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This company has a systematic way of making money on expense of its client positions. Typically, they will create an unexplained huge astronomical margin call against a security position when market is about to move in your favor. They will quickly close options positions at market price (worst price possible) without informing you. In next day or two you will see that the positions they closed lost you hundreds of thousands dollars - that is when they release the margin requirement. This has happened to me several times before I realized the same pattern in which they have been cheating clients. Most recently they made my account lose over 60,000 dollars in CMG (chipotle position). On Friday close my account. Showed net buying power of over 100K. Over the weekend that changed to margin call of 800K.
On Monday morning - that again changed to margin call of 1.6 million! My positions were all hedged against all directions and maximum possible loss as per their own risk analysis was 150K even with extreme movements. I tried reaching to several people but no one could explain to me how can they generate 1.6 million call. Without informing me they closed out my short deep in money calls in CMG while stock was going down in my favor. Within 2 days stock fell another 40 dollars rapidly and I could have closed those positions at about 70-80k profit had they not forced sell themselves.
They also had choice of closing out far out of money short calls which was significantly higher in count but they targeted most deep in money calls which would have given me significant profit. This company is either colluding with market makers, or has its own positions against client positions and they create artificial margin call situations to profit at expense of client losses. This needs to be audited and investigated by SEC. I'm in the process of higher a lawyer and putting in a formal complaint to SEC.
When you make a trade with e*Trade in a volatile or even normal market you are not alerted to the potential of a wash sale. This is easily overcome if you allow for customized reports (God knows they have 15-25 different customized reports) that would give you current portfolio with stock sales which produced a wash sale or just a loss and the date of that sale. In addition there is no audit trail and there is no immediate report on the step up basis on the remaining stock or on the other shares if the entire position is sold out. This is not to say you would not have made the wash sale but you would certainly want to know if you sold a position for a loss that you would be careful in not buying the same position back in the next 30 days. I have heard they are working to improve this wash sale area.
Inaccurate data on companies, wrong share counts, wrong Market Value, etc. Margin department is the worst in the industry. After having accounts with them for many years finally said, "No more, no positions." Why use an inferior company when there are numerous competitors that charge the same while providing real service, honesty rather than inappropriate excuses.
Since six years I‘m working for a US company, that has set up its stock plan with e*Trade. As I‘m based in Europe I have to verify my citizenship and address in three years Intervals. This regularly leads to major problems as e*Trade does not understand that some European documents are different from US versions. Instead of learning this, they try to be more restrictive than IRS - unfortunately with some success! This inflexibility combined with ignorance cost me several hundred USD and none inside e*Trade can be held responsible. Their customer department seems to be out of the books of Kafka. It takes weeks to find a person, who is knowledgeable and can decide anything. If I could, I would have changed account right after the first contact with this nightmare.
It was everything gone wrong for me, I fell fully for their lies. Had my broker handle my account for me which made things get worse but I was out there working almost all hours of the day to make sure I stay stable financially in life and all of a sudden +booom. I need cash and they are wasting my time to approve my withdrawal request. At this point I am beginning to get scared and after a while they stopped responding to my emails which became worse, I was going nuts until I was able to come across a company (binaryoptionassetrecovery.com). They were so helpful and we got back almost all of my money back. I'm never going down that binary option investment road again.
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Opened my account and the deposit I made was with a check. When I checked on the deposit they advised the check was on hold for 7 business days which they stated was a federal regulation was a lie. When I challenged them they closed my account and I have yet to see my money from them.
I didn't check ConsumerAffairs before signing up with e*Trade. I got burned bad because the system has absolutely no systems set up to protect the consumer. THESE ** ARE IN THE BUSINESS OF DOING EVERYTHING IN THEIR POWER TO SEE YOU LOSE MONEY. TRUST ME. Go Robinhood or literally any other trading platform. Just stay the ** away from e*Trade. Seriously. The platform itself looks like it was designed by a ** bag dweeb. Hopefully we can cut our losses. /:
I have absolutely no idea why people here are complaining about e*Trade. I have used the company for several years, and have never had a problem. Customer service is excellent. Trades are accomplished quickly. Data regarding companies and stocks is comprehensive. I couldn't be happier with e*Trade.
