E TRADE Ripoff Reports, Complaints, Reviews, Scams, Lawsuits and Frauds Reported

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1, Report #951
Nov 27 1999
12:00 AM
E-Trade $65,000 FRAUD Rip-off
E Trade's (ET)illegal actions in selling our stock (1000 shares of AOL and 515 shares of EGRP)have cost us over $65,000 by 11/9/99. They sold the 1000 AOL that were put to us without giving us a chance to pay for it despite the fact that 1) There was NO market risk to ET as we held 10 Jan. AOL puts, 2) The business day before, they told us we would have a chance to pay for the stock (this is admitted in writing and is on tape), and 3) Numerous specific provisions of their contract were violated by ET. A dozen specific paragraphs of the contract are FRAUDULENT in that ET has no intent to honor them. 1(p) gives until settlement date to pay for purchases.4 says they go by the custom in the market, yet ET will not even consult another firm. 5 say they screwed up BAD). 6 says there is insurance, but doesn't say that negligence and fraud are not covered. 8 says All orders will be authorized by me. 9 says that monies must be received by settlement date. 9 also says liquidation if not by settlement date or as market conditions warrant. Instead they say they can sell without any reason!! 15 says tape recording of calls for mutual protection yet despite their promise to release the tapes and transcripts they refuse. 17 says to pay indebtedness on demand, yet they make no demand. 1,pg10, says will extend credit, yet they withdraw that extension without reason or notice. 3,pg10, says reasons for liquidation, yet firm ORALLY claims it needs no reason. 3,pg11, talks about waiver of notice, but does not reserve the right to tell us one thing and then promptly do another. 2,pg12, says they will furnish the OCC book, but they refuse despite months of demand. We have sent them formal notice of an intent to file a class action pursuant to California Civil Code Section 1872, but they have not responded. All in all, I view this company as a fraudulent and incompetent firm. They should not be licensed to sell securities or even milk to the public.
Entity: Nationwide
2, Report #1562
Mar 14 2000
12:00 AM
E*TRADE
I sent a check from my 401K to be rolled into an IRA to etrade. They deposit the amount into my regular account (less $54). THEY SHORTED MY DEPOSIT BY $54.(TRANSPOSITION ERROR). My check was for $3293.45 and they only deposited $3239.45. TWO weeks later, this still isnt corrected and the money is still in a regular account(you only have 60 days to deposit it in an IRA or else their is tax consequences. THey anvertise free tax software if you open an IRA account . I sent the paper work in 3 times (since 2/1/00). They finally opened it and told me I would receive the software. TODAY they told me I will not recieve the software because I didnt sign up on line (used one of their applications instead). I recommend people avoid E*TRADE at all costs and go with one of the other online brokages. They give false advertisment and DONT DEPOSIT ALL THE MONEY YOU SEND IN INTO YOUR ACCOUNT. HELPPPPPPPPPPPP!
Entity: Boston, Massachusetts
3, Report #385524
Oct 28 2008
07:01 AM
E*Trade - E*Trade Bank - E*Trade Securities Random NSF Fees Whic Are Unwarranted Merrifield Virginia
Over the past year, I have received several NSF charges ($25 per incident), when there was sufficient money in my account. When I call to report the issue, the people usually dont have a clue, but after a half hour or so, they ackknowelege the mistake, and then send it off to investigations to look at... basically spent a half hour on the phone for nothing. In each case (when I spoke with a live person), they have refunded the NSF charge. Well they just did it again... I emailed them this time, and it is even worse than calling. When you call, be prepared for someone who can barely speak English. The inwarranted NSF charges seem to be a habit with them. Is this something I can report to the attorney general of thier state? Thanks! Wade Wentzville, MissouriU.S.A.
