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E*TRADE

reviewed by BG3

E*Trade is a discount, online brokerage.

BG3
03/03/2008

E*TRADE 1

E*Trade Banking: insanely incompetent. I am not a complainer, nor incompetent user (I am a high tech corporate businessman), so I don't say this lightly: in my 50 years I have NEVER experienced such idiocy - and this is in a financial institution (shudder)!

I spent 3 weeks TRYING to give them a deposit, begging them to email account status to me, and spending over 2 hours arguing with customer service personnel. I spend another week begging them to close the UNOPENED account (just to seal off my sensitive personal information, like social security number). All I've ever received is "I'm sorry, there's nothing we can do because of the Patriot Act."

I am not a violent person but it seems that this type of behavior is what causes violent behavior. At very least this is a fat, ripe class action candidate - for fiduciary malfeasance!

Now: keeping in mind that their high yield rate is a desperation act following their crash ride in the mortgage market, and with likely banking investigations, lawsuits, and other fiascos - do you want YOUR money in this looney asylum??

See plenty, plenty more at http://www.ripoffreport.com/reports/0/312/RipOff031 2993.htm

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Automatt commented 628 days ago.
I don't get it, you needed to open an account very quickly with them? And then you needed to close it? It doesn't sound like you were even a customer there.

BG3 commented 628 days ago.
Exactly. I couldn't even get them to take a deposit! Then, futile attempts to get them to simply say "okay, the account is closed." And why, you may ask, would I care to close an account that doesn't seem to have been opened? 1. They have my existing checking account number and had initial instructions to make a transfer. I don't want the potential of that transaction hanging over my head. They won't let me CANCEL that as-yet-unmade transaction, which is probably a violation of federal banking regulations. Any SEC (or how about FBI) readers seeing this? 2. On each of six customer service calls I gave some faceless, addressless person my Social Security number and other information that I wish I hadn't shared with this incompetent firm. I truly cannot imagine that they are capable of securing proprietary information. Hint to identity thieves: go nuts - fat pickings!
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By the Numbers