ETRADE Bank is a subsidiary of ETRADE Financial Group, which is a publicly traded (NASDAQ:ETFC) institution, and offers a narrow selection of depository products and loans. The bank offers an Internet-driven approach to depository banking, but also has retail centers in metropolitan areas across the United States. The ETRADE name is widely known as an active stock and bond trading platform accessible to everyday consumers and investors, and therefore positions its checking account offering as a tool to use moving funds back and forth to trading accounts. The bank offers free quick money transfers between accounts to facilitate this operation.
There are no savings, money market, or CD accounts offered by the bank, but on its lending side there is access to mortgage and refinance loans. The sole checking account offer could also be used by itself as a way for consumers to conveniently bank online. It comes with a free Visa debit card, free Bill Pay services, and free ATM refunds on any ATM used to withdrawal money from the account. There is no monthly service fee on this checking account as long as customers obey minimum account balance requirements, which tend to be higher than average.
ETRADE Bank online banking offers consumers a sophisticated platform on which customers can manage their accounts. Free fund transfers, bill pay, account management, and access to investing opportunities are all features of the bank’s web-based system. ETRADE also gives complete protection guarantee that prevents customers from being financially responsible for any unauthorized use of their accounts. ETRADE’s mobile banking apps offer comprehensive features unlike many other apps in the banking world. Barcode scanning allows investors to instantly turn their material receipts into company research; educational videos, including CNBC video on demand, are available for learning purposes; performance charts offer investors tangible metrics right on their smartphones. In addition to these trading functions, the mobile apps offer easy account management, Bill Pay, and fund transfers for banking customers.
ETRADE Bank was originally established in 1933 as the Metropolitan Federal Savings and Loan Association. In 1989 it changed its organization type to a stock savings bank and changed its name to the Metropolitan Bank for Savings. In 2001 the bank changed its name for the last time to ETRADE. Its headquarters are in Arlington, Virginia, where it was originally established.
I am very appreciative of the services E*TRADE Bank provides. I am not the most organized individual. As a result, I have done things like forget to pay a bill or pay them late at times. With E*TRADE Bank it is virtually impossible for me to do that as long as I have the necessary funds. I have a checking account with them that is linked to my investing account so I can do all of my financial activity in one place. I also have their app on my smart phone. With it I pay my bills which it reminds me of when they are upcoming. That is the one thing I have had a problem with in the past. With either physical mail or e-mail, I don't always keep on top of every piece of financial information sent to me. However, when it pops up with an alert on my smart phone I handle it right away or mark it to be taken care of soon. I guess it just works better for me than standard methods.
Beyond that, I really like that they reimburse me for ATM fees. Most ATMs are not through them. In fact I never found an ATM with their name on it. So I generally always have a fee for using an ATM owned by another bank. Those fees are generally between $2 and $3.50. I withdraw money frequently due to my lifestyle so they add up. I save between $30 and $50 a month with this feature. One more thing; I never had any stock market experience prior to opening an account with them but wanted to see if I was able to make money in the stock market. They provide a lot of good advice in terms of my investments regarding what I should do with my money. They look at my goals and my investment style and tell me what I might expect from buying or selling different stocks. That has to do with my investment account I have with them, but they are linked so I figured I would mention it.
I have been searching for a Brick and Mortar version of E*Trade for years and haven't found one to even come close... BoA,Chase,TDBank,IBMSECU.
- Great Customer Service
- Low hold times
- No abusive fee policies or checking account mins
- ATM Fee reimbursement
- Relatively robust production offerings including Brokerage and self directed retirement accounts.
- Great technology
Also, with 50k in total assets you get a dedicated platinum team. 50k sounds like a lot, but when you factor retirement assets, it is not too much. You'd have to have $10+ million at a large bank to get the kind of service ET gives for 50k in assets.
The drawback is no brick in mortar, but these days, what do you need to go in for?