Entity: Merrifield, Virginia
4, Report #112127
Oct 08 2004
04:54 PM
E*Trade Rip-Off Sneaky hidden fees Internet
I opened an E*Trade account a couple of years ago and purchased some stocks just to hold onto for the long term. I recently looked on-line and noticed that I have a negative cash balance on the account. I immediately called their customer service line and after being put on hold for a while discovered that they (E*Trade) were we charging my account $25.00 per quarter in maintenance fees. I told the customer rep I wanted to stop these fees immediately by moving my holdings to my regular brokerage firm. He told me that they would be happy to do that as soon as I sent them over $100.00 to cover the negative cash balance and a SIXTY dollar fee to move the account to another brokerage. None of these fees were in the original agreement I entered into with E*Trade when I opened the account. I will pay them with protest and then seek civil and or legal action to recover them and hopefully prevent others from falling into this scam... Ed Poughkepsie, New YorkU.S.A.
Entity: Internet
5, Report #4413
Feb 09 2001
12:00 AM
e*trade Rip-off charges levied
The company I work for chooses to deposit stock option shares into an E*Trade account. I recently authorized Charles Schwab to pry my shares loose. After the fact, I learned that the opportunistic E*Trade SOBs levied a $50.00 fee for this transfer. Talking with one of their customer servants, he sympathized, and said if Id initiated the transfer by calling them (pushing the shares to Schwab) rather than what I did (pulling them from Shwab), there would have been no fee. Any refund? Not bloody likely; they already got the money. I cant do diddly about my company having chosen these bozoids for distribution of option shares. But I closed my personal account right on the spot. Nuts to them!
Entity: Nationwide
6, Report #42404
Jan 22 2003
09:15 AM
E*Trade FEES on top of FEES Internet
SLAMMED BY E*TRADE Opened my E*Trade account over two years ago, lured in by a $50 cash incentive. I had transferred 20,000 shares of a stock worth about 30 cents a share. The plan was to save on commissions, compared to my traditional discount broker, which charged higher fees for trading such large volume/low cost stocks, and channel trade that stock, as the price went through its usual saw-tooth pattern. Well, we all know what the market conditions have been, and that stock just kept declining in value, so I held on for the long term, and became an inactive trader. Then they began charging newly-instituted fees. Because the value of the stock had fallen below the threshold, I was subject to the Account Maintenance Fee: First $15 a quarter, and then $25. Now theyve added an additional $3 a trade surcharge, unless you do a huge number of trades per quarter. The advertised $9.95 trade has been increased to $19.95, er, $22.95. Oh, and if you trade a large number of shares, its now a penny-per-share over the first 5000. All the reasons for opening this account in the first place have been taken away. Their new structure invites you to trade recklessly, and discourages the prudent, long-term investor. Core account interest rate is 0.2% (vs 1.12 for my regular account). Margin interest rates are also better in the other account. My biggest gripe is the TERMINATION FEE. It is not in the Customer Agreement, nor is it made known to the customer. You only find out about it when you close the account, and SIXTY DOLLARS is deducted from your core account. In my case, the fee was more than the amount left in the core account, resulting in CASH BEING WITHDRAWN from my regular brokerage account, almost causing an overdraft, since Im nearly fully invested. E*Trade runs their business as a classic Bait and Switch Scam. Did someone mention CLASS-ACTION LAWSUIT? Adam Canton, New YorkU.S.A.
