ETRADE Victim

Discussion in 'Retail Brokers' started by ETRADE_VICTIM_9, Feb 16, 2008.

  1. I'm a Victim of ETRADE inconsistency.

    11/1/07: I instructed ETRADE to withdraw DRIP (Dividend Reinvestment plan) from my Mutual Fund holding and payout my Dividend + Cap Gain by CASH in my Account.
    11/08/07: They confirmed by email that my MF is not enrolled in DRIP.
    11/09/07: I asked them "Are you Sure ?" because my Cap gain + dividends was auto re-invested the last year.
    11/12/07: They confirmed that they are sure that my MF is no longer enrolled in DRIP.
    11/14/07: I asked them to still double check one more time.
    11/16/07: They confirmed for the the 3rd time that mt MF was not enrolled in DRIP.

    Thus, I received 3 confirmations from their customer service that my MF was no longer enrolled in DRIP.

    01/10/08: I saw that they had purchsed MF from my Cap Gain + Dividend distributions (insptite of 3 time confirmation from thier customer service dept just a month ago)
    01/15/08: I contacted them by email that they've committed a mistake and that I needed my Money back instead of the MF shares they had bought by mistake.
    01/17/08: They promised to contact MF dept and resolve the mistake in 3-4 days.
    01/29/08: I contacted them as no one took any action for reversing the txn and still the holdings were showing up in my
    Account.
    01/31/08: They promised that someone will resolve it in 2 days.
    02/05/08: I contacted them again saying when will they resolve this.
    02/09/08: I received email reply stating "Per MF prospectus, dividends + capgain are auto reinvestged unless I explicitly ask that they be paid in CASH. So, they cannot reverse the reinvestment txn"
    02/13/08: I contacted them again saying "This was Ridiculous" becasue the entire thread started with my explicit request to be paid in CASH instead of MF re-investment.

    This is a such a BLACK & WHITE case of either 1) ETRADE Recklessness OR 2) Potential FRAUD OR 3) Coverup of their carelessness OR
    4) Inconsiderate behaviour towards customer by exhibiting inconsistency of confirming one thing and doing exactly opposite and not taking accountability.

    I AM DETERMINED TO GET MY MONEY BACK WITH INTEREST (in lieu of MF shares they bought against my instruction) + OTHER DAMAGES + LOST OPPORTUNITY COST + MY TIME COST IN GETTING THIS RESOLVED.

    Please advise if anyone has been through this kind a stuff with this HOPELESS Brokerage firm.

    Thanks in advance.