Honestly it's been pretty ok. I switched to eTrade for the convenience of online brokerage and online checking. I figured it would be nice to have both accounts in the same place and brokerage accounts don't have the same federal transfer restrictions of a savings account. All in all it started great.
Then the bad started. Month after month they were locking my account on because of suspicious activity. It was the same transaction every month -- my rent. I never moved, it was literally the same amount to the same merchant every single month. Finally they decided that rather than lock my account they were going to hold double my rent. Needless to say, I got a little pissed as this overdrafted me by over a grand. Their explanation was garbage and it took all day to return my funds. So a whole day of no account use.
Use them for brokerage, never for checking, far too incompetent.
I have been keeping money in a money market account and maintaining a stock account on etrade for a few years. My etrade money market visa and my personal American Express card was expiring the end of February and I was in Florida for the winter. My address of record is in Maryland for both cards. I contacted American Express and explained my situation and they overnighted me a new card with a new expiration date. Same conversation with etrade and was told they only send cards to the address of record and the card should be in the mail to me by the end of the month. I explained that I just went through this with American Express and what stellar customer service they provided. Etrade could care less. I have priority mail forwarding with USPS so I thought no big deal.
February turned into March, no card. I contacted them and they said they only will send a new card to the address of record. Talking to numerous low level people got me no resolve. I spoke to a supervisor and they said the same story. I moved up the food chain and spoke with someone with a brain and they told me to send them a letter over my signature requesting a card sent to my Florida address and that should do it. He said it would take a week. Two weeks later, now it is April, I contact them again, all of this is by email showing all of my previous correspondence, and I get a reply that they will only send to the address of record. I was done. I sold my remaining stock and transferred all of the proceeds and the total balance less $0.14 cents to my PNC personal checking account. I am done with them. I cannot believe that they have so many apathetic employees and supervisors. Worse customer service I ever had to deal with.
I made 2 trasfers from my bofa account
1. January 28th for $200
2. January 29th for $100
Etrade claimed that my bank rejected the transfers, so I called both banks and after a 3 way conversation with Bank of America and Etrade both parties came to the conclusion that it was Etrades error and etrade said they would fix it. Etrade after that conversation said it would take a day or so. 2 months later and 15 phone calls later I've had zero luck and still have not received my money. So last week i went to Bank of America and they told me to file a authorized transaction form to get back my money, so i did that. 3 days later etrade sends bofa the $300 but takes it from my IRA. They ripped me off twice. They didn't give me the money they lost the took more of my own money and sent it to bofa. What a freaking joke. Im so pissed off! So I looked up etrade on google and found that this has happened to 100's of people. I want out! I want my money back. Please help!
Update: it's month 4 and still haven't received a credit.
eTrade locked me out of my account because I attempted to wire money to a bank account in my name in the UK. I had followed their directions and attached a copy of my passport.
I called them the minute I noticed their call but they acted very suspicious and said I needed to talk to the "Unit" that handles these issues. Four days later when this special unit got around to calling me, I find out that this unit is the security unit. Paranoid does not describe the mall cop I spoke too. I did not have the correct phone number for my account he finally told me. This was an account that was bought out twice so the original phone number was 20 years old and 6 residences previous. But I had answers for all of their other questions. Not good enough. Dude was such a jerk. You know, the IT security dude. Sorry for those of you who are good ones. This guy was a cop wanna be. You know how they talk to you. Guilty until proven innocent.
I told them to forget about the wire, I would transfer the money to another U.S. account that has resided on my quick transfer screen for a couple of years. Nope. Still locked out until I go to the U.S Consulate and get a notarized affidavit for identity. Because the alternative in the UK seems to take over 2 weeks.
If eTrade wants to have strict security then introduce a number validation card like Bank of America or others. Or have more security questions like other banking and brokerage accounts.
All activity on an account seems suspicious to them. Well my suspicion is that this is the cheap way to maintain security and they use your cash while the account is in lock down. Just a little extra interest to keep them afloat.
