E*Trade
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Have you had the securities, which you trade through ETrade Securities, LLC., mismanaged and/or suddenly sold by ETrade without your knowledge or consent and the proceeds used to offset their brokerage fees?
It has been reported that E*Trade engages in the following unfair trade practices:
- Applying fees for periods of non-trading without client notification
UPDATE! CLASS ACTION FILED FOR THIS COMPLAINT!
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- Failure to execute options when asked by client
- Forcibly requiring clients to agree to fees by freezing their stocks and accounts
- Exercising options without client permission
- Liquidating stocks without client permission
- Possible manipulation of their own stock price
- Liquidating their ETINX, ETSPX, ETRUX, ETTIX mutual funds at the bottom of the market
- Imposing DRIP fees without client notification
- Violation of court orders instructing transactions
- Failure to refund money after account closings
If any of the above situations apply to you or you have been wronged by ETrade in a way not mentioned above please register here.
Briefly tell your story or send a relevant link and we will keep you informed of our progress.
For information about this action or the status of E*Trade, check back to Ettringer Media
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E-Trade sold off my portfolio to pay for brokerage fees on June 23, 2008. They sold my stock at its 52 week low, which maximized the additional amount I owed them. I do believe that this trade was done at this time to maximize their profit from me.
I have an account at etrade which I have had for 10 years or so.
At one time I might have had $5,000 in stocks that I purchased. The balance the last 3-4 years has come down to $400.**
Basically, the account has remained inactive for years.
I received a notice that the stocks were sold. It turns out they were sold by etrade to cover their fees. It seems that they began charging a $40. per quarter fee at some point and it didn\’t take that long to drain my account.
etrade says that the $40.00 per quarter was announced. However, I never saw it.
Trying to get the summaries and information about the details is difficult from the online account.
Not a lot of money, but I feel that etrade was dishonest.
**
I sold off most of it, and the stock market tech crash devalued the rest.
This is exactly what happened to me. They sold my stocks in 2006 to pay for the \”cash deficit\” which is their deceptive wording for their fees. I NEVER received notification or a phone call before they sold my stocks to pay for their \”fees\”. Let me know what I can do to get this going.
I would like to know more about this lawsuit since I am also a victim.
Having been a victim of Etrade’s margin rules, the manner in which securities were sold off was highly outside the usual procedure.
I’ve been conducting day-trading through E-trade for some time. On 10/10/08, they did not sell on a timely basis (from when I clicked ‘Execute’), and subsequently waited until the next Monday before executing. I was trading ‘after hours’ when I executed, and E-trade says that I executed an ‘At Market’ order, but I was executing during ‘After-hours’ and shouldn’t of even had that option to deal with. As a result, when E-trade executed the order, the stock was so far below what I paid, that they not only depleted my account of $30K+, they sold off all my other stocks in order to cover their fees. Now they won’t admit that they were in error, credit my account back, or anything else. Please help if you are able. Thank you in advance.
I opened an account with E-trade and transferred in some funds electronically. Shortly afterward, my account was frozen, and I could not get in contact with customer service, even after being on hold multiple times and waiting 45+ minutes. Finally I sent them a secure message to close the account and transfer the funds back. They closed the account, but did not refund my money. Weeks later I called them and they said they couldn’t reopen the account to access the funds and suggested I talk to my bank. I called my bank, and rather than go through a claims process I called E-trade back and insisted that they mail me a check. Finally, they did mail me a check, but it was not for the full amount. I still have not received my money from e-trade.
Not exactly, but close. I recently went through a divorce and part of the process was settling the division of our assets. I sent them notarized letters of instruction with the expectation they would execute my instructions in accord with the notarized letters and the copy of the divorce decree. They refused to effect the transactions, but only verbally. They have never formally corresponded with me on this subject and its been 3 months now. Yesterday I found out they effected some transactions dividing the accounts in a way that neither I nor my ex-spouse authorized, in a way that is inconsistent with the copy of the court order in their possession, and in a way contrary to my notarized letters of instruction. Indeed, I even retained an attorney to deal with them, faxed them my authorization to deal with him as my counsel, and they responded (finally) with a written refusal to engage the counsel I retained. At the moment, they have effected unauthorized transactions with my accounts, and have provided no formal justification nor are willing engage either myself or my attorney in discussion of our disagreement. I’m completely flabbergasted. As far as I am concerned, this is criminal! It is not even a question of disagreement, but rather they have absconded funds I own and have done as they choose and please with them for their own convenience.
Would this qualify?
