am now told loan paperwork is completed, and all is good on the money side... It will take 3-5 business days to receive the funds from the loan...
This company is a Time fabric oddity. Every step of every process takes 3-5 business days and after you've waited and worked for 15-20 business days, guess what? It will take 3-5 business days longer for whatever step is next. I don't think they could handle a ham sandwich if they were spotted the bread and the cheese. Let alone hundreds of thousands of dollars in personal investments. Tried to speak to a supervisor, was told there was only one available. They asked if he could call back, I said, "let me guess it will take 3-5 business days!" Steer clear.
Out of courtesy, I informed my account manager I was transferring 2000 to another company. After a few weeks, I found out they were lying to me. Even though they had the same SS number on the application and the only thing different was the lack of a middle initial, E*TRADE wanted me to submit a new application for transfer with a Notary signature. I called my rep and he assured me they were sending the check that day.
Long story short, they NEVER sent the money and lied to the rep and me. The span of time was March 15th until May 2nd when they finally sent a check and debited my account. SIX PLUS WEEKS! This is a crime! My rep has been wonderful and now will have to suffer as the lying and deceitful practices has forced me to move my account and that of my spouse. I will not put up with this and suggest you don't either!!!
I contacted E*trade on 11/23/16 to inquire about my account. Something seemed off and I asked the customer service rep if a recent company merger had been reflected correctly with the corresponding shares in my account. The rep told me he had found a discrepancy and would need to do a manual update. On 12/2/16, I spoke to the rep again and he told me I would see the correction in my account after a couple of days. On 12/7/16, I assumed the E*Trade rep was done working on my account. On this day I saw a $3,000 GAIN in my portfolio. I thought I hit the jackpot! After so many months of watching my shares lose money with this company, I thought I finally got a break and finally made a profit. After watching the stock go up and down by a few dollars for over an hour, once it started dipping under $3,000 I decided to sell all my shares belonging to this particular company.
Later on that evening, I received an E*Trade secure message and voicemail message (at 7:00pm) from the E*Trade rep stating that he apologized for the delay in the updates for the cost basis and he noticed when he went in to re-add the cost basis I had sold it off. He mentioned that I may have noticed that the cost-basis was set to 0.00. I did not notice the cost-basis was set to 0.00 - What I DID notice was over a $3,000 GAIN for my shares. I acted on this MISLEADING and INCORRECT DATA in my account. What the $3,000 dollars actually represented was the TOTAL AMOUNT for my shares for this one certain company - NOT AGAIN. When I sold my shares, instead of making a $2,980.18 profit, I LOST $1,420.26!!! I had originally paid $4,400.44 for these shares.
Please note, if I knew the E*Trade rep would be working in my account that day - I would not have sold my shares for such a huge loss. I can't afford to lose that much money. My portfolio did not reflect the correct loss/gain total for these particular shares on that day because of this person's negligent actions and I acted on the erroneous data.
E*Trade refuses to reimburse me for the $1,420.26 loss I incurred because of their careless manual update. They weren't considerate enough to inform me that they were in my account after the timeframe they had specified. They should have told me when they were going to be in my account and for how long - and also to let me know when it would be ok to go back into my account. I spoke to the E*Trade rep's supervisor, and he admitted that everything happened exactly as I had described and offered me $300.00, but he said that's all he could give me. I told him this was unacceptable because this whole mishap was not my fault - it was E*Trade's fault and they needed to make it right and reimburse me for the entire amount.
The stocks I sold are actually worth $308 per share now (16 shares are worth $4,928). The stock also hit $313 per share not too long ago. So truth be told, I actually lost $1,948 as of today and I'm just asking E*Trade to reimburse me $1,420.26. I would be grateful to just break even. I totally own up to and accept my stock market mistakes/losses - And E*Trade should own up to theirs and fix the mistakes they make on their client's accounts. Why should I pay for their mistake and negligence?! My account history shows that I'll let my stock shares pretty much die before ever considering selling them off as losses. I always have hope that they'll come back to life eventually. I also have high hopes that E*Trade will do the right thing and reimburse me the money they cost me on December 7, 2016.
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Had very bad experience with their customer service. They make system complicated for us simple people to understand. I do not do taxes or stocks for a living. I am an engineer and would like to stay that way. They put my residency status as foreign national when I have been working here for seven years. When I asked them about it and kindly requested to amend it, they completely disowned the problem. Redirected it to be my problem and refused to help me at any cost. Unfortunately, I have to deal with this problem as-is. Morgan Stanley would never do this.