Entity: Internet
7, Report #5162
May 15 2001
12:00 AM
E-Trade brokerage theft
I have previously reported that E-Trade deducted an accountm maintenance fee of $15 from my account without any prior notice. E-Trade not only refused to reimburse me on a one-time-only basis, it has compounded its theft by again, without prior notice, debiting my account by an addtional $50 termination fee as of January 31st- the day my account was closed and my E-Trade assets were transferred to another brokerage (as per my request). Mark Stevens of E-Trade told me when I received my January statement today- in which the notice of the $15 account maintenance fee was ironically closed- that its $50 fee termination fee is more than double an earlier termination fee (of $20) neither of which was mentioned in the service agreement between us. I understand that fees must sometimes be charged and even increased in order for firms to remain competitive, but when a compamy does not give prior notice, this is theft! Click here to read other Rip Off Reports on E-Trade
Entity: Nationwide
8, Report #446441
Apr 25 2009
08:15 AM
E-trade Etrade is really eturd Arlington Virginia
My short experience with this outfit leaves MUCH to be desired. If your thinking about making money with an online trading account make sure you DO NOT use this turd. Trading with the crooks is hard enough. Let alone when the broker your using is trying to steal you blind TOO. ETRADE is all about the classic suck em in suck em dry and make it near impossible to get out before your dry. Word of warning DO NOT USE ETRADE for anything. You've been warned. David Hornell, New YorkU.S.A.
Entity: Arlington, Virginia
9, Report #836625
Feb 09 2012
02:44 PM
E-trade see report Internet, Internet
E-trade  DRAINED MY ACCOUNT also WITH BOGUS FEES
Entity: Internet, Internet
10, Report #748266
Jul 01 2011
09:36 PM
E*Trade Financial Loosie Goosie Sloppy Opportunists & Liars, Internet
I have a business checking account at E*Trade Bank and have encountered more problems in one year than I have with my local national bank in 40 years. Here's the most recent deal-killer problem.  E*Trade stopped payment on the check I authorized from my E*Trade checking account to pay my second quarter estimated taxes to the IRS.  The stop payment was done without notifiyng me and without my authorization.  ETrade will not pay the penalty I now owe IRS.  E*Trade maintains the payment was stopped because the check was not deposited in a timely manner.  The check was 2 months old when the IRS deposited it.  The problem is ETrade never credited me back the money until the IRS deposited the check.  Also, a second check drawn at the same time has not had a stop payment placed on it.  It hasn't been deposited yet. This is just the most recent problem.  I'm closing my account. Bank with E*Trade if you like sloppy bankers who lie for their advantage.  I think the cute little kid in their commercials is organizing their operations.  If you like fast and loose Bankers who routinely cut corners, ETRADE is for you.  
Entity: , Internet
11, Report #877964
May 03 2012
03:15 PM
E-Trade For Gullible Amateurs Only Internet, Internet
If you are a beginner who places perhaps one or two trades a week, will check your balance every day, don't mind being overcharged, having money disappear from your account and being stonewalled when asking where it went, E-Trade might be a good place to start.   The E-Trade Pro platform is fairly easy for a novice to understand; a good starting point perhaps, but the behind-the-scenes weaknesses will soon persuade you to sell off and go somewhere else.  Yes, SELL and withdraw the cash considering the endless stream of complaints about having their account locked for 3-4 months in retaliation for asking the assets be moved elsewhere.   Their worst feature is people - the part-time beginners who will tell you whatever sounds good as opposed to actual fact.    One will tell you Process X is a fixed company rule while the next will tell you Process X is not allowed.  The absolute worst of those is their Compliance Department in New Jersey.    They stand tall among the folks who don't have a clue how various trading process work within the market and even their own software.  They answer repeated questions such as Why did $400 disappear from my account overnight - where did it go with Your balance is correct, refusing to address where it went.    Trying to resolve a problem which is clearly their error is going up against a 500 pound gorilla with half a brain.    The baby commercials are great, but E-Trade itself is not for serious investors, and won't be until TD Ameritrade or a reputable company buys it  (been discussed on the FOX Business channel ....Closing Bell segment).   But it didn't sound like the TDA CEO wanted to touch it.   Seems the Wall Street Folks know more about E-Trade than its traders do. IF YOU ARE LOOKING TO EXPERIENCE (AND PAY THE PRICE FOR) THESE THINGS FIRSTHAND, E-TRADE MIGHT BE FOR YOU.   BUT IF YOU HAPPEN TO SEE TRAINING VIDEOS ON U-TUBE OR THE COUNTLESS OTHER STOCK MARKET TEACHING INSTITUTIONS YOU WILL NOTE NONE OF THOSE MARKET-EDUCATED, ACCOMPLISHED PROFESSIONALS USE E-TRADE 