I bought Kura Oncology at $18 and it consequently went up to $21-22. I tried to sell off right before earnings came out (since expectations were high and set to disappoint). I called e*Trade and put in countless orders to sell that were honestly just ignored time and time again until finally they got me by saying "early hours trading rules apply now, it is too late to sell off, we could do something tomorrow". In short, they delayed selling off my shares on purpose. e*Trade also deletes your bank account information once you have input funds so that you can't wire money back to your account without calling and going through a fuss. They have also set up malware on my computer and paid for reviews at the top of the Google searches. Truly a fraudulent and systemically corrupt company.
I have a brokerage account with e*Trade. I purchased a stock ticker symbol "TLRY" on Fri Aug 24 14:31:02 2018 Buy 250 TLRY Executed @ $43.47. The stock opened the next morning at $53. Earning was on August 28th after market close. Since the volume was very high I knew it's going to be a good earning. On August 28th, Tue Aug 28 10:59:57 2018 Sell 250 TLRY Executed @ $51.542. I got alert on my cell phone that the stock is sold while I am at work.
When I got off from work I called e*Trade asking why my stock was sold without my permission. e*Trade rep told me they will investigate and let me know the findings. The fishy part stock went up another 10 dollars after the earning released same day. I am very suspicious if e*Trade is making money out of my money? e*Trade told me my account will be locked for further investigation. Really what?
I am pretty confident that Patrick and I work at the same company. I also had to go through the process of setting up my new account with e*Trade. I was also surprised by the Account Verification process, but it went very smoothly for me. I am not sure if this is due to the bank I use or changes at e*Trade. Essentially, I added my Credit Union account to e*Trade and it also failed the automated verification via username and password. I suspect there are a limited number of banks that it works with and my Credit Union is not one of them.
If there was anything I would suggest they change, it would be that they tell us if the interface with our banks does not exist rather than just looking like a timeout. When it failed 3 times, I went through the deposit process. This was at 1 PM yesterday afternoon. By 8 PM, the deposits had been sent and by 6 AM this morning, they showed on my bank statement. By 8 AM, my account was verified and the money transfer process started. From my perspective, it went pretty smoothly. I like the process more for ensuring I don't give them the wrong banking information and my money goes somewhere else than for the security aspect, but the process is definitely more secure than UBS, who we were with before. So far, I give them 4 stars (would be 5 if I could set it up so that any cash in my account automatically moved to my banks, but I can live with doing it manually.)
As an employee of a tech corporation, we recently switched to e*Trade to handle the Stock Purchase Plan. What a joke. Unlike our previous servicer, users are not able to set up an automatic transfer of funds after sale. The transfer MUST be initiated manually, every time. Furthermore the e*Trade website was completely unable to add my account, and instead reported an error every time. Magically, my action history showed that my account had been added a total of FOUR times (while I had only tried three times). My external accounts showed ONE account, which I cannot delete (technical error again!) despite the prior error message telling me to delete it.
The only option available is to use the "Authorization by Deposit" method, and punch in the two sub-$1 amounts after they arrive. The website shows 2-3 business days for this to happen, while fellow employees have noted 2-3 WEEKS. Until the account is verified, I cannot touch the non-trivial amount of money sitting in my e*Trade account. A boon for e*Trade, because they can earn interest on my cash. Happy accident for them? I think not. If I had any choice in the matter, I would NOT be using e*Trade. As it stands I will never willingly do business with them outside of what my employer has contracted for.
Guys! Please avoid this corrupt company. They will eat your money and put you in a situation where you will lose all your investment. I’ve been trading with them for a while now, they do manipulations through parallel programming. They might even have fake data that they insert in real looking data. Please be safe and avoid this looting company. They should be reported and FBI SHOULD CLOSE THEIR BUSINESS. (If FBI itself is not involved it) God bless and be aware of these corrupt mafias. Thanks!
Make sure you don't deal with this uneducated guy - Mathews **. I and my husband talked with him today regarding the promotion deal when you set up a new account. We told him Charles Schwab's promotion deal is much more competitive than e*Trade and inquired him whether they can match with Schwab. He responded like this: "Feel free to move your money out to Schwab as we don't price match with any competitor." In the beginning of the conversation he stated "If you can move in substantial money to him then he will write to management to find out whether he can reduce the fee." He talked in very impatient way and was awfully rude. Stay away from e*Trade. BTW, customer service especially management level at Schwab is superb in my opinion.
