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I placed a 4 legged trade and their software stated my max loss is 79 bucks. Well, that was bogus. I lost several hundred bucks due to their mistake. I have been asking about my cases for weeks and they will not respond back to me. Their software is wrong and it is place to take your money. Very simple. Do not touch this software e*Trade if you want to make money.
E*trade works against their own clients by selling their Retail investors information, regarding which positions are being held, short or long and avg price paid. Then whoever uses this information to either short, squeeze, or run up the securities that retail investors are in, to get the retail investor to sell, short their position or try to get the retailer to buy more, as they sell or short that particular security. E*trade is not your friend.
I have been an e*Trade customer for over 20 years. For the most part they have been great, but where a huge whole in their service has developed is in their debit card fraud protection. In December of 2017 I had a person in another state make an ATM withdraw for $500.00 (even though I still had my atm card) and then attempt to make a second withdraw. When I noticed the transaction I notified e*Trade who then cancelled my card and told me they would have to investigate the transaction which could take up to 90 days. They returned my money after about a week (almost any other bank will return your money to you the same day), after a month they approved the claim.
Now this has happened again, this time e*Trade alerted me of the suspicious behavior after 15 Target.com purchases were made out of state. I called them to confirm that these purchases were not mine. This time they are not as willing to return the money to me which has totaled over $700.00. I am told that it may take 90 days before they can approve the refund. The first problem is that even though you use their chip in the debit card for purchases, people can still steal your information and duplicate your card. The second larger problem is that they don't seem to care that you lost your money and are unwilling to refund you anything until after they can prove that you are not lying to them.
I will never use my debit card from e*Trade again and will be closing all my accounts. After I had the first issue in December of 2017 I had opened up a Chase account and explained them how e*Trade handles their fraud claims, they couldn't believe how non-customer friendly it was and assured me that I would have immediately gotten my money back. I have been using my Chase card the same as I was using my e*Trade debit card and have never had a problem.
So I have been with e*Trade for a long time, and I have level 4 options trading and am very familiar with how it works. So today I placed an options trade with 45 mins left before expiration. About 20 min later I went to close the trade for a $600 profit and got a message that said I didn't have enough contracts in my account to execute the trade. I checked and realized that a trade had been executed 5 min earlier for those options contracts resulting in a $900 loss for me. I called e*Trade up immediately and they said their computer algorithm closed the trade out because it was getting close to closing, even though there was 20 min left and I had just opened the trade. I have traded options right up to the closing bell before with no issues.
This is insane. Why would they let me open the trade 10 min earlier only to close it without my permission and screw me. I knew exactly what I was doing, and wasn't allowed to complete the trade even though there was still plenty of time left. All I asked is that they refund me the 900 In losses that they had intentionally caused me, and not even the $600 I should have gained when I clicked the button to close the trade. They didn't give me any legitimate explanation as to why this occurred, and basically told me to go screw myself. I have paid e*Trade over $6,000 in commissions over the years and this is how they treat me. All they did in the end was refund the 2 trade commission fees for the trade (1 of which was for closing the trade without my permission). I guess it's time to move my money elsewhere.
I switched my stock trading account to e*Trade. Their trading platform is good and their handling in opening the account was satisfactory. Then the problems started. Their trading website would go down all too frequently for me. Moreover, I had to call their customer service department three different times in order to get the credit for free trades and the cash bonus for opening a new account. I once received a service call from Utah and was not home and they did not even bother to leave a message. Frankly speaking, I have little confident in this firm to act professional and discharge their obligations. There were too many ongoing issues with this business to conduct a long term relationship. Their commission rates are low and competitive but their people skills are very poor
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e*Trade is HORRIBLE when it comes to time allotment for money transfers. Money comes out of my external account without any issues and transfers yet e*Trade holds onto it for 3 days before allowing access.... See ya e*Trade!
I have trialed a few online brokerage accounts. Regarding length of time of transfers, e*Trade is by far the worst. 7 Calendar days/5 business days from the the time you initiate a standard transfer to it being in your account. Other online brokerage firms such as Fidelity do it 3.
e*Trade contacted me through an automated system that fraud had been detected and they shut down my debit card. I called and confirmed it was fraud and that my card was never in Arizona (2 states away from me). Then 2 days later another 200+ dollars of charges shows up on the closed card? I contacted them and the agent just read from a script "e*Trade will send you a dispute form, you sign it and send it back and then it will take 7-10 days to investigate." At the end of that time they will issue an "provisional credit to your account." So that means I have to wait, a week for the letter to arrive, fill it out and then mail it back. So that means in reality I'm looking at a month to get the credit.
I asked to speak to a supervisor and the Filipino lady said the same thing again about the form completely ignoring my request. I have 2 other banks that I had a similar situation, they issued the provisional credit immediately while I was on the phone. Then they had the investigation complete and the credit made permanent within 4 days? I asked how come e*Trade does not do the same? I was told they have to follow Visa rules, but my other banks also follow those rules so what's the deal? I won't waste your time with the terrible support person that I dealt with in another country. Needless to say I have stopped all direct deposits and moved all my stock trading elsewhere. This is the last of many poor customer support situations I have had with e*Trade.