Entity: Internet, Internet
12, Report #193049
May 24 2006
03:16 AM
E*Trade Horrible Customer Service, Horrible Banking Practices ONline Internet
Where to begin... Opened an Etrade Complete account on 4-1-06. Everything was working fine until 4 days later. My account just disappeared off the screen. Not until a week later did I recieve any communication stating that my address couldn't be verified.(Funny cause they send my debit card and all my account info to that address though). On 5-12-06 after almost daily calls they finally resolved it. Then it started all over again... On 5-13-06 My debit card would not work that was linked to my account. I called a representative and was told that they would look into it. It was stated I would recieve a call that following Wednesday. No call... So I called. They said it was still in review. After many more days I just gave up on using my debit card with the account. On 5-20-06 I wrote a check for my rent against the account. Since it was funded and ready to go. Then I wrote out a few more check to pay some bills. Mostly minor amounts. Every check was returned by the bank. Even my first rent payment to my landlord! I of course have called them to vent my frustration, after all, the past few months I have been very patient and kind. I'm not anymore. All the fees that are adding up from all the people and places I wrote checks for is staggering. Not to mention I am not being investigated for writing bad checks! This company is the single worst company I have ever dealt with in my life. I'm hoping I can get this straigtened out soon. Although sitting on hold for 2 hours isn't going to be fun. Just keep the temper rising. So anyone have any similar complaints? I've given them every courtesy and opportunity to fix the things that shouldn't even have been a problem in the first place. Good thing I have a CPA and a lawyer. Not gonna spend much pursuing it cause they have LAWYERS, but I am gonna give them a headache at least. I'm not even finished adding up the damage yet, but I'm sure monetary wise it's gonna hurt. Thanks for reading Michael Cincinnati, OhioU.S.A.
Entity: Internet
13, Report #290077
Dec 09 2007
07:32 AM
E-TRADE Financial. Erroneous Fill Merrifield, Virginia
CATCH ME IF YOU CAN !. That just about describes My online broker's position on a mistake with my account. After several emails were exchanged in my efforts to have them correct their mistake, and return my account to the exact position prior to their mistake, their responce was, Due to the fact that you did not contact us for over two days, there is little we can do at this time. A credit will not be granted. . In other words, I had to conduct them !, that they made a mistake, except I didn't know that they had made a mistake, BUT THEY KNEW !. This is what happened : I bought 5 XYZ Dec.07 options , strike price $12.50 call options. As soon as acquisition was confirmed, I listed them for sale ( GTC 60 for a price of $5.90 each ). They were sold very quickly for $11.48 ea., and my account was credited with $ 5,134.63 gain. Based on that gain I proceeded to make some additional trades, risky ones, that I would not normally make. Two days later, I see my balance reduced from $ 8,343.98 to $ 2,476.12, and House Call of $ -219.28. I had not engage in any activity that would have resulted in such tremendous drawdown. So I emailed my online broker requesting clarification, and was told that the initial fill was an erroneous fill, and the market simply corrected the problem. When I asked them to return my account to the condition prior to their mistake, ( since I would not have made the additional trades except for the gain that was posted in my account, evident by looking in my account activity prior to this incident ), they refused. They told me that the fill was bad and that the market corrected the bad fill within minutes of the incident. I pointed out to them that they failed to notify me about that, and that the gain they posted in my account remained as it was for two whole days, and if they had notified me promptly, I would have not made all the other acquisitions, and would have adjusted my exit price for the 5 XYZ options accordingly. ( the XYZ options had lost only a little of their value when THEY DISCOVERED their mistake ). I believe that their failure to notify me constitutes negligence on their part, and they should return my account to the EXACT position prior to their mistake. Obviously they will not do it. The last straw was that they kept charging commissions for their mistake and charged again in their attepmts to correct it !. Atreus KorinthosGreece Click here to read other Rip Off Reports on E-Trade