Giving them one-star for now. Very early in. My first futures trade was rejected. I contacted them to see what was going on and turned out they had set my account up incorrectly. I would have made at least $500 on that trade. What is strange is that soon after I sent an email asking about the situation, all electronic record of that trade happening disappeared from my account. The record was there until after I sent an email. Then when I called them, they initially indicated that they didn't see a rejected trade. I then told them that I still had the alert notification on my phone of the rejected transaction. Suddenly, he was able to find the rejected trade. Says he needs to look into it. Calls me back and tells me about the account thing. I ask them if they can do anything, and he is going to look into giving me some free trades. A little worried about these guys' competency.
So, it appears e*Trade is taking over Capital One Investing, to which I am a member. And I do fractional investing, and I want to continue to do fractional investing and I do not want my fractional stocks sold. I asked what company I could transfer to if e*Trade is unwilling to accommodate either of these issues, and was told that's up to me to research. So, e*Trade is purchasing a company with a certain platform and has 1) made no effort to accommodate that platform and b) provided no viable alternative to customers that allow them to keep their funds invested without tax implications and continue with their method of investing.
I have had several brokerage accounts over the years. e*Trade has grown to be the worst. I have had multiple problems with them over the years. I have recently had them sell contracts I owned, an hour before the close of markets, without my permission. They said because they would be required to fill the contract, which is not true when you own the contract, only when you sell it. Was credited $100, a fraction of what I could have sold it for prior to the close. Filed complaint with SEC.
e*Trade is also constantly changing the margins on specific stocks to promote trading. They will use the excuse they feel you are too concentrated in a certain area. That is at their discretion, or more accurately the discretion of the low wage workers they hire to evaluate your account. If you use their 25% margin option they offer, they will raise it as soon as you do. I rarely go below 50% on my margin when I use it, but this does not stop their margin department from raising the margin requirements between 35%-55% on specific stocks due to increased concentration in the account. Even if raising the margin will have no effect on your concentration. Math is clearly foreign to them.
Then there is their timing and erratic policy changes. They recently raised the margin on my BAC stock 21 minutes after market closed on one day, only to raise it back the next day 3 minutes after the market opened. No trading took place in my account during this period. Nothing changed in my account to warrant such erratic policy changes. Like what could I have done anyway between market closed one day and market open the next day, even if I wanted to.
It is just the most inept company I have ever dealt with. Trying to explain things to them over the phone is like talking to a child. Their answers are scripted and it is clear they have little to no trading experience when you talk to them on the phone. I often have to prompt them to use google so they understand trading terminology. e*Trade makes thousands on my accounts each year, and I will be moving my accounts to a new broker. I would not recommend e*Trade to my worst enemy. Worst brokerage service I have had to deal with. They will lose my business as a result.
Untrustworthy, unreliable and unpredictable investment and banking platform. Up until this week I had had an e*Trade account for around ten years and was perfectly happy using it. As such, my e*Trade account had become central to my investment, savings, and retirement interests. That all changed when I tried to add an external account into which I could transfer funds.
Seven days ago e*Trade suspended, and then closed, my account on the pretext of suspicious activity (i.e attempting to add the external account). It was claimed by e*Trade that they had information that the external account was associated with fraud; and abruptly closed my e*Trade account. It is not clear to me how they came to that conclusion, as the external account is with one of the largest banks in the US, and provided no explanation or evidence of wrong-doing on my part (as there was none) or of the external bank.
Prior to the account being suspended I had initiated a transfer of funds (a non-trivial amount) into my e*Trade account. When the account was closed I attempted to recall the funds, but was unsuccessful. I am now advised by the sending bank that the funds were transferred successfully to my (now closed) e*Trade account; and they have provided a federal trace number as evidence. e*Trade however maintain that since the account is closed they have not, and are not able to, receive the funds; which is in contradiction to evidence provided by the trace.
To try and sort out the mess created by the abrupt closure of the account I've called e*Trade every day for the past week, sometimes more than once a day - each time having to run the call center gauntlet of security questions and interrogation by the new person I speak to - to try and resolve the multitude of difficulties the account closure has created. This has consumed multiple hours of aggravation; having to appraise each new customer support individual of the issues at hand, and being placed on hold or transferred to individuals unable to resolve these issues as they have arisen.
With regard to the missing funds, it is now one week since I initiated that associated transfer yet there is still no acceptance on e*Trade's part that they have received the funds, where they have gone, or when they will be returned. I am exasperated with the lack of progress and don't know what else to do. The best e*Trade can advise, as we head into the second week of this debacle, is to call back in 24-48 hours.
