I tried to post this on the ETRADE discussion site but was unable to in response to someone else who thought ETRADE sucked but had just recently visited the site for the first time:
Now some feedback from someone that actually uses the site:
ETRADE still has a long way to go in providing a seamless up to date state of the art brokerage & banking solution. I have set up a brokerage and bank account and have linked both of them together. However, it's not quite what they advertise it to be. My other bank which has an online component is far superior. I am an etrade investor and user so I hope they can resolve the situation.
- I called a brokerage rep because I tried to transfer money from brokerage to bank and the bank rep could not help me. Just the other day, I tried to transfer money from brokerage to bank and see if it only takes a day as advertised. After waiting a couple of days, I called the ETRADE Bank and they said that because of the 4th of July, they were swamped and it would take a couple of days. Right. I called ETRADE Bank a few days after that phone call and I was once again forwarded to a brokerage rep. What I tried to do was this: I would transfer money from my brick and mortar bank to the brokerage using the ACH function under the trading menu(I wish the ETRADE Bank site had this feature). Then, I would transfer the same amount of money from the ETRADE Brokerage to the ETRADE Bank. Well, they will not allow me to transfer the money until it has been sitting in their account for 10 days. I told the rep that my other brokerage allows me to withdraw the money via ATM right away; and he told me that ETRADE just likes to be very careful even with ACH transfers. Now, that's execution for you. Then, I pointed out that my margin balance indicates that I have cash available to withdraw far greater than the amount I wanted to transfer to the bank and has been before I ever started my brokerage to bank transfer. So why was I being penalized because I decided to put even more money into ETRADE? He agreed and said that ETRADE Management does listen to these recorded phone calls and some day they may actually act on them. Right.
Then, I asked him about the fact that if I initiate a brokerage to bank transfer, it will automatically get cancelled if I attempt to initiate a stock trade before the transfer is consumated(sp?). He couldn't help me there. He kind of implied that if I want to continue to do stock trades uninterrupted, I shouldn't try any money transfers from brokerage to bank. Works for me.
Lastly, and I kid you not, he said that he would wire transfer the money from the brokerage to the bank that night and he asked me if I happened to have the routing number to ETRADE Bank handy. ???? I did not and he said he would eventually find it. Now, that's confidence inspiring. The wire transfer did happen that evening though.
What the website provides is only a link between the brokerage and bank site. It does not however make it more convenient and is more a detriment to trading and pumping money into your account.
All this from a loyal user that will continue use the site although I would use it much more if not unimpeded.
As always, long on etrade.
df |
