Is E-Trade the Worst Broker

Discussion in 'Retail Brokers' started by gr8stock, Aug 15, 2005.

  1. gr8stock

    gr8stock

    What is your experience with E-Trade?

    Last week when I have tried to close position, I found that my account has been "frozen". My first reaction obviously was that it is one of many system problems they have from time to time.

    It gets worst when I called them. After an hour waiting for somebody to be available, they are saying that a letter was sent asking for a $1 check to verify my account. I did not receive this letter. Mailed check last week, account is still frozen and my position keeps going down.

    Is it legal for them to shut down an account without any notice or warning?

    What action, if any, I can take to recover losses caused by E-Trade?
     
  2. use the search feature. Lots of discussion about 2 months ago.
     
  3. gr8stock

    gr8stock

  4. GTC

    GTC

    E-trade is not necessarily the worst broker--perhaps one of the top worst brokers. Their system problem and calculation error issues are notorious. They also have quite a few hidden fees. Why/How did you get trapped into E-trade at the first place?
     
  5. gr8stock

    gr8stock

    Is this a joke or proof of E-Trade incompetency.

    Just received e-mail from E-Trade indicating that they have received check and there are better ways to ... "lose" your money with E-Trade

    Meanwhile, my account is frozen.

    Are there limits to E-Trade stupidity!!!!

    Excerpt from the e-mail:

    Thank you for the recent cheque deposit ...

    We want to ensure that you are familiar with a much more efficient method of funding your E*TRADE account ...

    ... using the bill payment feature available at most major financial institutions.
    Bill payment deposits are quick and easy ... Here are some of the advantages:

    1. Funds are usually available the next business day - NO HOLD PERIODS!
    2. Bill payment deposits can be initiated online (if your bank supports this service);
    3. Some Institutions support recurring and future dated bill payments;
    4. Bill payment deposits can be made to your E*TRADE accounts.

    For more information on bill payment you can visit E*STATION by clicking here.

    Happy trading,
     
  6. They can suspend an account if they think there's some kind of fraud going on. It seems odd that they'd let you login to the suspended account and that the only way you knew it was suspended was when you tried to close a position - the logical thing to do would be to put up a notice when you tried to login.

    They should at least have sent you email or called you. Sometimes they don't have enough staff to do this (at one broker - not ET - I went over my DTBP for a brief period intraday and the next morning they lowered my BP to 2:1 without telling me... they said the staff who was going to phone me hadn't gotten in yet).

    Let us know what they claim the problem was and how they resolved it..