My account has been locked for several weeks. I have contacted e*Trade more than 6 times in the last few weeks with no action taken yet. I receive the same response every time, "We will take care of it". I furnished all the documents they requested 3 weeks ago. I am now at risk of losing thousands of dollars in restricted stock units within the next 96 hours.
I've had an e*Trade account for over 21 years. In February e*Trade forced me to either sign that I read and understood 6 exchange agreements or I would lose access to my account. I read the agreements but can't honestly say I understood them so I chose not to sign them. I was promptly locked out of my account. e*Trade staff that I talked to didn't understand exactly what the agreements were about either. It turned out the agreements pertained to use of real time quotes. I found that out by talking to someone in TD Ameritrade, because I couldn't get an answer from e*Trade staff. e*Trade staff appears to be woefully undertrained. I don't use real time quotes but e*Trade did not offer the opportunity to opt out.
There were only two choices: sign the agreements or have my account held hostage. e*Trade held my account hostage for about a week and then somebody in e*Trade used their brain and allowed me to opt out of real time quotes, because e*Trade apparently got numerous complaints about their behavior. I was locked out of my account during an extremely volatile time in the market but could not access my account to protect my assets. A corporate manager offered me $100 for my inconvenience and losses. I told him that was an insult because I lost several thousand dollars during the time I was locked out of my account. I filed a complaint with the SEC. I'm still waiting to hear what the SEC is going to do. My guess is nothing. The e*Trade compliance analyst wrote up a brief analysis of the issue and said e*Trade would do nothing to make me whole. The analyst lied about things I said.
I complained to the CEO of e*Trade. Now e*Trade has told me I have to move my account. I was planning to move my account anyhow but thought what kind of firm screws over a 21 year customer and then asks them to leave? I suggest to anyone thinking about opening an account at e*Trade to think twice. There are far better brokerage firms to have your account than e*Trade. e*Trade actually states the following: "e*Trade Securities reserves the right to block my access to the Service without notice, for any reason or for no reason." Think about that when you ponder opening an account with e*Trade, because e*Trade can and will block access to your account. I know that from experience.
Updated on 04/18/2018: After writing about my problems with e*Trade holding my account hostage (4/4/18) I thought of a couple other negative aspects to e*Trade when compared to some other brokerage firms:
1. Some companies offer a DRIP program where an investor owning shares of equities in the company can reinvest the distributions at a discount to market price. When the investor purchases and holds shares of those equities through a brokerage firm the investor can still participate in the DRIP program, but only if the brokerage firm participates on the investor’s behalf. I hold an equity from a company with a DRIP plan discount and I hold that equity in two brokerage firms, Fidelity and e*Trade.
Fidelity automatically participates in the company’s DRIP plan and my shares are automatically reinvested at the discount price (currently a discount of 2.5%). e*Trade does NOT participate in the company’s DRIP plan and distributions are reinvested at market price. While this doesn’t add up to a lot of money, a 2.5% discount can amount to a fair chunk of change if you have a lot of shares or if you hold that equity for a long time. The point is some brokerage firms watch out for their clients and try to maximize their client’s earnings while other brokerage firms twiddle their thumbs and do little to help their clients. Every dollar counts, so why go to a brokerage firm that isn’t willing to work for you?
2. I transferred my account from e*Trade to Ameritrade. It’s a decent sized account. Ameritrade promptly assigned a financial consultant to my account. I also have a financial consultant with my Fidelity account. e*Trade never assigned anyone to my account in the 21 years I had my account with them. It was strictly a bare-bones effort by e*Trade. It was like they couldn’t be bothered with trying to help a client. But considering their overall lack of knowledge (my opinion) it might well be better that they don’t try to help.
The overall lack of assistance by e*Trade didn’t bother me because I mostly do my own thing. HOWEVER, when some problem arises (as it did at e*Trade) it’s nice to have a name you can call and get some help fixing the problem. I did not have that with e*Trade. When e*Trade locked me out of my account I had no one I could contact except customer service and most of e*Trade’s customer service people are poorly trained. Sometimes they don’t even respond to a secure message, sometimes they are late in responding, sometimes they totally miss the point. After my experience with e*Trade I am very glad the other two firms have a financial consultant assigned to my account. Those two firms show some class that e*Trade simply doesn’t have, based on my recent experience.
