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Business Profile

Trade Exchange

E*TRADE Financial Holdings LLC

Headquarters

This business is NOT BBB Accredited.

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Complaints

This profile includes complaints for E*TRADE Financial Holdings LLC's headquarters and its corporate-owned locations. To view all corporate locations, see

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    Customer Complaints Summary

    • 504 total complaints in the last 3 years.
    • 153 complaints closed in the last 12 months.

    If you've experienced an issue

    Submit a Complaint

    The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

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    Complaint status

    Complaint type

    • Initial Complaint

      Date:01/05/2024

      Type:Service or Repair Issues
      Status:
      Unanswered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      i opened a custodial account for my grandson years ago. He turned 18 and since September we have been trying to get them to open an account for him and transfer the funds into his account so he can access his funds. We have talked with them approximately 7 times via joint phone calls with my grandson and i and filled out the form they requested and provided the identifying documents (his DL and SS card). They repeatedly assured us they would correct the problem and contact us but they do neither. On the last call i asked to speak with a supervisor which they declined. We had submitted a formal request through ********* to have them transfer his account to that entity but they refused the request.

      Business Response

      Date: 01/10/2024

      Please see the attached. 

    • Initial Complaint

      Date:01/04/2024

      Type:Billing Issues
      Status:
      Unanswered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      Over the past month or two, I've recieved many reorganizational fees totaling $160+ Was confused as to why my account had negative balance, it doesnt show up as negative balance. But I'm unable to make any purchases without paying off the balance first, and if I sell a stock it automatically will pay it. One of these reorganizations, $38 flat rate, but the asset is only worth $4.32 Speaking with customer support, they told me that re-organization fees (except for the first time) cannot be waived. They told me this was industry standard and that they cooperate with other brokers to set this rate on cash accounts. What they described to me is price fixing, the next day a representative said the opposite. Coopetition which in no way benefits the consumer. Speaking with one of their comepitors, ********, they told me they don't charge any reorganizational fees. I'm seeking to waive all and future corporate action fees, and to be compensated for my time and stress levels rising.

    • Initial Complaint

      Date:01/02/2024

      Type:Order Issues
      Status:
      Resolved
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      My stock plan account for ************** ******* (****) is held at Etrade and was opened as TIC in 2010. My husband passed away 07/13/2023. Etrade froze the account and said they had to split it into two, half to an estate account, half to an account in my name. The case manager was ************************* and the case number is ********. I provided all documentation for them to complete this split by mid-October, including going to Maine Probate. They completed half the transfer but even though the estate account was finally opened by them on 11/.2/23, they still have not transferred or unfrozen the other half of the funds, even though they stated it would be done in 7-10 days. My request is that they complete this transfer and unfreeze my assets ASAP. During this time **** stock was at an all time high and the value is substantial.

    • Initial Complaint

      Date:12/28/2023

      Type:Product Issues
      Status:
      Unanswered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      I submitted a request on 11/21/23 to have funds transferred from my son's account ******************* to ***************** in the amount of $7500. This transfer is from ********* to ********* account. I completed and uploaded the documents as requested for Account Application (Repaper) for each child. Also , I uploaded the completed form for ****************** ******* Distribution Request form. After uploading it , I was told the form were completed correctly and it would take 5 weeks to complete the process. It's 5 weeks already and I cannot get a answer or confirmation when it's going to be completed. I've made several calls to Etrade agents to be put on hold for long periods. I was on hold for 2 hours on 12/26 and passed to 3 different agents. The last person ******** said she would return my call the next day and she didn't. I called again on 12/28 and was told ******** would return my call in 15-20 minutes and she never returned my called. I'm so frustrated with their unprofessional service! I need these funds transferred because I need to use it for *****'s his college tuition. I mention this to Etrade that it's urgent. The case number is Case Number ************** .

      Business Response

      Date: 01/22/2024

      January 22, 2024 

      To Whom It May Concern:

      I am following up on your January 11, 2024, letter to ***** ********** requesting a response to ****** *** in the above-referenced matter.

      Unfortunately, we are prohibited by the Securities and Exchange Commission, Regulation S-P, and Morgan Stanley Smith Barney’s internal policies from disclosing non-public customer information to nonaffiliated third parties, including the Better Business Bureau. 

      This prohibition extends to any description of the customer complaint or its response because any meaningful discussion of the complaint would generally require the disclosure of personal information about the customer, the customer’s finances, and investment objectives.

      Please note that we have emailed our response directly to *** *** on January 22, 2024. 

      Should you have any questions regarding the above, please feel free to contact me at ###-###-####.

