So in 2005 i had an extra grand in an etrade account. of course i didnt know about reps then. anyway i basically bought some stock, watched it fall and forgot about the account. so i received a statement that showed the account at $0. SO i went online and looked and it showed i sold my piddly $500 in december. WELL knowing i didnt receive a check cause i didnt use it to buy a rep i called to investigate. it seems etrade has charged by fees since 2005 that basically wiped out the value of my account. so now i cant take the tax loss or buy a new rep.
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Etrade ripped me a new one
- Thread starter mickeypro
- Start date
I was under the impression that if there is a change in policy such as new 'maintenance'
fees,
they must in a clear and concise mannor inform you of the changes.
I'm going to assume they prob. did and you tossed the email.
- So on to second point.
If there is no movment or your account is inactive for an extended point of time 3 years more then covers it. They must send you periodic reminders telling you how much you have remaining - *even if its just a yearly update as to the amount in your balance and how much has been deducted due to fees*
If this hasn't been done your entitled to your $500 back since they neglected to inform you of either changes to your account (voiding the contract origionally put inplace) or informing you of your balance at least yearly)
- Ex
fees,
they must in a clear and concise mannor inform you of the changes.
I'm going to assume they prob. did and you tossed the email.
- So on to second point.
If there is no movment or your account is inactive for an extended point of time 3 years more then covers it. They must send you periodic reminders telling you how much you have remaining - *even if its just a yearly update as to the amount in your balance and how much has been deducted due to fees*
If this hasn't been done your entitled to your $500 back since they neglected to inform you of either changes to your account (voiding the contract origionally put inplace) or informing you of your balance at least yearly)
- Ex
What kind of fees just wipe out your entire account in a couple years?? That is messed up. I don't use e-trade, but I have a significant balance just sitting in a Scottrade account that I haven't looked at in almost a year... I have no idea what fees, if any, they charge... it all better still be there!!!
Good news, Sharebuilder is much cooler for us fly by night traders. 
- 15/4/07
- 14,908
- 56
- 48
seventhexile said:
When you give them dough, it's in small print. If you don't trade once or twice a month or pay to be on their unlimited trades list they will charge you a monthly maintenance fee. Also, the value of the stocks probably took most of his money.
but if his account has been inactive for over a year don't they have to send him reminders of his balance ?
I might have just been spoiled by Scottrade, however.
- Ex
I might have just been spoiled by Scottrade, however.
- Ex
I've had ETrade for years. I get monthly statements and Year End statement for taxes. I've never had fees. Prolly had to do with the size of his balance.
If he'd have paid attention and moved the money into ETrade bank he'd have been making 3% for last last 3 years with no fees.
Mickeypro must have plenty of money if he can forget about it for years.
:wink: Maybe you also moved and forgot to tell them your new address?
If he'd have paid attention and moved the money into ETrade bank he'd have been making 3% for last last 3 years with no fees.
Mickeypro must have plenty of money if he can forget about it for years.
:wink: Maybe you also moved and forgot to tell them your new address?
Sorry to hear about this, my suggestion is find out if they voided the contract and see if you can sue them for a lot more. :twisted: