ComplaintsforE*TRADE Financial Holdings LLC

• Initial Complaint

  01/04/2024

  Complaint Type:

  Billing Issues

  Status:

  Unanswered

  More info

  Over the past month or two, I've recieved many reorganizational fees totaling $160+ Was confused as to why my account had negative balance, it doesnt show up as negative balance. But I'm unable to make any purchases without paying off the balance first, and if I sell a stock it automatically will pay it. One of these reorganizations, $38 flat rate, but the asset is only worth $4.32 Speaking with customer support, they told me that re-organization fees (except for the first time) cannot be waived. They told me this was industry standard and that they cooperate with other brokers to set this rate on cash accounts. What they described to me is price fixing, the next day a representative said the opposite. Coopetition which in no way benefits the consumer. Speaking with one of their comepitors, ********, they told me they don't charge any reorganizational fees. I'm seeking to waive all and future corporate action fees, and to be compensated for my time and stress levels rising.

• Initial Complaint

  05/12/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  On 5/10/23, I did an online transfer of $25,000 to my credit union account from my E*Trade account. On 5/11/23, the transfer was denied by E*Trade and my account was locked. This was a transfer to a previously validated account, and I have made multiple transfers in the past, some in larger amounts. The E*Trade account was opened to save money for income taxes and the funds were transferred out in April to pay those taxes. On 5/11/23, my husband called to unlock the account and they refused to do so. He asked to speak to a supervisor and they would not allow him to do so. They said one would call him back, but no one has. On 5/12/23, he called again and received the same run-around. I called on 5/12/23 to close the account and they refused to close it. I was told a supervisor would call me in 2-3 business days, so not until next week. I cannot get to my own funds and they are doing anything they can to avoid closing the account. I want to close it to move the funds to a local bank, where I can go into a branch and speak to an actual person. I am tired of their games.

  Business response

  06/26/2023

  June 26, 2023

  Dear *** *****:
  On behalf of Morgan Stanley Private Bank, National Association (MSPBNA), formerly E*TRADE Bank (E*TRADE), this letter is in response to your correspondence submitted
  to the Better Business Bureau (BBB), received by MSPBNA on June 4, 2023.

  It is noted that the MSPBNA Compliance Department previously responded to your concerns by letter dated May 25, 2023, and your concerns have been resolved.
  MSPBNA appreciates the opportunity to address your concerns; if you still require assistance, you are encouraged to contact Customer Service by telephone at 1-800-387-
  2331.

  Sincerely,
  Compliance Department
  Morgan Stanley Private Bank, National Association

  Customer response

  06/27/2023

  [To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed as Answered]
  
   Complaint: ********
  
  I am rejecting this response because:  they did nothing to fix the issue.  There was no "resolution", other than to finally close the account.  They insisted on doing a 3 way call with our bank, who would not give out our information to a third party.  We had already done several transfers with this bank and it was pre-approved, so there was no reason they should deny it.  We finally got them to close the account, after hours of phone calls, multiple times, and lots of runaround.   We will never deal with them again. 
  
  Regards,
  
  ***********************
  

• Initial Complaint

  05/10/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Checking Account Opened Submitted required documents ID and social Called into Account Activation multiple times Cashed a couple checks Checks where made avaible to be withdrawn after passing required hold times Refusing to allow access to funds and have provided no reason to why or what further action is needed Restricted me from accessing my account online

  Business response

  06/06/2023

  June 6, 2023 
  Dear Rebecca Strohl: 
  On behalf of Morgan Stanley Private Bank, National Association (MSPBNA), formerly  E*TRADE Bank (E*TRADE), this letter is in response to your correspondence submitted  to the Better Business Bureau (BBB), received by MSPBNA on June 1, 2023. 
  It is noted that you spoke with Customer Service on May 16, 2023, and your concerns  were addressed at that time.  
  Morgan Stanley appreciates the opportunity to address your concerns; if you still require  assistance, you are encouraged to contact Customer Service by telephone at 1-******** ****. 
  Sincerely, 
  Compliance Department 
  Morgan Stanley Private Bank, National Association
  
  

• Initial Complaint

  05/09/2023

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  On 4/18/2023 I sent a letter of instruction to Etrade Beneficiary Services using case# ********. I asked to close an existing Etrade joint account and transfer assets to my new Etrade trust account. I sent the forms to Etrade by email and called to verify that they were received. I was told that it would take **** business days to process. I have called the Beneficiary Services several times since then to ask for a completion date, and each time they tell me it will take another two weeks. During the most recent call on 5/9/23, they told me it would take ***** more days to complete. When I did a similar request with **********, it only took 2 days to process.

