e*TradeConsumerAffairs Unaccredited Brand
At first I thought these terrible reviews were lopsided given e*Trade's position as a major US online brokerage. Upon experiencing first hand, I can whole-heartedly agree that these reviews are absolutely accurate. Day 1: Account is opened, funds wired. Brokerage account ready to trade. Place a pre-market short trade that gets filled at 8:42am. Everything seemingly working great - I switched brokerages for execution like this. Then at 9:30am market opens soft, I look to get out of the trade at a slight loss and lo and behold, my account is MISSING on the site. Log in works, but no accounts shown, no balances and everything is blank. WHERE IS MY MONEY?
Frantically I call customer service - e*Trade claims they cannot verify my info and my account in "locked" for my safety. Need to send them a copy of social security to unlock. I tell them you allowed me to trade earlier but now I can't get out. Dangerous situation - over the course of a 45 min call they continue to refuse to unlock it. Tell them I'm a repeat customer so they look into it and will call me back.
11am no response and I call them back. A new rep keeps putting me on hold, I'm down about $2k now still needing to get out of the position. Comes back, "this is our process we can't do anything about it". 3pm and I'm on the phone again. Now down $5k. New rep offers me to get on the line with one of their traders and try to "bust" the trade (ie: reverse it somehow). I ask them why I wasn't offered this earlier. Trader doesn't want to do it since he would be losing money... "sorry can't be done". Well then why did you offer it? 6pm and I get home and finally able to upload my SS card via the mobile app. But now down $6k and very frustrated with the whole experience.
Day 2: Market opens up +400pts and I can get out at a minor loss, at least better than the day before. MY ACCOUNT IS STILL NOT ACTIVE. Call them and get the response "we see your uploaded SS image, but operations will take 2-3 days to get this sorted out". I tell them I need to get out of this trade! They said I might be able to place it over the phone but I will have tax implications where my money could get trapped for 1+ years because of the SSN issue. WHAT? I tell them to expedite my account verification.
12pm. Get a call saying my account is finally active. Try to log in online and via app and STILL NO ACCOUNT. 1pm. Get another call saying my account is active and I am so irate at this point. Turns out e*Trade randomly changes my login into something obscure without ever informing me and need to get that fixed.
3pm. Finally my account is there, now down $10k. I call in demanding some recourse, close my trade at a loss since I don't want to take weekend risk and market feels weak. They said they'll launch an inquiry and see if they can get investment credit back to my account. I say okay. Day 4 (following Tuesday): Different departments are still reviewing the inquiry when I call in. I lay it out very clear. I'm a repeat customer. If there was an error in SSN why did the acct clear for the first trade? I just wanted to cover/close my position and you offered no help. They say they need more time to review - but rep says he understands.
Day 6: Get a call final decision is "we did everything correctly and are unable to assist you in your situation". Rep sounds very sorry on the phone but probably knew this was going to be the answer from the beginning. Overall - beyond losing $10k right off the bat, e*Trade customer service is absolutely horrendous. Robotic answers, constant "let me place you on hold". This ordeal was at least 5 hrs of phone time with 5 different reps. BEWARE. This is a terrible brokerage that can lock your account at a whim leaving you exposed to market conditions. I would avoid them at all costs.
Finally decided to utilize my margin account. Transferred cash and bought. Few days later received a margin call. A small fluctuation and you get a margin call and within hours they sell without giving you a chance to resolve. So, this week there was an intra-day fluctuation in my positions which we all know happens and is normal, but E-Trade went ahead and sold my shares to settle the margin call. I contacted them asking why they sold my shares so fast based on intra-day fluctuation, and without allowing me to resolve.
Upon insisting for an explanation I was transferred to another more aggressive rep who matter-of-factly informed me I wasn't a big enough investor to them. He said if I had a few millions with them, they wouldn't have sold... They use margin as a trap to sell your shares. They benefit massively because they wait for intra-day fluctuation to sell your position for cheap. While they did email before they sold the shares, the email is generic and with a general subject line.
Instead of titling it something along the lines of "Margin Call" it simply says customer service, a boring cut and paste message with no details in the body but you miss it and they sell your shares. Overall I'm frustrated, lost a lot of money due to E-Trade's intra-day margin call trap. Hopefully someone will avoid the mistake I made with E-Trade. For peace of mind and unless you're a professional trader watching your positions all day, strictly trade cash. E-Trade margin trap is simply not worth it.
When I started years ago their rates were competitive -- I never had any problems with the limited service I needed. My last renewal of a CD was for 0.1% -- outrageous! When I went to close the account I was told that I needed to download forms online and then mail them in; impossible to do it online. Then they took about 3 weeks to process the withdrawal. When I went online to check, since my account was closed I was denied all but limited access to my account and even that was impossible to get. I called and their automated phone system kept bouncing me (un-asked) to different options but, to give them credit, when I finally got a person they were helpful and efficient. I'm glad I closed my accounts.
e*Trade's customer service area is horrific. They never give the the same answer, they take several days to complete a simple withdrawal, and never admit their mistakes. I am so disappointed in how they handle transactions, I would never recommend them to anyone, not even small accounts.
Have been doing business with this firm for many years. Recently, their service has been horrible. They tell you one thing and that happens to be incorrect. It is almost impossible to log in to their website. Telephone calls result in transfers to areas that cannot assist you. Can no longer do business with these people. Very poor service and technology.
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Maybe it's just that I am new to investing in stocks directly, but when I accidentally tried to transfer an amount greater than what was available for withdrawal in my account, the difference was automatically borrowed on a margin with no attempt to obtain confirmation that this was the action I intended. To me it seems almost predatory that one would not be notified in any way that they are withdrawing more money than what is "available for withdrawal" (and truly, with that phrasing, it seems funny that one should even be capable of doing so).
