Complaint Review: ETrade - Internet
- ETrade etrade.com Internet U.S.A.
- Phone: 800-387-2331
- Web:
- Category: Brokerage Companies
ETrade Deceptive Practice with High Account Fees Internet
listed on other sites?
Those sites steal
Ripoff Report's
content.
We can get those
removed for you!
Find out more here.
Ripoff Report
willing to make a
commitment to
customer satisfaction
Click here now..
I was also a victim of eTrades deceptive practices and was "ripped off" for $100 for new and unannounced account fees of $25 per quarter for four quarters. This eTrade account had been opened for an employee stock option program, and had about $500 cash collecting almost no interest for more than five years. Each year I checked the account status and reconciled the cash balance.
At the end of 2004 I discovered that eTrade had arbitrarily and without notice started to impose a $25 per quarter service fee four quarters previously. Despite several efforts to correct this, eTrade refused. At one point they said they would be willing to credit $25 but never did issue the credit.
I'm sure this deceptive practice is intended to weed out small investors, but what eTrade doesn't consider is how many bigger investors they lose in the process. I am a fairly big investor using multiple brokers that will now never use eTrade - and I advise everyone I know to also avoid eTrade. So the $100 in fee income is going to have a much great cost to eTrade.
I withdrew all of my money, less the $100 eTrade stole, and closed the account, but there was a few cents left from a late interest payment, so the account remains open, I'm sure costing eTrade significant money in account maintenance. Interestingly, the quarterly service charges stopped when there was no more money in the account.
James
St. Louis, Missouri
U.S.A.
This report was posted on Ripoff Report on 04/15/2008 11:59 AM and is a permanent record located here: https://www.ripoffreport.com/reports/etrade/internet/etrade-deceptive-practice-with-high-account-fees-internet-326226. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
If you would like to see more Rip-off Reports on this company/individual, search here:
Advertisers above have met our
strict standards for business conduct.