E-Trade: $25 Sign-up Bonus
Posted 20 May 2007 by Mr. BThough E-Trade has been my financial nemesis of late, it is fair to acknowledge that their $25 sign-up bonus offer has been extended through the end of May 2007. I must remember that it is easy to dwell on the negative aspects of life, and since my last couple of posts have been mostly negative toward E-Trade, I will offer some praise where it is due. Here goes:
What E-Trade Does Well:
- Fast transfers – I have mentioned this before, but of all the on-line savings accounts I have (currently four), E-Trade is by far the fastest when it comes to transferring money. I can usually count on one business day for transfers provided that I initiate it early in the morning. Most other on-line banks take 3-4 days.
- Predictable interest date – With E-Trade, I know they will credit interest at the end of each month, no matter when you opened your account. That’s how it works for me anyway. Many other banks credit interest on each monthly anniversary from your opening date. For me, that’s more difficult to remember.
- Improved Hold Times – I can’t give them glowing praise here, but I used to read horror stories about E-Trade’s customer support. Stories of people holding for an hour or more were common (just try searching for etrade sucks). I’ve had to call them several times lately, and I’ve never had to wait for more than about twenty minutes. Is this good? No. Is this an improvement? Yes.
- Extended Sign-up Offers – I first opened my E-Trade account back in February 2007, all because of a $25 sign-up bonus offer. Guess what? That same offer is still in effect through May. Opening the account was painless, and the bonus credited to my account within a few weeks. Easy.
There. That’s about all the positive points I can muster about E-Trade right now. Back to the main issue at hand: use the link above to sign up for an E-Trade account, currently rated at 5.05% APY. There is no hard credit inquiry to my knowledge.
All it takes is $1 to open, and you should receive your $25 credit within a few weeks. Easy as pie.
*** DO NOT EVER DO BUSINESS WITH E-TRADE ***
I just had a excruciatingly frustrating interaction with E-Trade’s offshore “support” agency. I’m still a little irritated, so please excuse my venting. I hope this might prove informative to other consumers who are thinking of using E-Trade’s “services”.
After trying to transfer money from my trade account to my personal bank account, the account was flagged for “suspicious activity”. Ok, I thought – they are trying to protect me. Good for them.
When I call them to have the hold removed, the fun begins. I’m asked a few simple questions to verify my identity. I answer those correctly and this is enough for them to discuss my account details with me. But then I’m told they need further verification to remove the hold. Ok…
They tell me that I’ll be asked “verification questions from a third party,” at which point another person joins the line and begins asking me questions from my credit history. The first couple questions go well, but then they begin asking me questions that obviously have nothing to do with me. I tell them that and they just keep repeating the question over and over telling me I have to choose A,B,C or D. I tell them that none of these apply and they talk over me and continue to read the script – and the question. Was I talking to a recording?
So, I choose one. They move on to other questions that have nothing to do with me. I randomly select answers, all the while protesting that these questions are not accurate. At the end, they let me know that I have failed the verification and now an additional hold is on my account. Great! Now, I’m as safe a character in a Kafka novel…
And what do I have to do to remove this new hold? Fax over a letter and a copy of my passport. To the main fax line, I ask? No, to some random unlisted number. Really? Can they confirm receipt or otherwise reassure me my passport has gone to the right place? No, it goes to a different department. A department that doesn’t take direct calls. And they’re closed.
So I refuse. What else can we do, I ask? They ask me to submit a “secure message” through the website. Ok, I think. Maybe some progress is being made. I log on to their website and the email form is broken. In Firefox and Safari. They don’t believe me when I tell them. They offer to transfer me to tech support, but Surprise! “It’s closed for the day.” Maybe I can try again on Monday, they ask? Is there an email address I can send an email to? No, they don’t give that out.
Can I speak with a supervisor, I ask? No – no one is available at this time. And what can I do now? They just keep reading the script over and over talking over my questions until I decide to hang up on them.
I *really* don’t want to be that angry American consumer that is the basis for those Indian sitcoms, but come on. E-trade, really? This is the best you can do?
The next day, after receiving my ID, they inform me that the address does not match ( passports are valid for 10 years… ) and that I must go in person to a branch several hours away to verify my identity. No way.
Instead, I have responded with a letter from my attorney. Needless to say, I’ll be closing my account assuming I ever get access to it again.
Do not ever do business with this company – you WILL regret it.