Is E-Trade the Worst Broker

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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?
 
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?
 
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,
 
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..
 
Any investor understands intra-day swings, prices can change for minor reasons such a rumor from the Fed and quickly recover. You would think the broker will give you time, at least a day to transfer funds, but boy are you wrong. E-trade started selling my shares on the same day without allowing me to settle the margin call. Talked to their customer service and in his own words, he actually interrupted me and said "Sir, you are not a big customer to us. If as a customer you had say $3 million dollars, we would not have sold". Man was i humbled. So, just know e-trade will sell your shares within hours if the market spikes. All the positions they sold quickly recovered by closing and I lost thousands thanks to these people.
 
Dude, brokers get stiffed all the time by deadbeat traders .

If they extend infinite credit to every dick that trades on margin, they will lose a lot of money.

What kind of garbage were you in , that moved so fast. ?

Not saying Etrade doesn't suck, but we're talking about money, and money has no friends.
 
etrader-2018 said:
Any investor understands intra-day swings, prices can change for minor reasons such a rumor from the Fed and quickly recover. You would think the broker will give you time, at least a day to transfer funds, but boy are you wrong. E-trade started selling my shares on the same day without allowing me to settle the margin call. Talked to their customer service and in his own words, he actually interrupted me and said "Sir, you are not a big customer to us. If as a customer you had say $3 million dollars, we would not have sold". Man was i humbled. So, just know e-trade will sell your shares within hours if the market spikes. All the positions they sold quickly recovered by closing and I lost thousands thanks to these people.
More...

Congratz etrader. You've won the monthly ET-oldest-thread-bump-of the-month award, issued annually. Geez, 12½ year-old bump. Nearing a record perhaps.

As an aside, I hope you found a better broker Mr. etrader.

 
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