Consumer Complaints and Reviews
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!
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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.
A fellow guru trader recommended e-trader - he just signed up as well. Long story short, they took my money and now I have limited access to my account. I spoke to 2 representatives yesterday and today and they keep asking me the same question, re-assuring me my account should be okay EOD, and it still has not. I will not be with this company for too long, I could be working right now with another broker but when you block me from my money, we have a problem. Stay away from e*Trade to save yourself heartache, financial loss and pain. Yes, time is money.
I signed up for e*TRADE and placed a few trades that I planned on selling if they went down 7%. After e*TRADE filled my orders to collect the FEE I was then frozen out of my account. They did not give me any reason and the person over the phone was being very secretive with me on why I was frozen. It wasn't until I called back the 3rd or 4th time that someone told me why I was frozen. It was for a SSN glitch.
So instead of having an easy way to fix it so I could sell my now falling stocks they now require pages among pages of a printed and signed documents to be sent to them. It's now been over 3 days and I have no access to my account so I cannot sell my stocks. This had cost me money. Luckily I only put in a minimal amount of money but if I had 10k or 20k on the line this could ruin someone. Please stay clear of this company. Customer service is painfully slow with no communication between departments. THIS COMPANY IS EVERYTHING THAT IS WRONG WITH CORPORATE AMERICA.
I was a member of an investment club for several years. It disbanded, I bought everyone out and had them sign notarized statements to that effect. I had the primary person on the account contact them to change the password. That was months ago. The account was locked up. They refuse to acknowledge the changes and will not deal with us rationally. When I call, I am asked countless questions even after establishing my identity and have not been allowed to move or trade funds. As soon as I can I will move everything to Scottrade. I am at my wit's end with them and am not sure what to do next. When I ask e*Trade and do what they tell me I always get the runaround.
My husband died in March 2013. A lot of our accounts are in our Living Trust. I had no problem putting all of our other accounts into my name as Trustee, except E*Trade Financial. Now almost 3 years later, I am still trying to get the Trust Account transferred to my name as Trustee. Who do these people think they are? I am the customer but not for much longer. I cannot find my social security card and due to ill health I am unable to get to the Social Security office to get a copy. I have never, ever needed it before. I have sent E*Trade Financial copies of my Medicare card (almost same no, as Social Security, except the A), Passport, and Driver's License. None of this satisfies them. They want a copy of the social security card.
They cancelled my original account for the Living Trust and set up a new account no. but they will not send that new account number to me via snail mail. I had previously asked them to only contact me by snail mail so I have everything in writing, but talking to them is like talking to a brick wall. So we are back to writing on email which is not secure at all. They said if I call in they can give me the new account no. How would they know for sure who I was when they were talking to me. By snail mail it comes to my house for just me. These people are the hardest people I have ever tried to deal with. As soon as I get this mess sorted out I shall look for a stockbroker who I can trust. These people are totally unreasonable and they are holding my account hostage. It is disgusting.
I had an investment valued at 13900. It was a cash account. They went in, took the shares, sold them far below the value, gave me 1390 back without my permission and told me, "I'm sorry, you're having a bad day" but they were within their rights to do. So please help me expose the wrong doings that are being done to hard every day working Americans. Shame on e*Trade.
My parents had a joint account with e*Trade. I have legal POA. My father died. My mother has Alzheimer's. I have to remove my father's name from the joint account so I can put my mother's assets into a trust. 10 weeks later no progress. I sent in a death cert. and POA. I was told that I need to fill out the POA from the e*Trade website as the legal one (registered in the courthouse) was not adequate. So I filled out the POA from the web, took Mom to the notary and sent it in. Still not good enough. They demanded a doctor evaluation stating mom was not able to handle affairs on her own. Then they wanted ANOTHER POA that pre-dated her diagnosis. All this to get my father's name removed from the account. The POA I have is dated 2012. Her diagnosis was 2011. They will not accept any POAs I have so the account remains in limbo.
At this time I have contacted an attorney. I will be selling my e*Trade accounts and those of my 2 sons and will never deal with them again. In addition they screwed up the tax forms for 2014 and I had to re-submit everything to the accountant. They are totally incompetent and used unscrupulous business tactics to deter and even intimidate.
e*Trade's customer service is horrible. I have a laundry list of why. Just know they are ranked at the bottom of the customer service list and if there is a problem with your account, you will need to join their circus and jump through the hoops, balance on the ball and ride the bicycle in order to get a resolution.
