E*TRADE Bank

Brokerage, us.etrade.com

E*TRADE Bank logo
B+ MyBankTracker
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MyBankTracker rating based on the following criteria that includes customer reviews, financial health, bank fees and other key factors compared to the other banks.
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About the Brokerage

E*Trade is most often associated with online investing but the company has expanded its scope to include banking services. E*Trade offers two secure checking accounts that can be integrated with your online brokerage account for convenient money management in one place.


The first account, E*Trade Checking, can be opened with a minimum deposit of $100. This account doesn't earn interest on deposits but it comes with some valuable perks such as free unlimited online bill payment services, no monthly maintenance or account fees and a free first order of checks. Any U.S. resident 18 years or older with a valid Social Security number can open one of these accounts online. Just like your brick-and-mortar checking account, E*Trade Checking is FDIC-insured up to $250,000.


If you want a little more bang for your buck, you may prefer a Max-Rate Checking account. This account can also be opened with $100 and it offers the added benefit of earning interest on deposits. Interest rates are tiered by balance, with the highest rate reserved for checking customers who keep $5,000 or more in their accounts. This one does have a monthly maintenance fee, however, but there are several ways to avoid this fee, including maintaining a minimum average daily balance of $5,000 or more, setting up a qualifying direct deposit or executing a minimum number of stock trades from your E*Trade brokerage account each month.


One feature you get with Max-Rate Checking that you don't with E*Trade Checking: unlimited ATM fee refunds. E*Trade does, however, charge a 1% foreign transaction fee for non-U.S. transactions.


You can manage either E*Trade checking account online or through the E*Trade mobile app. Features include online bill pay and free money transfers between your E*Trade accounts and accounts at other financial institutions. You can easily add funds to your checking account using mobile check deposit, which has an exceptionally high limit of $100,000 per day, per customer login. You can't, however, use mobile check deposit to add funds to an E*Trade IRA, CD, HELOC or futures account.


E*Trade doesn't offer a savings account but there are multiple investment options on the securities side, including brokerage accounts, individual retirement accounts, custodial accounts for children, Coverdell Education Savings Accounts and retirement plans for small business owners. Individual investment options include stocks, bonds, mutual funds, exchange-traded funds (ETFs) and futures. Any of these accounts can be opened and funded online and linked to an E*Trade checking account. The minimum deposit required varies based on the account type and some, such as the brokerage account, charge fees and/or commissions related to your account activity.


E*Trade offers multiple ways to get help with your banking and securities accounts, with securities branch locations in 17 states. You can also get in touch via email, phone or live chat so you can get answers to your most important banking and investing questions when you need them.

E*TRADE Bank Fees

  • National Average
  • Monthly Inactivity N/A $6
  • Non-Sufficient Fund (Overdraft) $25 $30
  • Stop Payment item $25 $27
  • Return Deposit $25 $13
  • Domestic Wire Transfer (Outbound) $25 $22
  • Domestic Wire Transfer (Inbound) $0 $10
  • Non-Bank ATM $0 $1

Locations & Hours

map of local branches and ATMs
Branches
1

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Latest Customer Reviews

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  •  
    Reviewed By Crzzyduke Nov 29, 2017

    Etrade bank is great online bank

    I switched from bofa because they were going to charge $12 a month. At etrade I've had no problems at all. I can go to any credit union atm and withdraw with no fees. I don't pay anything for the checking account and etrade customer service has always been great. Also I accidently overdrafted one time and called to find out what the fee was and they told me there isn't one. Can you believe that! Have you ever heard of a bank that doesn't charge an overdraft fee. Etrade is worth it. It might be an online bank which can't do everything but as a basic account that has almost no fees it's worth it.

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  •  
    Reviewed By peabody Jul 9, 2017

    want to feel like a punching bag, use etrade

    Just don't. I used to have a high 6 digit trading account with these clowns for over 15 years. I had been pretty light trading for most of those years so ignorance was bliss. Suddenly I traded more (no withdrawals) and they lock my account multiple times because I tried using the Etrade app from my phone, and supposedly it looked like it was coming from a different state. Three times in less than 6 months, each time requiring even more onerous "proof of life/identity" to unlock my account even for my 8 year old Etrade terminal computer. And Etrade uses foreign call centers whose entire mission is to try to gaslight you into believing you are a shady criminal fraudster triggering a Christmas light of alerts. Escalating to an overseas supervisor is a stupid exercise suitable for masochists. Because I had a big account, my new brokerage put in extra work to pry my money out of their claws. It took 1 month, when the process normally takes 1 week, even with signature guarantee, they rejected the transfer with BS about tax withholding which had been cleared 5 years prior. Except for Vanguard, I highly recommend you use a broker with a physical presence you can visit in person if there is a problem or question.

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  •  
    Reviewed By conrarn Dec 12, 2016

    Worst Bank Policies

    I received a refund check from my insurance company after selling one of my vehicles. The insurance company added everyone that was insured on my policy on the check. The names included were mine, my wife, and my daughter. The check required all 3 signatures to deposit the check. ETrade Bank refused to deposit the check since my daughter no longer had an account with ETrade. I have had this account for almost 20 years with no issues and a substantial funds available. This is not the first time I have had issues with ETrade terrible policies. I did however take the check to my local bank and they deposited it with zero issues.

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  •  
    Reviewed By Crzzyduke Nov 29, 2017

    Etrade bank is great online bank

    I switched from bofa because they were going to charge $12 a month. At etrade I've had no problems at all. I can go to any credit union atm and withdraw with no fees. I don't pay anything for the checking account and etrade customer service has always been great. Also I accidently overdrafted one time and called to find out what the fee was and they told me there isn't one. Can you believe that! Have you ever heard of a bank that doesn't charge an overdraft fee. Etrade is worth it. It might be an online bank which can't do everything but as a basic account that has almost no fees it's worth it.