On 3/22/19 I submitted a request for a 401K dist, received notice on 3/27 that it was on old form, re-subbed, now told 4/3 on an EXPEDITED basis. They always are too busy, and after multiple phone calls to both Customer Service and the Tax and Retirement Department, I was given several differing timelines, most recently told a 1-2 business day turnaround, then an email saying 2-3, then another call by me and told, "It's tax season and your estimated fulfillment will be 5-7 days," pushing me well-past a time sensitive deadline which I needed the funds for. They are super-happy to get your money and will work hard to upsell to brokerage. But other than that, they are slow, unresponsive, and always have an excuse. Stay away from e*Trade.
e*Trade Refused To Correct Their Mistake. On 3/19/19, I placed an order to have e*Trade sell (3,134 shares of SHMP stock) at 25 cents a share totaling 783.50. They incorrectly (sold it at .19 cents a share for a total of 595.46 for a total of 188.04 LESS than I placed the order) and they simply refused to correct their mistake.
On 3/19/19, I notified of their system defect (e*Trade pro) and they refused to REVERSE the order and give me the 3,134 shares back, when they have the complete authority to do so. The second option they had to correct their mistake was to just refund me the difference (from 25 cents and 19 cents) and refund me the 188.80, but again they simply refused to correct their mistake. On 3/20/19 I spoke to two managers (Clark **.) and (Damon **.) and they both falsely that it was a good fill, when in fact it was not. They said that I placed an order for 19 cents, when in fact I did not.
e*Trade took 188.80 of my money and refuses to give it back. They refused to correct their mistake or even admit to it. e*Trade has the power to reverse any trade that was not properly filled. They do this all the time. Their mistake cost me $1,263.27. I would not recommend this company. They refuse to admit their mistakes and their application processes orders incorrectly. They then falsely place blame on you, when in fact it was their mistake.
After over 4 months of providing several documents, some notarized, and numerous unproductive phone calls and email communications, and countless promises never kept, they sent a disbursement check made out to wrong name of the estate instead of the name as specified by every document. No bank will accept the check, so it is worthless. Pure incompetence abounds at e*Trade. Beware.
My father had a stroke on Christmas day 2018 which left him unable to manage his accounts. I obtained a POA and sent it to everyone that needed the information including eTrade. All of his banks as well as his IRA account holder had no problem approving this request timely (within a few days). HOWEVER, when it came to eTrade I still have not received this approval. The original POA was submitted on 1/24/19. This is unacceptable!! I am desperately trying to enroll my father in Medicaid and to do so need access to this account. Because of the extended delay it has cost me and my father significant out of pocket expenses which in turn has created financial hardship for us. I am left at the mercy of eTrade as they are holding the money without supplying support. The "Team Lead" for Customer Service Timothy ** has not been helpful in assisting me at all.
This company was established in 1982 & regulated by SEC and FINRA. They started offering trading services through America Online and CompuServe. Also, their sophisticated encryption tech is used to safeguard personal information and all transaction activity, but e*Trade will not cover any loss that is a result of unauthorized or inappropriate use of their services. While there was much discussion of the role regulators can play in face of events like this, I stress the need for companies & customers especially to take the lead in educating themselves, I’m about to sign up with Finance-Recovery China (visit info at finance-recovery.ch for adequate support and guidance as well).
e*Trade froze 2 off my accounts without any written or verbal explanation over a month ago. The person who froze the accounts has failed to return phone calls and emails. The person who froze the accounts never provided a plan for unfreezing the accounts. After I reached out, a local representative in Scottsdale was able to provide the forms and some guidance in getting the accounts unfrozen, but despite providing the forms and all of the requested information, the accounts remain frozen. I feel like a hostage with no recourse. These are very large accounts with over a million dollars. I've spoken with Fidelity and e*Trade's actions aren't just poor customer service, they are illegal. But who do you call, the police... haha. I've now read many terrible reviews about E*trade and it's clear they are running fast and loose with the rules, but they seem to be immune to any consequences.
E*Trade has locked my brokerage account since 2013 that is for over 6 years and counting. They have put me in a situation and have given me a runaround. I can't even get a 1099 from them which I believe is a federal violation. Also they won't let me close the account. This is a dangerous company to work with. Fidelity, Merrill Lynch, Charles Schwab all much better. They have a nice website but beware. They try to put holds on account if they see even minor discrepancies. Because of this I am pretty sure they are losing business.
I originally had Roth account with Capital One 360 which was subsequently transferred to e*Trade. I decided to move my money to an annuity with insurance company. At NO time was I informed that there would be a fee, until I moved my account that is when I was told that the amount of my Roth Account was diminished by a certain sum. When I inquired I was then told about the fee. Had I known, i would have paid the fee and Not allowed my Roth Account to be used. Transparency and disclosure is required by law when dealing with clients' investments. They are not forthright...stay away or ask the right questions before any transactions with e*Trade!
Do not use E*TRADE’s platform for trading futures. There are systematic errors occurring where orders are getting rejected or not shown when they are filled. I do not believe the platform is able to handle the number of clients that they service. I am looking elsewhere for a broker.
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.
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!
eTrade expert review by Clark Kendall
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