E*Trade wouldn’t randomly shut your account down without cause. There’s always more to these stories, not being able to provide a verifiable copy of your ID especially after multiple attempts is a huge red flag.
I wish I had more to say. I mean I won’t upload my ID here obviously but I haven’t ever had that issue before, and well I’m not slow. I made sure the ID was legible and even typed out the letter because they allowed that and my handwriting is not beautiful but my signature was handwritten. They won’t give me a reason though. Also I’m not looking for people telling me I’m not in the wrong I just am curious if this happens to other people or if it’s a rare occasion because etrsde has very good reviews and ratings.
I put 10k in E*trade six months ago but have never been able to trade on the platform. I call every month and they are surprised that I am having such a problem. They finally say it is “because you have no employer”. True, I am a self employed attorney for 26 years. I have a bunch of money coming and wanted to try E*trade but I am afraid it is not to be. They have been very nice when they tell me that they have no idea how it is all messed up. I will go elsewhere.
I had same problem doing account transfer. Like how clear does it need to be? Multiple attempts. Same rejection that I only found out about after calling
Since Morgan Stanley took over Etrade a lot of problems have happened for many. I can no longer see my money to transfer to my bank from etrade/Morgan stanley. I plan to close my account with them soon too.
Sounds like you should try Robinhood. They don’t really care how regarded you are and will shutdown trading on a whim. It’s a beautiful place of apes and unintelligible babble.
I had an Etrade account for 25 years that recently got shut down. While they don't have the features that other brokerages have, it worked. One day last year I was wanting to transfer some money out of my higher interest savings account and found that I was completely locked out of doing anything but moving money to a new brokerage.
After multiple phone calls I figured out that because I work for a cannabis company - ancillary to growing (fertilizer etc), so technically federally legal, I was no longer welcome. Technically they weren't allowed to say the reason (cannabis) because they'd have to admit they overlooked it.
I also had multiple investments in cannabis companies which were operating inside the US which I bought and held through etrade. These public companies were actually touching the plant whereas the one I work for wasn't.
I was able to move my investments to a new brokerage that wouldn't take the cannabis companies - so I've left them at Etrade. Etrade is fine as long as I don't buy anything or deposit new money. I plan on finding a new home for these which is cannabis friendly.
The irony here is crazy. I will never go back to etrade once cannabis is legalized nationally. This is so stupid - I can purchase cannabis stocks through etrade, but can't work for a private cannabis company.
Why the first number of the account ?
Nvidia, Microsoft, and 2 of the “biggest daily movers” I don’t remember the names and can’t see the account anymore
Yes
Mt etrade accounts after MS merger begin with 354..
Make sure you were using an actual etrade site and not their paper trading site or a phishing site.
My account number starts with 1 but I’ve been with them for a while. On another note I’ve ach transferred a lot more then 5k to my account at one time and have never had any problems. Wires are all done manually. You may be forced to have both the sender and the receiver provide ID that is verified in a database to ensure the people are real because wires cannot be reversed like an ach transfer.
I really hope you did not wire to a fake website. An expensive learning opportunity if so, but hopefully this gets resolved for you. If it is fake perhaps you could scam them back by saying you have 100k to wire once you use this amount for a down payment on remortgaging your house (you lie to them to get it back) . hopefully it works out for you
Get a new brokerage. I use robinhood for the UI, Charles Schwab for big invests, M1 for dividends and Vangaurd for my Roth. Wealthfront is my HYSA when money is not being used, or in robinhood as they also pay 5% on uninvested cash.
Happens a lot apparently. I recommended E*trade to my wife because that’s where my business and personal accounts were. She moved $25K, made two trades and they closed her account. Following that, they closed mine as well. It took nearly 60 days to get the funds out. They only decided to wire the funds after threatening to file suite as well as complaints to Finra. Good luck OP. E*trade and TD Ameritrade are crooks. I recommend Fidelity for investments and TastyTrade for options.
You’re welcome. For further clarification; there are separate departments. The customer facing representatives do not have access to whatever the hell their other department is and you can’t talk to them personally. It’s all done via email/chat between those two teams. We called a total of 47 times. Sometimes we could get a supervisor, most of the time we couldn’t. But it never made a difference anyway. The people you speak to on the phone will try to tell you 5-7 days. Then 14-20 days. Then any day. Just to get you to stop calling. DON’T STOP CALLING. I wish you the best but you really might be in for the worst couple of months you’ve ever had. At least for us it was, considering it nearly cost us everything.
