• Report: #458404

Complaint Review: E*Trade

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  • Submitted: Thursday, June 04, 2009
  • Last Posting: Wednesday, December 09, 2009
  • Reported By:Darien Connecticut
E*Trade
www.etrade.com Internet U.S.A.

E*Trade freezing my money Internet

*Consumer Suggestion: They are not ALLOWED to release from a frozen account!


1Author 2Consumer 0Employee/Owner

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E*Trade allowed me to wire money into a frozen account, and now will not allow me to transfer it out.

James
Darien, Connecticut
U.S.A.

This report was posted on Ripoff Report on 6/4/2009 4:21:47 AM and is a permanent record located here: http://www.ripoffreport.com/brokerage-companies/e-trade/e-trade-freezing-my-money-inte-eywbc.htm. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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1Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Why is the account frozen?

AUTHOR: Ashley - Springfield (U.S.A.)

Is the account you wired money in to your account? If so why is it frozen?
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#2 Consumer Suggestion

They are not ALLOWED to release from a frozen account!

AUTHOR: Padre - Rocky River (United States of America)

James - Regardless of the reason for the account being frozen, it happens usually to protect someone whom you owe.  It is generally court ordered.  ETrade, (or any bank or financial institution) has no option to release money to you from a frozen account.  This would be in violation of court order.  Therefore, this is not the fault of Etrade.  There is no prohibition, however, on making additional deposits, as this simply benefits the creditor. 

Never make a deposit into a frozen account.  You cannot get the money back.  If you do not know it is frozen, but you know that someone is trying to collect from you in any possible way (and you surely must!), then you might check with them to see if it is frozen.  They have no obligation to proactively tell you, and in fact may be prohibited from it.

For the record, I have no affiliation with Etrade, other than 2 accounts I have there.  I have had occasional minor problems, but they were always corrected politely.  I trade stocks and wire money occasionally.  I hope this explained things a bit.

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