I have traded for a few years now with Etrade. I understand there are risks involved in the market. As a beginner I was led to believe that you can invest your money and hope to see some sort of gains. After these few years I have learned how manipulating Etrade's platform is. The sad part is they call you a customer elite when you have met a certain amount of trades but when you lose money or need any assistance you're not so elite anymore. Don't be surprised that it is this brokerage firm involved in taking parts of your funds. Every issue I have ever had has never been properly resolved.
I have given up on this company and will be closing my account due to what's left. They may call their strategy a self direct platform where you are responsible for every trade you make but it's actually nonsense. If you deposit money to a brokerage, trust that it will be safe, pay for every trade you make you would think they will guide or help you during your experience of trading.
Etrade is not that type of brokerage that will help you. They will never send a red flag on purchases that may delist or expire. If they were smart enough to design such a platform then they would have designed a system from making highly risky stocks marginable or stocks that will expire tradeable. I have lost so much respect and time for them. Please save yourself the time and "hard earned" money from ever investing in the market or any brokerage firms such as Etrade. These firms are not around marketing to us for our best interests. It's "your money" that they want!!!
After being with E-Trade over 20 years I had not traded in the last couple of years because of investments targeted by the OOovvvomitt administration coal companies to be frank. I decided to set up a traditional Ira and for some reason which they would not tell me they had decided to end our business relationship as they state it. After wasting countless hours talking and being on hold and BS so called customer service I was told the reasons are in the mail? Unbelievable! They can't even be decent enough to tell you texting or by the phone. And behind the scenes closing all my accounts without even telling me!
Evidently you are only valuable to E-Trade when you are still worth tens or hundreds of thousands of dollars. Where was this attitude when I was shoveling day trading money for decades to E-Trade? They use you like a wet rag and throw you out like yesterday's news without even telling you anything. Not man enough to do it even behind a keyboard. Btw they lied about the reasons being sent in the mail! I still have not received that yet previously promised! Bunch of Greedy ** running the company and pansies too IMHO! Beware! E-Trade is as crooked as they come.
My wife and I are staying in Mexico and we let E*TRADE know that and I asked them how to remove my spouse from our joint account. E*Trade advised us to explain in a letter with both signatures and that it be notarized. We sent it a notarized letter and they canceled the correspondence with the explanation they don't accept Mexican notaries. Based on that info E*TRADE restricted the account where we have no access to our money. My US Bank accepted the Mexican Notary. I tried to speak with their legal, but they won't unless you are an attorney. E*Trade can restrict your money by repeating we are protecting both parties, when no one requested a restriction in the first place. Still unresolved. E*TRADE won't even let us close the account.
I opened my account with E*trade in 2004 due to my workplace had given us stocks. I also used it for everything. In the last three years when there was funds they would bounce a check. Since they are not local I would deposit funds using my cellphone. I deposited a check that I had no idea was a fake check and they locked ALL my accounts up and I could not get any funds. They kept my funds locked up–which I had 2 times the amount that would cover the check in the account–for almost a month! When I called them they would tell me one thing and do another. They were not honest. I finally asked them to close the accounts and they said they already had and mailed me the checks. It took me 3 weeks to get any funds and I had to borrow due to using them and not a local bank. You live and learn but they were the worst financial and brokerage institution ever! I found a local person who is wonderful.
Trying to make trades with their representatives is a nightmare. They often talk so much and for so long that the prices have gone up by the time they finally push that buy button causing loss over and over. I had 2 accounts. One morning I was trying to use one of them and had no access to my own money for over 8 hours while they were updating or some excuse. They do not return calls, have little to no expertise in even simple things like stopping a check protocol. Worst banking and worst trading experience of my life.
I have used e*Trade for over 20 years. I stopped trading with them ages ago fearful of keeping any large amount of money in their bank after numerous mistakes and false information received. For convenience I still use them for a monthly auto pay and take that out immediately and put it into a bank. I know, mistake after mistake. Once I stopped a check and had to send in a letter to continue the stop payment for 6 months. They kept saying they didn't get it no matter how many times I faxed it. Finally I had to close that particular account just so that vendor wouldn't cash the check.
A year later they told me "oh ha ha ha. We seem to have applied that stop payment to allstate" anyway so I know better than to keep anything over a nickel there and blame myself mostly. Thursday Chase gave me $500 from the ATM, though Etrade took $500 twice. Chase manager spoke on the phone for an hour with an idiot who kept giving false information and today, 5 days later I still do not even have provisional credit. Etrade I advise be reported to the Consumer financial protection bureau and the BBB and any other reviews you can as I feel it is my responsibility to tell others about them. Once I get my money I will finally close the accounts but will never stop leaving reviews when and wherever I can about Etrade and individuals who impeded the return of the money Etrade stole from me.