I have been using E trade for investment and banking for at least 5 years now. I changed from using Wells Fargo because i wanted to be able to have better control of where i could invest my money and E trade was a viable solution. Overall, I believe that the change was a worth while choice to make because E trade is a very professional company and I am able to make better use of my money. It is worth noting that their customer service is a little lacking, I've had issues in the past and its been difficult to resolve these issues due to miscommunication. For example, I had an issue with my savings account being overdrawn because of an investment I made, and it took much longer to resolve this issue then with a traditional bank. Ultimately, the rates on Etrade's savings account is much better than what you would get from a traditional bank and they make it easier to use the money in a way in which it works for you.
Just after I had graduated from college, I needed to get a lot of financial issues in order. I had always been with my parents bank back in my home state, but I wanted to branch out and try something new with the big availability of internet banks. I had some stocks with E*trade, and knew they had a bank, so decided to open up a checking account with them when I landed my first full time position after graduation. I was having issues doing so, mostly because of my internet connection, and because I needed it completely quickly, since I had to provide account information to my employer for direct deposit. Since I was having an issue, I decided to call and see if it could be done over the phone. The customer service rep I got was excellent. Not only did she answer all of my questions, she was able to get the account open and funded in a single call. She was able to email me the information I needed to be able to give to my employer, and even better, I received a debit card overnight. She was very helpful and informative about their checking account options, and I was able to choose one that suited my lifestyle and savings goals, as well as keeping fees to a minimum. I was very pleased with the customer service I received that day. Opening the account was truly an easy and simple process.
Now I had an account there for several years as it was a convenient place to park extra funds.
And it was also attractive to me as I also also did business with their brokerage house.
And for some years this worked O.K..
But the rise in Hacking made me leery of doing internet banking as it was too easy for hackers to get in to your account.
Also the U.S. Gov changed the rules both for withdrawals and large cash deposits and while my business is honest I am a "Bit Sticky" as to my trade secrets and customers so again I saw perhaps online banking wasn't the way to go.
But as I neared -Retirement Age- I decided to close out my account both as I'd have more time to administer my accounts more closely etc,etc,.
Plus I wanted to keep my cash funding a bit more closer to Home.
Overall to be Honest I'd have to give E Trade high marks but only as a FAIR General Bank.
For your money is more easily accessed at local institutions while the Security/Privacy are greater.
Plus the Bank/Brokerage rates are also a LOT cheaper.
Now if you travel a lot, Or are an American living overseas who needs a good bank in the U.S. to park funds that will still be there after the next 'Local Revolution- then ETrade may be the bank for you as frankly I "Tried American Express and clearly they =Are Not= trust worthy so I feel that ETrade is a better deal.
But otherwise I'd say "Just Pass" as the service is only just fair and you can get Lower Rates elsewhere etc,.
Anyway that's my input together with my years of Experience etc!.....
E-trade is convenient. However, I am unhappy with the low interest rates on the savings. As with many other banks the annual rate is very low. I have found better luck with a credit union lately. Another item that I was unhappy with is I would get inactive account notices on my kids savings about every 6 months. I was not making a lot of transactions on these accounts and I kept having to add some funds every so often to keep them from closing the account without authorization from me. I am since planning on changing banks because this was just too irritating. I clearly had an active account because I have all my accounts under the same log-in the on-line information on a regular basis.
|FDIC Certificate #||30746|
|Return on Assets - YTD||0.3%|
|Return on Equity - YTD||2.84%|
|Annual Interest Income||$902.2MM|
|Assets and Liabilities|
|Assets||Q4 2015vs Q4 2014||$33.36B$44.67B|
|Loans||Q4 2015vs Q4 2014||$4.61B$14.13B|
|Deposits||Q4 2015vs Q4 2014||$29.86B$33.10B|
|Equity Capital||Q4 2015vs Q4 2014||$3.18B$6.10B|
|Loan Loss Allowance||Q4 2015vs Q4 2014||$353.5MM$403.8MM|
|Unbacked Noncurrent Loans||Q4 2015vs Q4 2014||$420.7MM$465.6MM|
|Real Estate Owned||Q4 2015vs Q4 2014||$27.2MM$36.0MM|
Always verify rates and promotions with the bank or credit union. We are not E*TRADE Bank; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|OTHER TIERS: 0.01% → Up to $5k|
E*TRADE Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 671 North Glebe Road, 16th Floor - Arlington, VA 22203