Best Regards,
Steven
I have had shares sold for surprise fees. I have also been charged fees without direct notification. I have also been charged fees with no option for cancellation without liquidation off my investments.
Regards
Ken
Etrade sold over 2500 shares of my SIRI stock without my knowledge IN DEC 08. They said “oh, we sent you an email”…
I RECEIVED NOTHING FROM THEM UNTIL IT WAS SOLD.
Hello:
Etrade just forced me to liquidate my 500 Index fund per the below. I will lose thousands. I just liquidated per their email.
Will you be doing a class action lawsuit as I would like to participate?
Thanks.
Scott
Text of the E*Trade email I received:
After long and serious consideration, E*TRADE Securities has made the decision to discontinue our family of proprietary index mutual funds.
As a result, the E*TRADE S&P 500 (ETSPX), Russell 2000 (ETRUX), Technology (ETTIX), and International (ETINX) Index Funds will be liquidated on a date no later than March 27, 2009 (the “Liquidation Date”).
If you do not redeem your shares yourself, your shares will be automatically converted to cash equal to their net asset value on the Liquidation Date. You will receive proceeds equal to the net asset value of the shares you held on the Liquidation Date after provision for all charges, expenses, and liabilities of the fund.
The redemption is treated as a taxable transaction, and you will have to pay taxes on the proceeds of the liquidation, even if your shares are automatically redeemed on the Liquidation Date.
Etrade sold my stocks without telling me, my name is Marvin
My story is the same as everyone else’s. They don’t disclose the fees in a way a layperson would notice them. then they increase them up and up. They bleed off your cash balance and put on lien on your holdings until all of your investment is gone. Total ripoffs. I am fuming mad. This has happened to a ton of people all over. Please make this suit happen. They need to be punished.
Etrade has sold off nearly all my stocks after taking fees on the margin and then charged me for the transaction as well. I advised my investments were long term and they continued to liquidate my account.
John
On March 12, I received an email from Etrade that my stock trade was executed. This shocked the crap out of me. The shares had dropped a great deal and I was planning on holding onto them. BUT the idiots at eTrade decided they had the right to sell my shares for me. I joined eTrade because it had no fees. I do not day trade. I hold on my stocks for long term. Obviously eTrade doesn’t like that since they are not making any money so they through hidden quarterly maintenance fees screwed the long term holders. this doesn’t seem right. My account has gone negative due to these unknown charges. I wasn’t made aware of these until I called the Customer Service. They told me that they had the right to sell my stocks when your account goes negative. this seems very unethical if not illegal.
DRIP fees
logged on to check my balance and found out they started charging a $40 brokerage fee without any notification. All my stocks were sold off to cover the fees without any notification. I now have zero stocks and a $45 negative bonus in a brokerage account that I never opened.
I signed up with etrade in 2000 there were no maintenance fees at that time.my account was not being used so they started charging me $25 & then $40 maintenance fees and then they sold my stocks with out telling me
Yes I have – they sold my stocks to pay for fees and blamed my inactivity. Please keep me informed.
Maria
Etrade has sold some of my securities without my knowledge or consent. Please call me regarding this issues and I’m sure it also affected thousands of others.
thanks
Jason
Hi,I was charged $120.00 in fees, because my account was changed from a company account to an individual account, didn’t know it was done, didn’t know I was going to incur fees. I know I should of checked my statements closer, but didn’t. Still I think notification should of been sent, if I had known about these fees I would of closed the account sooner rather than later.
Thanks.
Etrade informed me that they were going to liquidate their ETINX mutual fund. By doing this, at the present world situation, I lost 60% of the base value of my stocks with no possibility of waiting it out or hoping that the stocks would appreciate as the world situation improves. I had to liquidate by a certain date (March 27, 2009)or they would do so. So, I think that this is a bad situation and hope that other ETINX mutual fund holders would like to get a class action suit against ETRADE. I think that this involves a lot of money.
E Trade sold the stock I had when the price was at around $12 a share. I purchased the stock at $38 per share. I was holding onto the stock and just watching how it went and then Etrade decided to sell my stock because of a maintenance fee. Not only did they cover the maintenance fee with the money they took but they also took extra and just left 5 cents in the account.
I signed up for an E-Trade account back in 2000 BEFORE they even had “account inactivity fees”. Now they have stolen $560 from me in those fees and their customer service is a joke. I would love be a part of a lawsuit against these criminals.
I’d like to know if any action can be taken against eTrade for the way they made their shares drop over 30 percent two nights ago. They took the action immediately after 4pm at the beginning of After Market hours so the shareholders could take no action in selling or by using stops. I lost thousands of dollars. It seems illegal.