      Very truly yours, 

      Morgan Stanley Wealth Management
      Legal and Compliance Division 

    • Initial Complaint

      Date:12/26/2023

      Type:Service or Repair Issues
      Status:
      Unanswered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      Hello, I’ve been investing with Etrade for almost four years now. Recently I decided that I would like to leave the brokerage as I haven’t been having the best experience with the employees and the brokerage as a whole. In September I initiated a transfer request to remove my assets from Etrade so they can be moved to ******. I initiated this transfer 5 times that month and all were rejected. I called and asked for clarification on the matter but was told an incorrect answer. While continuing to attempt the transfers, my account was charged for reorganization fees for stocks that were supposed to be transferred out upon the multiple requests I made. The request were all rejected and now they keep charging my account these fees and say I have to pay them in order to have my assets transferred. On top of not being assisted in my request, the last supervisor I spoke with ( ******** *****) was super passive aggressive and completely rude. Overall, Please have them release my assets so I can move on with my life without taking this to court. Truthfully, this is completely outrageous, unfair and corporate robbery. This situation has been draining, time consuming and I just want it to be over.

      Business Response

      Date: 01/17/2024


      January 17, 2024

      Better Business Bureau (BBB) Serving Metro Washington DC and Eastern Pennsylvania
      Dispute Resolution Team
      [email protected]

      To Whom It May Concern:

      This letter is written in response to your letter of December 27, 2023, regarding Better Business Bureau (BBB) Complaint #********. Thank you for forwarding ************** communication to us. We appreciate the opportunity to address this issue. In accordance with our duty to protect client confidentiality, we will respond directly to the client.

      Sincerely,

      Compliance Department
      E*TRADE Financial, LLC

    • Initial Complaint

      Date:12/24/2023

      Type:Service or Repair Issues
      Status:
      Unanswered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      I opened an account with E*Trade around November 5th 2023 and deposited $5000 with the intention of making 3-5 trades per week. I made 1 trade a day for 3 days and they suspended my account for day trading. I requested they close my account and return my funds and they flagged my account as suspicious. They keep asking for identification documents and statements from my bank account and letters requesting account closure all of which I have provided via their online documents upload. They never look at the documents unless I call them again and now they are holding approximately $5100 of my money hostage. They refuse to return the funds and close my account. I have been waiting over a month for my money back.

    • Initial Complaint

      Date:12/22/2023

      Type:Service or Repair Issues
      Status:
      Unanswered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      I have been trying to get a simple disbursement on a ********* ESA for two months. I requested in Nov. 3, 2023. I was told to wait 10 business days. I did. No check. I called them. They told me it was probably just delayed, and to wait another week. I did. No check. They told me it showed "delivered," but could provide no tracking information to show this. I have no check. I called back. They told me they would stop payment on the check and put the money back in the account, then they could issue a check, again. They said to call back in a week. I did. Money is not in the account. Call back in a week, they say. I do. Money still not in the account, this guy says the stop payment wasn't even processing. I asked for a supervisor. Can't talk to them, they have to call me. I request that. A week later, same guy calls to tell me nothing new has happened. Supervisor never calls. Guy says he will request the call, again. Another week goes by. No supervisor call, no money in the account, stop payment still not processed. I've got my nephew sitting with a broke laptop, and I can't get him the money I saved for him, because a giant brokerage can't figure out how to issue a check. 

      Business Response

      Date: 01/16/2024

      January 16, 2024

      To Whom It May Concern:

      I am following up on your December 27, 2023 letter to ***** ********** requesting a response to ***** *******’s complaint in the above-referenced matter. 

      Unfortunately, we are prohibited by Securities and Exchange Commission Regulation SP and Morgan Stanley’s internal policies from disclosing non-public customer information to nonaffiliated third parties, including the Better Business Bureau. This prohibition extends to any description of the customer complaint or its response because any meaningful discussion of the complaint would generally require the disclosure of personal information about the customer, his or her finances, and investment objectives. 

      Please note that a response was provided directly to *** ******* on January 16, 2024. 

      Sincerely,

      Compliance Department
      E*TRADE Securities LLC

    • Initial Complaint

      Date:12/21/2023

      Type:Product Issues
      Status:
      Unanswered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      I absolutely cannot believe what horrible service I am receiving. My kid's dad died unexpectedly in June, 2023. He had a small IRA that I am trying to get transferred to my kids. I have been trying to resolve this for about four months. I call and call and send emails to no avail. I have more than 30 hours into this and I'm getting nowhere. First they told me it would be transferred to me because I am the primary beneficiary but I needed to open a beneficiary IRA which I did. Then they said due to my age it could go to a regular IRA so I opened that. Then they said I could not have it because we were divorced. So I asked them to transfer it to the kids and they said no it had to go to his estate so I opened a beneficiary IRA for the estate. Then they said that the kids were listed as contingent beneficiaries which I had already told them. Then I had to open a beneficiary IRA for each of them. A month ago they said the money would finally be moved to the kids but nothing. I can't believe that he has been dead for five months and I can still not get this resolved. I am reminded again of his death which each correspondence and it's so emotionally painful. I am the personal rep of his estate and I am just trying to get the money for his kids. I have been an eTrade customer since the 90s! I am dismayed at the complete lack of customer service. I need this to be resolved.

