When I originally opened an account with Etrade years ago, they only required a minimum $1,000 deposit to get started. Nothing more and nothing less.
At some point in time over the years, they started penalizing accounts under $5,000 to the tune of $25 quarterly. I guess they want you to keep pouring more and more money into thier coffers.
They never, to my knowlege, informed me of this change in advance.
I first found out about this rule change when I noticed $25 taken out in my monthly statement.
I called to find out what was going on, and was told by some rude — that I was out of luck and that's that.
Heck, even banks will often waive penalty fee's as a one time courtesy for 2 reasons.
They want to keep you as a customer, and they realize the customer has a legitamate beef.
It's happened before with my banks in regards to new minimum balance rules, and all worked out well.
Not with etrade. No sir—eee.
There was no way in & they were going to give back the money they unethically took from my account.
Once they had thier hands on that lousy stinking $25, they were bound and determined keep it. Even if it meant losing me as a long loyal customer.
The service rep I talked to on the phone vaugely "guessed" I might have gotten an email notice telling me about the new minimum balance rules.
I replied fine and dandy, except that I did not have internet service at the time, let alone an email address.
That was met with silence on thier end of the phone.
Since they were unwilling to be fair, work with the customer, and do the right thing, I naturally dropped them on the spot.
And of course, the customer "care" rep did not seem to "care".
Well, they weeded out another small account not worth thier time. And made an extra $25 to boot. Mission accomplished.
All I can say is proceed with extreme caution if you choose to do business with this "customer comes last" company.
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