My E-trade horror story
- Thread starter indahook
- Start date
Wrong again. Multiple accounts at the same bank are combined for purposes of FDIC insurance coverage limits.
Your FDIC coverage will still be limited to $100,000, no matter how many accounts you open at E-trade's bank.
I also think you owe an apology to IB, and to anybody who might have been misled, by your outrageous suggestions regarding IB.
Lets go deeper....
http://www.fdic.gov/deposit/deposits/insured/yid.pdf
I assumed he meant multiple bank accounts at DIFFERENT banks. Then you can get the 100K per bank account.
Again however, that is a bank account. Lets say etrade didnt SWEEP your funds from your BROKERAGE account back to the Bank account. Guess what, you dont have that FDIC insurance.
Even though the front shows you consolidated money, the back end says Brokerage or Bank. Do you know when that happens??? You know when it should happen, but read your disclaimers more closely...
What good is FDIC insurance when all your money is in play???? But then again you did say Etrade is your Bank Account.
The bad part of this thread is we are talking about RETAIL BROKERAGE FIRMS. Now if we wanna talk about Banks, Etrade cant compare. They may have higher interest rates, but I can just jot down to a local branch a mile from my house. The nearest Etrade branch is 45 minutes away. next nearest is in another state. Not convenient at all. Who wants to live at an ATM all the time. Personally I dont like DEPOSITING checks or cash into an ATM. I prefer handing it to a teller.
Bank Of America is my main Bank, and they do just fine. I can view every account I have, except my IB accounts via their Portfolio view. So it shows My Credit Union Accounts, My BOA accounts, MY Chase Bank Accounts, My Etrade Accounts Most of my Credit Cards, etc. in one window. Not Only that it shows my expense breakdown for all of those accounts, a subset, or just one account.
Extremely versatile. They also allow me to transfer funds between all those accounts (except my biz accounts)
Not only that, BOA has integrated Payroll for my Biz accounts, at $10/month fee FLAT. They will mail the checks or I can direct deposit the funds. Doesnt get any easier than that...
Sorry Etrade, keep your bungling Customer Support. (Who at etrade Bank Knows me by name.... HAH!!!! Like that will happen and I am gonna drive 45 minutes for that. NO WAY!!!!)
So as Etrade attempts to infiltrate the banking community with their Outsourced CSupport, I doubt Chase and BOA will concede a ton of market share to them.
http://www.fdic.gov/deposit/deposits/insured/yid.pdf
I assumed he meant multiple bank accounts at DIFFERENT banks. Then you can get the 100K per bank account.
Again however, that is a bank account. Lets say etrade didnt SWEEP your funds from your BROKERAGE account back to the Bank account. Guess what, you dont have that FDIC insurance.
Even though the front shows you consolidated money, the back end says Brokerage or Bank. Do you know when that happens??? You know when it should happen, but read your disclaimers more closely...
What good is FDIC insurance when all your money is in play???? But then again you did say Etrade is your Bank Account.
The bad part of this thread is we are talking about RETAIL BROKERAGE FIRMS. Now if we wanna talk about Banks, Etrade cant compare. They may have higher interest rates, but I can just jot down to a local branch a mile from my house. The nearest Etrade branch is 45 minutes away. next nearest is in another state. Not convenient at all. Who wants to live at an ATM all the time. Personally I dont like DEPOSITING checks or cash into an ATM. I prefer handing it to a teller.
Bank Of America is my main Bank, and they do just fine. I can view every account I have, except my IB accounts via their Portfolio view. So it shows My Credit Union Accounts, My BOA accounts, MY Chase Bank Accounts, My Etrade Accounts Most of my Credit Cards, etc. in one window. Not Only that it shows my expense breakdown for all of those accounts, a subset, or just one account.
Extremely versatile. They also allow me to transfer funds between all those accounts (except my biz accounts)
Not only that, BOA has integrated Payroll for my Biz accounts, at $10/month fee FLAT. They will mail the checks or I can direct deposit the funds. Doesnt get any easier than that...
Sorry Etrade, keep your bungling Customer Support. (Who at etrade Bank Knows me by name.... HAH!!!! Like that will happen and I am gonna drive 45 minutes for that. NO WAY!!!!)
So as Etrade attempts to infiltrate the banking community with their Outsourced CSupport, I doubt Chase and BOA will concede a ton of market share to them.
Just a side note...
With Etrade's 197.7 Billion in Client assets versus IB's 4.5 Billion in client assets, what would happen if Etrade went belly up....
