• Report: #821208
Complaint Review:

eTrade Financial Services

  • Submitted: Wed, January 11, 2012
  • Updated: Wed, January 11, 2012

  • Reported By: Randal — Renton Washington U.S.A.
eTrade Financial Services
535 Madison Ave Fl 35 New York, New York United States of America

eTrade Financial Services, eTrade Fixed Income Desk Fraud, Overcharges For Commission, Theft of Funds New York, New York

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eTrade told me they would only charge me $10 to buy bonds, plus $1/bond.  Instead they charged me $200 for only 2 bonds.  I did contact eTrade about this, and they admitted it was for fees, but they also made it a point to tell me that they won't refund the disputed money.

On 12-29-2011, I purchased 2 bonds to Telecom Italia, and was initially told that the seller was offering 7.94% interest on 15 bonds.  I offered to buy 2 of the bonds, and was told that the seller would sell them at 7.74%.  I countered the offer by offering to buy the bonds at 7.85%, but was advised that the trade was executed at 7.74%, and that I would be offered 6.99%.  This is not what I agreed to.  eTrade does admit that my offer was 7.85%, but they are now indicating that the .10% did not include brokerage fees. .10% of $2,000 is $200, which is a lot more than the $12 I was told that I would be charged. 

DO NOT USE ETRADE FOR ANYTHING. They are completely crooked, recalcitrant and unrepenting.  This company grossly overcharges.  They lie about what fees they will charge you.  They can't be trusted for anything. They are an expensive company that capitalizes on bait and switch.  Their CEO Steven Freiberg, and former CEO Caplan, are two of the biggest crooks on Wall Street.  Avoid them:  they will take your money and rob you. 

This report was posted on Ripoff Report on 01/11/2012 12:43 PM and is a permanent record located here: http://www.ripoffreport.com/reports/etrade-financial-services/new-york-new-york-10022/etrade-financial-services-etrade-fixed-income-desk-fraud-overcharges-for-commission-the-821208. 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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