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Etrade customer reviews, complaints, ratings, brokerage pros and cons. Is Etrade safe and good firm to open an investment account?

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Etrade Customer Reviews

by Ramesh, 7/21/2021

Pros: Good education program and online webcast about trading platforms and searching/charting/trading.

Cons: Poor response to customer input and slow to fix issues with the trading platforms. After stock split the cost basis is not updated for a week. Makes it hard to close/trade existing option trades or stocks bought in various lots.

No priority to fix the existing issues, even after reviewing issues during screen share and agreed by the tech team. A recent change made on website for reviewing G-L has no solution to review daily gain, monthly or year to date gain by symbol after downloading in CVS format and review the trade by purchase date/price and sold date/price.

by J. Walker, 7/13/2021

Pros:

Cons: Horrible Estates Customer Service

My family has also been dealing with E*Trades’s beneficiary services trying to get them to close out my Dad’s account for three years now. Just like the commenter above, received conflicting information about what forms were needed, several times over the course of months. Lack of any communication unless you repeatedly send them an email and demand action/a manager. The manager was no better than the frontline agents but actually made some headway. Problem is they refuse to provide an extension so you’re stuck going through the hoops to reach them. I am STILL waiting on a resolution. Nearly three weeks to a month after reaching the manager.

by JP, 7/9/2021

Pros: The platform is nice

Cons: Customer service is run by angry monkeys

I have been trying all year to open an account and found that it is impossible because of customer service. It is not worth your time.

by Jonathan Karas, 4/24/2021

Pros: none

Cons: incompetent customer service reps

Copy of my complaint sent to Etrade "Customer Service":

Since Wednesday, April 21, I have been trying to get money out of my Etrade Brokerage account. I can't get money out of my account through ACH because when I tried to set up ACH, I was sent a message saying, 'We couldn't locate your account.' Whatever that means; never had a problem establishing an ACH link with that account before. I then called you people to schedule a wire transfer out. I sent a copy of my license and a copy of a bank statement. I saw my Etrade balance decrease by the amount of my wire transfer, but the money never showed in my external bank account. Now today, the money shows in my Etrade balance again. Two different people have told me they'd call me back and they never did. When I click on 'Balances, Transactions, Banking,' etc., I'm brought to a page that says 'This feature requires an E*TRADE Brokerage, Retirement, or Managed Account.' I *HAVE* and am signed into my Etrade Brokerage account. What are you people doing? Where is my money? If this issue is not resolved by Tuesday, April 27, I will be contacting my attorney to commence with filing a complaint against you.

by M.D. Owen, 4/20/2021

Pros:

Cons:

As the executor of an estate they have been a nightmare.
First they want various paperwork, then other paperwork, then have you fill out confusing forms, then tell you the forms are wrong, then want original death certificates and original letters of court for executor then they split the money (Oh, we didn’t know both account holders had passed, even though your gave us both death certificates) up and are having difficulty getting that fixed....oh, you want checks, please fill out this online form which crashes every time you try to order checks.....on and on and on.
Worst customer service ever and they are just trying to keep the cash in thier hands as long as possible.....now going on for four months.

by rafik rezkalla, 3/16/2021

Pros:

Cons: very bad customer service

they have the worst customer service ever , they don't respect any one or any request . i don't recommend it

by Jes, 3/15/2021

Pros: ??

Cons: ???

I signed up for this s#*$ and I should have read reviews first. Anyway, after depositing my money, I was not able to successfully buy or trade at all as I keep getting an error and sent email and called customer services way too many times. Email - no reply. Customer service, waiting time more than 30 mins and getting disconnected. I just want my money back!!!!!!

by Mark, 3/15/2021

Pros:

Cons: Can't get beneficiary distribution

My mother died in November and left my two brothers, my sister, and me the assets in her Etrade accounts. We've been trying for four months to get them to give us our beneficiary distribution. The first three months they wanted more paperwork from us or corrections to what we already sent. For the past month they've told us our paper work was first under review and then finally approved. Still no distribution. Not once did they ever call us to tell us what the paperwork issues were. We found out the issues ourselves whenever we called to find out where our distribution was, THEN they told us there was a problem. My mother also had assets through Fidelity. By comparison, it took Fidelity one week to give us our distribution.

by Dallas In TN, 3/2/2021

Pros: None

Cons: Froze mobile account, zero customer service

Been trying since I opened account (10 days ago) to reach any sort of person to resolve trading issue, both chat and phone service non-existent. I can can execute trades on my desktop but not on my iPhone.

