Tuesday, November 01, 2005

E*Trade = Bad Service

I use several discount brokers: TD Waterhouse, Fidelity Investments and E*Trade Securities. TD Waterhouse and Fidelity have great service and I've never had a problem with them. On the other hand E*Trade is simply horrible. For example, today around noon I tried to access my E*Trade account to perform a transaction. I logged onto my account and it stated that my account was unavailable! So I tried to call customer service to clear this little mess up. And guess what? The hold time was a minimum of 20 minutes! I'm a really patient person, but this really got to me. Unfortunately, I can't dump E*Trade since our company uses them for the stock purchase and options plan. They eventually resolved the problem, but this is really unacceptable. I just had to get that out...

I sold some Genzyme (GENZ) today. The total % gain from this transaction was ~ 80%. There's nothing wrong with the company / stock. I simply needed some cash for my parent's home renovation. Now I'm going to do some tax loss selling to offset some capital gains.


At March 08, 2006, Anonymous Anonymous said...

You are not alone with the bad 'service' from Etrade. although they can blame your difficulty with account access to technical difficulty, my experience has been with their service desk and people from DC office. They literally drop customer requests in the middle of handling. After submitting service requests by e-mail (good luck if you have patience to try to call them), it take days (even a week) before I can get a reply from someone with a name saying that he/she was going to handle the case, asking me to wait for a few more days, sometime that person just stops following up, and when I query them again, all I get is a different person telling me to wait, for a few more days ;-(. simply no mentioning on what happened to the initial promise. I have a transfer request submitted before last Christmas, and i am still waiting....

The people there are very incomptent, different people will give you conflicting answers on critical account activities. I am not sure if this because Etrade does not pay high enough to get quality workers.

The only reason I am at Etrade for now is that my company is holding stock options at Etrade.

Do not get even close to Etrade if you do not have to. there are just too many much better choices out there.


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