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I have been with eTrade for decades, and prior to the acquisition found the company to be legit, honest, prompt, easy to work with, and excellent 24-hour customer service. I never worried about how someone was handling my funds, and they seemed to have enough tools, features, and trading options to where I feel they deserved my business. Additionally I found the former eTrade company responsive with respect to business suggestions -- such as making their website easier to use, and offering free or low cost certificates.
All of this trust has come to an abrupt end now that JP Morgan has bought them. Earlier this morning I opened up my eTrade account, and JP Morgan wants $500 for a certificate for a bound I only paid $10,000 for. As a result, a decision has been made to sell the bond, and look for another place to park my money. From a philosophical point of view, it's usually a bad idea to have a bank your broker, and I have always felt more comfortable having a broker because of the sense of independence, trust, and advocacy. Its like comparing an independent insurance agent to a direct writer. For this reason I can no longer recommend eTrade. Finding someone to replace eTrade will not be easy, and I may have to resign to the fact that no such animal exists, but welcome to the US in 2020.
I don't know what's going on with e*Trade but they need to get their act together and FAST! They are messing with people's money and ultimately their livelihood. I was simply attempting to reactivate an old account and could not get reset credentials sent to me (I tried no less than five times). No one answers their phones or via chat. I see others who have posted here about about the lack of responsiveness. I recommend anyone who has money tied up with Etrade file a complaint with the FTC.gov and/or Securities Exchange Commission.
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I opened an account with e*Trade then sent my stimulus payment to fund the account. My boy friend and I picked stocks to purchase and sell, gave us something to do. I tried to send $500.00 to a friend to help pay for a funeral. e*Trade froze my account and I have sent them pictures of my id as per their request. They refuse to release my funds back to me. Who do I file a complaint with? I am 72 years old, I feel they are using my age against me. Their customer service is the worse.
This is the worst online brokerage I have ever dealt with so far. For the last 3 weeks, I have been locked out of my account (not because of something I did), and there is no CSR answering the phones even at the branch. Today, I finally got a hold of someone at the "investment advisory" department, but only because they probably thought I was an institutional investor! The minute I can get back into my account, I will close it. I would not advise anyone to open an account with this outfit!
I had a personal investing account with Capital One, and Capital One sold the business to E*Trade. I haven't logged in recently, but tried to last night and this morning just to check my balance. My password didn't work, so I changed it through the website. I went to log on, and was told my new password is wrong. Did the process again and again with no success in logging on. Called customer service several times last night and this morning and held on for over 1/2 hour each time without being connected to an agent. Bottom line is it's my money and they present unreasonable obstacles to my getting access to it. My first action, once I get the pressing problem resolved, will be to withdraw my money.
In the past I tried to open a brokerage account with the company. I missed the time in trying to send important documents like my marriage certificate. At that time I was just adjusting as I have come from another country. Just because I failed to provide the docs they closed the account. Just recently I called to enquire if I can start the process all over again and the representative said the company made a policy not for me to reopen an account. The person didn’t state why but I find it kind of fishy- (their policy- it’s almost like they are judgmental). It’s a disappointment and it spoke volumes to me as to what they stand for. I hope they would do better. Thankfully there are other brokers who are flexible and open to accommodate interested persons who wish to invest.
My senior citizen 70 year old mother had 100 shares of tesla at a cost basis around 772 and a April 3 740 put option purchased on 3/3/20 for 6810.52. On 3/16/20 at 11:09am ETRADE sent a margin call for about $6800 via text in her eTrade account. No phone call. They always called her in past regarding any situations in reference to her account. Right before the close on 3/16/20 they liquidated both positions in their entirety. Almost 75k in stock with 5 hrs of a margin call via text. Her maximum downside with the option was less then 3k. When I called to get some answers with my mother and asked why both positions were sold totaling almost 75k for a 7k margin call. His answer was "they trade hand in hand and need to be sold together" lol. He was unaware that I had been a stock broker and passed my series 7 exam.
These lies have gone on for 6 months. I went to the Garden City New York office on 3/17/20 and still was not given a logical explanation. We said we want answers by tomorrow and they closed the doors and have hid behind the corona virus since then. That position is now worth over 200 k and my mother has hired an attorney to finally get some answers from these disgusting crooks. I can't believe a name like ETRADE in the middle of a merger with Morgan Stanley has pulled a stunt like this that goes to the upper echelon of the company. These people should not be handling the publics money with actions like the ones I have witnessed with my senior citizen mothers account.