Entity: Arlington, Virginia
14, Report #1144355
May 06 2014
07:49 AM
E Trade Can't get money out of account Internet
My late husband had an etrade account.  It only had about $1,500 in it so I decided to close it out and ask them to send me the money by check. I contacted them in February 2014 and was sent an e-mail with a list of everything they would need to close the account.  Included in the list was a letter detailing the address where the check should be mailed. I submitted everything that same day! At the end of March I still hadn't received the check.  So I called them again.......  I was told they sent the check to the wrong address.  They, of course, did not pay any attention to the letter I sent them or take the time to contact me to obtain another address.  They just kept my money. So, at the end of March, I went through the process again.  Again giving them the correct address....  I was assured the check would be mailed out promptly.  Guess what, it's now May and no check!  So I called AGAIN.  I was told they sent it to the wrong address AGAIN.   They got the check back and AGAIN didn't contact me or make any attempt to find out why it came back. I'm now waiting for the THIRD check to be issued and mailed.  Of course, they wouldn't change the address in their system while I was on the phone with them, so I'm sure it will go to the wrong address AGAIN. Don't do business with these people!
Entity: Internet
15, Report #335394
May 29 2008
08:02 AM
E Trade Brokerage And MMA E Trade Brokerage and MMA Siphons Bank Account Thru Deceptive Business Practices Internet
When I opened my E TRade brokerage account I was told the way to avoid fees was to also open a Money Market account. All I needed to do was keep $2000 between the two accounts. I opened a $200 MMA online. I get a brokerage statement each month but it doesn't mention the MMA. So it looks like everything is fine and I am not being charged. I'm also under the impression that the $200 online MMA account is fine b/c I followed their rules. WRONG! Since the day I opened the Money Market Account E Trade began to drain it until it was all gone. I was out $200 and got ZERO SATISFACTION OR CUSTOMER SERVICE FROM ETRADE RE. THE MATTER AND THE FACT THAT THEIR OWN SALES PERSON PITCHED ME THIS IDEA. EACH SUPERVISOR I WAS PASSED ONTO TOLD ME THEY DID NOT HAVE THE AUTHORITY TO FIX THE PROBLEM. I spent over three hours on the phone, even talked to people in the PHillipines. This is a SICK company which wastes its own time and money while it steals yours. The only way I could've put a stop to it was to check the online amount every month, but it was a bogus checking account to begin with anyway. This company is seriously bad news and a larger nationwide class action should be brought against their deceptions and incompetence. Once I discovered the fraud, they said the minimum in both accounts not to incur fees was $5000. It was conveniently left out of the conversation with the intial customer service rep. Watch out for these creeps! Bigguy burlington, VermontU.S.A.
Entity: Internet
16, Report #705383
Mar 12 2011
09:15 PM
E-Trade E-Trade Stealing Money from Unknown Fees Wichita, Kansas
I found out Etrade took out fees that were unknown to me and even customer service could not give me the page which said they charged $40 quarterly fees for inactivity.  This is fraud.
Entity: Wichita, Kansas
17, Report #284692
Nov 13 2007
08:42 PM
E-Trade Securities E-Trade hideen fees on brokerage accounts New York New York
I have had an account with E-Trade since 1997. I have 2 stocks in the account and after my accountant discovered margin interest on a year end statement I called E-Trade for an explaination. Since 2000 they have been helping themselves to fees from my account that now amount to more than I have in my account. When they send me a statement it shows the value of my account on page one so the investor is lead to believe that they have a $$ amont in their account. On page 5 of 5 of the statement is where the fees appear. I have filed arbitration with FINRA and lost and now owe them $150 for their service of protecting the public!! The arbitrator compared my statement to a phone bill for which he reads every page when he gets his phone bill. My arguement was when you get your phone bill on page one it says what you owe and you pay your bill. What if the phone company used the same logic as E-Trade and on page 5 of their bill added hidden fees that accrued to thousands of dollars over the years. This is absolute fraud and deciept. I am hoping there is a class action law suit out there. John Lighthouse Point, FloridaU.S.A.
