• Report: #308156

Complaint Review: E*TRADE Securities

  • Submitted: Mon, February 11, 2008
  • Updated: Tue, August 26, 2008

  • Reported By:Allentown Pennsylvania
E*TRADE Securities
671 Glebe Road N., 11th Floor Arlington, Virginia U.S.A.
  • Phone: 800-3872331
  • Web:
  • Category: E-trade

EtradeE*TRADE Securities Etrade stealing fees; company scandal may be worse than Enron. Arlington, Virginia

* : Victom of etrade

*Consumer Comment: I was ripped off too!

*Consumer Suggestion: IF YOU LOG IN TO YOUR ACCOUNT, CLICK ON CONTACTS AT THE BOTTOM, AND

*Consumer Comment: I am a victim of Etrade as well

*Consumer Comment: I am a victim of Etrade as well

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It is 1/2/2008 and I am in the process of organizing and uniting individuals to expose E*TRADE Securities LLC as committing a massive amount of fraud to hundreds of thousands of unsuspecting consumers. From my extensive Internet research, I estimate that more total money is being stolen from E*Trade customers; then was stolen in the Enron scandal.(via hidden fees in statements, changes in user terms without proper notification, and terrorist customer service that commits massive amounts of fraud via telephone)

My story is pretty standard. I put some money into an E*Trade account back in 2000. At the time, there were NO account maintenance fees. I was told the money would sit in this account and just grow as long as I did not make any trades. I only ever made this one deposit. Sometime between 2000 and the present, E*trade began charging all sorts of maintenance fees on accounts without any proper notification. (certified letter, opting-in via email, verbal contact, etc.) Out of my initial $1000 deposit, $800 has been subtracted from my account, leaving me with a balance of just $200. Many users have negative accounts because this has happened. Still worse, thousands have no idea that there money is being sucked from their accounts of all shapes and sizes.

My scenario is slightly different than people who sign up now; because the older accounts like mine were supposed to have ZERO maintenance fees. E*Trade pulled the old, "switcheroo," on millions of people who still have not found this out, by switching our old user agreements. These switches are far different than credit cards who change terms, because credit card changes are based on USER ACTIVITY. If a user of a credit card does not make a transaction on a zero balance, they do not get charged. E*Trade customers are being charged while they commit NO transactions on old balances.

Please contact me as I am in the process of organizing a gigantic class action law suit against E*trade and its executives. I am more concerned at putting the people responsible for this in jail than I am in making any money. Just as what happened to the Enron folks. However, with the changes in the law now, we should be able to get many more E*Trade executives behind bars for stealing from honest citizens. Also, I am in the midst of starting a web site dedicated to this topic. We will be doing everything from gathering information on people to take place in any class action movement against E*Trade, to other, more creative ways to fight against their injustices. Some of these new things will be a corporate Etrade paparazzi forum. Just as it is everybody's right as an American to take pictures of Britney Spears, it is also in every body's rights to track and take pictures of E*Trade executives and any E*Trade workers who are stealing money from hard-working citizens. Whether E*Trade goes bankrupt, or not, we will get these suckers legally. You can start out by thoroughly researching the leaders https://us.etrade.com/e/t/home/aboutus?gxml=hpc_disc_bios_c.html just as Us Weekly reseraches movie stars.

I encourage you to start taking action against E*Trade's fraud against millions of unsuspecting consumers.

Drewster911
Allentown, Pennsylvania
U.S.A.

This report was posted on Ripoff Report on 02/11/2008 10:22 PM and is a permanent record located here: http://www.ripoffreport.com/r/ETRADE-Securities/Arlington-Virginia-22203/EtradeETRADE-Securities-Etrade-stealing-fees-company-scandal-may-be-worse-than-Enron-Ar-308156. 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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0Author 5Consumer 0Employee/Owner
Updates & Rebuttals

#1

Victom of etrade

AUTHOR: maya - (USA)

Etrade never contacted me and when I signed up for the online I never thought an important notice like charging me every quarter for $40 would not be sent to me through mail. I started selling my stocks pretty low and they took every thing I sold. For closing my account they even charge me. I got frustrated and now I know I am losing both ways by fees and low market price. They are a theif and emotionally I am afraid to even look at my account now. We should take them to court.

