My E-trade horror story
- Thread starter indahook
- Start date
Sorry, I meant to respond to this earlier.
I need to correct you on this:
The SWEEP feature on ETrade brokerage accounts is not automatic. You have to apply for this feature to be added to your account.
I elected not to have this feature.
What I was saying is I have a separate Etrade Bank Checking and Savings Account.
I can go online and manually transfer funds out of my Etrade Brokerage Account and into my Etrade Bank Checking Account and/or Savings Account and have the funds register in an instance into those accounts. Likewise, I can manually move funds back into my Etrade Brokerage account from My Etrade Bank Accounts.
Moving them to my Etrade Bank Accounts automatically makes them FDIC protected.
Moving them back to my Etrade Brokerage Acccount removes the FDIC protection and makes them SPIC protected again.
The balance transfers are instantaneous and I like having this control.
As I understand it, you are correct about the SWEEP feature so far as it moving the funds to a place that is not FDIC insured but still SPIC insured e.g moving the fund to a money market account overnight, for example.
But, as I said before, I don't have the SWEEP feature.
Therefore, I am able to access FDIC protection upon my choosing.
Integrated banking and brokerage should be that way. I can send money in and out my BOA investment accounts and Checking/Savings with no fee. So tell me something that SHOULD blow my socks off. YAWN!!!!
Sorry pal, you can wash a turd and dress it up, but in the end it's still a turd....
Sorry pal, you can wash a turd and dress it up, but in the end it's still a turd....
Indahook - a few people recommended that you look at your transaction log to see how the 'bad guys' screwed you. At least then you know the date & type of transaction that occurred (my apologies if I missed where you covered this).
Please keep us updated with the status.
E-Traders: personally I would closely evaluate what you're gaining by staying w/ this firm vs what you could lose (this is not the 1st horror story I've seen on these guys). To even stay in business, most businesses treat you well when things are 'normal'. However, you find out how a company is really managed when the shit hits the fan.
For those that think a 'token' is the holy grail - think again. Yes - it will probably protect you from the thieves who use key loggers on public terminals, etc - but a poorly run company will likely have many other avenues to be exploited (ask TJX).
Please keep us updated with the status.
E-Traders: personally I would closely evaluate what you're gaining by staying w/ this firm vs what you could lose (this is not the 1st horror story I've seen on these guys). To even stay in business, most businesses treat you well when things are 'normal'. However, you find out how a company is really managed when the shit hits the fan.
For those that think a 'token' is the holy grail - think again. Yes - it will probably protect you from the thieves who use key loggers on public terminals, etc - but a poorly run company will likely have many other avenues to be exploited (ask TJX).
