Comments on: E*Trade to Move Banking Customers to Discover Bank http://www.fivecentnickel.com/2010/02/16/etrade-to-move-banking-customers-to-discover-bank/ personal finance tips, tricks, and commentary Mon, 13 Feb 2012 18:22:18 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Rene http://www.fivecentnickel.com/2010/02/16/etrade-to-move-banking-customers-to-discover-bank/comment-page-1/#comment-146351 Rene Fri, 19 Mar 2010 03:07:08 +0000 http://www.fivecentnickel.com/?p=3953#comment-146351 I would call that breach of fiduciary duty. As far as I know a bank cannot move customer funds without consent. They gave up custody of funds as they cannot access those funds anymore. I requested my funds back and they told me I have to take care about this on my self to get my assets back. I am close to hiring a lawyer to file a lawsuit after figuring out if they broke the law. I am done with this bank and closing all my accounts, same with Discover, how assisted Etrade in this scam. I would call that breach of fiduciary duty. As far as I know a bank cannot move customer funds without consent. They gave up custody of funds as they cannot access those funds anymore.
I requested my funds back and they told me I have to take care about this on my self to get my assets back. I am close to hiring a lawyer to file a lawsuit after figuring out if they broke the law.

I am done with this bank and closing all my accounts, same with Discover, how assisted Etrade in this scam.

]]> By: Lutgardis http://www.fivecentnickel.com/2010/02/16/etrade-to-move-banking-customers-to-discover-bank/comment-page-1/#comment-141761 Lutgardis Mon, 01 Mar 2010 12:58:34 +0000 http://www.fivecentnickel.com/?p=3953#comment-141761 I have a Money Market Account with E*trade since many years. All of a sudden and for no reason whatsoever E*Trade has frozen my account. I cannot transfer money into it, nor out of it. E*Trade refuses to honor my credit card bills and sends me overdraft notices for a check of $100 when the account balance is $108,000.- and; according to them, the available balance is $34,000. I don't know why the difference is not available. Nobody can explain what is going on. Customer representatives are unable to explain. Supervisors or case managers never call back. Even Pam Erickson, Corporate communications officer, and Gregory Framke, Executive Vice President and Chief Operations Officer, do not reply to faxes or emails. I have to hope my account will be transfered to Discover Bank, but have received no letter saying so. Is my only way out of this a lawsuit? I have a Money Market Account with E*trade since many years. All of a sudden and for no reason whatsoever E*Trade has frozen my account. I cannot transfer money into it, nor out of it. E*Trade refuses to honor my credit card bills and sends me overdraft notices for a check of $100 when the account balance is $108,000.- and; according to them, the available balance is $34,000. I don’t know why the difference is not available. Nobody can explain what is going on. Customer representatives are unable to explain. Supervisors or case managers never call back. Even Pam Erickson, Corporate communications officer, and Gregory Framke, Executive Vice President and Chief Operations Officer, do not reply to faxes or emails.

I have to hope my account will be transfered to Discover Bank, but have received no letter saying so. Is my only way out of this a lawsuit?

]]> By: Nickel http://www.fivecentnickel.com/2010/02/16/etrade-to-move-banking-customers-to-discover-bank/comment-page-1/#comment-140261 Nickel Wed, 17 Feb 2010 14:00:17 +0000 http://www.fivecentnickel.com/?p=3953#comment-140261 Rob: Great question. I dug a bit deeper and it appears that this doesn't apply to customers whose account is linked to an "active" brokerage account. Updated above. Thanks! Rob: Great question. I dug a bit deeper and it appears that this doesn’t apply to customers whose account is linked to an “active” brokerage account. Updated above. Thanks!

]]> By: Rob http://www.fivecentnickel.com/2010/02/16/etrade-to-move-banking-customers-to-discover-bank/comment-page-1/#comment-140259 Rob Wed, 17 Feb 2010 13:43:36 +0000 http://www.fivecentnickel.com/?p=3953#comment-140259 Are you sure it's everyone with an account or just those with zero balances for an extended period of time? I have an account and have seen nothing to indicate this move. Are you sure it’s everyone with an account or just those with zero balances for an extended period of time? I have an account and have seen nothing to indicate this move.

]]> By: Austin http://www.fivecentnickel.com/2010/02/16/etrade-to-move-banking-customers-to-discover-bank/comment-page-1/#comment-140249 Austin Wed, 17 Feb 2010 01:28:04 +0000 http://www.fivecentnickel.com/?p=3953#comment-140249 I don't have any experience with Discover Bank but I use their credit card and I'm more than happy w/ them. They have one of the best UIs I've seen and they've been helpful when needed. I wouldn't be upset if you're being switched over from E-trade. Austin @ Foreigner's Finances I don’t have any experience with Discover Bank but I use their credit card and I’m more than happy w/ them. They have one of the best UIs I’ve seen and they’ve been helpful when needed.

I wouldn’t be upset if you’re being switched over from E-trade.

Austin @ Foreigner’s Finances

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