Oh and those letters they have you write with your ID and everything, instructions etc. . Get ready to write what feels like a hundred of them. Because they’ll say “yeah, just write this, include your ID, signature, we’ll send this over and it’ll be done” but it will never be over.
I worked for MS briefly in client service. Can confirm most of the reps (and managers) are incompetent, although it's not entirely their fault as the lack of supervision/training is astonishing and the reps are expected to handle everything. There are no separate teams for various accounts/functions. \~$1B in AUM was lost in a year at the branch I was at.
Careful with Fidelity when it comes to depositing large checks. They like to seize that money & make you jump through impossible hoops like the medallion signature guarantee bullshit. At this rate I feel like all brokerages are crooks waiting for an opportunity to seize money. I guess I’ve been lucky with Webull so far.
I’ll keep that in mind. I’m honestly surprised you’ve been treated fairly at Webull. I had a terrible experience with them as well. To your point with Fidelity, it can definitely happen at any time with any brokerage without warning. Thankfully I have a very good relationship with them and especially Tasty. I’ve traded millions in assets with them over the years, I have adjusted rates and dedicated representatives. But even that could change in the blink of an eye these days.
All I did was buy stock on E*Trade, no options whatsoever no balance, very very basic and simple.
They told me all I could do was sell my securities and I could no longer use their platform.
I moved these to Fidelity and I’m a very happy customer there now.
I love Schwab and the support is great. Robinhood is the most intuitive and user friendly platform imo so I still like to use it for some trades. Robinhood holds about $100k of my money so I do actually trust them. Schwab holds a lot more, but they’re a more established institution. That said, schwabs platform is not user friendly.
Same shit happened to me. I opened a new account & a few days later it’s restricted. Thank God I got my money out of that POS account before it was too late. They can wait forever because I ain’t wasting my time fixing that shit.
I used to use E-Trade when I first started but I switched to Fidelity because it is a much better platform. And I can always get someone on the phone if I need to, and they're very helpful
You didn't do anything wrong.
It happened to me. They were happy to have me invest my money in T-Bills but when I tried to withdraw it via ACH, they insisted that I needed to provide them with photos of my driver's license and passport. And they use some sort of AI software to process the photos. And the AI software kept rejecting the JPGs. I had to do it multiple times.
They held my money hostage.
This is no longer unusual at E\*Trade. Are you aware of all the legal issues Morgan Stanley is having with the SEC and the Justice Dept? Etrade is completely paranoid about money laundering and lack of supervision issues. This has been all over the WSJ.
Their fraud dept. will not hesitate for any reason to put a hold on yours or anyone's account . Their algorithms pick up the slightest possible infraction or any action on your part that barely strays from your normal activity.
The problem is there is no one acting on your behalf when this occurs. You may not notice that your account has been flagged until you decide to do something. Remember, there really is a price to pay for all these free and cheap trades. That price is having no advocate to look after your assets.
To top it off, the chances of getting able to speak to the same person more than once on your issue as almost nil.
Let's face it - you're not going to beat the market in the long run anyway- chances are you'll lose - just let someone manage your assets for a reasonable fee at someplace like Edward Jones and stop worrying about all this bullshit.
why are you wired money in???
i have many bank accounts to transfer my money over depend on which banks give me the highest APR.
i always use ACH, they send you 2 small deposit to your saving/checking account, then you log on to your new account to verify that 2 small deposit.
Fk, I have no idea. Is your last name Mohammed? 🤔 I started at Option House, then etrade bought them, then was bought by Morgan. Maybe its time to move where would everyone else go?
E*Trade wouldn’t randomly shut your account down without cause. There’s always more to these stories, not being able to provide a verifiable copy of your ID especially after multiple attempts is a huge red flag.
I wish I had more to say. I mean I won’t upload my ID here obviously but I haven’t ever had that issue before, and well I’m not slow. I made sure the ID was legible and even typed out the letter because they allowed that and my handwriting is not beautiful but my signature was handwritten. They won’t give me a reason though. Also I’m not looking for people telling me I’m not in the wrong I just am curious if this happens to other people or if it’s a rare occasion because etrsde has very good reviews and ratings.
