E*Trade Financial
Reviews and Complaints

I had an e-trade account that I was just sitting on. I never really was active in it. I probably opened it over 15 years ago. The only way I would check on it was with their paper statements which were mailed to my home. I opened up one in June this year and noticed that it only had one penny in it. The statement which usually says $10, 000 now just said 1 cent.

Long story short, someone was able to log into my e-trade account in March and make two large calculated withdrawls and left me a penny!

I contacted E-trade and they said they would do an investigation and asked me for some selfies, signed affidavits and a police report. My conversation was with Robert Carter who assured me that the funds would be returned once the investigation was complete.

I completed all these tasks as requested and I just received a letter saying that the 'investigation was complete' and my e-trade account is now closed. My correspondence was with Robert Carter, who assured me this was not a big deal, but a formal investigation would need to be done for the funds to be replaced. He has been of little help in providing any assistance with the matter.

I just got off the phone with them and they basically said, "Too bad, so sad."

(if i take out 200 bucks from an ATM across town, the bank will often phone me. I can't believe they would let anyone just liquidate my account without my knowledge)

I expect better service from this organization.

On July 13, 2021 I made 2 stock purchases. I bought 30 share of a stock for my Personal Joint account and 20 shares of the same stock in my margin account (I had adequate cash available to purchase these shares in both of these accounts.)

The money was taken out of the accounts but I only received 29 shares added to my Personal Joint account (not 30) and no added shares (not 20) into my margin account. I checked my transaction records and the transactions are shown as completed and the cash in both accounts was reduced by the total amounts for the orders.

I have written Etrade two letters, so far, with hard copies of all of the documentation needed to explain my case. Neither letter has been answered by their customer service department.

A couple of days ago I notice that Etrade made incorrect changes in my portfolio concerning dates and purchase prices of other stocks that were in my portfolios. The changes were taken off later that day. Today, August 6th, I see that they have made further changes to the dates and prices of my earlier, stock purchases. There should be no reason to change the dates, or amounts of past purchases. I am getting highly suspicious of their activity in my account.

I'm now out the purchase price, plus the gains for the stock purchases that I mentioned above. I don't know where else to turn for help. I've made copies of the documents and am prepared to stand up to their questionable practices. I would also like to know if there is an open class action lawsuit that might fit with my case. Thanks

To Whom it May Concern:

The purpose of this letter is to express concerns, complaints, and issues that have occurred to me while dealing with a Senior Investigator, Robert Carter, from E*Trade (the company) as well as the company itself.

The closing of my partners account due to a dispute between me and the investigator was unprofessional, malicious, and uncalled for. I know this to be true because it happened 15 minutes after getting off the phone with the senior investigator. In addition to the timing, he mentioned Francisco by complete name to me, first and last. The only question he had asked was who was Francisco. I answered; after which, the topic which might have not even lasted more that 30 seconds, ended with my remark that "I sometime use his phone", and that was it. If the investigator thought that I was using his account or that he was using mine, than the answer is a strong no, we have our own accounts for our own reasons.

Of course our accounts would have close interactions, we use the same Wi-Fi. If this was a something that was going to be used by the investigator for the unfair treatment of Francisco's account, then all I can say is wow. To take advantage and twist unclear as well as general information, that almost anyone in a relationship would have provided, to justify their actions is nothing short of an abuse of power and would make almost anyone question their character. Also, the fact that he is managing Francisco's account as well feels like a conflict of interest and unprofessional. The fact that his account was closed and not restricted is a demonstration that this was retaliatory in nature, based on a negative bias, and very punitive to Francisco, as well as a show of misuse of power, all because of my dispute between me and the investigator.

Several simple questions comes to mind, why was it that his account closed, whereas my account was restricted in the beginning? When the company first thought that there was something wrong with my account, a restriction was put in place. I was allowed to still see my account and submit my documents via the website. Why was the treatment not the same for Francisco? Why was it that he was not treated fairly? If there was an issues with his account, why was it not placed under restriction like my account was? Even if there was an issue, does he not have the right to be treated equally, fairly, and without bias? What is so different about him or his account that would warrant such treatment, was there a discriminatory motive behind it? All I know it that there was unfair treatment involved without any explanation given.

