ETRADE - ETRADE STEALS MONEY NO CUSTOMER SERVICE AT ALL

Posted on Thursday, January 17th, 2008 at 3:40pm CST by 180aadb9

Product: ETRADE ACCOUNT

Company: ETRADE

Location: Etrade PO Box 101600 Arlington VA 22210-4600
Arlington, VA, 22210, US

URL: http://www.etrade.com/

Category: Other

PLEASE NOTE the only reason I decided to use ETRADE for my new brokerage account was the fact that I thought Etrade could use the business especially based on its current stock prices and economic condition. However, I have discovered the reason Etrade is having business problems is the UNQUALIFIED Customer Service Team. Furthermore ETRADE will not give out it the Corporate Phone Number or allow a customer to contact the Corporate Offices.

Most Customer Service Representatives will not even give you a Supervisor. Edwardo Pongol would not even give me the Investor Relations phone number. Another Customer Service representative did not even know what a CFO was or who Etrades was, once I finally explained it to her she said that Customers were not allowed to contact the Corporate Offices.

Please see me issues below:

I opened on new account on 1-14-08 and initiated a Quick Funds transfer of $9,500 from my checking account.

Here is the ETARDE INFO on ETRADE SITE

For this type of deposit... Funds are available for withdrawal in...

Transfer from an external account via Quick Transfer On the evening of the 3rd business day after the day of deposit

Note I have been an etrade IRA customer for 8 years or more. On 1-16-08 I received the below from Etrade.

I received a message from Etrade on my new account stating I had to call to activate my account. I called and was told by the Customer Service Rep that the only way my account could be activated is if I faxed a copy of my driver license. I told this person to have a supervisor call me and close my account as this was ridiculous. I than send the following email to Etrade:

I called regarding the message to "CALL TO ACTIVATE MY ACCOUNT". I was told that I would have to fax a copy of my ID and other info. NOWHERE was this in the information to start an account. If I knew this and that the timing would take this long I would not have initiated and QUICK FUNDING transfer and would NEVER have opened and new account with Etrade. I would have gone down to my Local Brokerage house, opened an account in person and started trading that day.

PLEASE CANCEL THIS ACCOUNT. ALSO ENSURE THAT THE ELECTRONIC FUNDS TRANSFER FROM MY BANK IS CANCELLED AS WELL.

I think we will be moving all our funds from my husband and my accounts from Etrade in the near future.

Tierney McClary

A supervisor called me back and stated that Etrade ran my credit report and if I could answer 3 security questions my account could be activated at this time. I agreed and answered the questions. The supervisor called back later that day to say they account had been activated and my funds transferred. No problem right.

WRONG! After the account was activated Etrade then closed the account (they say because of the above email obviously no one read the notes from the Supervisors and my contact that day). Further, they received my initial deposit of $9,500 and did not credit it towards my account. Basically ETRADE STOLE THE MONEY!

On 1-17-08 I looked at my account and Etrade hadd closed the account and taken the $9,500 transferred from my bank and refuses to transfer the funds back unless I wait 5 business days.

I have spoken today with Angela Lizano ext 3963, she stated sorry. She told me to go to my bank and stop the transfer. My bank says the funds are already at Etrade.

I then called and sent the following email:

Account 6XXXXXXXXXXX5

Well today the account IS CLOSED and my funds $9,500 have been withdrawn from my bank. WHERE IS MY MONEY AND WHERE IS MY ACCOUNT. THIS BETTER GET FIXED ASAP! NO WONDER ETRADE IS GOING OUT OF BUSINESS!!!!

I am working with Angela Lizano ext 3963 on this issue but wanted Etarde to have full documentation of this problem.

Per Angela there is nothing she can do I just have to wait until Etarde sends the funds back. I asked to speak with her Supervisor. Mr. Tarrayo was too busy to deal with a customer issues. Mr Jeff Lee was too busy to deal with a customer. Finally a low level supervisor Van Hornbuckle called and basically said there is nothing Etrade can do. I had been told my options and that was that.

I called back to get the phone number of the corporate offices and was told it could not be given out per Edwardo Pongol; further he stated that Etrade did not have an Investment relations department. I called again and the Customer Service agent didn???t even know what a CFO was let alone how to contact Etrades.

Finally I spoke with Ray Magga who gave me the Investor relations phone # of 646-521-4300, I have left a message but of course no return call.

I have now wasted about 6 hours with Etrade and am very ANGRY at the absolute lack of Customer Service from a completely untrained and unknowledgeable Customer Service staff who has been trained to do nothing but hassle customers and keep them from contacting either Investor Relations or the Corporate Offices to launch a complaint. ETRADE WILL NOT CONTACT YOU TO THE CORPORATE OFFICE OR GIVE YOU THEIR PHONE #.