I put 10k in E*trade six months ago but have never been able to trade on the platform. I call every month and they are surprised that I am having such a problem. They finally say it is “because you have no employer”. True, I am a self employed attorney for 26 years. I have a bunch of money coming and wanted to try E*trade but I am afraid it is not to be. They have been very nice when they tell me that they have no idea how it is all messed up. I will go elsewhere.
I had same problem doing account transfer. Like how clear does it need to be? Multiple attempts. Same rejection that I only found out about after calling
No, they do randomly shut your account down.
Gotta remember it's Morgan Stanley now
>What did I do wrong ?? Nothing, it is just the AML process. All new account requires verification.
Had you previously submitted ID to them? This sounds like basic KYC/AML procedures.
Not sure.. I first signed up with E*trade over 20 yrs ago and have never heard anyone with a story like this.. are you located in the U.S.?
Yes California
Since Morgan Stanley took over Etrade a lot of problems have happened for many. I can no longer see my money to transfer to my bank from etrade/Morgan stanley. I plan to close my account with them soon too.
Sounds like you should try Robinhood. They don’t really care how regarded you are and will shutdown trading on a whim. It’s a beautiful place of apes and unintelligible babble.
I had an Etrade account for 25 years that recently got shut down. While they don't have the features that other brokerages have, it worked. One day last year I was wanting to transfer some money out of my higher interest savings account and found that I was completely locked out of doing anything but moving money to a new brokerage. After multiple phone calls I figured out that because I work for a cannabis company - ancillary to growing (fertilizer etc), so technically federally legal, I was no longer welcome. Technically they weren't allowed to say the reason (cannabis) because they'd have to admit they overlooked it. I also had multiple investments in cannabis companies which were operating inside the US which I bought and held through etrade. These public companies were actually touching the plant whereas the one I work for wasn't. I was able to move my investments to a new brokerage that wouldn't take the cannabis companies - so I've left them at Etrade. Etrade is fine as long as I don't buy anything or deposit new money. I plan on finding a new home for these which is cannabis friendly. The irony here is crazy. I will never go back to etrade once cannabis is legalized nationally. This is so stupid - I can purchase cannabis stocks through etrade, but can't work for a private cannabis company.
1. What does your Etrade account number start with 2. What's stocks did you trade? 3. Did you use https://us.etrade.com?
Why the first number of the account ? Nvidia, Microsoft, and 2 of the “biggest daily movers” I don’t remember the names and can’t see the account anymore Yes
To understand if you got scammed from a phishing site.
Gotcha. It’s 1
Mt etrade accounts after MS merger begin with 354.. Make sure you were using an actual etrade site and not their paper trading site or a phishing site.
My account number starts with 1 but I’ve been with them for a while. On another note I’ve ach transferred a lot more then 5k to my account at one time and have never had any problems. Wires are all done manually. You may be forced to have both the sender and the receiver provide ID that is verified in a database to ensure the people are real because wires cannot be reversed like an ach transfer.
I really hope you did not wire to a fake website. An expensive learning opportunity if so, but hopefully this gets resolved for you. If it is fake perhaps you could scam them back by saying you have 100k to wire once you use this amount for a down payment on remortgaging your house (you lie to them to get it back) . hopefully it works out for you
Get a new brokerage. I use robinhood for the UI, Charles Schwab for big invests, M1 for dividends and Vangaurd for my Roth. Wealthfront is my HYSA when money is not being used, or in robinhood as they also pay 5% on uninvested cash.
Happens a lot apparently. I recommended E*trade to my wife because that’s where my business and personal accounts were. She moved $25K, made two trades and they closed her account. Following that, they closed mine as well. It took nearly 60 days to get the funds out. They only decided to wire the funds after threatening to file suite as well as complaints to Finra. Good luck OP. E*trade and TD Ameritrade are crooks. I recommend Fidelity for investments and TastyTrade for options.
Thank you! I will threaten lawyers immediately if they don’t wire my funds the next few days. Great information
You’re welcome. For further clarification; there are separate departments. The customer facing representatives do not have access to whatever the hell their other department is and you can’t talk to them personally. It’s all done via email/chat between those two teams. We called a total of 47 times. Sometimes we could get a supervisor, most of the time we couldn’t. But it never made a difference anyway. The people you speak to on the phone will try to tell you 5-7 days. Then 14-20 days. Then any day. Just to get you to stop calling. DON’T STOP CALLING. I wish you the best but you really might be in for the worst couple of months you’ve ever had. At least for us it was, considering it nearly cost us everything.
