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Non-Tech : E-Trade "Class Action Lawsuit"
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To: John Xu who wrote (62)7/11/1996 2:06:00 PM
From: Yo Eleven   of 128
 
Confirmation of cancellation and executions may or may not be real. I went through this many times with ETade. I got a valid cancellation response from them. The trade was not in my account. But guess what!! They executed the trade anyway, and kept the record on a DIFFERENT computer. I only found out about this security in my account when I went to close my account. They would not release my funds for 3 weeks because of this security, of which I had no previous knowledge of. I don't want to ressurect my plight with ETrade again. My problems with ETrade are well documented here on SI. All I can tell you is beware. Do not trust any confirmations you get through the computer.

Another thing, when you click on the "portfolio menu" which shows the securities you currently have in your account; DO NOT TRUST THIS!!!. This is a bogus list. The actual securities you have in your account are on the OTHER computer. You must verify that both computers match by calling them up on the phone. Whenever you get a confirmation for any trade or a cancellation, you must verify the other computer. Otherwise, you could be getting screwed without even knowing about it. BEWARE Y'ALL.

Best wishes.
( I never even received an apology from ETrade for their screw-ups in my account, and giving me the runaround for a MONTH with my funds tied up, before fixing my account. Their response was, "well yes, there is a problem in your account and we are trying to fix it. This does happen from time to time.")
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