Former Harrisdirect customers who are not happy with Etrade Message Board

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Non-Tech : Former Harrisdirect customers who are not happy with Etrade

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To: Dave who wrote (29)	1/24/2006 8:26:09 PM
From: James Hutton	Read Replies (1) of 54

Hello all, What a nightmare. I sent an email to Barron's on Friday evening describing all of the troubles I've had with going from Harrisdirect to Etrade. The article on Saturday pretty much hit all of the high points: not being able to log in the first day, missing $95 in "withholding," etc. But it's not over. Having figured out that "cash" does not yield the same as the Harrisdirect Money Market fund, I got the bright idea to move the cash into an Etrade money market fund. I did the online accounting on Friday, but the money was not posted until today. But I did some trading in the meantime, that resulted in a net debit of 11k in "cash." Out of some nagging concern, I phoned ET today (on hold 50 minutes) and was told that the money market fund did not automatically sweep, but that I could transfer money from the money market fund to the cash account "manually." So I tried that to no avail. I called ET back, and this time was told that I couldn't remove the money from the money market account for three business days (read next Monday). So now I'll accumulate margin interest on the outstanding cash debit (for a day or so) and be crippled in my trading ability (I've got a huge amount of $ right now in my money market). I'm really pissed. As soon as I can get all of this working, I'm moving. I'm seriously thinking of calling a class action attorney. There was no disclosure of the difference in how uninvested cash would be handled. I figure I'm going to miss out on several hundred $$ in interest. Multiplied by several hundred thousand accounts, and the numbers could get an attorney interested. They had months to arrange this and then they completely blew it. Hope others have fared better than I.

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