We should seriously pursue legal action against this company. They are a borderline scam and have to be under breach of contract with holding ones funds yet not allowing one to trade.

by sandra, 2/12/2021

Pros:

Cons: terrible service

Have been trying to customer service on phone and chat for three days. several pages do not work website. Alerts, stock info do not work. Cannot get any info about stock I may be interested in buying. No longer trust them with my account. Will move to another brokerage on Tuesday. They use to be a good company now they are at the bottom.

by Chris T., 2/11/2021

Pros: None that I can think of

Cons: 6+ Hour waits to reach customer service, crap web interface

If a mediocre web interface and absolute crap customer service is your jam, this is the place for you. I'm stuck for now until I'm in the green, after that I'll be off to another platform. The customer service is ABYSMAL. 300+ minute waits on phone calls and the chat isn't any better. It's amazing they're still in business since this has been going on for over a year now.

by Kevin, 2/10/2021

Pros: Good advertising

Cons: Serious compliance issues

For no reason, froze numerous accounts. Despite having money on deposit, the firm bounced customer's checks. Customer service denies all of it. Margin accounts cannot have invisible phantoms playing games with deposited funds.

by Danny, 1/28/2021

Pros:

Cons: Unable to contact customer service

I'm locked out of my online account and customer service (chat/phone) wait is measured in hours, not minutes. Based on the other reviewers, I'm afraid it will be painfully difficult to transfer out of ETRADE.

by THOMAS, 1/20/2021

Pros: Secure ID for secure acct access.

Cons: The worst possible customer service.

Never thought I'd see customer support worse than Comcast however eTrade has them beat and in a negative way. Hold times in hours for both chat and phone. Excessive fees even for high balances. I'll be moving my 3 accts else where.

by Dave, 12/5/2020

Pros: None

Cons: Cannot reach customer service

I have been trying to reach customer service for 2 days now. I called this morning and have been on hold close to 4 hours now and still counting. This company gives the impression they don't care about there customers. Find another broker to make your trades.

by astonishing hold times, 12/3/2020

Pros:

Cons: Long hold times

The firm has astonishingly long hold times. I heard we are hiring people excuse months ago. Hold time to speak with a person is measured in hours not minutes. I called Fidelity and Schwab earlier today and got through right away. Will be transferring accounts.

by Matthew, 10/27/2020

Pros: None

Cons: Everything

They charged a 40 dollar fee for reorganization when a company did a split. They didn't email, and they took my account into the red. Etrades app is awful, customer service is awful, there is nothing good I can say about them. I'd rather be crucified than have to deal with this company again. By no means should anyone ever open an account with them. Or invest in their stock. Awful firm.

by jon, 8/10/2020

Pros: If greed was a company, they would be great

Cons: FEES, FEES, awful customer service, and FEES

Everyone better hope they don't have a stock do any kind of split. Etrade is perfectly happy charging $38 reorganization fee, even if you have only $1 of that stock. I have had 3 of those to date along with some other fees as well. Tried repeatedly to contact customer service by phone. Hour and a half on hold and had to hang up from dead phone. Called later in the week. 45 minutes in and gave up and emailed. Guess what, 3-5 day wait for a response. Finally get a response and the short version is read the fine print and too bad for me I guess. The absolute worst trading experience by far. My advice is, avoid etrade at all costs. way better platforms available at this point.

by Keith, 7/3/2020

Pros: Can't think of any

Cons: Impossible to contact them

They are impossible to contact. I need assistance resetting my password, can't do it online and am unable to access my account. Have tried calling numerous times at different times of the day. Each time the battery in my cordless phone died after being on hold for 1-1/2 hours plus! Now they're closed for the holiday weekend and I still can't access my account to trade. Will be moving my account to another broker first thing next week.

