• Report: #473921

Complaint Review: Etrade

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  • Submitted: Mon, July 27, 2009
  • Updated: Wed, September 16, 2009

  • Reported By:aurora Colorado
671 N. Glebe Road, 10th Floor Arlington, Virginia U.S.A.

Etrade E*trade Hidden fees Arlington Virginia

* : Actively listening.. Is what some customers are lacking..

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Etrade was very upfront about trading costs $12.99. What they don't mention is the fact that you have to invest at least $2000.00 with them or buy stock every quarter or they will charge you $40.00. The customer service agent said, after the fact, that I just had to type "fees" in their search engine and read the terms and conditions (I loss track of how many pages of terms and conditions there are). I've been laid off since October of '08 so investing has not been my top priority. I've lost $80.00 in fees and will lose the rest of my $500.00 eventually if I don't pony up more money to buy more stock or try to sell my stock......at $12.99 per trade, plus loss on stock.

aurora, Colorado

This report was posted on Ripoff Report on 07/27/2009 05:43 PM and is a permanent record located here: http://www.ripoffreport.com/r/Etrade/Arlington-Virginia-22203/Etrade-Etrade-Hidden-fees-Arlington-Virginia-473921. 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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Actively listening.. Is what some customers are lacking..

AUTHOR: patapon_na_mga_tao - (Philippines)

Have you tried to LISTEN to the LICENSED BROKER who is providing information about this fee? Or have you tried to READ the article regarding this FEE? Are there exemptions for you not to have it? Is the conditions are pretty simple for you to be exempted? If your answer is NO then definitely you are not going to write this article.

What a cliche, "CUSTOMERS ARE ALWAYS RIGHT!" Huh, well for me, "CUSTOMERS ARE NOT ALWAYS RIGHT, BUT THEY WILL ALWAYS BE YOUR CUSTOMERS!". Opening an account with a brokerage firm will also give you another responsibility to monitor your account. That is why they are called "SELF-DIRECTED ACCOUNTS". It is not an excuse that you are busy, or I forgot my password because in the first place it is your choice to have this RESPONSIBILITY.

Let's begin the questions that can enlighten you about your IDEA about the $40.

1. You got laid off last year and investing is not your top priority, but you are aware that you do have this account? If YES is your answer, why did you wait up until today to call and ask about your account with them? If you are RESPONSIBLE about your accounts then I think you do consider this one as well.

2. Have you tried to log on to the website and see what are the things that this company offers their investors? If NO, then you have not seen the real thing. You CAN read on their site what are the things that they offer because every single detail can be seen there. Ask other clients what are the other things that E*Trade is offering which you cannot have with other brokerage firms, you might be surprise how good is it.

3. Have you tried to think, on WHY other investors are not calling regarding this one and you do have this concern? Can you think of an answer to that one? Because I do have one. Clients that are using their accounts are not charged with that one. Oh by the way, they have less commission, do you know why? It is because they are using their account for TRADING, because it is a BROKERAGE ACCOUNT. If you don't want your money to get lost, then open a CERTIFICATE OF DEPOSIT! You can tie up to 5 years if you like.

Well, customers are really irritated when they are charged with fees that they do not know. I will be also like that when I am charged, however on the other side of it, this is my account. I opened this account, they are just holding it. And you think they don't have the responsibility to take care of it? Yes they do! Requirements are easy to fulfill, it's just that you don't want to do it!

And by the way, if you think they are customer service representatives? Make sure that you do have Series 7 and 63 for you to talk to them, because as I had said, they are LICENSED US SECURITY BROKERS that are highly regulated by the SEC. 
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