Thank you.
I would like to join this class action lawsuit.
I have had stock sold for excessive fees by Etrade. Please help me out.
Regards,
David
I had an account at ETrade with only 300 0r 400 dollars. Sometime in 2008, there was a change of policy regarding account fees. Some 6-7 months later, I received notice that my account was empty – actually it went negative.
They sold my stocks without notifying or even considering informing me. I’ve tried contacting them but they give you the run around. As they have to many many many many poor folks here in the States.
I have 5 accounts with ETRADE. 3 were COVERDELL IRAs for my kids. They were all in ETRADE S&P Index funds. They sold the funds without telling me (liquidated the fund) on 30 March at about the absolute bottom. I lost 46%. To top it off, the market has come back 19% since they sold it, but my money has been sitting in a cash fund AND THEY NEVER TOLD ME !!!!!
E*trade assumed that I wanted to exercise an in the money call option and put me in huge margin debt. Then they bakrupted my account to cover. I never authorized them to buy the shares.
Yes, I had an account since 1998 that I never touched in Dec. they took all my money and sold my stocks to pay themselves back their margin.
Because of a glitch on etrade software I could not sell the Options I had. I explained that to etrade Officer and to a Manager and asked not to exercise the options. But Etrade, knowing about the problem exercised the options and liquidated my account because.
Please Help.
I have had my stocks sold to pay an over 700 dollar accumulation of fees.
Yes, ETrade sold my stock to offset the quarterly fees they charged for NOT using their services while maintaining an account with them.
Count me in.
I had 2 trading accounts and 2 IRA’s at etrade. In 2001 I stopped using them as my primary broker and withdrew the majority of funds I did have dozens of stock positions left in these accounts though. Etrade blocked my access to these accounts online unless i checked off a box that said I agreed to a change in terms that assessed inactivity fees. I refused the change and went without access to the accounts online for many months. Eventually the access to the accounts was restored but i never agreed to the changes, the access was just suddenly allowed. Since that time the accounts have shown large negative cash balances due to their fees that would then be cleared whenever one of my stocks was worth enough for them to sell it and keep my money. My accounts all now show 0 balances in cash and stock as they have sold everything and stolen the money which probably amounted to thousands of dollars over the last 8 years. I have sent them multiple emails informing them of my refusal to accept the fees as a change to my agreement and accusing them of theft. Their response has varied from a dismissive ” refer to the account terms” to a beligerent ” well you should have made an effort to settle what you owed us and closed your account”. I will gladly participate in a class action suit.
Dan
Yes i would like to get into a class action lawsuit because etrade falsely sold my securities stating that I owed them for a negative balance. It is true that I had a negative balance at one time but I just got the account un-frozen electronically depositing 300 dollars into the account. Well 3-5 days later they sold my securities as worthless securities liquidated at .01pps. Well my shares were at the time .0002 at 590 something a share. I asked them “well if they were sold at .01/pps then where is the remainder balance?” They said they liquidated the stock because I owed 3 dollars, then I responded “I already paid them back with the deposit of 300 dollar deposit”, they put me on hold and came back 5 minutes later and said ” OH Yeah, ok we’ll get that reversed within 48 hours”. Well the money still isn’t in there and I’m afraid that it won’t be in there before my stock shoots upward causing me to miss out on millions! Am I jumping to conclusions? or should I pursue this matter further?
Etrade sold my stock to cover margin calls that they never issued. A margin call is defined as a demand by a broker to cover a shortfall, however, no demand was ever given or notification of forced sale was ever sent to me giving me time to right the condition.
liquidated etspx fund at bottom of market
Liquidated my ETINX, ETSPX, ETRUX, ETTIX mutual funds at the bottom of the market without proper notification
ETrade gave me fees for periods of non-trading without my notification. Then eTrade liquidated my stock to pay for those fees, again without my notification.
I was a victim of E-trade margin practices from 2004-2005 whereby they allowed me to leverage my account so far in excess of my net worth and ability to pay with both shorts and long that even an attorney and accounting firms couldn’t tell how to unwind or if I was making or in a losing situation. I was under such nervous duress that I had to simply unwind everything to get out of what appeared to be a no-win scenario. Needless to say, I lost a lot of money and have closed my account. My current brokerage account would never allow me to get so over leveraged in a margin account. I also feel the SEC is failing to protect retail customers from such destructive traps.
Please, some attorney help those taken advantage of by E-trade margin practices.
