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My Stocks were liquidated... By Etrade!
By Michelle Hoffmann
I got a notice this morning that there had been a transaction done in my Etrade account. I had not authorized any transaction, so I logged in quickly to check on the status of my stocks. To my horror... there was nothing in the account! I had had over 500,000 shares of various penny stocks... ALL GONE! Needless to say, I fired off a support ticket asking where my stocks were. The reply I received was that they had been liquidated to cover a negative balance which, I found out, were due to their annual account fees. It should be noted that they charge a transaction fee of $8-10 per purchase or sale of shares and the account fee is an annual hidden charge. This is an account that I have had for more than 6 years with numerous transaction fees that they have collected. Yet, the only notice that I had of this account liquidation was the email that I received this morning. They claim to have sent me an account alert on 04/06/10. I never received it. They could have sent a letter to my home address...which they have on file. They could have made a phone call... they have my number. But NO. They decided to just go into my account and sell everything they could get their hands on! When I called them to in response to the email that they had sent me (which had been addressed to 'Dear Valued Client') asking about the account liquidation, the person on the other end initially insisted on reading me the terms of service rather than answering my question. It was only reluctantly that they finally admitted that it was their own annual account fees that caused my account to go into the negative by about $8.00 USD and then saucily pointed out that according to the terms of service they have the right to go into their clients accounts and liquidate shares when the account is in the negative. Basically STEAL their clients' money! (not in so many words) Translation into the English language is required here... as the "agent" was so heavily accented as to be hardly understood. Not surprising since he is based in Manila, in the Philippines! I thought Etrade was an AMERICAN company!!! Stock prices do go up and down... correct? It seems that the stock market today ( 05/27/10) is making somewhat of a rebound... am I correct? This does say to me that maybe, just maybe, my account would be turning around and making money? I am furious (to put it politely)! I will NEVER do business with Etrade AGAIN and will warn anyone interested in doing business with them away! Since I'm shopping for a new broker, does anyone know whether or not Scottrade is an all American company? Or do they farm out their stuff as well? |
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Very interesting AND how horrible for you! I am not one to advise about investments but I am sure some of our financiers on Qondio will help you.
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