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Report: #1424076

Complaint Review: ETRADE Financial Corp - Morristown New Jersey

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  • Reported By: Christina — Puyallup Washington United States
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  • ETRADE Financial Corp 26 West Park Place Morristown, New Jersey United States

ETRADE Financial Corp Not transparent with SPX options AM/PM expiration on Mobile App Morristown New Jersey

*Author of original report: Reported ETRADE To WA State Dept of Financial Institutions

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On 01.18.2018 I placed an option call and two put strike prices with an expiration of 01.19.2018 on my mobile app. Then on Friday 01.19.2018 I tried to sell the options and was unable to do so. I called support when I noticed there was no activity on 01.19.2018 options chain and my options I held on to sell would not process. Also, I trade daily options weekly with SPX - what I'm sharing has not happened until today.

Once I was on a call with support, they transferred me to tech support, that is when I was informed that ETrade has AM/PM options, which does not display or allow me to select this on my mobile app. I purchased $1105.05 of SPX options on Thursday with an expiration of Friday 01.19.2018 - There was NO option to select AM/PM on my mobile app. When I type in the search window SPX and the option chains displays SPX weekly options. Now, the tech support said he would submit a ticket to have this resolved. I waited an hour and called my dedicated support team and spoke with Carson W., who I made my complaint to, and then asked for a refund for the options that were sitting in my account for the current value it closed at on Thursday - since I did not sell because I planned to sell them on Friday before close like I always do. He took this to his supervisor Stephen Grow, who stated he would not refund me and that it was my responsibility to know about AM/PM options regardless if mobile app. does not provide this feature.

It's  ETrades responsibility to be transparent and make sure their mobile app clearly defines what the desktop platform supposedly does, which I did verify a little box (adjusted options) on the desktop platform that doesn't appear on the mobile app. today. However, it still does not show an AM/PM. If ETrade has PM options over 95% of the time on a Friday weekly options chain. Why change this occasionally without notifying or displaying AM/PM options feature on the mobile app? They said the SPXW is PM option, well on the mobile app I enter SPX and based on the options chain features I selected the only one available for 01.19.2018 and there is nothing showing AM/PM or adjusted options.

I have been trading options with ETrade over 5 years and they made a lot of money in commissions from me and my family. Now due to this issue I face after 5 years of trading with them, they won't take accountablity for being misleading and not providing the required features on their mobile platform. I will continue to fight this and anyone else who has ha this problem speak up. There is a design issue that can impact users who are trading on the mobile platform to lose a lot of money if this is not fixed.

I hope more people are aware of this and submit their complaints. Please contact me if needed, Etrade is accountable for the lack of service and not providing fully funcitional platforms to users. I have two friends at Google who are senior engineers that are going to look over the mobile platform and assist me to build my case against Etrade for being misleading with their product and services.

 The first image is from the desktop platform and the rest are the mobile app.

This report was posted on Ripoff Report on 01/19/2018 04:07 PM and is a permanent record located here: https://www.ripoffreport.com/reports/etrade-financial-corp/morristown-new-jersey-07960/etrade-financial-corp-not-transparent-with-spx-options-ampm-expiration-on-mobile-app-mor-1424076. 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

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#1 Author of original report

Reported ETRADE To WA State Dept of Financial Institutions

AUTHOR: Christina - (United States)

POSTED: Friday, January 19, 2018

I also submitted a Securities and Investment Complaint with WA State Dept of Financial Institutions

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