Hi,
I began banking with Etrade bank in approximately 1998, and over the years I have constantly had to call and have improper fees and bungled deposits corrected. Their customer service is the WORST, 30 minutes on hold to START, then 30 more when the rep can't answer your question. That's just the stuff I was willing to put up for $120 per year.
On 6/28 I charged $4.88 on my Visa, and had $6.45 in my account to cover the charge. Etrade has a habit of expiring authorizations to handle fees, and my deposit is on the way. Lo and behold on 6/30 they expire the authorization and take the $6.45 (big deal).
Today, is when the straw broke the camel's back. I called today, and like I said first representative 30 minute hold, and then 30 minute hold, and hangs up on me. Then I call back, clearly mad (well... Be a real BANK!).
They have emptied my account and closed the account TODAY, and are STILL going to return the $4.88 (which they approved and funds were available).
I figured heck these people are usually reasonable, I will try again and spoke with "Chris Parker" their supervisor. What a JERK! He didn't think 1 hour on hold total was unreasonable as said "SO WHAT". I agree to the point of, if the hour resolves the issue.in the past E-trade always allowed deposits to credit and honored withdrawls based on my Visa check card, even though they knew my deposit was in hand, and all was well.
The facts are Etrade is an AWFUL BANK, and that's my OPINION. Any bank that treats its long time customers with such distrust and creates more fees (now they have my deposit and won't pay the $4.88, creating a $29 return FEE). Again that's beating me up on the fees on the way out the door.
Etrade is a rather inept bank, and I will also be filing my complaint along with copies of my deposit agreement, and the statement of events and this authorization to the Board of Federal Reserve, and their Visa Card contracting agent.
That agent usually has an agreement as to how Etrade should conduct itself regarding bancard transactions, and let consumers know if their account is being handled properly. My suspicion is that Etrade uses the expired authorizations to levy fees and increase their floating cash on hand in order to maintain regulatory compliance regarding cash reserves.
Usually this bank understands what is reasonable and in the past worked to keep their bank reasonable, today this is not true. Beware, this bank is definitely in my opinion VERY SHADY.
John
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