by D Dawson, 6/14/2020

Pros: None

Cons: Intolerable customer service

Did not wire $ after made request. Call them. No one picks up, even after an hour. Another call went into the black hole. Finally made it thru several days later. Too much static to even hear. Lady did call back. Still static. Will be cancelling my account and moving to Ameritrade.

by ricol, 6/2/2020

Pros:

Cons: Needs lots of improvements

Placing a trade on this app is a painful experience compared to Ameritrade Think-Or-Swim or some of the newest players in mobile trading, like WeBull. The charts are too basic and overall UI is slow and clunky.

A major issue is that it that this app doesn’t place your trades in the account you are working on when you have multiple accounts!! Say you have accounts A and B, and are working in account B, you sell some securities x, y, then you go to buy z, the app will pre-select account A unless you remember to specify account B at the top of the trade screen, which is easy to forget if you have been working in account B for a while.

Please fix this!! If I have pre-selected account B and view portfolio it gives me the correct portfolio- why do you switch accounts when I pre-selected account B and choose trade?!?!

by Ben, 5/29/2020

Pros: Haha

Cons: Everything

Horrible. Do not sign up for E trade E*Trade E-Trade. Make you do allllllllllllllllllllll sort of time wasting things. Sells your stock without your permission after the market goes down! Customer service is a nightmare. Had to verify it was me by calling customer service for hours and hours and hours. Locked out of my own account. Worst thing is that once you sign up you are trapped. You cannot cancel!!! So DO NOT SIGN UP with E rade. You have been warned.

by Jansan bongo, 5/25/2020

Pros: New app is nice

Cons:

The old app was my favorite financial app! The new app has more features, but I like the look and simplicity of the previous one. I applaud the advanced options of the new, however the font and icons are thin and light, with no contrast or borders of separation. I also prefer having more options on the main page - you used to be able to transfer money directly from the homepage and see the markets. Now there are several clicks and different tabs. The portfolio page is buggy and sensitive. Since things have been moved around, there are now multiple clicks which is inconvenient. What’s improved - is you can view and sell individual tax lots and fractional shares from the app which you couldn’t do before. Overall, I give it a 4 because of the increased capabilities on the portfolio and order page.

by immichaelb, 5/20/2020

Pros:

Cons: New App Layout is Clunky

I’m happy with E*TRADE and agree the previous app needed a redesign. However I feel the new design is clunky and not intuitive at all, making it even more difficult to find what you need. I don’t mind looking for what I need and expect a learning curve knowing it’s going to be for the better. Unfortunately, the Menu tab doesn’t even have a section for FAQs, a Help section or even a link to a simple Forum where I could ask questions. This is the one app I use where seconds actually matter. I spend too much time using a search field that doesn’t return useful results and in the end I find myself waiting until I can use my desktop to access their web site. In my experience, the worst part of the redesigned app is several important tabs like Orders or Account Overview just show spinning circles where charts, data, news and other crucial information used to be found.

by CoopNYC, 5/20/2020

Pros:

Cons: Terrible updated App!!

Ironically, this is my 3rd time trying to post a review about the terrible updated app E*TRADE forced us to use and to no avail i can’t get my review to post. So here i am trying again!!

So many issues i don’t know where to start. First off, alerts take hours to come through. In portfolios, when you click on a position, it now has an additional step to chose from before you get to Quote View. A me u appears with the choice of: Quote View, Buy, Sell etc, in the old app, if you click on a position you went straight to quote view, if you wanted the additional menu in the old app you would simply hold down on the position for a second or two and it would appear. Quite annoying that they added a step. The worst of the worst, in the new app in Orders it no longer defaults to Open Orders w/ the dates of 3-months ago & today’s date (date range), it stays in the last view parameters (after opening the app & using it), now the stupid part, if an order executed day today, if you check today’s executed orders it’s NOT there. Why?? Because they have it that it shows up on the date the order was entered. So if you have a lot of pending orders from some time ago and one order executes, you better remember the day you entered or you will spend an hour looking for it. How stupid is that!!