Etrade liquidated my stocks without permission at their lowest point this year so they could collect fees, and just last week they held funds that were transferred from another bank, just so they could charge an overdraft fee. once the fee was charged to me , they then made the tranferred funds available. They received money on 9-16-09 and charged the fee on 9-18-09. With all the talk of Etrade being financially unstable and with their attitude of being Fee-Happy , I do not keep much money in that checking account, and since they illegally liquidated my stocks, I have not deposited more money into the brokerage account … they have already cost me thousands of dollars, which I doubt I will recover
My stock was sold by E-trade last fall without my permission. I purchased it years ago when I signed up for 10 free trades at no cost. Since I assumed it was like money in the bank, I never checked on it until I got a 1099 from them selling the stock. I would like more information on this suit if possible
I had some stock in Sirius Satellite Radio. I looked up my account today and I see they sold my stocks to satisfy a 40 dollar fee.
I have experienced all of the above with this fraud of a company. Please tell me how to get involved in a class action lawsuit against Etrade.
My account was frozen as part of the \”PATRIOT\” Act because my \”fax of my photo ID was blurred.\” The fax they referred to was, in fact, a high quality, full color print of my photo ID and Social Security Card. Another brokerage told me that E*Trade could have met the PATRIOT Act requirements by pulling a copy of my credit report. After three years without access to my retirement account, I opted to move it to a more competent brokerage.
My new broker could not get a response from E*Trade to facilitate the transfer. Eventually, my broker and tax accountant advised me to liquidate the retirement account and roll it over to another retirement vehicle withing sixty days. I have later been informed that E*Trade hold checks for up to forty five days, which give my new broker only 15 days to go through a long process to comply with the tax code of the US.
I have yet to receive a check for my funds. I attempted to litigate, however I could not pierce the arbitration clause in the state I live in. The ONLY way to fully pierce the arbitration clause is with class action. At this stage, I do not care if an attorney gets half of my money held by E*Trade, I just want it out of their hands.
My fiance has an IRA account with etrade. Under an emergency situation we requested to withdraw one third of the total amount of the IRA. We were given a number of steps to follow to obtain the money through electronuc transfer. We followed all steps as we were instructed, but were then told by the computer program that becasue of a change of address, we needed to call 1 800 etrade to complete the transaction. When my fiance called the phone number he was asked several series of questions and was then given the opetion to have a checked mailed directly to him for the amount, or to have it wire transfered to his credit union account (seperate from etrade) He was then told he needed to answer a series of questions to \”verify\” that he was the owner of the IRA in question. THe seried of questions were completely unrelated to my fiance\’s credit history. When my fiance answered the questions honestly, he was told that he had not passed the verification process and would then need to provide a letter of instructions of deposit to a local branch who would then notorize and then distribute the funds and wire them directly to his personal account.
When we called the etrade branch that we were referred to, a branch representative informed me that they could neither notorize the letter, nor cold they distribute the funds- they are not a distribution center. The representative at the branch told us that we could notorize the letter and mail it ourselves to the Virginia Etrade distribution center. We called the 1 800 etrade number once more and were given the run around three additional times. WE have yet to be able to access our money. Does this apply to your class action law suit?
Just discovered that Etrade liquidated my stocks purchased at $1000 for $120 at the bottom of the market to cover maintenance fees which i was never made aware of through statements, emails, phone, etc. I did not authorize the sale and never received any statements, selling orders, etc to indicate that my assets had been sold.
I was an owner of ETINX and was forced to liquidate taking a loss of 90K. Please let me know if you pursue the matter.
E-Trade sold 10,000 shares of a mining company that I owned without my knowledge or consent allegedly to cover inactivity fees. I closed my account and will never do business with E-Trade again. This can’t be legal!
Yes, I have been charged over 500 dollars in fees and will be closing my account with them soon.
I just found out my stock in 2 companies was sold by etrade without my permission to satisfy maintenance charges I was never billed for and did not know was accruing. No notification was given. This is shocking to say the least.
We recently opened and funded our new ETrade account on Febuary 12, 2010.
Then when we tried to use our account, it would not work. After a few phone calls with their human robotic customer services we decided we wanted to close this account and get our money back. They said there is now a hold on our account and they will refund our money within 72 hours. The 72 hours was up today at 1-2pm still no money refunded!!!
I lost $1000 in maintenance fees from Etrade with no notification of any fees being charged
etrade liquidated ETSPX, w/out notifying me.
ETrade charged me inactivity fees without my knowledge and liquidated without my consent in oder to pay off those and future fees.