    • Initial Complaint

      Date:12/21/2023

      Type:Service or Repair Issues
      Status:
      Unanswered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      My father, *************************, is 82 years old and suffering from dementia. I am his son, *********************, and his DPOA who handles all of his financial affairs. My dad and I both agreed we should close his $115k investor account with E*Trade and transfer the money into his checking account to help cover the costs of his care not covered by social security or his long-term care insurance. First, it took two 60-90 minute phone calls with E*Trade to discover Morgan Stanley (who owns E*Trade) swept his investor account over to Morgan Stanley without his permission. After approx 4 more phone calls with Morgan Stanley, we were able to terminate his *** Program and convert the account to cash holdings with Morgan Stanley. The next step was to transfer the funds into his bank account. My father and I worked with Morgan Stanley reps to link his checking account so they could make the electronic transfer. After executing the transfer online through Morgan Stanley's website, Morgan Stanley blocked the transaction. The explanation given was it was a large transfer, and my father's first transfer, so they wanted to make sure the request was legitimate. As instructed, we call Morgan Stanley back, went through the multi-factor identification process again, my dad verified his identity credentials again, and expressed his wishes to once again make the transfer and close the account. Morgan Stanley blocked the transfer again, this time with no explanation. Since then, we have called back and gone through the same vetting process with Morgan Stanley a total of 5 to 6 times. Their reps apologize every time, but then fail to actually enable the transfer. We have had a further 2 email contacts with Morgan Stanley go unanswered. At this point, this is tantamount to illegal activity and elder abuse from Morgan Stanley. In total, 13 contacts over 3 months with Morgan Stanley have still not completed the transfer. Confirmation #*********.They have now gone radio silent. Please help.

      Business Response

      Date: 01/11/2024

      January 11, 2024

      To Whom It May Concern:

      I am following up on your January 2, 2024, letter to ***** ********** requesting a response to **** ****** in the above-referenced matter.

      Unfortunately, we are prohibited by the Securities and Exchange Commission, Regulation S-P, and Morgan Stanley Smith Barney’s internal policies from disclosing non-public customer information to nonaffiliated third parties, including the Better Business Bureau.

      This prohibition extends to any description of the customer complaint or its response because any meaningful discussion of the complaint would generally require the disclosure of personal information about the customer, the customer’s finances, and investment objectives.

      Please note that we have emailed our response directly to *** **** ****** on January 11, 2024.

      Should you have any questions regarding the above, please feel free to contact me at ###-###-####.

      Very truly yours, 

      Morgan Stanley Wealth Management
      Legal and Compliance Division

      Customer Answer

      Date: 01/22/2024

      Morgan Stanley responded to me last week by trying to cover up their mistake via an email from their compliance team. They claimed an email was sent to me telling me I needed to be POA on the account before they could make the transaction. I never received an email that stated that was a requirement. But I do have old voicemails from a Morgan Stanley supervisor telling me "If I want to make a transition, just call back with your dad." ...which I did 5 times.

      So either Morgan Stanley (1) violated their own policy when they closed my dad's *** program without me being POA, or (2) they are using it as an after-the-fact excuse as to why they blocked the transfer of funds for 3 months. Why would I call back 11 times over 3 months if I got an email telling me exactly what I needed to do to make the transfer? I will follow their "now" rules to make the transfer, but they have still charged my dad $150 to keep an account open months after we tried to close it. Really poor from Morgan Stanley.

      In no way am I dropping this complaint.

    • Initial Complaint

      Date:12/18/2023

      Type:Service or Repair Issues
      Status:
      Resolved
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      On October 18 2023, I submitted a transfer from my broker account at Morgan Stanley E*TRADE to my German bank account from US dollars in euros. I work with ***** and these types of transfers occur every year in October for the past eight years. For over two months and countless contacts to E*TRADE, I have not received my funds into my bank account. After numerous back and forths with my German bank and E*TRADE, the money is still lost over two months now. My bank used the ***** form provided to me to research if the money has ever arrived with my German bank called ***, but the investigation was negative. E*TRADE recalled the money and stated it was unsuccessful without leaving me with a resolution. I am now in limbo and neither ER nor my bank have successfully located the money. E*TRADE also used ***** ***** for currency exchange and advised via Support that they cannot contact ***** ***** to see if the money is still with them or bounce back. I wish to file a complaint to have this thoroughly investigated, so I can get my money back. I can be contacted using my Irish or German phone number over here in Europe or via email.

      Customer Answer

      Date: 01/21/2024

      E*Trade has responded and provided a refund after 3 months 

      thanks issue resolved 

    E*TRADE Financial Holdings LLC is NOT a BBB Accredited Business.

    To become accredited, a business must agree to BBB Standards for Trust and pass BBB's vetting process.

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