I did not notice the negative cash balance until I went to go and withdraw more money, so a not insignificant amount of interest had been accumulated. I will learn from this mistake, but I will never be using e*Trade again. Upon contacting e*Trade customer service about whether there was any sort of confirmation or at least notification in place to make customers aware when they are literally borrowing money, I was informed that no, there was no such measure in place, but that they would note my feedback. I'm sure they will seeing as this "flaw" in their system got them a nice chunk of money in interest from me.
I set up a custodial account for my niece nearly 18 years ago, and recently received a letter from the IRS stating I owe back taxes for dividends the account received nearly 2 years ago. When I called E-Trade asking why this dividend was reported under my tax ID, and not my niece's, I was told that I, as custodian, am the responsible party for any taxes. This goes against all of the research I have done, and, actually would negate the entire reason for the account if it were true. My complaint about E-Trade is not only that their customer service reps know nothing; I also am upset that this dividend was reported under my tax ID and not my niece's.
One time I had a very large account with them. I engaged a money manager at another brokerage and tried to transfer part of the account to the other brokerage. It took 10 months, because e*trade kept falsely saying there were margin clerking problems. Luckily the money manager was patient and didn't just boot me. Another time I had a dispute of around $60000 with them. Their legal position was ridiculous, that I had to keep re-filing my account documents due to imperfections that were mostly their fault and that anyone else would ignore. The problem was that they would state their legally unsupportable nonsense on the phone but refused to put it in writing on their "Secure Message" messaging system.
Needless to say. They also refused to use e-mail also. They kept promising to give me a written reply, but never did. I recounted this story to other knowledgeable people who know me. Some said I might be a victim of race discrimination, and others said it was just likely that e*trade just doesn't like my personality and decided to treat me sadistically instead of flat out canceling my accounts.
Suggestion: Make recordings of your contentious telephone calls with them, and perhaps transcribe the calls as well. Then if they've promised to put it in writing you'll already have it in writing, to one way of thinking at least. They haven't reduced their commissions the way other brokerages have. Also they have an annoying $38 "reorganization fee" that makes some investments major long term money traps for the unwary.
My Account was restricted for some mysterious reason and now I have been waiting for a week for e-trade to unlock my account. They keep promising to call me back to unlock it (the department that does this does not accept inbound calls!) But I am still waiting. I now have no access to my money and each person I speak to doesn't really sound like they care to help. No managers available just no, thats all I hear - pathetic!
E*TRADE keeps changing fee structure on its mutual funds and ETFs. I had DCA into few funds for couple of years. These are small amounts I deposit into mutual funds. In my recent account review I noticed that my account value was falling instead of great stock market returns. I came to know that for past 6+ months E*TRADE was charging me $19.99 for each auto deposit of $250 into 3 funds. Apparently E*TRADE changed these funds from NTF to fees based without proper notifications. That's whopping $350 fees they charged me without my knowledge.
I never received any notification about fee structure change for my holdings. Despite several requests to refund fees, E*TRADE representatives behaved rudely and shoo'd me away. I am really upset and feel cheated with E*TRADE! Buyers beware of con artists at E*TRADE who want to make money using unfair tactics, making it customer’s fault! Do they expect small investors to watch for sudden fee structure changes for individual holdings!!!
I have been trying for 16 years to get the money out of a custodial account originally established in my name for college savings. Clearly, we weren't able to use it for college. Apparently it isn't enough mine to liquidate or change the investments, despite being well over 18, but it IS enough mine to charge me taxes and fees. It isn't enough my parents for eTrade to allow them access either, because I am over 18 (in fact the account is well over 18 years old, so there should be no question of that).
The funds are worth less than a quarter of what they were initially, however, as funds change they just combine lots and reinvest things, losing the cost basis each time and sending tax forms as if all the shares were purchased at $0, often as short term gains. However, the records they make available are so incomplete that I cannot begin to match the current shares with the original purchases, and fixing the cost basis has become a costly and time consuming venture... and then when it is corrected, they will change the lots and reset it to $0 again.
Seriously, this investment has cost me more in fees, taxes, and trying to get professional help to get the account closed than the investment was ever worth. It has been a two decade mistake with the most miserable financial services company I've interacted with. I just wish the entire account would vanish - it isn't enough money to miss anymore, despite it being an initial attempt at college savings - and it continually saps my time and money to try to deal with them. Fidelity wasn't even able to help me get my money from eTrade, and otherwise their service has been fantastic in helping me consolidate and manage funds.
I lost my wife in 2000 and she had an e*Trade account that I automatically inherited. Life gets in the way and quite frankly I forgot about it until I recently came across some paperwork. OK that was my fault. I tried to log in using the information I found without success so contacted e*Trade. Answer back was, "We closed that account (why?) and since we don't keep record more than 7 years, it's done." Tough luck. I've had the same telephone number for years but no one called or emailed. I agree that Customer Service is a joke and virtually useless. Got a voice mail saying "yep, Account closed, money gone - no further action is required on your behalf!" Pressed them for reasons they closed the account in writing and I eventually got a BS letter. That has been passed on to legal representation. $7,000 - 10,000 just vaporized without trace. I call this Corporate Theft.
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.
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.
eTrade expert review by ConsumerAffairs
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.
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 Company Information
- Company Name:
- Year Founded:
- 1271 Avenue of the Americas, 14th Floor
- New York
- Postal Code:
- United States
- (800) 387-2331