Consumer Complaints & Reviews
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...
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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.
One of the worst customer experiences ever! E*TRADE thinks it's good business practice to initially open an IRA account, take a deposit, then a week later suspend and subsequently close your account. They still have not given a reason why they will not extend me an account. They said that department doesn't talk to customers.
So fast forward three weeks, I'm STILL trying to get my money back from them. They close my account, tell me to take my money elsewhere, then repeatedly deny my request for my own funds!! They have given the run around on two different attempts at submitting forms for a distribution (transfer and rollover). At one point they wanted to call the bank where the transfer came from. They said they had to "verify" the funds. Verify the funds? They've cleared your account by three weeks!! So they call my bank, verify all the stuff they have no business verifying, then continue to deny my request for my own money. I started a broker account at a local company and they are helping me get my money. I've also filed a complaint with the SEC. I would not recommend E*TRADE to anyone.
The ATM machine did not dispense my money inside the CHASE BANK facility. Chase ATM machine are serviced by third party vendor. I spent 3 hours at the Chase Bank to get proof that the machine did not dispense my 500 dollars withdrawal. In addition, E*TRADE will ask customer to go to their paper process which takes several days before you can get your money back. E*TRADE will not do anything unless you keep on calling and writing them notes.
As an E*TRADE newbie, I showed my wife an area I had discovered called 'Sell-to-Cover.' I explained to her that this is where we could exercise all our vested options and E*TRADE would sell just enough stock to cover the strike price. We decided to do it, and on that fateful Friday afternoon we clicked the buttons. (Unfortunately we did not print any screenshots.) Over the weekend I called E*TRADE to make sure everything was ok. They told me my Same-Day-Sale had gone just fine... Same-Day-Sale!!! No, no... we definitely were looking at "Sale-to-Cover" together. So long-story-short, ~$160k was sold and is now subject to horrific short-term capital gains. E*TRADE "tried" to reverse on Monday, but ultimately did not. Now, I am facing a very steep tax bill next year!
E*Trade executes market orders same day if not within minutes of sell order then shows transaction as pending for 5 days with funds not available and not earning interest. I presume they do this to thousands of customers at the same time while retaining interest earned on the float.
I had an account with a business for 5 years and the company lost almost all of my $1,200 in shares. Then at the end of 5 years, my stocks said I had $16,000 so I called them and they said it was a mistake. Their mistake or my stock amount was there for almost 3 weeks and I called them 4 or 5 times and they said it was still a mistake. Finally they said "I we will give me $270 toward stock for our mistake" and I have always thought that they took my $16,000. I have all the evidence and paperwork they sent me and I could really use that money.
Last week, I called up e*Trade to unlock my account which seems to happen every time I log in. Their fraud detection system is abysmal. At this time they told me that one of my accounts is actually closed and was closed about 2 months ago. The e*Trade alert system has no evidence of this actually happening. And the funny part is I still get mails about this account being active, and the account shows active in the online interface and I am able to deposit money into this account. Unfortunately I had issued a couple of checks, unaware of this knowledge, which obviously bounced. The customer service seems to be totally unaware of why the account was closed and can only tell me that they understand my problem, but they can't really help because it is not their department. This is after I spent about 1 month sending and re-sending documents for another issue I had. Please stay away from e*Trade.
Barbara FriedbergPersonal Finance Contributing Editor
Barbara Friedberg, MBA, MS is a former investment portfolio manager with decades of financial experience. Friedberg taught Finance and Investments at several universities. Her work has been featured in U.S. News & World Report, Investopedia, Yahoo!Finance and many more publications.
More about Barbara→
Founded in 1982, E*Trade is a pioneer in online trading and is now one of the world's leading online financial services company. They provide online brokerage and related products and services primarily to individual retail investors. The firm was recognized among Kiplinger’s “Best of Online Brokers” survey.
- Services: E*Trade provides an investing, retirement and financial planning platform for individual consumers. The company is known for their digital tools and apps and also offers access to 30 branches and financial advisors.
- Products: E*Trade offers access to stocks, bonds, fixed income investments, ETFs, mutual funds, options and futures. They also provide portfolio management tools and a “Four Steps to Confident Investing” plan. The firm has competitive trading executions with low fees as well.
- Educational and client resources: E*Trade’s vigorous educational offerings include live events, courses, videos, market commentary, articles and more.
- Best for Those experiencing family and/or household changes and business owners.
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