I opened an e*Trade account in the spring of 2016. The brokerage account opening went fine, but it took over a month to get my IRA rolled over to them. I kept being given misinformation. I would get secure messages saying everything was complete, then get request for more info, etc. Finally I had to have a conference call between the company that had my IRA at the time and e*Trade, so that they could tell e*Trade how to take my money. That should have been enough to scare me away from e*Trade, but I figured maybe it was just incompetence on the IRA rollover side.
Everything with the brokerage account was very smooth until November 2016. Using the mobile app, my preferred trading method, I placed a buy order, it failed with no messages whatsoever. It finally worked on the 3rd try. The price increased and I initiated a sell. It failed with an error message (Connectivity issues). I tried 2 more times, same error message. Meanwhile the price had dropped significantly. I contacted e*Trade informing them that they have just cost me money with their connectivity issue. They actually implied that the issue must have been on my end. Even after informing them that nothing else in my home connected to the internet was having issues, including my work laptop, other apps on my tablet, which is the same device I used for the stock trading, and even the e*Trade real-time streaming (which is what I was watching to know when to buy and sell the stock) was working.
If the real-time streaming within the e*Trade app was working, as were other internet connected apps on my tablet, it is highly unlikely that the "connectivity issues" were on my end. e*Trade will take no responsibility for the problem or loss of funds. They insist that they checked with their technical team, and found no issues. Being a technical person myself (working with AIX, Linux, WebSphere, etc), I find it hard, if not impossible, to believe their technical staff found no issues whatsoever. At the very least they should have found the message (connectivity issues) within a log somewhere on their servers since it was their app that produced the message.
It should have been in an error log, java log, application log, firewall log, proxy server log, splunk, etc. It should have been somewhere since it was produced by their app, but they will take no responsibility. It makes me wonder just how many other individuals have had money taken away by e*Trade due to these anonymous errors that their so-called technical team can't find.
I've had an e*trade account for 10 years. Account was initially established as placeholder or institution of our company stock option plans. I have plenty of free flowing cash that is available cash on hand (not tied to stock investments). For the past 3 years every time I write a check out of this account the check is returned by the merchant, business, dealership, even my other banking institution (BOA) has returned the checks.
I've called several times and over and over I get the same explanation that E*trade has no record of the transaction. I've called customer service to see if there were blocks on my account, reordered checks, called in advance to advise and inform of large $ amount that you have written against the account and the check(s) still come back returned. I am out of options and do not know what to do. Please help. This is ruining my credit, my credit worthiness and is awful embarrassment each and every time this occurs. Please help! This is serious and the checks have ranged from a couple hundred dollars to thousands.
E*trade is absolutely the worst. For the past month my password seemed to be suddenly wiped out in their system. Almost every morning I would have to call to ask for a password reset. They explained nothing is wrong with their system. Then 2 weeks ago I could not log on at all. Very obvious there was a system error because people were complaining on Twitter of the same issue. By the time I logged on 4 hrs later I was out 3,000. Angry and frustrated yet Etrade would do nothing. The week after I had a direct deposit coming in for 10,000k I tried to log on my account and pay bills. Once again log in disabled. Called customer service and they reset the password. The reset did not work. I called back again and to my shock the rep said my account was closed and no explanation was given. They said my direct deposit was returned. I was freaking out because my debit cards were linked with them and I was without any living money.
Now I had checks being that were going to bounce. This stupid company whom I have been with for 10 yrs defrauded me. I called my Company to find out about my paycheck and E*trade lied. They claimed E*trade has a hold in it. I can't believe how this is legal. How can a company shut you down, no warning nothing. Put a hold on your direct deposit and refuse to speak to you other than a letter will be in the mail. I can't access nothing. Not even my own statements and trades transactions I need for tax purposes.
It's been 4 days now and I still do not have my paycheck. This is the worst company. Considering E*trade screwed me over with their futures trading and I lost all my money because E-trade teamed up with MF Global who committed fraud by using customers money for trades. E*Trade provided no protection and all clients were locked out of their accounts. I have had it. Do not USE THIS COMPANY. Why are they closing customer accounts suddenly? It's very strange. I'm also making a complaint to every agency I can. This is just wrong!
