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E*TRADE is a Tar Baby

posted by peliom on May 15th, 2006  

At E*TRADE opening an account is easy but closing an account is hard. It may take several days. And it definitely involves calling customer support and being placed on hold, sometimes for up to an hour.

Don’t make the same mistake I did, stay away from E*TRADE….buy banking products based on customer service rather than price (i.e. interest rate). It’s just not worth it.

I’m moving all my accounts to Vanguard. They’ve got the best phone service I’ve heard since the 80s.

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3 Responses to “E*TRADE is a Tar Baby”

  1. Adam Rosi-Kessel
    May 16th, 2006 | 4:14 am

    I’ve had excellent experiences with ING Direct. They don’t yet offer individual stock sales as far as I know, but they do have mutual funds, CDs, and of course, savings accounts. Their savings and CD rates are right up near the top interest rates according to bankrate.com, and their customer service is responsive and easy. They also did our home equity line of credit painlessly and at a good rate.

  2. rajbot
    May 18th, 2006 | 12:42 pm

    Here is Wil Shipley’s post about Etrade..

    This brings us to today. E*Trade still has $5,000 of my money, plus the interest they’ve earned on it. Unsurprisingly, I haven’t gotten a call from anyone in their Risks group today. In fact, so far E*Trade has indicated NO intention to actually make any effort to undo what they’ve done, have repeatedly told me they’d get back to me and failed to do so, have followed NO leads to actually find who stole my identity (he was going to show up at the hotel!), have apparently not called any authorities about this. In general their attitude is, “Well, good luck solving this on your own! We’re pretty happy where we are, actually, since, you know, we make interest on that money of yours.”

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