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Home  »  Consumer Reviews  »  Loans  »  ETRADE unfair practices
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ETRADE unfair practices
May 1, 2008
ETRADE complaint
We have had an equity line of credit with ETRADE for several years. Recently I wrote a check on my equity line of credit. I had to send the check to Mexico, so I called a week after I wrote the check to see if the check had cleared. "No, the check had not cleared yet." At the time I also requested some more checks with our PO address on them rather than our physical address. No mention was made that our account was frozen. A few days after the conversation I received a letter which was back dated to 4/1/08 saying our account had been frozen. When I called ETRADE to see what was going on, they were extremely rude and said I needed to get an appraisal before they would release any further funds. As I tried to expalin that was at least a 30 day process and my check was going to hit the account any day. The agent told me to just write them a check on another account. Well if I had the money in another account, I would not have written a check on my equity line of credit. My check had been written 3/28/08 before the letter. We are not in a negative equity situation like so many home owners. We have been in our home 10 years with a 5.25 fixed rate. They have refused to honor my check, and as a result of this I do not have $7088.00 to cover the check I wrote in good faith. I am very unhappy about this"selective enforcement" and am willing to participate in a class action lawsuit against ETRADE for unfair lender practices.

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