    Continue reading...
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  •  
    Reviewed By conrarn Dec 12, 2016

    Worst Bank Policies

    I received a refund check from my insurance company after selling one of my vehicles. The insurance company added everyone that was insured on my policy on the check. The names included were mine, my wife, and my daughter. The check required all 3 signatures to deposit the check. ETrade Bank refused to deposit the check since my daughter no longer had an account with ETrade. I have had this account for almost 20 years with no issues and a substantial funds available. This is not the first time I have had issues with ETrade terrible policies. I did however take the check to my local bank and they deposited it with zero issues.

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  •  
    Reviewed By scott76ca Jun 29, 2016

    Customer Service is Awful!

    It has been three weeks and three separate application attempts to fund one of the accounts I opened. This was a roll-over with a substantial amount of money. The form is complicated and each time I filled it out, a representative was on the phone providing specific instructions. After each one was completed it took 3 to 5 days to have them contact me and state that corrections had to be made. The third time I was ticked off but made the changes and faxed it. The fax number the customer service representative gave me was his direct phone number. So when I saw it didn't go through I looked at his contact information and faxed it once again to the correct number. 5 days later when I inquired about the form and roll-over I was told by this same rep that they were waiting for my third application form. I told him it had been faxed as he had asked 5 days earlier. He said he would check and call me back. I suspect he did not want to speak to me again since he found it wherever it was and put it in for processing. Since the money was not in the account I could not make the additional trades I wanted to and it cost me just under $15,000 in one week. Complaints by email don't get answered. I phoned the customer service office yesterday and asked to speak to the compliance officer. They didn't know who that was and said they would call back. Never did. So I plan to file a complaint with the FINRA. Awful and time to change again.

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  •  
    Reviewed By Aces324 Jun 2, 2014

    Great until it's bad

    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.

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  •  
    Reviewed By Crzzyduke Nov 29, 2017

    Etrade bank is great online bank

    I switched from bofa because they were going to charge $12 a month. At etrade I've had no problems at all. I can go to any credit union atm and withdraw with no fees. I don't pay anything for the checking account and etrade customer service has always been great. Also I accidently overdrafted one time and called to find out what the fee was and they told me there isn't one. Can you believe that! Have you ever heard of a bank that doesn't charge an overdraft fee. Etrade is worth it. It might be an online bank which can't do everything but as a basic account that has almost no fees it's worth it.

    Continue reading...
    Thank you for your feedback Is this review helpful?
  •  
    Reviewed By thomas s. May 6, 2014

    Zero customer service

    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.

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  •  
    Reviewed By ARCHFORMA Apr 27, 2014

    Do Not Use Etrade -- Extremely Unprofessional

    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.

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  •  
    Reviewed By martha_doulittle Dec 21, 2015

    non-professional service

    From an old time Etrade client from day#1, service (not even speaking of quality) keep sliding into abyss year after year, 800# is a marathon long wait for un-trained support at best if human answer. Ducking under motto "not on my plate" is best they deal with issues. Emails never answer. Nobody take responsibilities, nobody even honor what they say. Complaints just prolong the agony. Sorry, had enough. Speaking from a top tier client. Farewell ETrade.

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  •  
    Reviewed By peabody Jul 9, 2017

    want to feel like a punching bag, use etrade

    Just don't. I used to have a high 6 digit trading account with these clowns for over 15 years. I had been pretty light trading for most of those years so ignorance was bliss. Suddenly I traded more (no withdrawals) and they lock my account multiple times because I tried using the Etrade app from my phone, and supposedly it looked like it was coming from a different state. Three times in less than 6 months, each time requiring even more onerous "proof of life/identity" to unlock my account even for my 8 year old Etrade terminal computer. And Etrade uses foreign call centers whose entire mission is to try to gaslight you into believing you are a shady criminal fraudster triggering a Christmas light of alerts. Escalating to an overseas supervisor is a stupid exercise suitable for masochists. Because I had a big account, my new brokerage put in extra work to pry my money out of their claws. It took 1 month, when the process normally takes 1 week, even with signature guarantee, they rejected the transfer with BS about tax withholding which had been cleared 5 years prior. Except for Vanguard, I highly recommend you use a broker with a physical presence you can visit in person if there is a problem or question.

    Continue reading...
    Thank you for your feedback Is this review helpful?
  •  
    Reviewed By scott76ca Jun 29, 2016

    Customer Service is Awful!

    It has been three weeks and three separate application attempts to fund one of the accounts I opened. This was a roll-over with a substantial amount of money. The form is complicated and each time I filled it out, a representative was on the phone providing specific instructions. After each one was completed it took 3 to 5 days to have them contact me and state that corrections had to be made. The third time I was ticked off but made the changes and faxed it. The fax number the customer service representative gave me was his direct phone number. So when I saw it didn't go through I looked at his contact information and faxed it once again to the correct number. 5 days later when I inquired about the form and roll-over I was told by this same rep that they were waiting for my third application form. I told him it had been faxed as he had asked 5 days earlier. He said he would check and call me back. I suspect he did not want to speak to me again since he found it wherever it was and put it in for processing. Since the money was not in the account I could not make the additional trades I wanted to and it cost me just under $15,000 in one week. Complaints by email don't get answered. I phoned the customer service office yesterday and asked to speak to the compliance officer. They didn't know who that was and said they would call back. Never did. So I plan to file a complaint with the FINRA. Awful and time to change again.

    Continue reading...
    Thank you for your feedback Is this review helpful?