Hello,
I have been trying to close my Etrade Financial's account for almost two months now. As far as i have understood (since it is not clearly stated anywhere, i believe) one way to do it is to sell all the stock holdings and then wire the cash balance to another account and then ask for the account to be closed.
After few times i have contacted them, they wrote me to send a fax with my request and the coordinates of the new account. I have done that already 4 times and each time they asked for petty modifications of the previous fax: once to add a fax of the passport, then enlarge the passport, then replace the expression "wire all the cash balance" with "wire $...." (the exact amount)... and so on. This process took so long that the receiving bank meanwhile changed their swift code, so i had to fax again a new letter with the updated swift code. This just triggered a new series of fax requests by Etrade.
it is obvoius to me that this process will never end if i will just keep faxing them.
I have filed a complaint with Better Business Bureau and wrote this to Etrade, but it doesn't seem to have changed their approach to my requests. I wonder if anybody in the forum has any idea on how to be much more convincing in my requests, especially because I am not getting an extra salary in exchanging useless correspondence with them, nor in keeping sending faxes.
I have done a quick search on the web and found many others customers suffering similar treatments by Etrade. I wonder if anybody has ever thought of filing a class action against Etrade for their misconduct.
Thank you very much for your help
zaf
I have been trying to close my Etrade Financial's account for almost two months now. As far as i have understood (since it is not clearly stated anywhere, i believe) one way to do it is to sell all the stock holdings and then wire the cash balance to another account and then ask for the account to be closed.
After few times i have contacted them, they wrote me to send a fax with my request and the coordinates of the new account. I have done that already 4 times and each time they asked for petty modifications of the previous fax: once to add a fax of the passport, then enlarge the passport, then replace the expression "wire all the cash balance" with "wire $...." (the exact amount)... and so on. This process took so long that the receiving bank meanwhile changed their swift code, so i had to fax again a new letter with the updated swift code. This just triggered a new series of fax requests by Etrade.
it is obvoius to me that this process will never end if i will just keep faxing them.
I have filed a complaint with Better Business Bureau and wrote this to Etrade, but it doesn't seem to have changed their approach to my requests. I wonder if anybody in the forum has any idea on how to be much more convincing in my requests, especially because I am not getting an extra salary in exchanging useless correspondence with them, nor in keeping sending faxes.
I have done a quick search on the web and found many others customers suffering similar treatments by Etrade. I wonder if anybody has ever thought of filing a class action against Etrade for their misconduct.
Thank you very much for your help
zaf