I've been banking with Etrade Securities for over 7 years. This past week they decided to close all of our accounts without notice. We have a direct deposit that goes into those accounts every month from my husband's retirement from the United States Navy after spending 30 years in service and his VA disability payment. Not only did they shut them down without notice they didn't do it soon enough for us to change the direct deposits for the upcoming pay day which is Friday October 30. Having two young children (8 and 9) and now we don't know how we are even going to buy groceries while we wait for the pays to bounce around for two weeks because we had no warning this was even happening. When I called the person who answered the phone said "We just decided not to service these accounts any longer, and we are sending out a letter tomorrow to explain why".
I feel that there should be some regulation so banks have to give you thirty days notice if they are going to close accounts on you so that you have ample time to set up a new account for any direct deposits to go to. Also, the repercussions I'm going to have to deal with when it comes to all of my automatic pays that come out. They also changed their depositing practices without telling anyone in August which caused problems because I set up my bills to come out of our accounts on a certain day and they decided to stop paying out the deposits the way they had for over six years. Now, my children are going to go hungry for two weeks. All of my bills are going to be up to two weeks late (depending on how long it takes DFAS and the VA to resend the payments after they get them back). I had no warning! That's my main problem is they didn't warn us and they don't have to.
E-TRADE uses a grossly inadequate security process. If you are attempting to login from any other computer/device or use a different ISP from what they have on record they will lock your account. Requiring you to call them and answer a long laundry list of increasingly ridiculous questions. Even armed with this knowledge they still locked my account because my ISP apparently routes its traffic through a different state than I live in. The customer service rep said that there is nothing he can do about this and I will be likely locked out of my account every time I login.
He wouldn't even acknowledge that this process is broken and it's absurd to expect a customer to call to unlock their account after every use. In fact he was adamant that this process is working correctly... There is no way to prevent them from locking your account if you use anything other than the single access point they have on record, and there's no way to even have them acknowledge that what you logged in with is the correct routing. Their terrible security procedures coupled with allowing you to use only a single access point makes them a horrible choice for trading. You will lose money, you will miss trade opportunities, and you will be frustrated. DO NOT USE E-TRADE!
e*Trade failed to send our 2014-1099 OID till July 18-2015 (IRS deadline for Payer which is e*Trade was March 31-2015 by electronic). Even though with more than dozen of secure messages, and numerous phone calls, asking if we would receive the tax form 2014-1099 OID, the reply was designed to be very vague, such as "we will look into it," or "it depends on the third independent tax company..." Even on the April 14, of 2015 at 8:00 pm ET, we called, and the answer from the Rep.: "We will forward your request to our third party tax-department..." e*Trade knew since Feb 15, that the clients 1099 tax record of clients had been a major problem due to their, again, the third party's incompetence and sloppiness.
We had not received the 2014-1099-OID, till July 18th by mail! We had to file the amended. We also sent e*Trade a secure message as our tax advisor's recommendation, that e*Trade would be responsible for the late-penalty + interest from IRS. A month later, we received the IRS notice that we had to by $687 penalty and interest by September 21 of 2015. We called e*Trade about this, the customer service responded on the phone and by the secure message that we should mail them the copy from IRS, and they would take care of the reimburse. We sent e*Trade a certified mail. 2 Weeks week later, no answer, so we called, and they transferred us to a person who "has been" on the case. Mr. Timothy ** from e*Trade, arrogantly, intimately and without not any apologies, put the blame on us for not file extension and not mention anything about how late e*Trade missed the IRS deadline.
We called our licensed tax advisor and she called IRS hotline in front of me so that could hear with my own ears. With filing extension, you still have to pay penalty and interest due to late-filing, and file or not filing extension from the recipient (our family) was not related or excused from Payer (e*Trade) which was failed to issued the 2014-1099 tax form to the date set by IRS. Please learn from our case, do not let e*Trade bully, intimidate and put the blame on you, even though it 100% was their fault. That was their tactic. It was sad that the "Trust-brand" e*Trade have tried to built did not reflect through the way their "Elite team" have practiced.
On 8/31/15 I delivered my account application for my business to the e*Trade office in Atlanta Ga - they "misplaced" the application - then after 5 phone calls with customer service reps in Utah, Atlanta and finally the Philippines the last step was to send them a copy of Social Security Card - I am sorry but they called me 4 times asking for my SSN - I kept telling them it is a corporate account. I finally decided if they cannot open an account I cannot trust them to execute trades for me - I give them a negative 5 stars.
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
- Company Name:
- Year Founded:
- 1271 Avenue of the Americas, 14th Floor
- New York
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- United States