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Home » Consumer Reviews » Brokerage » Abysmal E-Trade Customer Service

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Abysmal E-Trade Customer Service

Mar 31, 2008

ETRADE complaint

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I am the Trustee of a Living Trust that had a broker trading account and a broker traditional IRA with E-Trade. Upon the death of the Trustor, I had to transfer the accounts into new accounts in my name as Trustee.

I began this process in late August 2006. The new trading account took four months to set up; the new Beneficiary IRA took a year. But it was not just a year of waiting. Applications or other sets of documents were submitted five times because previous submissions had been lost or the wrong documents requested. Thirteen letters and 22 emails were written. The average reply time for letters and emails was about one month. Six faxes were sent of which 2 were lost or "didn't arrive". I had to call Customer Service 36 times with a minimum wait time of 15 minutes and as long as 1 hour 40 minutes.

Saying that E-Trade's Customer Service is abysmal understates the case. I found it virtually impossible to reconnect with the same Customer Service person and was forced to start over with every call. Replies to letters, faxes and email takes 3 to 4 weeks at best and often doesn't happen at all. Calls, letters, email, faxes and documents are very inconsistently logged into the computer.

Needless to say, the accounts are no longer with E-Trade.

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