Pissed Consumer - eTrade - Inept Customer Service - poor withdrawal policies and procedures

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eTrade - Inept Customer Service - poor withdrawal policies and procedures

May 27, 2008

ETRADE complaint by Jj0103

My company utilizes eTrade as the admin for their ESPP. On 5/9/2008 I exercised a sell of my stock and the funds were put into a brokerage acct that I converted from an individual to a joint acct in '06 when I married. According to the eTrade rep I spoke with, they would not allow a withdrawal from the acct because my wife's information did not verify correctly based upon the system that they use. They informed me that I would need to fax a copy of her driver's license and soc sec card to release the hold on the acct to withdrawal the funds. As opposed to going though the hassle of updating the acct as I have no intention of doing business with eTrade nor using this brokerage acct, I proposed converting the acct back to an individual acct. They would not grant me that option even though I'm the primary acct holder and the person that attempted the conversion in the first place. I satisfied that request and placed a follow-up call within a week. The next rep said that they received the information but still couldn't release the funds as they would also need a copy of my driver's license now because of a disparity of my new and old address on file. Keep into consideration the new address was on my wife's driver's license that I had just faxed over a week prior. My current driver's license doesn't have that address on it so the rep agreed a state tax document will suffice which is what I faxed on 5/19/2008. I placed a call on 5/27/2008 and they confirmed they received my fax but would still require my driver's license. I've run out of options as I've satisfied all their requests as best as I could. They are currently holding hostage $4600 that I desperately need. This company's customer service, policies and procedures are an administrative nightmare and I do not recommend doing business with them.

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Comments (3)

1. Written by etrade customer, on 24-06-2008 12:13

Its easy to put money into etrade but difficult to get it back out. They always seem to need that one last document so they can give you your money back regardless of how many times you send them everything they ask for. The good news is that nobody will steal your money because nobody can get the money out, including you.

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2. Written by Etrade Customer, on 24-06-2008 12:08

I have exactly the same problem. They took my initial deposit, and then they asked for documents to unfreeze the account. They received the documents but did not unfreeze the account because in their internal system my drivers license address doesnt match up with my residence address (no idea why). So then they asked me for an additional $3000 check to unfreeze my account. I don't want to give them more money since I can't even get back what they already have. And why $3000? That's such an arbitrary amount? Why not $1? Why not $0? So now I'm trying to get my money back. I've been working on getting my money back for 14 months now. They always have a new reason they can't give it back yet. It seems like we are always making progress, but always something new comes up. I just want my money back and to never ever hear from them again.

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3. Written by Smith, on 18-06-2008 11:43

I had the same problem. They have repeatedly asked for the same documents I have sent them over and over. I do not recommend ever doing business with them. Once I get my money out (and if), I will never do business with them again. Same request as above, drivers license, etc, even though I know all of my stuff matches up on my credit. They have over $10,000 of mine.

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