Entity: Nationwide
18, Report #325092
Apr 10 2008
12:36 PM
E*Trade E*Trade Bank Here is how to prosecute these thieves Internet
THIS REALLY WORKS. See bottom. E*Trade is a federal bank and subject to federal prosecution. Here is where to report them. Please, I *urge* you to make a call or write or email below. Your single effort may be the one that tips the scales to prosecutorial action being taken. Even if you GOT your money back - email the O.T.S. and tell them what E*Trade did. Let's put these crooks out of business for good. Office of Thrift Supervision Department of the Treasury, Southeast Region 1475 Peachtree Street, N.E., Atlanta, GA 30309 (404) 888-5631 Fax: (404) 888-8599 Web Site: www.ots.treas.gov E-mail: consumer.complaint@ots.treas.gov THIS REALLY WORKS. In under one week following my email to this agency, all of my funds were refunded to me, following several weeks of E*Trade double talk. E*Trade took my money and would not let me have it. No checks. No online account. No refunds. I know this sounds unbelievable. I know. A national, nationally advertised financial firm in the U.S. of A., stealing money? That's why I have reacted so strongly and so fervently beg you to join in. Believe me, I'm not a nut job or activist or whiner - I'm just a quiet, religious, conservative adult office worker. But just as I don't tolerate people ripping off little old ladies, I have to respond to these scums taking money and hiding behind the Internet. E*Trade. Bill Dallas, TexasU.S.A.
Entity: Internet
19, Report #382691
Oct 19 2008
11:50 AM
E-Trade.com, E-Trade Financial, E-Trade Securities LLC E trade stole over $1000 from me in hidden account service fees on an account I didn't use. BEWARE!!!! San Diego California
Wow. In 2001, my mother bought stocks for me on etrade to leave alone and surprise me by their worth later in my life. 7 years later, I inadvertently found out about it. I went online to look at it and discovered Etrade has charged $40 quarterly inactive account service fees. The initial investment intended to surprise me is now gone... completely. They took over $1000 for an account that had no activity. I am floored. I can't believe they can steal like this. AVOID THESE CRIMINALS. Daniel El cajon, CaliforniaU.S.A.
Entity: San Diego, California
20, Report #570609
Feb 17 2010
08:53 AM
E-Trade.com, E-Trade Financial, E-Trade Securities LLC ETrade Etrade also stole money from my account without warning Internet
Etrade liquidated my stocks and caused a loss of approximately $3,000.00 when they could have contacted me to pay their unfair account fees with either a credit card or some other means that would not have caused such a loss.  I cannot believe that they can get away with this, and i received absolutely no satisfaction after speaking to a manager over the phone.  It was basically like talking to a wall.  I want my stock back at the price they sold it at, but don't know where to go from here.  Needless to say I'm closing the account and will tell everyone I possibly could to not use Etrade for anything!  I'd like to add that I was a customer for 12 years and this is how i was treated, what a joke this company is.    