When my account is unlocked, everything will be moved.
I tried to open an account at etrade around January 1 2014. My credit bureau has a fraud alert system for security reasons. So I was told I had to mail a copy of my ID and SSN cards.
I sent it in in a full clear color printer copy.
I waited a week and called and was told that my SSN card copy was not clear enough in their scanned copy. The guy said I must have faxed it in. No it was not faxed in, it is their scanner problem. Then I was told to fax another copy.
Since then I have opened an account at Scottrade and TDAmeritrade. TDAmeritrade even just verified over the phone and did not ask for any ID copies.
So I will agree with the other complaints that these etrade people are incredibly incompetent.
I never post any negative review on anything for over 10 year. but his etrade really makes me mad. just show you one example in the past. I was holding an option position and can't access their web site at the expiration day. instead of sell the position, they exercised the option even i didn't have enough funds in the account to exercise. so l lost a lots of money plus own them some money.(my whole money in the account wipe out plus have to send in more money to cover).
the latest one is i fed up with them and try to withdraw most of my own money to do something in urgent. they freezed my account, didn't allow me to withdraw the money and have to call them to discuss. you must be crazy to think about open an account with them. use tdameritrade, they are much better.
Etrade has very strange policies. They put my account to the unclaimed accounts because i did not login my account for a few month but they freeze my account because i logged in too many times in a month as it seems "unusual activities" to them. When i sent them online message they replied back to ask me to call. But the call takes long time and the customer service is horrible.
Etrade is just not a professional investment company. If you are an online funds trading company your website needs to be the best thing about your business. There is just flat out errors in the system over basic things like mutual fund early redemption fees. This easily fixable errors cause you to have to call in every time you want to execute a mutual fund trade. Finally pulled out all of my money today and feel a lot better about it.
My account was recently frozen. I was told that my age (23) set off some "red flags". I was then asked to send in a photocopy of my ID and a recent bill showing my address. I did. My account was still frozen. I called the next day and was then told we could do a question and answer segment and that a failure to pass this test would mean I'd need notarized verification. I agreed and the representative I was speaking to said he had to clear it with a higher up. He called me back half an hour later and told me I'd need to send a copy of my social security card. I can't find my social security card so etrade said I'd need to apply for a new one. I need my birth certificate to apply for a new social security card, but my birth certificate is being sent away so that I can get my passport. So I can't touch my money and I'm taking significant losses. I'm so disgusted with your company and how unhelpful and rude you've been. Once I get my social security card... I'll be canceling my account and I will tell anyone who's listening never to open an account with etrade.
Terrible Customer Service. It's been more than a month with numerous phone calls and e-mails to try to resolve an error that was not my own and is still not resolved. Each time I get a different Customer Service representative and each time I get different, conflicting information.
Avoid using Etrade and if you already do - switch to someone else (not plugging anyone, you ll have to do your own research). I opened my etrade account in 1997 and the first few yrs were fine. Simple trading executions - and there was not a lot of competition at the time. That started changing in 2005. over time Etrade's record keeping has been abysmal, they will charge way above market on margin rates, fee you to death, scrape you on trades. And, their trading fees aren't any cheaper. if you are reading this and still sign up with them then i have a space bridge that I want to sell you. Their commercials may be cool, but that is about the only thing that is. Their new CFO is form Telebanc - a company that etrade bought and the reason they almost went BK. Run, don't walk.
ETRADE has lost my money have documentation and still waiting 14 days for answers.
After his death they added a new cancer to my life.
Because of etrade, I have to hire an attorney and go to probate court. We had arranged everything so that this would not happen. When the company he worked for set-up the etrade account, it did not fall under the auspices of his company, where I had been listed as the beneficiary all all assets.