I spoke to the customer service whether I can sell short and buy to cover on the same day. (I deposited the fund on the day which made my overall balance more than 25K). He replied yes and absolutely. When I tried to cover it up. It said I cannot do it. When I spoke to the other customer service "He said I cannot do it". I just made the trade only after getting the first customer service rep word. No one helped, one guy said he will listen to the tape and return back the call. None helped. I lost a lot of money on the same day. I don't want to be with them with the rest of my life. Thanks e*Trade for screwing me up!
After reading many comments, I guess I am not alone, they canceled my account and took about $250 dollars from my account. They claimed that there was a monthly fee around $60.00 and they try to contact me but they failed. I was never contacted nor received any email, no phone, no mail. Stay away from this website. They are scammers and thieves.
E-trade cancelled my business account with no warning. Their communication is very poor. Do not trust them with your money or your business. I see from many web reviews that I'm not alone in this fate. Avoid.
They claimed they try to reach us by mail that they be closing the account, however we never ever received the mail. There was a 10K balance which they claimed was issued back to us with a closing letter. Again, we never received any mail. When I asked them why they did not call or email us, they simply replied that emails get hacked. So informing us by email that our account will get closed will help hacker how? "So why not making a phone call?" I asked. They put me on hold and told me, "We understand your frustration," but unable to help me.
I asked them to send me the statement by email and they said they can only do it by mail. E*TRADE seriously? No email, no phone call, and no electronic statement? Hmm. Closing argument: It makes no sense why investment company that holds 10K of individual money with zero activity refuses to keep the money but rather decides to close the account. If that is not a red flag, I don't know what is. Exactly what business are you in E*TRADE?
I have been more than 5 years trading, never made money and lost my hard earnings. They know when a stock will go up and down. They know how to trick you to add more than your capital out of tricky market and company news then forfeit everything without your choice. Finally will start keep calling you to cover your debits. CROOKS!!! Blood suckers. Be careful!
Their customer care representative are not knowledgeable. I made a mistake in transferring my account to another trading firm. There was a hidden cost of 60$. I thought that would move My ESPP account, but ETRADE did not move my ESPP account. So after this incomplete transfer they restricted my account for months until I send rescind form. Now I have sent the rescind form still it has taken more than 3 working days. Customer care do not know says it will take some time, they won't give accurate estimate.
Do not trust E*TRADE to invest your $$ in their "Managed" Portfolio. They take you to cleaners with their 1.25% fee and are as careless as a 2 year old with your investments. You will end up in a very unfortunate situation. They create confusion and lie to keep you. Beware and leave if you're unfortunate enough to trust them. Sigh...
I've been an e*Trade account holder for many years. I had a stock trading account, checking and savings account. The debit cards I have are expiring. I called in to request new debit cards and received a letter that they're closing all my accounts with no explanation. I'm not a day trader, but I have direct deposit and links to other bank accounts going through e*Trade. Now I have to redo a lot of work because of the geniuses on staff. This company obviously does not care about their customers. I would recommend no one ever do business with them. Use a financial institution that values your business... like a credit union.
Found 10k check from 2007 E-Trade. Called E-Trade. They quickly said no records that far back, nothing they can do and that was it. Waited a week and called again. Same response. You have 10k of my money. Could I at least have a conversation about it instead of being just dismissed? I got the feeling that they just do not want to be bothered. Had a situation like this in the 90's with a real estate deal. Found an error. They shorted by a little over 11k. Found an attorney who specializes in this type of thing. C but cost me a third of the money but at least he got the money. Guess I have to find an attorney for this E-Trade situation as well.
These ** take my money and then tell me two weeks in something came up in a report and they can't help me. Yet I just opened and traded with a new Fidelity account... no problems, no hassles... like a real company. Then they decide they won't even send my money back and the person in charge of the department can't be reached via phone. Then these idiots put me on hold for 30 minutes at a time. The worst, most unprofessional, idiotic company I have ever dealt with... As a broker I also worked for them for about two weeks. Now I remember why I quit - Do yourself a favor and STAY AWAY from e*Trade unless you want to be ripped off, lied to and not receive any customer service. #EtradeSucks #worstbrokerage
Worst broker in US imo and also for many others seen here. I had 100,000+ balance in e*Trade securities at one point trusting them blindly. But my old school way of checking bank reconciliation helped me catch those thieves. I managed to see a difference of $999.00 difference in balance after making a transaction. The funny thing was the transaction amount was accurate but calculation was 999 bucks short. I mean 99% people would fail to catch this one. When I complained afterwards, they apologized and refund after 2 working days but what if I don't catch it? It's very hard for me to check everything as it takes a lot of time.
