Pissed Consumer - Wrongfully Blocked my Account

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Wrongfully Blocked my Account

Jul 18, 2008

ETRADE complaint

Etrade has blocked access to my trading account. I am not able to trade, access or view my holdings. I called and spoke with an Etrade representative, identified myself as the owner of the account and inquired as to what has happened.

I was told that one possible reason for this could be a login to my account from a foreign country. Despite my inquiry I was not given a specific reason as to why my account was secured. Explaining that I travel globaly 240 days a year also fell on deaf ears. I was then told that I would not be able to trade or cover any margin debts currently on my account until my account was reinstated.

I was then told that a notarized letter of Authorization is required within one hour from my phone call to re-activate my account however, after inquiring about what a letter of authorization is, I was not given an answer. I further explained that I am in Iraq and do not have access to a fax machine and since emails with attachments are not allowed the only option available to me is the postal system.

In this current stock market I am loosing thousands of dollars because I can not trade. I attempted to draft what I thought Etrade might demand in an LOA and sent it via email despite their restrictions, a reply was received stating only that attachments are not allowed, please mail your request. To send the required letter requires a minimum of ten days and we are already long beyond that. At this point Etrade has offered no follow up, no assistance and no resolution.

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