by tom, 5/20/2020

Pros:

Cons: phone call 45 min. no one answer

Etrade block my account for any activiry. For over 2 months i been calling. Each call 30 - 45 minutes got no answer. Can't transfer money out, they only allow to transfer in.

by Neil_Trader, 5/19/2020

Pros:

Cons: Ruined a great app

The update is terrible. The previous version of the app was the reason I have been with E*TRADE for years. This new version is not intuitive, gives more information than is needed and generally is overdesigned. The simplicity of the pre ious app was its genius. This new one falls on its face. I’ll be looking for a new service now. BTW, this is the first app I have ever taken the time to review...it’s that bad.

UPDATE: after using it a few days and trying to navigate through the changes I am getting better at it and still not impressed. A BIGGER ISSUE however is the constantly INCORRECT account value and daily gain displayed in my portfolio and for individual positions. I have had to resort to switching between the desktop site and the app to see what my positions are doing in real time. I hope something is done soon or I will be taking my business elsewhere. BTW I have a platinum account because of all the fees I pay to E*TRADE each year. This app is not worth it.

by waveygravy, 5/18/2020

Pros:

Cons: Terrible new app

They had a perfectly wonderful app until about a month ago, and then they updated it. There are a number of problems

- positions only load 5-6 at a time. So if you want to scroll through 25 in your portfolio you have to scroll and wait repeatedly. If you resort (say from alphabetical to closing price) start all over

- they have something called “day’s change” in the default view which during the trading day tells you how you’re doing. But after market close it resets to zero, and then it only measures changes after the market close, which are usually minute and only effect a few securities. So if you want to see how you did after market close, good luck. I’d be willing to bet that more people want to see how their positions did at market close than want to see any post close random price fluctuations.

- the default portfolio view also involves scrolling left/right (phones are narrow) However doing so will also scroll from accounts to trades/transfers/etc, losing your place. Since portfolio takes so long to load and sort (see point 1 above) this is a problem.

- the functions glitch. I’ve transferred and gotten error messages that it timed out, I’ve tried trading and gotten an error that they “cannot confirm this trade”. Both errors occur randomly and when I retry the transactions will usually work. But it’s not reliable.

Again, these are all new issues that were not present in the old app. Please bring it back.

by Concerned, 4/5/2020

Pros: May be good, deposits are slow

Cons:

I was thinking about getting an ap to trade with and a bank account to get a little better interest in. They offer 1.75% right now for a savings which is great and free trading as well so I decided to go with E*TRADE. What really pushed me over the edge to start an account is the recent drop in the market due to coronavirus. The issue is that I have deposited money into the account but it still isn’t available. I have checked the account I transferred from and the money has come out but it still is not available. This is day 5 now and while I see they have the money they will not make it available.

While I get there are security concerns, this is making it impossible to act on current drops. Very frustrating. Some stocks I wanted to invest in went up about 4% yesterday and I missed it.

I hope this is just with the initial investment and it gets better. My review may go up if the ap is great and future deposits are faster.

by Derek Billy Boy, 3/23/2020

Pros:

Cons: The old app was wayyyy better

They release the new app days before the largest market moves we have ever seen. This app is not smooth/jerky, freezes continually, will close itself randomly, occasionally gives you incorrect live bid/asks. I cant access my watchlist either which I built for the last 10 years. Very frustrating to say the least. So many bugs its not funny.

All my other apps run perfectly smooth and flawless. Im running an iphone 11 which is currently best phone on market. Whoever is the boss behind launching this application and giving it the final ok should be fired. Im extremely upset about this and Im thinking of moving my accounts elsewhere. I really don't think people even spend much time on quality control and or using the products they create. Im disappointed I have even had to put up with this. Someone on Etrade’s end has been majorly slacking and or not good at their job! Etrade must have the 3rd string tech team creating their software. What a joke. Very upset about this.

by Patrick2468, 3/23/2020

Pros:

