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Etrade
I put my life saving in Etrade a couple of years ago, unfortunately I lost my tail during the collapse of the tech stocks and corporate scandals. The loses weren't bad enough, but almost two years later, I received a notice from Etrade stating something about a recent transaction I made. Well, I hadn't visited Etrade in over two years, and knew I hadn't made any transactions, so I thought I better visit Etrade as their memo demanded. To my surprise, I found that not only was all my money gone, but Etrade took the liberty to sell off all my remaining stock to pay for monthly inactivity charges. When I asked where the notice was that allowed them to sell off everything without contacting me, they simply stated "it's not up to us to tell you, you should have visited Etrade to find out. It's your responsibility!" After hearing this, I tried to cancel my Etrade account, but here again, this wasn't a simple task. It took numerous calls and emails, over 10 emails alone before finally one of their employees allowed me to cancel.
You know, if they acted like this before I joined their online brokerage, I would have gone somewhere else. Do they have a right to charge me without informing me? Do they have a right to sell off my stocks without at least making an effort to contact me?
PublicIssue.org: Etrade, are your broker's monthly fees killing your portfolio?
91% in favor of the customer.
3% in favor of Etrade.
4% need more information.
2% didn't know.
Please email your opinion to email@PublicIssue.org
Etrade another victim!
I recently had a similar experience with Etrade. I recently found out my account
had been charged $160 over the past two years for inactivity ($25 quarterly in 2002,
$15 quarterly in 2001). I did not find out any sooner because I have not been
trading for years and thus did not bother to open my monthly statement. I only
found out now because I received an email notice from my other brokerage firm
prior to its charge of a similar fee. When I contacted Etrade to reverse the fee
(the fee was debited against my cash account. I am sure Etrade will eventually
sell off my petty stock portfolio w/o my consent to pay the inactivity fee when
my cash account runs out), I was told that it is a "self-monitored account" and I
should have checked my statement in mail or online, since Etrade is available 24x7.
Who on earth would get into the habit of routinely watching whether his or her
money in her account disappears for no reason while he or she is not doing anything
with his or her own account? I suggest that all Etrade customers be careful because
Etrade has millions of ways to justify its stealing of customers' money.
P.C.
PublicIssue.org: Etrade, another victim!
94% in favor of the customer.
1% in favor of Etrade.
4% need more information.
1% didn't know.
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