Etrade opened up a bank account for me without my permission. They sent me an email saying that they had done so as a special offer. Some special offer, they open the account without your permission, hoping that you don't know the terms, since the terms are to be mailed to you after they already opened the account! Herre is a copy of the email they sent me below. You will notice that there is nothing telling you that to avoid fees $1000 is required as the minimum balance.
It just says to tranfer in $500 and you'll get $20, which by the way will be eaten up very quickly by the fees. You have to search on their site for the terms. Then you find out about the minimum balance required, and you can only draw a check out from your account once in a quarter (3months), or you have to pay more fees. What kind of crap is that?
Why should I give them another $1000, I already paid more than $4000 in trading fees this year, and not even done adding up for this year. The CEO came under fire for making $80 million in pay and bonuses, and they want to steal my money? Is it illegal to open an account in someones name without their permission? Of course I called this morning to close the account, we'll see if it actually was done or not. Here are the facts from their website, anlong with a copy of the email they sent me.
Bank Q&A
Answer Results
Q: What is the minimum deposit to open an account?
A: The minimum balance to open a Bank Account is $1,000 for SmartSaver, Money Market, True.net Checking Accounts, Fixed Rate and PrimeLink CDs, and IRAs and $15,000 for E*TRADE Bank Money Market Plus.
SmartSaver Account
Interest Rate and Annual Percentage Yield:
The tiered Interest Rates and corresponding Annual Percentage Yields are variable and subject to change at any time.
Withdrawal of Funds:
One (1) withdrawal via bank check per quarter is provided free of charge.
Additional Fees:
$10 per bank check request in excess of one (1) per calendar quarter.
Q: What are your fees?
A: E*TRADE Bank doesn't charge a monthly fee for bank accounts; in fact we pay interest on the funds in your account unless your account balance falls below the required minimum balance. All accounts come with free Internet access.
In addition, True.net checking accounts come with unlimited free bill payments and check-writing, free printed checks and debit cards.
Following is a list of fees that you may be charged for special services to your account. Please check out the Truth in Savings for more detailed information.
Description of Activity Fee
Incoming wire none
Outgoing domestic wire $25 per wire
Outgoing international wire $25 per wire
Fed Ex request $20
Fall below minimum balance $10 per month for Checking, Savings, and Money Market accounts; fee is waived if customer has at least $2000 in another Bank account. If the daily balance of the E*TRADE Bank Money Market Plus is less than $15,000 at any time, a monthly Minimum Balance Fee of $20 will be assessed.
Returned Deposits $25 per item
Coverdraft protection $5 per total transfer
Stop payment request $25 per request
Research $25 per hour
Bank check (Checks issued by the Bank, not checks written from your checkbook) $10 per bank check request in excess of one (1) per calendar quarter for SmartSaver, $10 per bank check for Money Market Account, $15 per bank check for E*TRADE Bank Money Market Plus
Copy of statement $5 per page
Returned check (due to NSF or UCF) $25 per item
Front and back copy of check (front image of check is included in your monthly statements) $5 per check
ATM Usage Bank does not assess fee; may be subject to surcharge imposed by operator of ATM
IRA Foll Transfer $50 for closeout transfers external to E*TRADE
EMAIL BELOW
Dear Sara:
In early October you were selected as a member of an advance access group to use our new real-time cash transfer service.in order to make this new service easily accessible to you, we have set up an E*TRADE Bank Relationship Savings account in your name. We have deposited $10* into your new account, which is yours to keep! If you transfer $500 or more, we'll add an additional $20 to sweeten the deal.
In the next few days, you will receive a Welcome kit and letter which will provide your detailed account information.in the meantime, you may link your accounts by following the instructions below. You will also need to use your social security number and the link code (also listed below).
After you have logged into the E*TRADE Financial Web site, you will be able to access our new "Quick Transfer" function, available on the Accounts Tab. As a customer of E*TRADE Securities LLC, we are confident that the Relationship Savings account can help you better manage your cash holdings:
Earn an attractive interest rate of 1.25% (1.26% APY)* on the balance of your Relationship Savings account
Easily move money between your brokerage and bank accounts in real time - up to one time per day^
Your deposits are insured up to $100,000 by the FDIC
Here's how you can get started to get your $20:
You will need a link code. This link code will allow you to link up your E*TRADE Member ID with your new E*TRADE Bank account. Below are your link code and instructions on how to do this.By linking up your bank and brokerage accounts, you will be able to review all of your accounts online.
INSTRUCTIONS: (please read carefully)
Your Link Code is #.
As an E*TRADE Securities LLC brokerage customer, you should already have an E*TRADE User Name & Password. If you do not, you can set one up by visiting etrade.com/linking.
To access your bank account online you'll need to:
Go to etrade.com and click the yellow "LOG ON" button in the upper right-hand corner of the page. Log on using your E*TRADE Financial User Name and Password.
Click on the "Banking" tab at the top of the page.
Click on the "Link Accounts" under Customer Service at the top of the page. (Please note: Account Linking is a one time process to provide an additional level of security)
On the next page, click the "Continue" button.
On the next page, enter your Social Security Number. Click "Continue"
On the next page, enter your Link Code. Click "Continue"
Important: Once you have entered your Link Code, your existing E*TRADE Securities LLC brokerage account will be linked to your new E*TRADE Bank Relationship Savings account. Your E*TRADE Financial User Name & Password will allow you to view your combined balances and easily transfer cash between your accounts.
At E*TRADE Bank, we are committed to providing our customers with industry-leading products and personalized service. If you have any questions, feel free to call us at 1-800-ETBANK-1 (1-800-382-2651)
24 hours a day, seven days a week or contact us via our Web site at etradebank.com.
Once again, thank you for trying out our new real time cash transfer feature. We look forward to serving you as a valued customer of
E*TRADE Bank!
Thank you and welcome to E*TRADE Bank!
Sincerely,
Arlen W. Gelbard
President
They thank me for trying out their service, but I didn't sign up for it! Watch out for Etrade, they screw you any chance they get!!!
Sara
Livonia, Michigan
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