When I tried to cash out stock options with etrade after my loved ones death, etrade locked me out of the account even though I successfully logged on, had all passwords, had all social security numbers and the deceased had already set up an account with both our names to transfer the funds into upon his death. He had even started transferring all stock options that had matured to the joint account prior to his illness/death. The stock was at a record high. I am losing THOUSANDS of dollars as the stock can be volatile. They treated me like a CRIMINAL on the phone. I was then bombarded with legalese. So now after watching the person I love fight cancer for 3 years, I now have to jump through LEGAL HOOPS to satisfy etrade and get monies rightfully earned by my loved one.
Here is a sample of the legal emails, mail and calls I am getting.
Generally, there are two ways in which to exercise the options. One may do a Same-Day-Sale also known as a â??Cashless Exerciseâ?? which results in the Estate receiving cash upon settlement of the trade equal to the difference between the option price and the current market value of the stock or one may do a Cash exercise which results in the Estate receiving company name stock upon settlement of the trade.
If the Executor would like to exercise these options, he/she may use E*TRADE to do so. The Company has an established arrangement with E*TRADE to facilitate the exercise of options and the sale of vested restricted stock shares for employees. Deceased name currently has an E*TRADE employee account where the exercisable options are held and a retail account where we deposited the 117 shares
If your cant open a checking account because of a bad report on the chexsystems, opening a etrade brokerage account is a great second chance checking account because it comes with checks and a check card along with direct deposit. See http://www.badcreditmd.com/second-chance-checking-account/etrade/
I used to love e*trade bill pay! It was easy and straightforward. Then, they did their updates and everything changed. Worst thing about it was i did not get any notification from them until many months later when the tos popped up on my web login and immediately got a letter requesting i accept the new terms from the bank, even though the changes apparently were done on april. When i realized i did not like the new terms of service and features as it was too confusing and hard for me to manage, i wanted to move the bill pay elsewhere. E*trade would not give me any online access at all to see my payees, their contact info, scheduled payments & billpay kept on paying bills even when i told them i do not agree to the tos and to stop any further payments. Finally, i just moved my bill pay elsewhere "blind" and they closed my billpay to stop any further payments. I knew it was a system error and i even got a call from them to reimburse penalties. I was getting that ready... Unfortunately, e*trade bill pay still keeps on sending out unauthorized payments and it has been almost two months now! Even to old accounts that i no longer have... From many years ago! E*trade keeps on giving me charges for going under their limits and i now have to figure out what bills it will pay, juggle accounts, avoid penalties there and elsewhere! I had one issue because of all the confusion, and got scolded in a signed personal letter from the bank. This fiasco has caused me so much distress! It has been a nightmare! I wanted to see if others also this problem, especially the lack of notice of the april changes and the unauthorized payments system flaw.
eTrade may be the worst companies out there. I gave them a chance 5 years ago and once again this last year. Going with eTrade was the worse business decision I have ever made. Their system forgot to put in a simple market order. Who or what can do such a thing. If you value your time and money, stay away from eTrade. I stand by my review. Richard Norwood. I am a customer of etrade.
For no apparent reasons my account was locked. I called them and despite the fact I gave my SS number, date of birth and current address they did not unlock my account. Not to mention I spent couple of hours on the phone answering ridicules questions. I will be withdrawing my money from Etrade ASAP.
After reading reviews on the Internet I realized a lot of people are having the same problem. This may be an indication Etrade is having a financial difficulties so it has to froze accounts to stay afloat. I think Etrade soon will be going out of business. My advise - stay away from Etrade.
They keep on making simple mistakes, handing out incorrect advice and provide no explanation after the event. The recent one being the 1099 issue that I had with them. My employer was with them so I had to be with them. After many employee complaints, the employer provided a second brokerage option recently. and I will switch asap.
My latest 1099 issue with them -
ETrade customer service system sucks big time. They haven't fixed the problem until today and can't even tell me when will they fix it. ETrade made a mistake on the 1099 and then multiple commitments were made to fix the issue by specific dates. Every time they didn't fix it and didn't provide any justification whatsoever. They plainly said that that is the way it is and it is my prerogative to take my business to a competiting broker.
