I am considering a class action lawsuit against Etrade; I am searching for people who were ripped off by Etrade fees, especially fees you feel were applied unfairly with under the table, back door policies that exist nowhere on paper or are vaguely worded.
In my case I opened 3 separate IRA accounts with Etrade in 2006 under their "50 Free Trades" promotion. Two were my accounts (A Roth and a rollover IRA) and one is my wife's Roth IRA. I made many trades on each account. Etrade only credited trade fees on one account (my wife's), and I had to hound them for three months to do that. They refuse to refund fees on the other accounts, saying that I am just one customer (what about my wife?), thus only one account can be credited. However, their own disclaimers never use the word "customer." Here are excerpts from Etrade's own site, "Commission-free trade offer applies to new E*TRADE Securities Traditional, Roth, or Rollover IRAs... The new account holder will receive a maximum of 50 free trade commissions for stock or options trades executed within 30 days of the opening of the new account."
Each of these accounts is a new, separate and distinct account, thus with each new account I was a new account holder. Each account has its own account number, separate record keeping, individual account statements and so forth. Each should have been credited $12.99 per trade. Again, NOWHERE does Etrade's site mention that if you open multiple accounts fee refunds are only credited to one account.instead their deceptive language gives the impression that any trade on any new account, regardless of the account holder's existing accounts, will be credited for fees incurred.
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