Entity: , Internet
21, Report #159339
Oct 03 2005
07:10 PM
E*Trade Securities negligence - fraudulent wireouts - unauthorized transactions ripoff Merrifield Virginia
I am writing this letter to voice my frustration and request for help. As a result of a fraud committed upon us, my wife and I have lost majority of our life savings. My wife and I were recently out of the country for about a month. Upon returning from our overseas trip, we noted problems in our E*Trade brokerage account statement. We unexpectedly discovered that approximately $174,000.00 in equities and cash had been wired from our E*Trade brokerage account. This discovery completely floored us, as we had not performed any type of transactions in months. We found that 6 transactions had occurred in about one and a half weeks. Each transaction was interestingly slightly under $30K. E*Trade was contacted about the matter and it was found that the funds were transfered into a Wells Fargo business account, with no further information provided. We do not have a Wells Fargo account and never have in the past. When we contacted E*Trade, we were told that it made several attempts to contact us at home and work after the 6th transaction, but we obviously were unavailable because we were overseas. The transactions occurred even though it should have been obvious to E*Trade that there was fraudulent activity in the brokerage account. We repeatedly contacted E*Trade about our money without any success. When questioned about the transactions and the proposed plan to retrieve the funds, they indicated that the FBI had been contacted regarding the matter. When pressured for a response, they began to blame us, indicating that they are trying to help us but ultimately the money is our responsibility. We indicated that we put our funds in their system trusting their security. It is clearly stated on the e-Trade website that a notarized letter is required for any sum of money to be transferred to a third party account, such as the Wells Fargo account that the money was transferred into. This comment has been avoided and no action appears to be taken on their part to retrieve the money. E*Trade claims that the hackers sent e-mails stating that the funds be wired out to a Wells Fargo account falsely claiming that the Wells Fargo account is in our name while it turns out it is indeed a business account and not in our name. E*Trade did not care to check before wiring out funds. We have contacted the FBI, SEC, FTC, state attorney general's office, FTCC, Wells Fargo security, and our local police. We worked very hard for this money and someone was able to easily steal it from us. E*Trade has refused to take responsibility, has refused to acknowledge that it violated its own policies in allowing our life savings to be taken from us, and has refused to refund our money. Please help us retrieve our funds and protect others from the fraud that so easily occurred to us through E*Trade. Korukonda Cary, North CarolinaU.S.A.
Entity: Merrifield, Virginia
22, Report #97092
Jun 30 2004
10:29 AM
E*Trade Financial rip-off! Dishonestly over-charged me! Orlando Florida
Didn't receive May's bill in the mail. Was then harassed by several employees of E*Trade they told me they would take care of the problem, but then proceeded to call me even after they received my payment. Not only that it was at work! I checked to see if my account had been adjusted when I saw that it wasn't I called and spoke to a supervisor by the name of PAT MCLAUGHLIN and she told me that she can't do anything. Desiree Coral Springs, FloridaU.S.A.
Entity: Orlando, Florida
23, Report #446559
Apr 25 2009
06:51 PM
E*Trade Discrimination against hispanics, harrasment against small investors, unfair treatment INTERNET
In all my years dealing with financial institutions I have never been more insulted, offended, and discriminated against by one institution ETRADE My story starts like many of you (small investors) and during the time the market was doing great. I opened the account because part of my stock plan was done by my former employer. It just made sense to open my brokerage account but not without making my homework. That's right.. check with fees, maintenance charges, etc... At the time, everything sounded great. Then the bubble burst... the market went done etc etc... all of the sudden Etrade starts charging me fees. I complained, and I got a very arrogant note that pretty much summed up to shut up and take it, because the agreement says it... At this point I am upset because I do not remember any part of the agreement that says that... but wait, it gets even worse. I had a credit card account with them with $5000 credit limit for a long time and always payed my balance in full - I do not like to pay interest on CC's. On march 2009 I got a letter saying that they reduced my credit limit to $300. They argued that it was due to much revolving credit and delinquency accounts. I checked my credit report and there are no delinquencies of any kind. I did get a couple of loans on another bank but it does not go to any critical amounts. One of the loans is a secure loan. Besides my credit report is 750+ and my risk level is labeled as Med-Low Risk right next to the Low Risk which is the highest you could get. Nevertheless to say that I wanted to close the accounts. I went to the offices near my job and explained to them my discontent and my feeling of discrimination. You may ask discrimination how? I'll tell you how: Hispanic Name with (as per them) too much debt, is a dead beat MF. Even if he has payed for the last 20 years all his debts and always in time and take care of his credit. They based their decision on my name and not on my credit and that sir is discrimination and therefore completely illegal. When they attemped to close my account they freeze $300 dollars of my brokerage account as collateral for the CC debt. NOW... Is this insulting or what? So I had it, I called them back and I am going to close all accounts with them... and yes you guess it... I will pay the $50 transfer fee... Screw it!!! $50 is not going to get them out of the freaking whole that they are in. Karma does exists in this life and whatever you dish out (good or bad) it comes back to you... so do good and be good and many good things will come back to you. Etrade will get what they deserve Miguel King of Prussia, PennsylvaniaU.S.A.
