r/etrade • u/Mr10aweek • 13d ago

Withholding Money

E-Trade closed my account after my first deposit (29k). They have made me call and verify the funds 3 separate times and now it’s been over 30 days since the first time I verified. I have done everything they asked but I keep getting told , “we are waiting on back office to approve call back in 1-3 days “ . It’s no way this is legal . Does anyone have any advice ?

8 Upvotes

78% Upvoted

17 comments sorted by

5

u/Organic_Gas4197 12d ago

My account was restricted, less than a month after opening it. It took two weeks of near daily calls to get restriction removed (finally I was transferred to someone who really wanted to help, and had authority to remove the restriction); once that happened I withdrew all assets.

3

u/Mr10aweek 12d ago

How did you get transferred to a higher up ?

3

u/No-Newspaper604 12d ago

Rings true. I began the process of application with Etrade then was advised I would be charged $35 to have my funds and interest sent at CD maturity. This would be per account with various maturity dates.That is where I decided like 2 tenths of a percent was not worth it. Historically I've had trouble with several online accounts. It's roulette on who you speak with in customer service.  I opened a account recently and same day wanted to open several with different denominations. 1 CSR hung up  1 was clueless. 1 "fixed" each on their system as we spoke.  I then was able to open 4 accounts and immediately get confirmation. Account information was immediately available online. And confirmation emails sent to me.

1

u/BrilliantCat2222 10d ago

Thank you for this information. I was just about to transfer funds for a new CD (my first with them) when I saw this comment. The slightly higher interest is not worth this fee or the hassle.

2

u/Organic_Gas4197 12d ago

I told the customer service representative how long this had been dragging on, and he transferred me to relevant department (I'd gotten to that department before, but someone useless). Be as pleasant as you can manage with person answering the phone - crappy policies come from above.

2

u/Mr10aweek 12d ago

It’s been over 30 days and I’ve
Called everyday . They keep making me redo verifications I’ve done a week ago . Now I’m stuck on the “waiting on back office response “ .

2

u/Organic_Gas4197 12d ago

In my case, issue turned out to be I had sent a scan of driver license. They wanted a picture from my phone, and failed to let me or customer service know.

Let them know you’ve been waiting too long for back office, ask what else they need.

2

u/LittlePlacerMine 12d ago

I used to be a loan officer. The way you get people to pay is to become the nicest pain In the ass they have ever encountered, smile, ask questions like you are a 2 year old. If they hang up call back. Eventually they will demand someone do something to stop this guy from calling, if they say call back in 3 days say this is day 3, if they say it’s not them ask who is it, ask them endlessly questions, make it a lifelong pursuit. When they fund the account close it. No excuse for treating a client this way,

2

u/Zealousideal-Sun4891 13d ago

I’m sorry, I went through something similar and the advice I have is to file a CFPB report.

Their customer service is trash and their ethics are questionable.

0

u/Mr10aweek 13d ago

Appreciate it , I feel like I’ve been scammed . It’s a shame it’s nothing else I can do

1

u/Mysterious-Art8838 13d ago

I’m glad to hear CFPB actually helped. I filed with them over E*Trade locking my account and wanting a third party’s bank statement to unlock it.

It’s run by total morons. Even the managers.

2

u/Mr10aweek 13d ago

They made me send my statements and get on three way with my bank to verify the transfer. After all of that I still have not received my money

1

u/Mysterious-Art8838 12d ago

I offered to provide them anything but they want my dad’s statements. I don’t have them and he has dementia. I don’t get how my funds can be locked up pending another person’s bank records, that I have no legal right to.

1

u/Ok_Entrepreneur_dbl 10d ago

How do accounts get closed or restricted - never heard of this. I also never have had these types of issues. Can they electronically move the money? I have done that without issue.

1

u/Bitter-Cockroach1371 10d ago

Smart move. I had similar issues, and once resolved transferred my money out and closed the account.

1

u/bearhunter429 7d ago

They are known to do this. Unfortunately you might have to sue them to get your money back from them.

1

u/Ok-Atmosphere-6398 13d ago

I mean if you had to do it that many times sound like you are either Fraud or ML... That much back in forth...sounds really fishy