I WANT MY MONEY BACK NOW. I THINK ALL CUSTOMERs SHOULD BE AWARE OF ETRADES ISSUES SO THEY CAN PULL OUT ALL THEIR MONEY BEFORE THIS HAPPENS TO THEM. ETRADE WILL NOT SURVIVE THIS ECONOMIC CLIMATE WITH A BUSINESS MOTTO OF SCREW THE CUSTOMER. DO NOT PUT YOUR MONEY IN ETRADE YOU WILL BE SORRY!

DO NOT INVEST IN ETARDE AS THEY WILL SOON BE OUT OF BUSINESS BECAUSE THE COMPANY HAS NO BUSINESS SENSE AND DOES NOT EVEN ABIDE BY THE TERMS OF THEIR OWN WEBSITE AND DISCLOSURE.

THE ABOVE DISCLOSURE SAYS MY FUNDS WOULD BE AVAILABLE 1-17-08, here we are and I am being told to WAIT 7 days to trade or 5 days to get my money back. UNACCPETABLE!!!!!

Tierney McClary; Certified Public Accountant

THIS WILL BE SENT TO THE SEC, THE NASDAQ, BOH, and posted on every consumer site I can find.


17 Comments

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0c58ef38, 2008-05-06, 03:23PM CDT

Something very similar happened to me, with my e*Trade checking account. I deposited a $900 check which they subsequently placed on "hold."

Two weeks later I contacted e*Trade, asking when the funds would be released. They didn't say anything about the hold on the account, just that the $900 would be available on February 29. On February 29 I wrote a check from the e*Trade account to my other bank, and the check seemed to clear.

Two weeks later my current bank withdrew the funds (along with $300 in overdraft fees caused by the withdrawn check) because of e*Trade's "hold."

After speaking with Olin McClain at e*Trade, he promised me that they would reimburse the overdraft fees once I sent him proof of the fees. After I sent him proof, they simply closed my account and refused to address my concerns after numerous attempts to contact them.

d5d62258, 2008-05-07, 09:34AM CDT

i used etrade for one and a half year. two weeks ago (directly after an incomming wire of 50k) my account got restricted. i have several problems to run my business, as i really need the 50k to keep the operation ongoing. they did not tell me nothing. only allways told me to wait.

one time i got a phone number of the corperate security department.

800 293 1621/678-319-7968

sometimes they told me that i will get called back. (never happen) or that i will recieve an email(never happen)

now i need to wait for a fedex evelope. they do not tell me the tracking. so i do not know if this is another thing to keep me waiting. other people write that this is a tactic from them to get more liquid money to impress the investor. well from this 50k are from me. and the investors should know thet etrade, managing this like this is not gaining trust.and for me is just sad.

i just can say to everybody to post your storys. and exchange infomation. that is all we can do.

7b94912a, 2008-05-27, 06:07AM CDT

Hi Everyone,

Please take it from me and all the others who are on this forum...Do not invest in E-Trade as you will regret your decision. Don't even put your money in their complete savings or money market account no matter how lucrative it sounds or looks. I have very similar experiences as everyone else here. Im now living in Australia...will be here for 4 years and I have been calling from here and the customer service just hangs up on my when I ask to speak to a supervisor. Please do not invest in E-Trade. Get out while you can. It's not worth it! Email me if you want to know more. [email protected]

Atul

5e236b51, 2008-06-06, 11:38AM CDT

I agree with everything that has been stated in this complaint. I have had an etrade account for well over a year and no problems. For some reason I was locked out of my account and they will not let me back in unless I go to an etrade office. Well -- guess what NO ONE is in the etrade office until Monday . . . they've taken Friday off -- huh? I am closing my etrade account and transferring to another on line broker . . . this is utterly rediculous.

02f4a0c8, 2008-06-06, 12:11PM CDT

Is there anything we can do? I just got my first real job and received my first pay check almost two months ago. It was a transfer for 9650 and they froze my account, terminated it made me spend 40$ To to send them a notarized letter (so I could receive my money.) NOTHING!!! I Missed my lasts months rent becuase that was all I had it was my first months worth of work and I'm broke. Now I've missed this one and I am on the verge of being evicted. My debts are stacking up. I'm twenty and about to have a heart attack because of this whole situation.

I tried to transfer all my money out and now it's been two weeks and it's NO WHERE!

They "can't talk" about MY!!! account because it's been closed. Well WHERE the heck is my money? If I can't speak with anyone about my account then why can't I have my money, I'd love to never do business with these people again.