Great, proactive customer support, both at corporate and branch levels. More customization options would be helpful, particularly on data presentation and download.
e*Trade is the worst brokerage all around. Frequent platform/quotes outages, options platform errors and limitations – all that with some of the highest commissions in the industry. After e*Trade took over OptionsHouse accounts I have transferred out two of my accounts and in the process of transferring out my last account to another brokerage. Last week I lost few hundreds because e*Trade had quotes outage. Not the first time, and e*Trade refused to make it up to me. Did not even credited some commission-free trades. e*Trade’s IT department is incompetent and careless. After taking over OptionsHouse in 2017, e*Trade removed many features from what used to be a very nice platform and managed to break some functionality.
e*Trade took months to ‘copy’ the functionality to another platform just to create a piece of garbage with an awful not user friendly platform. I spent a lifetime designing financial systems and made many suggestions on platform improvements none of which got implemented. e*Trade messed up my taxable transactions by mistakenly changing cost basis to zero. After I brought this up – the Cost Basis department intervened and manually added another transaction that erroneously increased the cost basis by $71,000. From what I read from in other customer complaints – many had a similar experience. Today is March, 11 but e*Trade still did not deliver all 1099 forms for 2017. Stay away from e*Trade - other brokerages - Fidelity, Ameritrade, TastyWorks have competent employees and treat customers better than e*Trade.
I have been fighting with e*Trade for years to get my Cisco certificate shares. I closed my account long ago and asked for my Cisco shares to be sent to me. When they never arrived I called e*Trade who told me I had to call another company that handles the mailing of trades. They stated they had not received anything from e*Trade for me to be mailed, they stated I would need to call e*Trade back to discuss the problem. I suppose you can see where this is going as this went on for months, including myself trying to get the FTC involved to mediate the problem. Nothing EVER happened. Cisco acknowledges my shares but to have them replaced I must put a stop on them, purchase a surety bond and sign affidavits they lost, all at my cost. Not once did anyone from e*Trade try to help in any way. Very frustrating company to deal with, I would recommend you find someone better to deal with.
This place is not a good place to put your money. I kinda done more in depth research after I opened both accounts banking and brokerage. You really don't see much good reviews of this place but anyway I opened these accounts and maybe almost 2 months later closed with no notice. I logged in to my account via mobile and could not see my brokerage acct so I called and was told my acct was closed. "Why?" I asked then. The rep says she didn't have that info will send a letter blah blah. "Ok. How do I get my money." The rep tells me that they will send it back automatically to the account I made a deposit with.
I give it a day. Call back and now it takes up to 2 weeks to receive it that way so I had to write a letter and upload it with signature and instructions on how I would like to receive my money. This is **. I shouldn't have to jump through hoops to get my money back. This place is garbage. I'm glad I still have FIDELITY. Way better than e trash. Customer service is just as garbage as this company.
This is an economical way to trade stocks. I have had excellent support when I have called staff for assistance. I have used this company for years and have no plans to change brokers.
Wish I had found this site before transferring my accounts to e*Trade! Customer Service is terrible. One Customer service rep tells you one thing, then the next tells you something different. Shortly after opening three IRA accounts I get an urgent email alert that said they tried to contact me by phone but couldn't. I was home and my phone did not ring. OK, so I call them and after a short while on hold while they "research" the problem, they come back and say It's no problem, and don't know why I got the email. This happened three times within several days with the same result. Finally got a rep that knew what she was doing and she resolved the problem.
Before I transferred my accounts to e*Trade, I called a customer service rep with several questions. One being if I could set up automatic quarterly distributions to a nonprofit charity - my church. The rep spent several minutes researching and I think checking with her supervisor. She came back on the line and said no problem, but that I would have to include a separate letter in addition to two forms. After the accounts were set up and activated, I completed and uploaded two forms plus a separate letter they said was required.
Two weeks later and no distribution, I again contacted customer service: "Oh, we (the back office) can't do automatic distributions to a charity, you have to resubmit the paperwork each time". I asked why they hadn't notified me of that. The reply "you should receive a message in the next day or two!" Yeah, Sure! BTW, one of the forms I submitted has boxes to check that indicate it is for automatic and quarterly distributions. There is no mention on the form that it is not allowed for charities or that it is only allowed for transfers to another account I might have at e*Trade.
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.
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.
e*Trade Company Information
- Company Name:
- Year Founded:
- 1271 Avenue of the Americas, 14th Floor
- New York
- Postal Code:
- United States
- (800) 387-2331