Cons: Poor App Update

The new app is terrible. The old version was great, both user friendly and accurate. The new version shows gain/loss performance as 0.0 after market close. The app is buggy, does not update data, and is inaccurate in real time. It is unreliable for trading. The home page shows a “market movers” tab which is interesting, but I am more concerned with my own portfolio watch list and the index chart that showed when you opened the old app. Now, it is a jumbled mess to move between accounts and view positions. You can’t do it without moving between pages that take forever to load. Never-mind trading in or out with real time data. Don’t do it. The update was obviously an effort to create a “sleek” look with absolutely no regard for usefulness or accuracy, which is ironic since this is people’s money. I have looked all over for options to customize certain screens to no avail. Please just go back to what works. I doubt too many people left the brokerage because the old app wasn’t stunning in appearance, but people will go if their money continues to be impacted by a poor performing platform.

by George Brown, 1/11/2020

Pros:

Cons: Cant transfer my money OUT of e-trade

Have tried and tried to transfer my money OUT of e trade to another Brokerage firm as I didn't like their platform. They keep telling me I cancelled the transfer?? Stay away from this company as the left hand doesn't know what the right hand is doing!

by paul, 12/2/2019

Pros: none

Cons: thieves, liars, think they are funny by taking your money

i give them a -100

by John Smith, 10/30/2018

Pros: NONE

Cons: Absolute Worst!!! Everything is wrong.

NEVER USE THEM!!! THEY ARE THE WORST FIRM AND GET AWAY WITH EVERYTHING BECAUSE THEY KNOW THEY HAVE MILLIONS OF LAWYERS ON CALL.....THEY TOLD ME I HAD DAYS TO REMEDY A MARGIN CALL. AND THEN THEY SOLD SHARES IN MY ACCOUNT WITHOUT TELLING ME!
THIEVES
FRAUDSTERS

by Ginger, 10/26/2018

Pros: Advanced charting, margins, friendly customer support.

Cons: No cons on broker but the trading platform could use more options for placing orders.

Been with them for more than 10 years without any problems. Their customer support is helpful and knowledgeable. Never had to wait 30 minutes for service like TradeStation. They even call you up time to time for their new products. I am very happy with their trading platform etradepro, but it lacks some technical indications for day trading.

by Jonathan Montana, 8/22/2018

Pros: I haven't experienced any pros

Cons: Disrespectful to retailers and terrible business practices

I was a victim of identify fraud and theft from my account at Etrade. I was a customer with E-trade indirectly through various companies and their stock programs. I recently decided to open a retail account (individual account) for which they set you up with a debit card to use. I wasn't aware that I selected that option and so I didn't even know I would be receiving a debit card. It must have been their default settings. It required me to deposit funds into my account to open the account for which I deposited 1k. I was happy to open this new account and was excited to use the Options House trading platform to trade options. I wanted to test the platform first prior to sending over any larger sums of funds. Etrade proceeded to send the pin and the debit card to my unit at the condominium complex one day apart from each other; unfortunately, our community was targeted by professional thieves who had many of the neighbors phone numbers, social security information, etc. When they stole our mail they had both my pin and the card in the box for which they used and had provided my social security number to activate the card. I was initially made aware of this issue because of a phone call from Etrade with a fraud alert which notified me of the issue. I logged into my account and the funds were empty less 20 dollars remaining. I did everything I could to assist the security team and of course they made it seem like I was the culprit. But I just shook it off and realized that they had to be suspicious because they didn't know who did it and the person(s) had my social security number and a girl called in using a burner phone with my phone number. So I could see why they would be suspicious. However, what they failed to assert is that I've been an indirect customer with them through various companies for over 14 years, including a verifiable income over 200k+ and would have no reason to steal 1k dollars to jeopardize my career and my character. Not to mention I trade with TD Ameritrade and have been doing business with them for over 15 years. So later I find that many of my neighbors have also been victimized on the same dates and their credit cards were used and the thieves had their personal information as well: phone numbers, social security, etc. I filed a police report and so did many of the neighbors. We contacted USPS and they also sent us a letter verifying that there was a major break-in at the local station where many of our mail was stolen. We also believe they stole mail at our location of residence as well. With all this information, one would think they would take the side of the customer and provide great customer service, additionally they're backed by their insurance company to cover the 1k; so there is no loss of money to them, however, they decided to not do business with me any longer. This was very alarming to me and I felt like they were attacking my character as an honest person and someone who merely wanted to do business with them as a retailer. So what I found was that none of their security team took the time to contact the detective who was assigned to my case nor did they contact the other victims in the complex for which I sent them their contact information and who would testify that they too were part of fraud and mail theft, nor did they contact the USPS that were willing to testify to the numerous claims from victims that had called to complain of fraud and mail theft for the date that my mail was stolen. The USPS was also willing to testify to the fact that there was a major break in to the local department where many of our mail was stolen and the police had caught someone that lived in the county. With all of these facts, they refused to take the customer's (My) side and provide excellent customer service and to provide a business relationship that was beneficial to both. Instead they decided to treat me as a low-end retailer and attack my character, make me feel horrible and eliminate me from being able to do business with one of the largest brokers in the US. I later found out from a manager that the reason they decided not to do business with me was in part by my choice of words during my initial conversation with their security team. They said I mentioned it was an internal theft that they should investigate. Well, yes, initially I thought it was internal to Etrade because all of my personal information was stolen and the card was used just a week after I opened the account. It just so happened that from the nextdoor app other neighbors came forward and expressed what had happened to them. But initially any customer would assume what I did and be emotional at the time that their money was stolen and that someone had all of their personal information. So rather than the security team look at all the evidence and even put any effort into the additional evidence and witnesses that were ready to testify, they decided to focus on the fact that I initially "blamed" them. And for all fairness, I wasn't blaming them, I was merely suggesting to Etrade that they cannot count out a possible internal crime - no company should. But they shouldn't have taken those words so personally especially when I was emotional about my situation. In my opinion, this is not a way to practice ethical and A+ customer service and business practices. And I can provide a police report, USPS letter to testify of the facts and the testimony of various neighbors (up to 10 neighbors currently and counting).