Can anyone help me? I'd appriciate it.

ETRADE sucks!

6635c654, 2008-06-23, 10:54PM CDT

I am so glad to know I am not the only one having this problem. I invested all my college savings in my Etrade account. A couple of days ago my account was frozen and when I call customer service no one can tell me anything about my account. I had $60,000 in my account and I have no idea where my money is. Its driving my crazy not knowing where my money is. I have bills to pay, I go back to college in a few months. Etrade stole my money, this is illegal. I don't know what I will do if I dont get my money back. Etrade is ruining my life and causing me a lot of emotional stress.

a1ca64e6, 2008-06-24, 04:03PM CDT

READ MY REVIEW AT EPIONIONS

they did the same sh1t to me:

http://www99.epinions.com/content_228962963076

a7fb33cb, 2008-09-24, 12:33PM CDT

I am experiencing right now problems with etrade as well. Except that they are creating heavy loses to my account and are leaving on a business trip in Pakistan with no access to my account, no money , in Pakistan, during ramadan, no one to turn to, my only option is to seek help from the Consulate. And as you quite noticed they do not care. So I have decided also to organize a class action and criminal action as well. I have keep all detail proofs and I now a lot of us as been hit as well by them. I am 56 years old and my thinking a bit different. When you have that kind of display of incompetence and management protecting themselves, may be it is a strategy. Look they are attacking small accounts, young people and distressed individuals who think they can make money on the stock market with as little as 2500, 5000 or 10000 us $ in an account. They know that these people will not pursue them for wrong doing, they do not have enought money, knowledge and time to do it. So why bother, spending money on customer service, just post the right words "we care for you" and that's it. I think it is in purpose, they just do not care about it. Look at the history the guy who started etrade, was working for schwab, stole the business model, made some money and sold the company. What do you expect? Anyway I have identified a law firm well establish who have won cases against major companies. Let's get organized and at the end, people do wrong because we let them, so let's not let them. I would like to ear from you and others in the same case. I run my own management consulting firm, working for the top companies in the world. I have experience with their organization but I never advised such strategy to anyone and Etrade behavior is abnormal and non professional. So they need to be corrected that is a fact.

f6e24a68, 2008-09-26, 08:27PM CDT

I just had a very similar senario with E-Trade today. The check they sent to me on 9/12/08 never got to me. On 9/24/08, I called and asked the rep. Shannon, to put a stop payment on the check and reissue a new check to me. She told me the stop payment will take 24 hours and after 24 hours to call back to have the check reissued. I called back after 48 hours, and was told by 3 different reps, Eric, Michael, and his supervisor, Tarketia Benoit, that they have no idea what the status of the stop payment is. I was told to wait another 48 hours, so they could "resolve" this issue. I decided to call back a couple of hours later, and this time I spoke with Amir Delavega, who told me I need to wait 3 business to have the money credited back to the account. What kind of business practice is that? If I were to go to the bank today, and have a stop payment put on a check, it's effective immediately. I don't see what the big deal is. At this point, I'm so steamed that I'm going to write to their corporate office. However, I don't know whether the corporate office will "care." I wish we could take them to court for their stupidity.

5e106d49, 2008-10-13, 07:25AM CDT

This scenario sounds very close to home. My account was sent to corporate security for some reason but every time I ask why, they tell me that my account cannot be discussed with me by phone so I have to write then and they will respond. I did write them in 12-2007 and I never received any correspondence until 8-2008 and that was only because I harassed them daily wanting to know where my money was until they did something. They sent me a letter giving instructions on how to receive my funds and to this day, they still have not and will not tell me anything. This whole E*trade thing is very frustrating and I don't know what to do and this is why I am looking up complaints about E*trade and wow, look what I am finding. So now seeing this, I am going to contact them again today letting them know I have found out about how they have done other customers and I am demanding my funds ASAP or I will take further legal action. I hope all goes well on getting your money.

Adrienne Clark

66d517dd, 2008-10-13, 04:48PM CDT

I've never been so pissed at a company in my life!

