SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Non-Tech : E*Trade (NYSE:ET) -- Ignore unavailable to you. Want to Upgrade?


To: Henry Hayashi who wrote (12576)3/15/2000 12:41:00 PM
From: SLSUSMA  Read Replies (2) | Respond to of 13953
 
You took a big risk transferring accounts when you had options due to expire. Unfortunately, there is very little you can do to E*Trade. The most damage you can do to them is to spread your horror story and help others who might otherwise get screwed by E*Trade and its well known incompetence. My advice is to put only a small amount in E*Trade because they are well known for horrible service. There are better OLBs out there. The stock is a different story; it is fun to bash and watch the e-groupies get excited.

Prediction: SPYTDR or some other E*Group long will attack you on a personal level for posting your E*Group woes. Be prepared for some childish comments.



To: Henry Hayashi who wrote (12576)3/15/2000 12:50:00 PM
From: BWAC  Respond to of 13953
 
Henry,

<Any advice on legal recourse would be greatly appreciated.>

Advice: NEVER EVER try to transfer options in the future. You have so many cross currents going on that it is nearly impossible. You have the battle of forms to get full options approval, you have the battle of forms between departments, you have the battle of forms between the transferring in/out brokers, and then you have time value erosion to consider on the options themselves. Simply just to much going on. Exactly as you have typed.

Be sure and consider that the transferring OUT broker generally is in no hurry to get these accounts transferred. It is very low priority to them. In the future, I strongly suggest that you effect all transfers yourself, on your timetable, and most importantly in YOUR control. Not some back office of a broker who is losing a customer upon the transfer.

Also consider that I personally only know of one mainstream OLB that will immediately open a full option trading account upon the initial application, Brown and Co.
Options as you know require many more forms and approvals from the broker. Without these approvals you cannot even transfer options in, since it violates the investment profile that you and the broker agreed to.

Legal Recourse: Not a chance. EGRP will blame the other broker for the delays. They will blame EGRP. Then both will say the options delayed the matter due to incomplete trading approvals.



To: Henry Hayashi who wrote (12576)3/15/2000 5:21:00 PM
From: sim chambers  Read Replies (1) | Respond to of 13953
 
hey dummy-

its your fault that your options got hung up while transferring. that was a completely stupid to transfer. trading positions or options should be cashed out. always go cash

as for legal advice...this is your mistake

changing firms is a pain in the ass. now, if only others understood this, egrp stock would be much higher. the land grab will be permanent as egrp grabs accounts. only the fools will transfer from etrade.....as they will never be happy. there are people in this world that will not be happy even with the best service. etrade has some problems yes, but go read about waterhouse.

use common sense!!!!!!!