I have had an account with E-Trade since 1997. I have 2 stocks in the account and after my accountant discovered margin interest on a year end statement I called E-Trade for an explaination. Since 2000 they have been helping themselves to fees from my account that now amount to more than I have in my account. When they send me a statement it shows the value of my account on page one so the investor is lead to believe that they have a $ amont in their account. On page 5 of 5 of the statement is where the fees appear. I have filed arbitration with FINRA and lost and now owe them $150 for their service of protecting the public!
The arbitrator compared my statement to a phone bill for which he reads every page when he gets his phone bill. My arguement was when you get your phone bill on page one it says what you owe and you pay your bill. What if the phone company used the same logic as E-Trade and on page 5 of their bill added hidden fees that accrued to thousands of dollars over the years. This is absolute fraud and deciept. I am hoping there is a class action law suit out there.
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