I brought to their notice the mistake made on my 1099 and I have been chasing them for the past one and a half month. They made two runs of corrected 1099 in the past 4 weeks and every time the representative said they will fix it in the upcoming run but they didn't. I escalated to the supervisor before the second run and he escalated but still no fix in the second run. Based on some untold creteria, they decided my request was not important enough to be addressed. After the second run, I asked to speak to somebody higher in the command chain than the supervisor and supervisor, in his judgement, decided that it wasn't important enough and that request was denied. In addition to $ expenses (last minute reschedule of appointments with tax consultant, fee to file the extension), dealing with ETrade is just frustating because they don't give a headsup before the run and don't give any explanations.
Etrade has been excellent overall. The user interface is intuitive and straight-forward. Simple and free to move funds among accounts, simple bill-pay system, their investing and trading offerings and platform is easy to use and are as good or better than competitor's (unless you are a hi-volume trader, but this is not their business model). Their customer-service is excellent and I have used in many times, never have a problem getting ahold of a rep. They reimburse for all ATM fee's from any other bank ATM, which is fantastic. One negative with many online banks is that it can be tough to get large amounts of cash quickly. Its not a huge problem for me. In 2002 I called in a stop-payment on a large check, but I was too late and the check was cashed. Etrade looked up the date and time of my recorded call, reviewed it, and promptly reimbursed me the cash. The check was for a couple thousand dollars. They don't charge excessive fee's or hidden fee's. I cannot come up with too many negatives. I have had accounts with them for about 15 years.
Until today. I learned that they made a business decision to close all my accounts without any warning. I never bounced a check, did not have any margin and had plenty of money in each account. Customer service basically said they have no clue and I will have to wait to get something in the mail. I used them for the convenience of online. But what a nightmare they have put me into. Now I'm fighting to get my money out of them.
I have zero complaints about Etrade. They have a good interest rate on the MM checking and easy transfers with brokerage account. No fee and great customer service. When you call you get someone in NYC and they help you right away, never have waited for help, 24 hours a day. I do have a larger account with them, and maybe that is why I get quick service. My only beef is that there is no physical locations to deposit cash or check, but rather you need to mail them in.
I had an account with Etrade some time back. I did like them at first, however despite my 746 credit score they would not allow me to get a credit card from them. I took all my money out of the account and closed them. With there bad customer service they will be in bankruptcy before you know it.
I Googled around for reviews on E*TRADE before deciding to bank with them. I heard nothing but horrible reviews but ignored them thinking that many of the issues were just specific to reviewer circumstances or obsolete by now. I haven't even received my checks yet & I am attempting to close the account due to an already existent account freeze where I received notification that there is suspicious activity, to call and confirm identity, and to deal with customer service which has absolutely no clue and no options in regards to my account status. I'm told to wait for a letter in the mail, that they have no one I can talk to for details, and when asking for someone to talk to in regards to closing my account they stated that they don't have anyone capable of doing that. They were, however, very equipped when I needed to OPEN a new account. I only put $100 in the account but I can tell already this is going to be a total hassle. I regret that I ignored the reviews--I should have known better. If this is the vibe I get now, I can only imagine how much of a hassle it would be down the road. I went with Ally Bank & I ain't lookin' back. Ally, on the other hand, is a totally different story. Check 'em out.
I bought into the E*trade world of one stop shopping. I did Employee Stock, Stock, IRA, Saving, Checking. Nearly every transaction performed over the 2 years as a customer had a problem which took several contacts with customer service to get resolved including escalations. The user interface on the website is horrible and full of bugs. I spent a lot of time researching exactly why something went wrong so I wouldn't do it again and also to tell them and they did not care. The rates were decent at the time but the fees were a bit overkill and there was no consideration for the multiple accounts. The accounts were presented in a single screen but it was like dealing with different companies when transfering money between them or trying to work on a service issue. I will never use them again.