Oh well. a little research gets you a lot of answers. LOL. Etrade is good for my IRA however. (Thats about it though)
Simple stuff like this:
E*TRADE Bank and E*TRADE Securities LLC, are affiliated but separate companies.
E*TRADE Bank, a Federal savings bank, Member FDIC.
E*TRADE Securities LLC, a separate company registered as a broker/dealer with the Securities and Exchange Commission and the NASD and member SIPC.
Investment Products available from E*TRADE Securities LLC are:
* Not insured by the FDIC
* Not a guaranteed deposit or obligation of E*TRADE Bank
* Subject to investment risks, including the possible loss of the principal invested
With Etrade's 197.7 Billion in Client assets versus IB's 4.5 Billion in client assets, what would happen if Etrade went belly up....
Oh well. a little research gets you a lot of answers. LOL. Etrade is good for my IRA however. (Thats about it though)
Simple stuff like this:
E*TRADE Bank and E*TRADE Securities LLC, are affiliated but separate companies.
E*TRADE Bank, a Federal savings bank, Member FDIC.
E*TRADE Securities LLC, a separate company registered as a broker/dealer with the Securities and Exchange Commission and the NASD and member SIPC.
Investment Products available from E*TRADE Securities LLC are:
* Not insured by the FDIC
* Not a guaranteed deposit or obligation of E*TRADE Bank
* Subject to investment risks, including the possible loss of the principal invested
Getting back to the original post...
When you dial the 800 #, just select the "new account" option instead of the customer service option.
This will get you to talk to someone who can actually help you.
Ask to be transfered to their compliance officer, Ask the compliance officer for his email address and send him this link.
http://www.elitetrader.com/vb/showthread.php?threadid=90860
You will get a quick resolution to your problem.
def
Sponsor
I hate to get involved in such threads but if are going to disparage another firm, I suggest you first do a modicum of homework.
However, since you've proven that you either have no desire to get your facts straight or are incapable of conducting the most basic of research, I'll help out.
On the home page of the IB website you'll not only find IB's headquarters address but also you'd also find that "Interactive Brokers LLC is a member NYSE - NASD - SIPC and regulated by the US Securities and Exchange Commission and the Commodity Futures Trading Commission". If you clicked on the link "For a list of IBG memberships worldwide", you'd find that the group have memberships in over 60 world wide exchanges and clearing houses. I won't go into the details of customer segregation, IB's risk management or strong capital base but your inference that IB can just vanish is ridiculous at best.
However, since you brought this up, I think it's fair for me to point out a thing or two that slipped by your astute research. I know this would have been difficult for you to figure out since you have to use a drop down menu and read more than one paragraph BUT if you can get that far, you may find this paragraph: "Interactive Brokers' headquarters are in Greenwich Connecticut, and it has about 500 employees in its offices there and in Chicago, Switzerland, Canada, Hong Kong, London and Sydney. IB is regulated by the SEC, NASD, NYSE, SFA and other regulatory agencies around the world."
Oh, if you're ever in Hong Kong and visit E-trade's office, please make sure you look at the buildings directory. You'll find E-Trade just moved into our building.
No, my information was correct.
We weren't talking about trust accounts. We were talking about accounts in the trader's name.
If the trader creates a P.O.D. trust account, in the name of a spouse, child, grandchild, parent, or sibling, then the trader is no longer considered the account owner for FDIC purposes. FDIC treats the account as owned by the spouse, child, grandchild, parent or sibling named as the beneficiary. Your spouse, child, grandchild, parent, or sibling P.O.D. trust account receives no more than $100,000 in FDIC coverage. If you have, for example, only two spouses, children, grandchildren, parents, or siblings, then you can only receive $100,000 in coverage for each of them, making a total of $200,000 in coverage for your relatives.
If, for example, you have no living spouse, child, grandchild, parent, or sibling, then you cannot obtain any of this type of FDIC coverage at all.
None of these details are relevant. One of the issues is the false claim that E-trade accounts carry more insurance coverage, more safety, and more legal protection and remedies than Interactive Brokers. Everything stylark3 told us, in favor of E-trade, was just a bunch of lies. Another issue is that the source of that information, stylark3, is a person who should have no credibility, because he goes far beyond mere errors. He makes not the slightest effort to verify his information which is obviously harmful to others, and he makes those false facts up out of thin air, and fails to acknowledge his errors. Everything he says should be approached with the deepest suspicions. I think he will need to register under a different EliteTrader username if he wants to continue promoting E-Trade on this site.