My E-trade horror story

Quote from Woz2000:

I did the same thing. Was totally happy with Dreyfus and then BrownCo. When I received the take over notices, I immediately searched for another broker.

I transferred my two IRA accounts to Scottrade (since it was not a very active account). My last account went to Ameritrade, not great either, but better than Etarde.

I heard there was a lot of people that also transferred out their account before Etarde took over. I'm guessing they lost a lot of their 'purchased' accounts just from their bad reputation!
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Yes, I'm another. I was very happy with Brown. Got the e-trade notice and went to IB.

E-Trade's problem is that they are trying to be full service for all financial activites, and do none of them well.
 
I would send a certified letter to their compliance department outlining your story and demanding that an attorney call you immediately, failing which you will contact the SEC and/or notice them for binding arbitration. State that if they report this erroneous "debit" to credit reporting bureaus you will sue them for libel.
 
Quote from indahook:



So now it is the 29th. Nobody at etrade has called me back. They are sending me collections notices for a negative balance I did not create. And they sold out the one position I had in the account to meet the bogus call.

What a shit show
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Get your attorney. Let him handle it.

As soon as there is an attorney involved you should hear back from them in short notice.
 
Quote from AAAintheBeltway:

I would send a certified letter to their compliance department outlining your story and demanding that an attorney call you immediately, failing which you will contact the SEC and/or notice them for binding arbitration. State that if they report this erroneous "debit" to credit reporting bureaus you will sue them for libel.
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I am real close to this phase of the debacle.

Thanks
 
This is a sad story on indiscriminate outsourcing. Etrade seems to place profitability above trust and protecting the assets of their clients. The clients account information is obviously accessible to Indian hackers over there, and they must have raided your account.

I hope this serves to warn others to be careful in choosing/monitoring their brokers: we are talking money here.
 
Quote from indahook:

And if you have to call them you will end up on hold with India while Ganesh calls himself "johny" and cannot even talk about your statements because he is not a licensed broker.

What a shit show
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First of all I am sorry for what you have had to go through.

However, I just had to say that this paragraph is some of the funniest shit I have read on Elite in a long time. It's not often I laugh so hard I am afraid I might crack a rib. :D
 
Wow. Thanks much for sharing your issue. Talking to India is not for me. I was planning on signing up this weekend for an account there to test them out for a month on their free trading offer. No way I'm doing that now.

Good luck on getting a fast resolution to their problem that unfortunately you have to correct.

This message board is extremely useful & informative.
 
Thanks for the heads up man. Ive been preparing to open an account wiht them for a while.

What doenst make sense is, when you call and discuss an account opening with them, they seem to be here in Canada, but when you have a customer service issue, they outsource to India.

Is my understanding correct?
 
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