  Business response

  06/15/2023

  June 15, 2023

  To Whom It May Concern:
  

  I am following up on your May 16, 2023, letter to ***** ********** requesting a response to **** *********’s complaint in the above-referenced matter.
  

  Unfortunately, we are prohibited by Securities and Exchange Commission Regulation S-P and Morgan Stanley’s internal policies from disclosing non-public customer information to nonaffiliated third parties, including the Better Business Bureau. This prohibition extends to any description of the customer complaint or its response because any meaningful discussion of the complaint would generally require the disclosure of personal information about the customer, his or her finances, and investment objectives.
  Please note that a detailed response was provided to *** ********* via Secure Message on June 15, 2023.
  

  Sincerely,
  Compliance Department
  E*TRADE Securities LLC

  Customer response

  06/22/2023

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. 
  
  Regards,
  
  ***************************
  

• Initial Complaint

  04/25/2023

  Complaint Type:

  Product Issues

  Status:

  Unanswered

  More info

  I closed my etrade account. I subsequently received an emailed survey requesting feedback as to why I closed accounnt in exchange for a $5 ****** gift card. I completed the survey & never received the gift card.

• Initial Complaint

  04/22/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  I have pdt account with etrade and was under 25K. I accidentally bought spy call that expired same day and meant to buy one that expired next day. I called customer service at 2pm for etrade. And they told me I could not mark it ad do not exercise until after 4 PM and before 530pm but at 3:59pm the call was sold without my permission and I am now forced to be in a cash only account which means I can't use margin which I was forced into even though they told me i had to wait till after 4 PM to call them and tell them not to exercise it which I planned on doing but at 3:59 PM it was sold without my permission Which lost me access to margin use and I feel that it's extremely unfair.

• Initial Complaint

  04/21/2023

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  When I received an email that I still had an active account on Etrade I immediately attempted to close the account. On April 5th the representative communicated with me that the account was restricted and that I needed to deposit $9 to lift up the restriction. I did so. I called again on April 11 and spoke to a *** ****** and he communicated with the Debt and Recovery Department again to lift up the restriction. I called again on 4/21/23 and the representative **** ****** filed again to the Debt and Recovery Department to lift the restriction. I just need this account close. I can't close it because of the restriction. A small issue is becoming a much bigger hassle. I have had horrible customer service with this broker. Which is why I since 2019 switch to solely ******** and ************ for my broker needs. I just want the account close.

• Initial Complaint

  04/21/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Unanswered

  More info

  I opened an account on Tax Day because my CPA recommended depositing into a traditional IRA with ETrade. I contacted consumer service to insure I would be able to deposit the max amount of $6,000 that day. The option to link my bank account was going to take several days, so they gave me the E-check option. It came with zero instruction. So I followed the basics the representative gave me. I was told that if it was submitted before the deadline of 4pm EST, which it was, that it would be fine. It was directed to specifically 2022. I made it clear with several representatives that I only aimed to contribute to 2022. I would be happy to do 2023, as long as I knew I could trust the system to efficiently get me into 2022. I got notified of a rejection the next day and no one could give me an answer why. They submitted some sort of "research" for me and said I could get a secured message. Several days later, never got a secured message. Today, I got a phone call from a ETrade and a guy who offers me nothing other than saying, "hey you can contribute to 2023, as long as you don't wait until the last day." I get it. I didn't want to wait until the last day either, but it showed as an option on their site and the representatives of ETrade gave me the green light. I have cancelled my account and have taken future business elsewhere due to deceptive practices. This is a place I want to trust my money with. I get they're a giant and there is no use fighting, but I am trusting my future to a company. If they screw up day 1 on promises and show what they showed me, then I have zero interest in them. There are other options I am exploring currently.

