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E*Trade Financial

E*Trade Financial review: E-Trade has blocked access to my account 3

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1:05 pm EST
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In 2017 I opened a brokerage account with E-Trade. Since that time I have purchased stock in just 3 companies only two of which are in my present portfolio. On September 23, 2023 I contacted E-Trade (now E-Trade/ Morgan Stanley) to add a savings account. As part of that application process, I was required to provide a copy of my Colorado driver’s license (both front and back) and to complete a security questionnaire. A few days later, multiple notices appeared on my E-Trade account pages indicating that access to my accounts had been restricted/limited due to “unusual activity.”

On Monday October 23, I called E-Trade for clarification and spoke with an E-Trade customer service representative named Brook. When asked, Brook refused to provide her last name or employee identification number. Brook also refused to answer any questions regarding the restrictions on my account and would only respond by stating that, “to proceed any further you must take a selfie while holding your driver’s license and upload it to E-Trade”. This image would be in addition to the driver’s license that I had provided a just few weeks prior. It is I noteworthy that the star in the upper right corner of that license indicates that it is compliant with the Department of Homeland Security’s Real I-D act of 2005. When asked, Book refused to tell me the extent of the restrictions nor the nature of the alleged “unusual activity” and re-stated that she could not proceed any further, nor provide any additional information, until I had uploaded the selfie. During the 12+ minutes that I was on the phone with Brook I was stonewalled at every turn. Brook responded to my questions 14 times with “We need a selfie of you holding your I-D.” Brook eventually conceded that the restrictions prohibit me from buying or selling any of my investments or from closing the account. My account remains blocked and E-Trade will not tell me why. In these times of unpredictable market volatility I am being denied the ability to trade stocks or close out my account.

I believe E-Trade’s claim of “unusual recent activity” on my account to be patently false. The last transaction on my account was a stock purchase almost 2 years ago (2/22/22). Freezing my accounts and holding them hostage unless I send a selfie is tantamount to adding new terms and conditions to the agreement that I signed when I first opened my E-Trade account. I am a 72 year old senior citizen and I have neither a smart phone nor a working camera needed to accommodate this unusual request (selfie). The actions I am being required to perform, to have access to an account I have had for over 6 years, represents an undue and unreasonable burden. At this juncture I wish only to liquidate my holdings, close my account with E-Trade, and transfer all of my funds to my Wells Fargo accounts.

Desired outcome: Re-establish full access to my E-Trade account with no conditions, provide a detailed account of the supposed "unusual activity" on my account, apologize, allow me to close the account and transfer my funds to my Wells Fargo accounts.

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TheReaperMan
US
Nov 20, 2023 4:07 pm EST
Verified customer This complaint was posted by a verified customer. Learn more

Paypal did this to me and held $2200 hostage for 8 months. I finally sent a certified letter to their corporate office with a letter of intent to sue. My account was released within 48 hours.

Later I learned their "unusual activity" ruse was being used on tens of thousands of people to hold their money. Tell them you are are going to sue, and get a letter of intent from an attorney. They will do anything to avoid spending money on your account that, as you said, you rarely use. That should be enough to force their hand.

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Mike Th
Loveland, US
Feb 12, 2024 3:41 pm EST

Was this resolved? etrade is doing similar thing to me.

Y
Y
YesSolved
Manila, PH
Jun 20, 2024 11:55 pm EDT
Verified customer This complaint was posted by a verified customer. Learn more

Were you able to resolve your blocked account? I'm also in the same dilemma. Even worse, I can't even get in touch with anyone from Etrade. There is no specific customer service email address, Etrade not replying in its FB messenger, the listed toll-free number in my country is not even patching in, international number listed for outside US is not even Etrade's number (Some other company's representative answered). Please share your latest recourse in case you managed to resolved your issue with Etrade. Would highly appreciate. Thank you.

  1. E*Trade Financial Contacts

  2. E*Trade Financial phone numbers
    +1 (800) 387-2331
    +1 (800) 387-2331
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    Securities or Bank
    +1 (877) 921-2434
    +1 (877) 921-2434
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    Retirement Specialists
    +1 (800) 838-0908
    +1 (800) 838-0908
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    Stock plans
    +1 (866) 503-2856
    +1 (866) 503-2856
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  3. E*Trade Financial emails
  4. E*Trade Financial address
    1271 Avenue of the Americas, 14th Floor, New York, New York, 10020-1302, United States
  5. E*Trade Financial social media
  6. Andrew
    Checked and verified by Andrew This contact information is personally checked and verified by the ComplaintsBoard representative. Learn more
    Oct 30, 2024
E*Trade Financial Category
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