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#2 Consumer Comment

I was ripped off too!

AUTHOR: Robert - (U.S.A.)

ETrade has been secretly charging me for Account Fees on a FREE account. This account was set up through my employer for an Employee stock purchase program. When I went to work here 5 years ago, I was told it was a FREE account, now they are bustin my chops with $40/quarter. Highway Robbery! I never received any warnings, notifications, emails or phone calls saying that this was going to happen. Nothing from my boss or from ETrade. This is a complete RIP-Off!

I placed a call to the corporate office who told me I had to deal with ETrade. so, I called ETrade and spoke to a rep by the name of Suzette Coore. Suzette told me that they would not remove the $40 charge from my account, when I asked to speak to a manager, I was put on hold for 10 minutes, then was told that a supervisor would be calling me back in an hour. It's now been 6 hours and I received no calls. I also emailed the company, through their website and asked for someone to call me to resolve this, guess what???? No calls!

ETrade has not responded in writing or verbally to my requests, so I will be removing my money from them and posting blogs on all sites like this one so that everyone can now how terrible this company is.
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#3 Consumer Suggestion

IF YOU LOG IN TO YOUR ACCOUNT, CLICK ON CONTACTS AT THE BOTTOM, AND

AUTHOR: Consult The Rock - (China, People's Republic of)

request credit persistently, usually they will do it. I've been surprised. I typed an e-mail that was not business-like. I was a bit sarcastic, stating that the cost of living had not risen 266.66667% between March and April, 2005. The fee was jacked from 15 to 40 at that time. Also, e-mailed that we, the customers shouldn't have to pay for the mistakes of brokerages going in to the sub-prime market. Also brought up an incident that occurred 2.5 years ago. I deposited a check and six business days later the bank told me it had bounced!!! E*Trade's explanation was that the checks were "old". How's that again??? Any way, Etrade would only give half credit for the bank rip off fee at that particular time. But I mentioned it again in my e-mail { as I say, unprofessionally and unbusinesslike, but I've been frustrated, as have all of you}. I got the typical form letter that Etrade had improved their services, etc.

To my surprise, I began receiving alerts and e-mails that my account was being inspected and a tentative credit was likely to be offered. Then, a day or two later, another e-mail came stating that I had been credited! It was to be a "one-time" credit. Then, today, although no e-mail, I noticed my cash a little bit higher. I checked Alerts and I have been credited for the other half of the bounced check fee charged by bank! All this and my account has gone below 5000.

One time, I believe in 2000, I was charged 67 for not doing something when my internet access went down. They charged me for using one of the toll-free numbers to do transactions. But Etrade credited me. So this consumer advisory is for all. If you nag them long enough, they may give way and give you a "one time credit" to your account.

I also give this advisory because I read somewhere here that a class action suit is being prepared. It will be best to get some free legal advice regarding this possibility. None of us want to pay attorneys and lose, nor do we want to face the possibility of winning and the judge giving us a "cents off coupon". So there may have to be more condemning evidence vs Etrade than what I've seen thus far. However, I am not a licensed attorney.
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#4 Consumer Comment

I am a victim of Etrade as well

AUTHOR: Guitarsing - (U.S.A.)

I too invested money with Etrade in 2000. Slowly, my stock was sold off and I was presented with a BILL form them!
This initial investment was the extent of my activity. I bought shares of Sirius Radio.I am still sick about it and would absolutely participate in a class action lawsuit.I was trying to be self sufficient and not pay a stockbroker. A broker would have had to be more accountable than this INVISIBLE MENACE.
Please, feel free to contact me if anyone has an action planned.
Cathi
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#5 Consumer Comment

I am a victim of Etrade as well

AUTHOR: Guitarsing - (U.S.A.)

I too invested money with Etrade in 2000. Slowly, my stock was sold off and I was presented with a BILL form them!
This initial investment was the extent of my activity. I bought shares of Sirius Radio.I am still sick about it and would absolutely participate in a class action lawsuit.I was trying to be self sufficient and not pay a stockbroker. A broker would have had to be more accountable than this INVISIBLE MENACE.
Please, feel free to contact me if anyone has an action planned.
Cathi
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