There are other complaints and issues that I have experienced ever since my account was restricted, and later closed. All of these issues came about from my interactions with the senior investigator as well as everyone below him.

An issue that occurred was the raising of the senior investigator's voice on the phone and threatening to press charges unless I comply with what he says. All I did was ask questions that pertained to the whereabouts of my funds. Now, I understand that there is certain information that cannot be disclosed; however, I find it unreasonable to not provide at least a list of possible actions that can be taken with regards to my money. The request was meant to obtain generalized information, not specific information. I believe, since my funds are being withheld without any reason as to why given, I am owed at least this much.

One of the hypotheticals that I brought up was the possibility of giving my money to the state as unclaimed assets and how long would it be for the money to be transferred over. To this question, I received a nasty and threatening response. I believe that this was a simple and earnest question; after all it is one of the any possibilities that can be taken, since everyone refuses to give a list of possible actions. His response, almost barking it at me, was that the money would instead be given to the police, which is understandable since this is within the realm of possibilities. However, this did not have to be stated with a malicious, down right near threatening tone, almost as to insinuate that he as the power and leverage over my money and his action to take if he felt to do so.

Requiring me to send personal confidential information to a personal email address through email instead of a secure upload link or the opportunity to present my documents in a branch. This I find extremely unprofessional, concerning, as well as uncomfortable. In this day and age, it has come to an understanding that the idea of sending personal and confidential material via email is not the safest nor reliable method. Anything can happen to an email from hacking to spying to other acts of malicious intent. So requesting me to send personal information through an unsecured method and not providing alternate forms of submission even after I had expressed my concerns is incredibly unprofessional. There was no mention of re-uploading my information through a secure link, through the website, going to a branch, or even certified mail. The fact that none of these possible alternate forms were even suggested made me even more uncomfortable and had dulled my confidence in this company, if this is all that they are capable of.

Won't provide information based on how long he will hold my money for. Once again, I believe this to be simple and fair question, for how long would my money be held for. As previously mentioned, I was not asking for specifics but merely an estimate or an average time. Something as simple as 3 to 4 years would have sufficed, even if it was mentioned that there was no guarantee that this would be the case. Just to provide an estimate for how long I would not be in possession of my money nor the management of it.

Constant and consistent mis-gendering by the lower level employees on the phone even after correcting and requesting them to stop. This has played a major factor in my overall experience. After going through so many people and through so many uncomfortable situations, it had made me recluse myself from further having to interact with this company; yet, I had no other choice because this company had taken my money. When I brought this to the attention of the senior investigator as well as to how insecure it made me feel, it was brushed aside. Instead I am met with a remark stating that if I do not comply, I would lose everything.

The biggest issue that I am dealing with now is the management of my money. At first I was told I could not make any closing trades by customer service. After much back and forth and eventually talking with a manager, whom then clarified that I am allowed to only sell my positions, filled me a sense of relief. I was under the impression that at least I would not lose money on a bad trade and could liquidate my positions if I needed to. With that in mind, I decided to leave the account as is and mention that I would revisit the issue sometime in the near future. This was when my account was first restricted; however, that all changed when my account was later closed. The investigator had decided to deal with my case personally.

At first there was the question of my funds, I had previously transferred a large amount into my account. This was money that was given to me by my mother and it was accounted for. Afterwards the investigator had contacted her, verified the funds, questioned the relationship between my mother and I, and proceeded with asking for other information. To my belief, not obtaining the information that he wanted, closed my account. Then proceeded to close my partners account after our phone call, did not even bother to reach out to my partner at all. This person has now made it so that I cannot even sell my positions and now my money is fluctuating in the stock market. I have no control or management over it and I am now stuck with potentially losing all my money.

To further add insult to injury, took my partners money as well. So whom is responsible for the losses that occur while our accounts are closed. The investigator had informed us that they were still in stock form.