I called them because when I went to open a new checking account my social security number came up with a fraud alert to someone else's name and address. When I called them they sent me to different people and refused to help me get to their fraud department. I asked to talk to someone in charge and the person I was talking to also refused to let me talk to someone else. He pretty much demanded I send my social security card, ID and whatever other personal info to verify I was who I said I was. I already have a fraud alert because of them and they want me to send them more personal info without talking to the proper department and without knowing what actually happened.
Long story short. I mislabeled my acct. I thought to protect to keep my computer acct. safe. When I went to correct my error they refused to accept my excuse. I filed a complaint with FINRA. Surprise surprise they sided with E-TRADE. So this senior citizen is now broke and no retirement possible. Hell even Madoff clients got their money back and you people at E-TRADE don't like the truth. Sue me you cowards. My acct is **.
I contacted e*Trade on 1/21/16 to make a simple request- provide me my statement with my full account number (non-redacted). No statement arrived. Further, I made an additional 15 requests for a statement. I contacted e*Trade via telephone, letters, fax, emails and in-person to request my statement. Other companies/banks have statements (non redacted) available online or at their offices. For example, Chase, Bank of America, etc...
e*Trade provided the most dysfunctional customer service I have ever experienced. As of 2/15/16, I still did not have my statement. Their "secure customer message center" was a complete failure. It never fulfilled any request for the statement, yet, it marked all my requests as "fulfilled" and "closed". I made 15 requests all resulting in "no statement". I followed those requests by contacting e*Trade New York Corporate office. Each time I made a request, it clearly and concisely requested an account statement with an account number to be sent to both my email and home addresses. Finally, corporate sends the statement via mail, however, does not send it by email as requested in all 15 requests. e*Trade, you don't deserve my business. Your customer service was totally dysfunctional and you should be ashamed and embarrassed. My funds will live elsewhere!
I established a partnership account with Harris Direct in the late 1990's. Etrade purchased Harris Direct in 2005. In the course of the transfer, they fouled up the registration of the account and locked me out saying I did not have authorization even though the name of the partnership is "my name" Investments and the address and phone number for the account were my home address and phone number. I managed to gain access to the account online but 10 years later when I went to add checking to the account they again said I was not authorized to access the account. It was suggested that I set up a new account. I went through the hassle of setting up a new account including having family partners living all over the country sign the application.
Next they tell me they can't verify my tax ID for the partnership. They have been sending me 1099's for this same partnership for over 10 years!!! I searched through my records to find the IRS' EIN notification letter from 1999 and sent to Etrade. They came back to me a week or two later and said they couldn't verify my address because the address on my year 1999 EIN notification letter was different than the address on my new application. Again, I am using the same name, address, phone number and federal ID# for the new account as the existing account that Etrade has held for over 10 years. It's been months and the new account is still not open.
ConsumerAffairs Research Team
The ConsumerAffairs Research Team believes everyone deserves to make smart decisions. We aim to provide readers with the most up-to-date information available about today's consumer products and services.
E*TRADE is an online brokerage firm that offers consumers several financial tools for investing. Their online trading platform offers both a simple, easy-to-use interface as well as a more detailed and complex system for more advanced investors. E*TRADE was founded in 1982 and made its first electronic trade the following year.
- Suggestion wizard: E*TRADE’s homepage features a wizard where potential investors can provide some basic information and then receive recommendations on which type of products and assets might be right for them. They do not need to provide any personally identifiable information to receive the recommendations.
- Platform: E*TRADE’s platform provides clients with a one-page view of all their investments with options for researching more thoroughly. Investors who are concerned about the speed at which their transactions are processed and the way they are executed can find all the relevant information on the E*TRADE site.
- Resources and tools: The E*TRADE website has stock market news articles, lists of investment ideas, historical charts to track trends and more. Account holders can also access tools like watch lists and advanced searching to screen stocks for their portfolio.
- Education: Those who want to learn more about finances, trading, the stock market and other related topics can find educational resources on the E*TRADE site. The Knowledge Center section of the site has information articles and videos designed all types of investors.
- E*TRADE Pro: Those who have an account with more than $250,000 or who execute more than 30 trades during a quarter can access the company’s Pro platform for free. It offers more advanced tools and data for experienced traders.
- Best for E*TRADE has tools that make it a best choice for all types of investors.
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e*Trade Company Profile
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