I opened an etrade account online over a month ago. I decided to open the account because I wanted to purchase stock that day! I went ahead and did a quick transfer and wired money into my etrade account. I tried to make a transaction but it was pending (understandable). I called a representative and they told me that since it was first quick transfer transaction that was going to take longer (17 Days!). After the funds were apparently available I decided make a trade. Apparently, you can't make trades online for under $10/share you have to call the miserable 800-number. After an hour hold time I believe I gave up and hung up (loosing money on a potential stock purchase that i wanted now 18 days ago!). I decided I was FINISHED with etrade, apparently that was just the start of my problems!!! I went to transfer my funds back to my bank account (that etrade already had the routing number and my account number to) and Etrade said that my account had not been setup for outgoing transfers; so, they had to send me two small amounts to my bank account that I had to verify (which took days!). After I verified the numbers, I went to transfer the money and it said the account had not been verified...please click the link to verify....so I tried to verify again and it said it was already verified (sending me in a circle). I checked my account recently and there is no money in it. So, I called etrade to figure it out, AFTER I gave ALL my information confirming I am who I am (name, phone, email, home address, birthday, and ssn) they told me there was security issues or "unusual online activity" and that had to send a NOTARIZED letter to them including this information:

1- Name

2- Account number

3- Contact numbers

4- Instruction to resolve security issue in the account

I feel like I need to file a complaint with the BBB, SEC, and FINRA. Or even go to court over this!

3f31df28, 2008-11-18, 09:18PM CST

I too have just realized they are thieves, they completely wiped out 100% of the money I put in the account 4 years ago, with poorly disclosed and vaguely worded langauge to hide Account Inactivity fees, then when I finaally realized and called they would not give me a supervisor, a month later I got a Trade Confirmation stating my stock had been sold to satisfy their fees, and I still owe more money! The stock was sold at all time low point, if they had simply sent a letter stating the fees should be mailed in to protect the stock I would have done that and then just transerred the stock to my Schwab account, I am amazed they can get away with this in America!

IW

0e699b57, 2009-01-30, 06:32PM CST

I'm having a simular problem. I have over 60k in etrade and I'm going through a divorce. THe money was given to me as an inherintance but my ex husband added his name to the account after we split. I had to go to court regarding this issue, I have a court ordered document signed by a judge saying the money is mine and etrade informed me I need a notorized letter. I did that, and they still will not release my money. It's been 4 months and I call every other day and they tell me something different each time. I recently got a letter stating my account has been inactive and they can keep my money if it's innactive for a long period of time. I think they are stalling on giving my money so they can keep it. I'm about to contact an attorney at this time.

b6b8587c, 2009-02-21, 10:35AM CST

I opened an account with ETRADE a few years ago with $1,000 in it. I did not plan on doing much, just to see if it would grow.

I kept an eye on the investments every month and do not remember anything about a $40 penalty for not trading.

Afte about 4 years with Etrade, my statement said I only had $10 left in it. Etrade sold my stock and kept the money for their fees.

There was NO WARNING that this might happen. I am sure there was some fine print somewhere that I missed. Bottom line, I BELIEVE THIS IS AN INTENTIONAL STRATEGY TO ROB PEOPLE OF THEIR MONEY.

Would we put up with an electric company that never sent you a bill them turned off your electricity without warning? ETrades policy is liked to that. I wish I had never heard of ETrade.

05b018b7, 2009-09-17, 10:19AM CDT

I have had the same experience with Etrade and their fees. I sent them a check to open a ROTH IRA account that sat idle for a while. When I went back to check the account and finally purchase some stock the account was wiped out because of inactivity fees. They basically took all my money in fees and said "it was in the fine print". The account had a few dollars in it. I closed the account but it had a few dollars left in it from interest paid after the account closed.

I thought, well, I'll add some money to it and manage it this time. Mind you I was getting a statement with an account number that showed the account active. So I sent my check in and guess what, I can't sign in because the account is closed. The account now shows the new funds in it but they say it is closed.

Many phone calls, promises and no help. One guy suggested I open another account with a false SS number and then they will transfer the funds into the new account. Another guy laughed at me when I asked to return the funds as a check and then he hung up on me.

You cannot email anyone with a problem unless you have an account that you can log into.. which I couldn't. So you wait and wait on the phone. My last call to an April Perry seemed like there might be a little hope. She told me that she would review this with management and someone would call me to discuss. Especially after she heard I had funds in other online trading firms. Guess what, two weeks later and no phone call.

Do not use Etrade, their customer service doesn't exist and you end up getting pushed around hoping you will just go away mad.

b6f726b3, 2010-01-27, 06:40PM CST

Just learned my lesson with Etrade. Wife and I invested $2500 several years ago. After the market crashed I just let them sit. Though I did keep depositing small amount to an etrade savings account just to keep my account from being dormant. Little did I know when my stocks value fell below $2000 they started charging me $40 every 3 months to a tune of $240 before I caught it. Never a word from them about it. Very unhappy etrade customer.

1e9d7a33, 2012-06-28, 05:51PM CDT

I have tried to contact E Trade by phone at a number they forwarded to me which is as follows 1-800-387-2331 and it seems to me that no such telephone number is in use.

Pat Fitz Gerald.

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