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Avoid ETrade unless you like getting charged $30 just to get your own money back
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2023 Feb 2, 4:17pm 529 views 9 comments
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1
EBGuy
2023 Feb 2, 4:45pm
Scratching my head a little on this one. I've always had a book of checks for my E*Trade joint brokerage account. I use these checks if I need to pay a large bill or transfer money to my bank account. I did get charged last time to order more checks when I ran out (the $30 amount sounds about right).
An average charge of $35 is charged by most US banks for replacement of checks.
Per:
https://www.banks.com/articles/banking/checking-accounts/checks-card-replacement-fees/#:~:text=An%20average%20charge%20of%20%2435,banks%20for%20replacement%20of%20checks.
An average charge of $35 is charged by most US banks for replacement of checks.
Per:
https://www.banks.com/articles/banking/checking-accounts/checks-card-replacement-fees/#:~:text=An%20average%20charge%20of%20%2435,banks%20for%20replacement%20of%20checks.
2
Patrick
2023 Feb 2, 4:48pm
Patrick
2023 Feb 2, 4:48pm
Thanks @EBGuy
I never had ETrade checks as far as I recall.
I just wanted them to mail me a one-time check, but it costs $30 to do that.
Maybe bank transfer is less than the check cost, or zero. I should have looked into that.
I never had ETrade checks as far as I recall.
I just wanted them to mail me a one-time check, but it costs $30 to do that.
Maybe bank transfer is less than the check cost, or zero. I should have looked into that.
3
Patrick
2023 Feb 2, 5:34pm
Patrick
2023 Feb 2, 5:34pm
@EBGuy Does ETrade still send you paper statements? They just stopped for me some months ago. I'd like them because I've read that they are good evidence in court that you had a certain amount on a certain date, with higher credibility that a downloaded PDF which could more easily be modified.
I wrote customer service and asked if they could reinstate paper statements unless there is a fee for that as well.
I've got enough money at ETrade that they should not be nickel and diming me, and the guy who reversed the check fee said as much.
I wrote customer service and asked if they could reinstate paper statements unless there is a fee for that as well.
I've got enough money at ETrade that they should not be nickel and diming me, and the guy who reversed the check fee said as much.
4
clambo
2023 Feb 2, 5:57pm
Fuck Etrade; I had a bad experience with them.
Later, I sold all of the stonks and they paid me.
Later they said I owed them money.
I said our business is over, goodbye.
I don't know why people do business with them.
Their ads are annoying and bullshit.
Brokeass guy is pissed he doesn't own a yacht: "Don't get mad, get etrade."
Yeah, right, you're gonna get rich trading stonks pal.
Later, I sold all of the stonks and they paid me.
Later they said I owed them money.
I said our business is over, goodbye.
I don't know why people do business with them.
Their ads are annoying and bullshit.
Brokeass guy is pissed he doesn't own a yacht: "Don't get mad, get etrade."
Yeah, right, you're gonna get rich trading stonks pal.
5
Patrick
2023 Feb 2, 6:03pm
Patrick
2023 Feb 2, 6:03pm
I actually worked at ETrade for a bit, contracted out from Sun Professional Services when I worked there.
The place was pretty scammy even then. The CEO at the time, Christos Cotsakos, gave off a vibe of scamminess from a distance.
The place was pretty scammy even then. The CEO at the time, Christos Cotsakos, gave off a vibe of scamminess from a distance.
6
EBGuy
2023 Feb 2, 7:19pm
Patrick says
Not on retirement accounts, but still getting paper statements for the brokerage account. Not really trading much these days, but nice to have the paper records. I believe there is a tab somewhere that you should be able to toggle to reinstate the paper trail.
E*Trade does seem to be doing wonky things (post MS buying them) but nothing to totally piss me off. When logging in around tax time last year they claimed I had two more logins to move over to another type of two factor authentication (I have an RSA fob). Last time I logged in they said nothing, but they wanted my wife to have a separate login.
EBGuy Does ETrade still send you paper statements?
Not on retirement accounts, but still getting paper statements for the brokerage account. Not really trading much these days, but nice to have the paper records. I believe there is a tab somewhere that you should be able to toggle to reinstate the paper trail.
E*Trade does seem to be doing wonky things (post MS buying them) but nothing to totally piss me off. When logging in around tax time last year they claimed I had two more logins to move over to another type of two factor authentication (I have an RSA fob). Last time I logged in they said nothing, but they wanted my wife to have a separate login.
7
stereotomy
2023 Feb 2, 7:25pm
stereotomy
2023 Feb 2, 7:25pm
Patrick says
Vanguard now charges $20 per account (regular, Roth, traditional IRA) per year for paper statements. I agree that this is just bullshit woke virtue signalling, as well as nickel-and-diming.
EBGuy Does ETrade still send you paper statements? They just stopped for me some months ago. I'd like them because I've read that they are good evidence in court that you had a certain amount on a certain date, with higher credibility that a downloaded PDF which could more easily be modified.
I wrote customer service and asked if they could reinstate paper statements unless there is a fee for that as well.
I've got enough money at ETrade that they should not be nickel and diming me, and the guy who reversed the check fee said as much.
Vanguard now charges $20 per account (regular, Roth, traditional IRA) per year for paper statements. I agree that this is just bullshit woke virtue signalling, as well as nickel-and-diming.
8
mell
2023 Feb 2, 7:40pm
I have worked with many brokerages and have to say Ameritrade/Schwab comes first, followed by Fidelity in 2nd place and Interactive Brokers in 3rd place.
9
Patrick
2023 Feb 2, 8:13pm
Patrick
2023 Feb 2, 8:13pm
I was quite impressed by Schwab as a company when I worked there, except for the brief reign of Dave Pottruck as CEO. He was truly a horrible person, and I'm pretty sure he had Chuck Schwab's daughter set on fire in NYC when trying to intimidate Charles Schwab in order to keep his job.
https://www.sfgate.com/bayarea/article/New-York-City-fire-hospitalizes-Schwab-daughter-2663820.php
https://www.sfgate.com/bayarea/article/New-York-City-fire-hospitalizes-Schwab-daughter-2663820.php
The 28-year-old daughter of Charles Schwab, founder of the San Francisco brokerage that bears his name, was seriously injured Sunday in a New York City fire, officials said.
Catherine Schwab, 28, was in serious condition at New York Weill-Cornell Medical Center. Two 29-year-old men also were injured in the blaze and were hospitalized in serious condition. The extent of their injuries was not immediately clear.
But then when you get to the last step, before clicking confirm, it tries to charge you $30 like this:
There is an ETrade office near me, but you can't actually just walk in without making an appointment.
So I called in, went through the voicemail hell and then got put on hold for quite a while, and finally was told a check would be sent to me with no fee. Not sure I believe them anymore. The guy was definitely unaware that there is a "Delivery Fee" in addition to a "Delivery Method Fee", but said there is a $10 check fee which he will waive this one time.
OK, maybe I could have done a direct transfer without getting a check, but $30 for a single one-time check?
Recommendation: avoid ETrade
I'll close my account there because of this. I bet they will try to charge more fees on the way out the door.