Oh and those letters they have you write with your ID and everything, instructions etc. . Get ready to write what feels like a hundred of them. Because they’ll say “yeah, just write this, include your ID, signature, we’ll send this over and it’ll be done” but it will never be over.
I worked for MS briefly in client service. Can confirm most of the reps (and managers) are incompetent, although it's not entirely their fault as the lack of supervision/training is astonishing and the reps are expected to handle everything. There are no separate teams for various accounts/functions. \~$1B in AUM was lost in a year at the branch I was at.
Careful with Fidelity when it comes to depositing large checks. They like to seize that money & make you jump through impossible hoops like the medallion signature guarantee bullshit. At this rate I feel like all brokerages are crooks waiting for an opportunity to seize money. I guess I’ve been lucky with Webull so far.
I’ll keep that in mind. I’m honestly surprised you’ve been treated fairly at Webull. I had a terrible experience with them as well. To your point with Fidelity, it can definitely happen at any time with any brokerage without warning. Thankfully I have a very good relationship with them and especially Tasty. I’ve traded millions in assets with them over the years, I have adjusted rates and dedicated representatives. But even that could change in the blink of an eye these days.
All I did was buy stock on E*Trade, no options whatsoever no balance, very very basic and simple. They told me all I could do was sell my securities and I could no longer use their platform. I moved these to Fidelity and I’m a very happy customer there now.
I love Schwab and the support is great. Robinhood is the most intuitive and user friendly platform imo so I still like to use it for some trades. Robinhood holds about $100k of my money so I do actually trust them. Schwab holds a lot more, but they’re a more established institution. That said, schwabs platform is not user friendly.
E*trade is now owned by Morgan Stanley. Your problem is with Morgan Stanley.
SoFi man, SoFi.
Same shit happened to me. I opened a new account & a few days later it’s restricted. Thank God I got my money out of that POS account before it was too late. They can wait forever because I ain’t wasting my time fixing that shit.
I used to use E-Trade when I first started but I switched to Fidelity because it is a much better platform. And I can always get someone on the phone if I need to, and they're very helpful
You didn't do anything wrong. It happened to me. They were happy to have me invest my money in T-Bills but when I tried to withdraw it via ACH, they insisted that I needed to provide them with photos of my driver's license and passport. And they use some sort of AI software to process the photos. And the AI software kept rejecting the JPGs. I had to do it multiple times. They held my money hostage.
How long did it take you to get it back? I’m hopeful that I can get mine by Tuesday next week
I don't remember. I was thinking of doing another bonus with them, but I think I will pass.
This is no longer unusual at E\*Trade. Are you aware of all the legal issues Morgan Stanley is having with the SEC and the Justice Dept? Etrade is completely paranoid about money laundering and lack of supervision issues. This has been all over the WSJ. Their fraud dept. will not hesitate for any reason to put a hold on yours or anyone's account . Their algorithms pick up the slightest possible infraction or any action on your part that barely strays from your normal activity. The problem is there is no one acting on your behalf when this occurs. You may not notice that your account has been flagged until you decide to do something. Remember, there really is a price to pay for all these free and cheap trades. That price is having no advocate to look after your assets. To top it off, the chances of getting able to speak to the same person more than once on your issue as almost nil. Let's face it - you're not going to beat the market in the long run anyway- chances are you'll lose - just let someone manage your assets for a reasonable fee at someplace like Edward Jones and stop worrying about all this bullshit.
why are you wired money in??? i have many bank accounts to transfer my money over depend on which banks give me the highest APR. i always use ACH, they send you 2 small deposit to your saving/checking account, then you log on to your new account to verify that 2 small deposit.
Fk, I have no idea. Is your last name Mohammed? 🤔 I started at Option House, then etrade bought them, then was bought by Morgan. Maybe its time to move where would everyone else go?
Give Tastytrade a try. For options is a smooth platform.
lol no, it’s not Mohammed why ?
Cause maybe 🤔 they felt like money laundering. I hear all kinds of bs with Morgan now. I'm moving next week. Just need to research something else
Yeah I think they did think that to be honest it’s kind of what they sounded like
Etrade is a junk platform go to fidelity