ComplaintsforE*TRADE Financial Holdings LLC

• Initial Complaint

  01/04/2024

  Complaint Type:

  Billing Issues

  Status:

  Unanswered

  More info

  Over the past month or two, I've recieved many reorganizational fees totaling $160+ Was confused as to why my account had negative balance, it doesnt show up as negative balance. But I'm unable to make any purchases without paying off the balance first, and if I sell a stock it automatically will pay it. One of these reorganizations, $38 flat rate, but the asset is only worth $4.32 Speaking with customer support, they told me that re-organization fees (except for the first time) cannot be waived. They told me this was industry standard and that they cooperate with other brokers to set this rate on cash accounts. What they described to me is price fixing, the next day a representative said the opposite. Coopetition which in no way benefits the consumer. Speaking with one of their comepitors, ********, they told me they don't charge any reorganizational fees. I'm seeking to waive all and future corporate action fees, and to be compensated for my time and stress levels rising.

• Initial Complaint

  07/24/2023

  Complaint Type:

  Product Issues

  Status:

  Unanswered

  More info

  I have been trying to obtain and distribute funds from my fathers estate for five months. Etrade refuses to distribute these funds.

  Business response

  08/22/2023

  August 22, 2023

  To Whom It May Concern:
  

  I am following up on your August 4, 2023 letter to ***** ********** requesting a response to *********** ******’s complaint in the above-referenced matter.
  

  Unfortunately, we are prohibited by Securities and Exchange Commission Regulation SP and Morgan Stanley’s internal policies from disclosing non-public customer
  information to nonaffiliated third parties, including the Better Business Bureau. This prohibition extends to any description of the customer complaint or its response because
  any meaningful discussion of the complaint would generally require the disclosure of personal information about the customer, his or her finances, and investment objectives.
  

  Please note that a detailed response was provided to *** ****** on August 22, 2023.
  

  Sincerely,
  Compliance Department
  E*TRADE Securities LLC

  Business response

  08/24/2023

  Unfortunately, we are prohibited by Securities and Exchange Commission Regulation S-P and Morgan Stanley’s internal policies from disclosing non-public customer information to nonaffiliated third parties, including the Better Business Bureau. This prohibition extends to any description of the customer complaint or its response because any meaningful discussion of the complaint would generally require the disclosure of personal information about the customer, his or her finances, and investment objectives. 

  
  Please note that a detailed response was provided to *****************
  
  Sincerely,
  
  Compliance Department
  E*TRADE Securities LLC

• Initial Complaint

  07/15/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Unanswered

  More info

  I have been attempting to transfer my IRA from E Trade to another firm. All was transferred except for about $400. I have contacted E Trade twice over the past month and am promised the transfer of this type take place every 2 weeks in their system. As of this date, 7/15/23 the transfer has not taken place.

• Initial Complaint

  07/14/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Unanswered

  More info

  I am a senior Citizen and my husband (76 years old) is a Cancer Patient who has undergone an open heart Surgery. I hold 1100 **** ADRs with E-Trade. These ADRs have been delisted in the US Market and the **** ****** have issued specific guidelines how to Transfer these shares to the Beneficiary account held with another brokerage agency outside USA. The **** ****** have announced that the cut-off date for the transfer will be July 21, 2023. I have contacted E-Trade for the transfer of these shares almost 3 months ago. I have send them all the information for the transfer more than two weeks ago. I have been contacting E-Trade for the followup every day for the past two weeks. Unfortunately every time I call the customer service an agent from an unknown location, who (most of them have no knowledge how this transfer need to be done) takes considerable (hours) amount of time to identify the nature of the issue and then provides with a simple answer that necessary action has been taken and the issue will be resolved in 5-7 business days. The next day when you call the E-Trade Customer service the same sequence of events takes place which end in total frustration and disappointment. I have also send all the relevant documents to the E-Trade Securities LLC, ********** ** *** ****** ******, Suite ***,Jersey City, NJ ***** - Attn Head of Grievances Dept on July 07, 2023 but there was no response. It looks like no one has the slightest idea of the procedure or keen (except one or two who did try to find a way to resolve the issue but wasn't successful) to help. Most of them even didn't want to connect you to a supervisor or manager or even give the Head Office contact number. If this transfer (which is in fact a very simple operation and should not take more than a few minutes) doesn't take place in the next 2-3 days I will incur substantial financial losses and consequent mental agony and stress. Kindly help. Thanks ************************************** : ************

• Initial Complaint

  07/13/2023

  Complaint Type:

  Billing Issues

  Status:

  Unanswered

  More info

  Sumary of issues wiht Etrade:1.) Overcharging fees 2.). Disguising the margin balance as cash -when it was margin cash. Making massive fees. 3.) The shell game with employees and letter writing. Etrade failed to address legitimate concerns. 4.). Not paying massive dividends. Messing a rights offering 5.) Freezing account based on deception. No margin. No equity call.6.). Deceptive Reps and letters. I delt wiht in access of 20 Reps many who are under review in the ***** broker lookup

• Initial Complaint

  07/11/2023

  Complaint Type:

  Product Issues

  Status:

  Unanswered

  More info

  In January 2023, I opened my account with eTrade  (Individual Brokerage *****) after being promised $1500 of promotion cash for transferring in cash of 500k or more. Despite attaining this level, eTrade only credited $600 to my account in lieu of the promised $1500. I spoke to *********************************** (the Financial Consultant assigned to me by eTrade) on multiple occasions regarding this issue. Each time he confirmed that I had met the threshold and was owed the full amount of the promotion. He promised that he would ensure I received the missing funds shortly. Then, on 6/21 my email to him, reminding him that i hadn't received the promised credit, was returned with the message: "You have reached an email address that is no longer in use." A few days ago I called eTrade's main customer service number and was again assured by the agent that eTrade would launch an "investigation" and thereafter I would receive my missing credit. But, sadly, that has not yet happened.

• Initial Complaint

  07/10/2023

  Complaint Type:

  Product Issues

  Status:

  Unanswered

  More info

  My mother passed away and left a small amount of money to me in an E*trade acct. it’s been 8 months and I’m still trying to get the money out. The customer service is atrocious and the amount of mistakes these ppl make is ridiculous. Every time I call I speak to a different representative who doesn’t know what’s going on. They’ve tried to wire me the money 3 separate times and each time they take out more taxes than the last. Nobody talks to anyone else and I swear they are doing it just to keep the money in their accts.. I’ve personally lost $4500 on a down payment for a car that they promised I would have the money for 6 days after the first transaction.. the level of incompetence is astounding for a company as big as they are. Pretty sad they can’t even level with their customers.. I’m absolutely fed up with the lies and no concern for their customers.. I would NEVER recommend their services to ANYONE!!!!!!

• Initial Complaint

  07/07/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Unanswered

  More info

  E-trade recently changed account access rules. The account, which I have had for years, I can no longer access because they now require a text message authentication. I do not have a cell-phone!, nor did they make that a requirement when I set up my account! I called, they would not work with me and wanted me to send them private information (license, ss-info etc) vie mail. First, this is information they already have, second why after many years can I not access my account. More importantly, its risky! Not to mention why do I have to jump through all these hoops to gain access to an account I have had for many years! This is not fair, and is wrong. I have not been able to make trades for 3 weeks now and I will NOT be sending photos to anyone just to access this account. 7-07-23

• Initial Complaint

  07/07/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Unanswered

  More info

  My mother passed away in Feb 2023. I have been trying to have the money in the two accounts she owned transferred to me. The transfer was explained as being a little complicated because one was a trust and IRA she inherited when Dad passed. Today is July 7. Etrade continually asked for the same things I'd already sent (Trust document for example, and they wanted me to sent the ORIGINAL---no way). This went on for months, usually at 3 week intervals, so nothing was timely. They set up an account which both would be transferred to, but apparently 1 had a margin balance. The account they set up, I was asked if I wanted margin. I said no. Whoops, they can't transfer an account with a margin to an account with no margin. I replied to the update "Here is my permission to open a margin on the new account." Two weeks later: "We need your ID". No telling me WHICH ID, where to sent etc. I send a picture of my license. 2 weeks later: we can't open this account with a PO Box. We have NO STREET MAIL DELIVERY in my town. They also need information about where I work, etc, to open the margin, because I guess it;s like a credit line. I don't WANT a margin account, I just need it to transfer the money. They gave me no other alternatives, like just paying off the margin with a check (there's no cash in the account, I'd have to sell stock). This is where I'm at now. It's 2 weeks later (again) and after speaking to yet a DIFFERENT person in the beneficiary service division, nothing was solved. I have had an etrade account 25 years, you'd think they could just transfer the stock there, but noooooo. I cannot wait to close every account I have at etrade. For a settlement I would like Etrade to GIVE ME MY INHERITANCE, NOW!

• Initial Complaint

  07/07/2023

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  After recieving A letter that ****** ******* would be taking over Etrade I tried to log into my IRA account (*********) that I just sent a $2,770 check to deposit before hearing about the change and learned that Etrade/******* had amended access so that I can no longer get into the account with changes made by ******* and after talking to Etrade agents several times and being put on hold for an hour and lied to, it has become obvious this is some kind of take over of my account and the few hundred dollars left in the account because they are not giving me access. I have been robbed by wallstreet again.

  Customer response

  07/19/2023

  ---------- Forwarded message ---------
  From: *********************** <******************>
  Date: Sun, Jul 16, 2023 at 5:08 AM
  Subject: Re: You have a new message from the BBB of Metro Washington DC & Eastern Pennsylvania in regards to your complaint #********.
  To: Better Business Bureau  <[email protected]>

  
  Thank you for the reply. 

  
  

  The complaint # ******** with Etrade has been resolved and my access has been restored.

  
  

  Please inform me how to close case ********

  
  

  Thank you again for your help with this issue.

  
  

  *****

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