Looking to put a few ($3500) into the market I was anxious to test my knowledge of our economy so I joined eTrade. Starting with some cheap penny stocks I made $2800, then moved to other pennies that didn't pan out. So, at a small loss I sold then bought back in the next day when it tanked, knowing that it would soon recover. I went to my account 2 days later, only to discover eTrade had ripped me off for several hundred dollars!!
When I called them they said what I did was called a "wash sale" but at NO time prior to my cluck to do the trade did any warning pop up. But when you're in Vegas and flash 3 of a kind and the dealer sees another "pair" in your hand THEY will correct you and honor your full house!!! Etrade screwed me out of several hundred dollars on that! Then I bought 977 shares of AVCO - a pharma in New Jersey. After riding it for several months it started to tank, so I cashed out and tried to buy into WKHS but Etrade's system was screwed up and wouldnt let me make the trade!!
I immediately bought back into AVCO and for some, unexplained reason Etrade screwed me AGAIN, lowering my share count from 977 to 907, and raising my buy price from 1.90 to $1.99!!!! Tried to call Etrade but no answer after more than 20 rings!!! SEVERAL TIMES. Emailed them. No answer. Finally, I sent a complaint to the SEC and a couple days later Etrade lowered the buy price to $1.88, but kept my share count at 907!!! Etrade is a crooked company. They steal money and shares from you and constantly refuse to answer their phone, no matter how many times you let it ring. Nor will they answer your emails.
THIS is what crooks di when they screw you - they hide from you, hoping you will forget, or go away. In my case, it was "go away"!!! Tonight I received notice from TD Ameritrade that they finally completed my account transfer from Etrade!!! YA-HOOO!!! I challenge you - go ahead, call T.D. and see how long it takes for them to answer the phone, then make your own decision: which is the best company? Bottom line is, Etrade gets off by hiding from its customers and steals money from you, with NO prior warning, or notice. Ameritrade answers their phones in a heartbeat and is VERY helpful and knowledgeable. I look forward to trading through TD Ameritrade and having the assurance that when my stock makes a move that demands my attention, they will promptly answer their phone and assist me in a professional manner. How companies like Etrade continue to be in business is amazing. Maybe this review will put an end to that?
If you or your parents have a trust or IRA at Etrade, move it now to a firm that will be willing to help your loved ones manage accounts when the time comes. I recently became the acting trustee for my parents family trust and the financial manager for both my parents IRA's - all at Etrade. I've been trying to gain full access to their accounts for over 1 month and seem to be marching backwards as they have now restricted the accounts. My first contact was to send them the notarized trust documents (with CA legal springing trust document) and durable Powers of Attorney.
Since then, I've been given the run-around every time I spend the 45 minute phone (or chat) wait to talk about what I need to do next. Everybody has "compassion" and says they will look into to it, but here we are 5 weeks later and no control. Each contact brought the request for more documents and still no guarantee that "it will work." Nobody in the know would contact me until I demanded a supervisor today. Two calls later he thought 5 more documents "might" allow me full access including a third letter of instruction (this time notarized). I was always the listed as the successor trustee since 1991 - (After my parents). None of this seemed to matter.
By the way, we originally tried to put my name on their accounts over one year ago using all the notarized Etrade forms. I mailed them last year and they did nothing with them, except make a note on their account that forms had been submitted. I'm all for protecting people precious retirement accounts, but Etrade makes you wait weeks before it even knows or tells you what documents it will accept. They also fail to contact you when your forms/request don't work. That's after you must endure the 45 minute wait every time you try to contact them. I still don't even know if the five documents I am now working on will suffice. My suggestion is to Invest elsewhere. I moved my personal IRA out of there this month due to this poor customer service. Our combined accounts were close to 2 million $, so don't think having a significant amount at Etrade gets you better service.
My parents left millions to me in eTrade. Unfortunately, my father trusted etrade. He signed for their managed account. Over 6 months after my father's death, I was asked to jump through a new hoop each month, never voluntarily given the forms that I must fill out. It was very frustrating. All they did was assure me it was not THEIR fault. They want to hold on to your money at all costs, no matter what your desire is. Other brokerage firms were amazed at their behavior. Do not put one penny in etrade. You will regret it.
eTrade author 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.
e*Trade Company Information
- Company Name:
- Year Founded:
- 1271 Avenue of the Americas, 14th Floor
- New York
- Postal Code:
- United States
- (800) 387-2331
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