This entire ordeal has given us tremendous stress, sleepless nights, dark thoughts, self harm, anxiety, and other negative emotions and thoughts too much to be able to include.

Relief: I want my money back, account closed, and apologies given. If I am still required to send the documents, then I want a different case person and a secure way to send the documents i. e website or at the office. Also Francisco's account should be reviewed, and closed with the money given back to him.

On Monday, March 8, 2021 I attempted to purchase 16, 616 shares of Gambit Energy when the stock was at .03 a share. When I place my order Etrade refused saying it was unsafe. I again tried to place another order today and was refuse as before the stock is now at 6.00 a share this refusal by Etrade has cost me over 99, 000.00 in potential earning from not allowing me to purchase the stock. When I contacted them about this they say there is nothing they can do about and refuse to compensate me for there refusal.

E*TRADE is a complete fraud
Selling of stocks without notice, arbitrary stock sales being done! What is going on here...
Had a stock SWET with ran up rather rapidly last year, as it peaked and I was considering selling - I all of a sudden get a notice that my stock was sold at roughly 1/3rd the value.
Saying that I had a sell order at that price?
If that was the case, shouldn't it have sold at that price as it made the run thru that price?
No explanation was ever given, nothing from E*TRADE at all...
NOW, the stock was halted pending filing of paperwork from SWET and now I've received a notice that I have a negative balance in my account. Went into see what was going on and all my stocks are GONE...
I never received notice, I never placed a stock sell, I never authorized any sale, I never received a notice of any fees due or stock would be sold off to cover fees.
WTF is going on, I am reading NUMEROUS complaints about this company E*TRADE doing this to people's accounts similar...
There is apparent fraud and it needs Government intervention

I opened an ETRADE SOLO 401k partly due to promotional offer of cash ($300) plus 500 free trades. They would not fulfil the promotion because outside funds were transferred to account before promo was applied - they would not backdate or make retroactive the application of the promotion.

Nowhere in their marketing literature is this exception to the promotion noted. Apparently you must notify them, in writing of some sort, that you would like the promotion applied to the new account before any funds transfer into the account occurs.

I'm immediately pulling the funds out from E*TRADE and will use TD Ameritrade who promised to deposit the same promotional cash bonus into a new account immediately.

Beware of BAIT AND SWITCH!

Here is the promo details copy/pasted from the E*Trade site (12/23/2016):

Here's how to get your cash credit:
Mail or fax your completed small business retirement plan application to us
Call Customer Service at [protected] once your account is open to be enrolled in and receive the offer.
Credits for cash or securities will be made based on deposits of new funds or securities from external accounts made within 45 days of account open, as shown in the chart below. Your account will be credited within one week of the close of the 45-day window, as follows:

Receive
Deposit or Transfer
$2, 500 + free trades $1, 000, 000+
$1, 200 + free trades $500, 000 - $999, 999
$600 + free trades $250, 000 - $499, 999
$300 + free trades $100, 000 - $249, 999
$200 + free trades $25, 000 - $99, 999
Only Free Trades $10, 000 - $24, 999

Here's how to get your free trades:
You will receive up to 500 free trade commissions for each stock or options trade executed within 60 days of the deposited funds being made available for investment in the new account (excluding options contract fees). You will pay $9.99 for your first 149 stock or options trades and $7.99 thereafter up to 500 stock or options trades (plus 75¢ per options contract). Your account will be credited for trades within a week. Account must be funded within 60 days of account open with funds from outside of E*TRADE.

More important information
Offer valid for one new E*TRADE Securities retirement account opened by 12/31/2016 and funded within 60 days of account opening with $10, 000 or more with funds from outside of E*TRADE. Excludes E*TRADE Securities brokerage and E*TRADE Bank accounts.