by Frank, 5/27/2018

Pros: Tax department seems fairly good

Cons: Customer service and management are terrible

Etrade Financial: I've had an etrade account for over 21 years. In February etrade forced me to either sign that I read and understood 6 exchange agreements or I would lose access to my account. I read the agreements but can't honestly say I understood them so I chose not to sign them. I was promptly locked out of my account. Unlike better quality brokerage firms, etrade does not assign a financial consultant to an account, so I had no one to help me other than customer service. Unfortunately, etrade customer service not only didn’t help me, they gave me wrong information and failed to respond in a timely manner. Other etrade staff that I talked to didn't understand exactly what the agreements were about either. It turned out the agreements pertained to use of real time quotes. I found that out by talking to someone in TD Ameritrade, because I couldn't get an answer from etrade staff. Etrade staff appears to be woefully undertrained. I don't use real time quotes but etrade did not offer the opportunity to opt out. There were only two choices: sign the agreements or have my account held hostage. Etrade held my account hostage for about a week and then a corporate manager allowed me to opt out of real time quotes, because etrrade apparently got numerous complaints about their behavior. I was locked out of my account during an extremely volatile time in the market but could not access my account to protect my assets. A corporate manager offered me $100 for my inconvenience and losses. I told him that was an insult because I lost several thousand dollars during the time I was locked out of my account. I filed a complaint with the SEC. I'm still waiting to hear what he SEC is going to do. My guess is nothing. The etrade compliance analyst wrote up a brief analysis of the issue and said etrade would do nothing to make me whole. The analyst lied about things I said. I complained to the CEO of etrade. Now etrade told me I have to move my account. I was planning to move my account anyhow but thought what kind of firm screws over a 21 year customer and then asks them to leave? I am partially to blame for not reading the fine print. Etrade states in the Terms and Conditions of the Agreement Etrade "reserves the right to terminate my account or to block access to the Service without notice, for any reason or for no reason." Trust me, etrade will do exactly that. Another negative to etrade: Some companies offer a DRIP program where an investor owning shares of equities in the company can reinvest the distributions at a discount to market price. When the investor purchases and holds shares of those equities through a brokerage firm the investor can still participate in the DRIP program, but only if the brokerage firm participates on the investor’s behalf. I hold an equity from a company with a DRIP plan discount and I hold that equity in two brokerage firms, Fidelity and etrade. Fidelity automatically participates in the company’s DRIP plan and my shares are automatically reinvested at the discount price (currently a discount of 2.5%). Etrade does NOT participate in the company’s DRIP plan and distributions are reinvested at market price. While this doesn’t add up to a lot of money, a 2.5% discount can amount to a fair chunk of change if you have a lot of shares or if you hold that equity for a long time. The point is some brokerage firms watch out for their clients and try to maximize their client’s earnings while other brokerage firms twiddle their thumbs and do little to help their clients. Etrade does more to harm a customer than to help a customer. Every dollar counts, so why go to a brokerage firm that isn’t willing to work for you? Since etrade decided to close my account they wrote to me and told me I would be charged a transfer fee but it would be reimbursed to me. Wrong! They lied! They kept the transfer fee. I had to go after etrade to make them honor what they said in writing. Etrade is a very untrustworthy firm. You can do better with almost any other firm.