• Initial Complaint

  04/16/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Unanswered

  More info

  GoodDay ! I would like to get this to your notice in regards to an issue I faced with etrade last week which made me feel devastated ! I had few option contracts which I purchased few days ago and was running on loss and on the day of April3rd I did get an opportunity to minimize my loss and sell my contracts.To my surprise etrade went down for almost half an hr or more and I couldnt sell my option contracts and remained in loss . I have screen shots which shows my logins and the error displays and glitches on etrade in regards to this incident which didnt allow me to sell my positions and get into loss again ! I was able to get hold of etrade customer care who is aware of the whole situation where I shared all the screen shots and explained my unfortunate situation ! I was assured by the customer care that this situation would be for sure taken care and was told that if i sell the positions before an update from etrade that would let me loose the opportunity of recovery from Etrade ! And hence I did hold off without selling and to my surprise when I called the customer care next day I was told that they couldnt help me with the situation.First thing, looking at the etrade screen during the glitch where my balances were zero and losses were high I almost had a heart attack and later on due to the glitches I was not able to sell and pushed me into huge loss and the assurance was not fulfilled ! Why should an innocent customer take huge loss during peak times of trading and get into losses . Despite of assurance given nothing worked out as well and I have to bear the huge losses for the etrade mistake ?? I trust and have put my money and end up taking the losses ?The loss have hit almost $2800 for no mistake of mine ??I would like to provide the screen shots on this whole incident . And the customer care has clear info on this as well . I need justice to be served in this matter !! More than money it was the shock and the peace of mind as well as the customer care being dealt with ignorance has broken me up !!Incident Date : 04/03/2023 Timing : Between 9.35am - 10.25am approximately Option Contracts List :QQQ - April 21 311 Put - Paid *****- 4cons QQQ - April 21 317 Put Paid - **** - 2cons Spy - April 21 **** Put - ***** - 2cons Googl - April 21 101 Put - **** - 3cons

  Business response

  05/25/2023

  May 25, 2023

  To Whom It May Concern:
  

  I am following up on your May 11, 2023, letter to ***** ********** requesting a response to ***** ********’s complaint in the above-referenced matter.
  

  Unfortunately, we are prohibited by Securities and Exchange Commission Regulation S-P and Morgan Stanley’s internal policies from disclosing non-public customer information to nonaffiliated third parties, including the Better Business Bureau. This prohibition extends to any description of the customer complaint or its response because any meaningful discussion of the complaint would generally require the disclosure of personal information about the customer, his or her finances, and investment objectives.
  

  Please note that a detailed response was provided to *** ******** via mail on May 25, 2023.
  

  Sincerely,
  Compliance Department
  E*TRADE Securities LLC

• Initial Complaint

  04/08/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  ETRADE can not be trusted. They are providing false information to market their product to new customers. They stated that there would be no fees or charges to open and use the account. However, once the account was open there was a bait and switch. To use their product one needs to deposit $1000 into the account. I'm trying to close my account, but they won't give me the rest of my money back. Money that has not been used, and is just sitting in my online wallet. They say it's for my protection that they won't give me my money back. How is this for my protection when I'm taking MY money back and CLOSING my account?

  Business response

  05/12/2023

  May 12, 2023 

  Dear *** ********:  
  

  On behalf of E*TRADE Securities LLC (E*TRADE), this letter is in response to your  correspondence to the Better Business Bureau (BBB) that was received by E*TRADE on  April 27, 2023. 
  

  A detailed response to your concerns was sent via mail from the Compliance Department  on May 12, 2023. 
  

  E*TRADE appreciates the opportunity to address your concerns; if you still require  assistance, you are encouraged to contact Customer Services at 1-800-387-2331. 
  

  Sincerely, 
  

  Compliance Department 
  E*TRADE Securities LLC
  

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