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I opened an account with Etrade so that I can get into trading. Well I opened it online so i was approved right away and i made my first deposit into the account via quick transfer. So the transaction finally cleared about 4 days later and i was ready to trade. Its going good so far until i get contacted by my external bank saying that there were two transactions of the same made by etrade that totaled upto 19, 000 so now i'm confused because one of them i knew about, but the other one i had no idea so i informed my bank that only 9800 was to go to etrade and no more than that. So my back reversed one of the transaction i'm thinking that everthing should be good. Wrong never been so wrong in my life. Etrade puts my account on hold and tell me it needs to be investigated. What you mean investigated? Your account is in the negative ma'am and why is that your deposit was reversed no no no. i informed her that etrade made another transfer without my consent and that i could get my bank to give me a copy of the transfer so that i can give it to them. they didn't want that at all they telling me that my account is overdrawn adnd that i owe them like 8500.00. Really strange how that when the customer loses money investing in etrade they never seem to care or give them thier money back, but when its on them oh my they want thier money, they have the debt collector calling you not the ones outside of etrade the ones in the inside. So to bank or do business with etrade is financial suicide keep your money do not invest in etrade. Feel free to comment on this and give advice and yes i do have a lawyer on this. but how is it my fault, because i stopped them before they recieved the other 9800 they requested
I was hoping to find a way to reverse 5 (FIVE) years of inactivity fees which they started charging me once I turned off paper statements. If I had been getting a paper statement I would have done whatever it took to stop these exorbitant fees. I only had 2 stocks with $2017 in the account and actually forgot about them until I wanted to transfer them to another brokerage account. They have been stealing all of my cash dividends which I have been paying taxes on for five years and STILL charging me $40 a quarter for an Inactivity Fee!
Now before I can transfer these stocks I have to pay over $800 in Inactivity Fees and $60 to transfer and close the account.
ETrade is not your best choice.
There are better options available.
Account setup is slow and transfer out money is even slower.