Entity: Internet
24, Report #475671
Aug 01 2009
09:37 PM
E*Trade froze my fund for months and their customer service was very rude Merrifield Virginia
In November 2008, I found out that my outgoing transfer in E*trade bank was not successful because they placed security hold on my account which was at the balance of approximately $20,000. I called them and they told me I need to write a notarized letter to them. This started my nightmare with their incoherent verification process and rude customer service. They lost my notarized letter by accidents, repeated tricky requests to me even if I was not able to do their requests. Their requests didn't make sense at all, like requesting my source bank to promise I am the account holder. But E*trade didn't care, and would hold my fund forever until they smelled possible lawsuit from me. Their representatives had been really rude during my communication with them. Some of them told me if I satisfy their request, they would consider removing security hold on my account. Some other representatives directly hung up on me and refused to communicate after I finally satisfied their request (and that was hard to do). They even got rude when I pointed out that they did receive my notarized letter. Their service and attitude were very bad through the tedious discussion, which took me 3 months of time, countless call and headache. The funny thing is they kept making difficult requests to me, but they could never give me a clear answer why they placed security hold on my account. After reading hundreds of complaint in Internet, I know my case is not rare. It looks like E*trade is doing every possible trick to hold customer's money as long as they can. Very unethical and disgusting. Richard Redmond, WashingtonU.S.A.
Entity: Merrifield, Virginia
25, Report #398060
Dec 04 2008
08:42 PM
E-TRADE DRAINED MY ACCOUNT WITH BOGUS FEES Arlington Virginia
I purchased Sirius stock on 11/29/2004 from E-trade. I had been downsized from Trans Union credit bureau, and had cashed out my 401K in order to make my bills. With the $6000.00 that remained, once I had found another job, I invested in Sirius. I purchased 970 shares at $6.50 per share, for a total investment of $6115.00. At that time I paid E-trade the necessary up-front fees and commissions. Over the last 4 years Sirius has gone up and down. I checked in on my stock from time to time, to see what the balance was. Since the stock fluctuated I never thought that some of the downturn was due to E-trade stealing from me. I'm sorry, they tell me that I was charged fees. I had a self-managed account, so I'm not sure what they were charging me fees for. In any event, I went on my E-trade site this evening, because I know Sirius has taken a hit in this recent economic downturn, and wanted to see what my balance was. I was shocked to see that the account showed my stock was sold off on 10/24/2008. I assumed someone had committed fraud and called E-trade immediately. A Mr. Torres answered and went over the account with me. He told me that my account was liquidated to pay the $40 per quarter fees assessed by the company for inactivity. I was completely shocked. Here, a company I trusted with $6000.00 of my money, liquidated my account to pay themselves for NOT managing my money. I requested a supervisor on three occasions, and although I was put on hold, it was Mr. Torres who came back on the line each time. I told him they never called me to tell me I owed fees, they never wrote me to tell me I owed fees. Nor did they contact me to tell me that my account was going to be liquidated. This has to be criminal. He told me that the fees were legitimate and there was nothing he could do. If they did this to me, imaging how many other Pennsylvania consumers have suffered the same fate. I can tell you this, they are appropriately named investment brokers. The more you invest the broker you get. Fatty mcbutterpants Upper Darby, PennsylvaniaU.S.A.
Entity: Arlington, Virginia

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