You will not receive cash compensation for any unused free trade commissions. Excludes current E*TRADE Financial Corporation associates, non-U.S. residents, and any jurisdiction where this offer is not valid. This offer is not valid for business, Custodial, Estate, LLC, Sole Proprietorship, Unincorporated Organization or E*TRADE Bank accounts. New funds or securities must remain in the account (minus any trading losses) for a minimum of 6 months or the credit may be surrendered. One promotion per customer. E*TRADE Securities reserves the right to terminate this offer at any time.

etrade closed my account for NO reason and completely shut me out of their website
. the reps told me a letter was coming to explain how why and how to get my money out. i have not received a letter after a week and therefore i am assuming they have stolen my money. i am contacting a lawyer today. STAY AWAY FROM ETRADE!

ETrade is the worst trading company you can pick. Horrible customer service, outright theft of customers money, and a complete lack of professionalism in financial management & trading practices. Whatever you do - stay away from ETrade!

For no apparent reasons my account at Etrade was locked. I called the company and despite the fact I provided the E-trade representatives with 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.

I purchased my first stock in the year 2000 for $5200.00 using ETrade. As most all tech stocks did, my stock plummeted and, at one point was worth $198.00. Over the years it has slowly began to climb back. I recently sold the stock and, after $19.99 for their commission fee and $3.00 for miscellaneous fees, I was told that my balance was $2004.00.` Customer service told me to wait for three days and then to request a check from them for the amount aforementioned.

I am getting married soon and I sold the stock with the intention of paying for the rental of a facility costing $2000. My fiancée was happy that this cost would be covered since we are paying for the wedding ourselves. Six days later I called to request a check from ETrade and I was told that my balance was $1771.00. I asked customer service where the $230.00 went and they told me that any customer that has less than $5000 dollars is charged $25 quarterly and that I owed them this money for maintaining my account.

When I first bought stock through ETrade, I did it because I was told that it was only $8.00 per trade. I was not told that it would cost me an additional $25 per quarter. After being on the phone with two different people at ETrade for a total of 48 minutes, the best I could get was for them to reverse one charge. Out of frustration, I requested that they send me the check for $1796.00.

Now I have to come up with an additional $204.00 that I don't have for my wedding. If I knew of these hidden maintenance fees, I would have waited for the stock to go up more before selling it. ETrade customer service had the attitude of, "Oh well, you should have known." And, why shouldn't they? They have my money.

I would encourage everyone to not trade through ETrade and to beware of hidden costs if they do.

ETrade froze my account and wouldn't tell me why until, after about 5 calls, I finally got through to someone competent enough to figure it out. Something about me logging in from my work computer caused them to think there was "suspicious activity" going on. Not sure what sort of stone age technology a place has to use to be unable to handle my perfectly standard use, but apparently they were about 10 years behind the rest of the world on this one. I was still able to deposit, of course, but all withdrawals failed.

I had just opened the account, and was still exploring other savings account options, so I had no desire to stick with etrade, and tried to just close my account so the balance would be sent to me as a check. I thought I would at least be able to do that... I mean they just have to send the money in the account to the person and address that it was opened and funded with... I don't see how that could be remotely dangerous. But they refused until I verified I was myself, by going to a notary and getting a letter notarized saying that I was me, I lived at the address on the account, and I wanted the account activated.

What's with all the security questions and other identify verification info? Couldn't I have simply given them everything over the phone... all the security question answers, my account password, my account #, my social, passport #, my name, address, phone #, date of birth, past addresses, favorite color, etc? Jesus...

SUPER annoying. Especially because this was right after being laid off, when I was considering starting my own business and might have needed to have quick access to that money, which was most of my savings, since, after testing it with a few small transfers back and forth between etrade and my checking, I had just gone on to put most of what I had into it. Luckily I didn't need it, but it was frustrating regardless, and I was blown away that a bank could let me open an account, fund it, and then freeze it and refuse access to it (or even the ability to close it!) until I jumped through hoops to prove something that I can't understand how it wasn't already proven.

Still trying to figure out what they could prevent by this silly process. I guess I could have opened the account, and funded it with someone else's stolen account info... but then me sending in a letter saying I'm me doesn't resolve any fraud going on there. Or maybe someone else could have opened an account in my name but with their address, funded it with my stolen checking account info. But then they'd end up with a check made out to me, so... And if they had my checking account info, why not just directly access that? F**king etrade... essentially thieves in this situation.

