Saturday, April 07, 2007

The conclusion on the E*Trade saga (bad customer service, etc.)

Here's a follow-up on the post I made on the troubles a family member had with ETrade:

  • It took more than three months to get back a big amount of RRSP money from the void that exists between Ing Direct and Etrade! (Ing had sent the RRSP transfer money check and Etrade claimed they had never received it)
  • ING Direct was more helpful than Etrade because they happily had a supervisor quickly involved and tried their best to solve the situation (remember that Etrade reps hung up the phone and it required a lawsuit threat to talk to a supervisor)
  • ING will pay the interest on the money retroactively even if the account was closed ...
  • Etrade was also resisting somehow completing a form that ING required as proof the check was never deposited.
  • So how was the situation solved? The best thing we ever did was to involve Investment Dealers Association of Canada . A friendly person there who had some obvious clout advised us and stayed involved until the end. He even called Etrade. Each side (ING and Etrade) was asked to CC all faxes to this guy. It only took a few days to get the whole thing resolved once he was involved! Keep that in mind if you ever have problems with Etrade.

4 comments:

Anonymous said...

I'm interested to hear about your troubles and the effort it took to resolve them, especially as I've been considering a move of 3 accounts (Trading, RRSP, LIRA) to E*Trade.
JT

The Canadian Money Blogs Reviewer said...

what would you like to know? I could fill a hundred pages with the details :-)

Nancy said...

wow! What a saga! And like most people, I felt a sense of "yessss!" when the ida kicked some sorry e-trade butt on the little guy's behalf. (not to say your family members a little guy. you know what I mean.)

Anonymous said...

good stuff!
It's strange to hear all these negative things though about etrade. I have had my accounts with them for over a year and have had no problems with them.
Sounds like one of those crazy one-off situations.

Working in customer service though, i find that there are alot of complaints that have no real substance. Majority of the time it is the end customer who may not understand the process or may not have completed somthing when they should have. Unfortunately the customer is not always right and if they had took the time to understand, listen or explain properly things would not really get blown out of proportion

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