ETRADE Sucks! Message Board

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Pastimes : ETRADE Sucks!

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To: DD™ who wrote (1167)	11/19/1998 7:24:00 PM
From: AlienTech	Read Replies (1) of 3262

You have a house or other assets? Author: Michael Moats ETrade Evil? I did not see ETrade listed here a few weeks ago. I will re-post my message in the correct spot now that I have found it. I am wondering who in their right minds would agree to Etrade's customer Agreement! It includes an IRREVOKABLE POWER OF ATTORNEY!! This is overkill on powers needed to protect their interests. See (paragraphs 40 & 41) They can sell your house, your kids, whatever! I don't care how spiffy their site is. I WILL NEVER AGREE TO THOSE EVIL TERMS. Who cares whether or not they have yet misused these 2 paragraphs...just the thought of giving this power to anyone is frightening. If ETrade is ever in danger of going belly-up wait and see how evil they can become with all of their members, former members, heirs, etc bound by these 2 paragraphs. I am currently trading at DLJdirect (for 3 months no problems) for my own trust. I wanted to open an additional trust account for my parents trust but found all of the online brokers I looked at would legally link these 2 accounts together. So I found myself looking for a 2nd online discount broker and narrowed down to Discover and ETrade, and decided I liked ETrade's site alot better from what I could see at both without a logon. I had the forms already to go to transfer 300K+ of assets but when I read paragraphs 40 and 41 of E*Trade's agreement appalled and contacted my attorney. He also was very troubled by their wording and advised not proceeding with opening an account unless those 2 provisions would be removed. I figure fat chance of that from my experience with DLJ. I initially had my margin agreement rejected at DLJdirect for adding an understanding from a call to their 800 number regarding linking of trust accounts. DLJ told me via voice not to worry about the wording as this "probably" would never happen due to the trusts being under separate tax ID numbers. After the rejection, I sent them an unaltered agreement with a letter explaining that I would have to open the 2nd trust agreement with one of their competitors unless they resolved this issue. They agreed to pursue the matter, but dropped the ball...So I figured forget them for the 2nd account.

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