by Not Happy, 5/17/2018

Pros: Was all fine until it wasn't

Cons: Untrustworthy, unreliable and unpredictable investment and banking platform .

Account Closed and Funds Gone Missing

Up until this week I had had an Etrade account for around ten years and was perfectly happy using it. As such, my E-trade account had become central to my investment, savings, and retirement interests. That all changed when I tried to add an external account into which I could transfer funds.

Seven days ago E-trade suspended, and then closed, my account on the pretext of suspicious activity (i.e attempting to add the external account). It was claimed by E-trade that they had information that the external account was associated with fraud; and abruptly closed my E-trade account. It is not clear to me how they came to that conclusion, as the external account is with one of the largest banks in the US, and provided no explanation or evidence of wrong-doing on my part (as there was none) or of the external bank.

Prior to the account being suspended I had initiated a transfer of funds (a non-trivial amount) into my E-trade account. When the account was closed I attempted to recall the funds, but was unsuccessful. I am now advised by the sending bank that the funds were transferred successfully to my (now closed) E-trade account; and they have provided a federal trace number as evidence. E-trade however maintain that since the account is closed they have not, and are not able to, receive the funds; which is in contradiction to evidence provided by the trace.

To try and sort out the mess created by the abrupt closure of the account I've called E-trade every day for the past week, sometimes more than once a day - each time having to run the call center gauntlet of security questions and interrogation by the new person I speak to - to try and resolve the multitude of difficulties the account closure has created. This has consumed multiple hours of aggravation; having to appraise each new customer support individual of the issues at hand, and being placed on hold or transferred to individuals unable to resolve these issues as they have arisen.

With regard to the missing funds, it is now one week since I initiated that associated transfer yet there is still no acceptance on E-trades part that they have received the funds, where they have gone, or when they will be returned.


I am exasperated with the lack of progress and don't know what else to do. The best E-trade can advise, as we head into the second week of this debacle, is to call back in 24-48 hours.

by Paul, 4/2/2018

Pros:

Cons:

Had constant trouble with this company. Avoid under any circumstances.



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"Among the first brokerages to go online, Etrade began as a higher-priced firm, aimed at investors who were willing to pay a premium for its outstanding investing tools and research resources. Since then, the company has lowered its prices to compete more closely with discount brokerages, while still offering an impressive selection of educational features...For very frequent traders, or for buy-and-hold investors, Etrade’s commissions or fees can begin to add up. But for a semi-active investor who can take advantage of Etrade’s resources, the company is a great and dependable online brokerage."

Nerd Wallet

"While ETRADE may not have the cheapest trades, the broker provides an easy-to-use website, a high quality mobile experience, and excellent research that will satisfy both casual and active investors."

Stock Brokers

"Etrade is a great option to consider if you’re looking for a place to manage your investments. They do have a solid amount of offerings and have high quality tools to use. Etrade offers a good number of mutual funds and 80+ commission-free ETFs to choose from. The other thing I like about Etrade is their maturity allows them to offer a number of different things you won’t be able to find at most other brokerages."

Frugal Rules
Etrade Customer Reviews

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