So when putting cash into an etrade account, just be aware that at any moment they could seemingly arbitrarily decide to deny you access to it until you send them a notarized letter in the mail (approximately a 10-12 day process to get access again). Your assets in there might not be as liquid as you want.

I purchased my first stock in the year 2000 for $5200.00 using ETrade. As most all tech stocks did, my stock plummeted and, at one point was worth $198.00. Over the years it has slowly began to climb back. I recently sold the stock and, after $19.99 for their commission fee and $3.00 for miscellaneous fees, I was told that my balance was $2004.00.` Customer service told me to wait for three days and then to request a check from them for the amount aforementioned.

I am getting married soon and I sold the stock with the intention of paying for the rental of a facility costing $2000. My fiancйe was happy that this cost would be covered since we are paying for the wedding ourselves. Six days later I called to request a check from ETrade and I was told that my balance was $1771.00. I asked customer service where the $230.00 went and they told me that any customer that has less than $5000 dollars is charged $25 quarterly and that I owed them this money for maintaining my account.

When I first bought stock through ETrade, I did it because I was told that it was only $8.00 per trade. I was not told that it would cost me an additional $25 per quarter. After being on the phone with two different people at ETrade for a total of 48 minutes, the best I could get was for them to reverse one charge. Out of frustration, I requested that they send me the check for $1796.00.

Now I have to come up with an additional $204.00 that I don't have for my wedding. If I knew of these hidden maintenance fees, I would have waited for the stock to go up more before selling it. ETrade customer service had the attitude of, "Oh well, you should have known." And, why shouldn't they? They have my money.

I would encourage everyone to not trade through ETrade and to beware of hidden costs if they do.

I am almost 62 years old, and in the fall of 2007 I was lured by E*trade's ad for a JP Morgan money market fund for an IRA. In Short I called to purchase this money market fund, (the trade could not be placed on-line) I was transferred to their "fixed-income" department and was solicitied to buy Auction Rate Securities, for which the market has been frozen since Feb 2008.

E*Trade, in my opinion, knew the risk of this soon to be illiquid market, yet pawned them off on me and thousands more of their "clients=victims". They have been totally uncooperative, intransigent, rude, threatening, and unwilling to accept responsibility for their fraud and lies perpetuated by their agents back in late 2007. They offer no solution to help assist those of us caught in this mess, and they continously deflect, deny, and defend their lack of accountability and irresponsible stance.

They have effectively stolen my 50, 000 in an IRA no less and they only put up a smoke screen with low rent mafioso like attorneys. E*Trade from my experience is pure pond ###, and has zero ethics, and morality. Who on Wall Street does? They are the worst of the worst. RUN, DON'T WALK AWAY FROM E*TRADE, They will *** over financially given the chance and are totally untrustworthy to be a custodian of any one's money.

I have been an E*Trade customer for many years. All of a sudden, without any prior notice or explanation, E*Trade has frozen my Money Market Account. It refuses transfers I wish to make to an external account, refuses to pay my credit card bills of $800 when the account balance is over $100, 000. No customer representative is able to give an explanation. In spite of repeated promises that a supervisor or case manager will call me, I never hear from them. I have emailed Pam Erickson, Corporate Communications Officer, and faxed Gregory Framke, Executive Vice President and Chief Operations Officer with all possible details and a request to rectify the situation. Neither one has answered. I have a confirmation that my fax was received by Etrade, but no one answers.

Do I have to go to the media or a lawyer to obtain any kind of reaction from them? Are they just a bunch of crooks?

I am so fed up! Does anyone have suggestions?
Lil Bancroft

Etrade liquidated the shares in its Etrade SP500 index fund in my IRA without notifying me at the bottom of the stock market last year. For 8 months I've been trying to transfer my assets to Vanguard and Etrade always finds some reason to reject the transfer. Etrade is a criminal organization.