Look, there's a lot to be attracted to by opening an E*Trade Checking and Savings combo: great interest rates, free ATMs, 24/7 customer support, etc. But this "bank" does not come anywhere close to being an actual bank. MULTIPLE TIMES I have had transactions added to and REMOVED FROM my available balance. This means that transfers that were DONE PENDING and 100% spendable and in my available balance just disappeared one day, only to return 3-days later. Once it was my entire paycheck. It was in my available balance one day, I go to spend the money online and BOOM my account is locked and the money disappeared from my available balance. They told me they needed some documents from me to unlock and secure my account: documents that SHOULD have been asked for when I opened the account (things like my drivers license, a previous bank statement, etc.). Then they told me it would be 2-3 business days until they could unlock it for me. On top of that, they didn't believe me when I told them that I was employed (they were wondering how I was able to get a paycheck that large) and asked to speak with my manager on the phone, at my new job. . . . yeah right.
The absolute worst part about this "bank" though is that they don't even let you access all the transaction information on your checking account. So, when a purchase is made from the checking account (via a debit card or otherwise), the money is subtracted from your available balance but does NOT show up on your transactions list for another couple of days. What this means is that when your available balance drops because of a transaction there is NO WAY to verify that it was even you that made the transactions because 1.) you cannot see where the money was spent, and 2.) you can't even see HOW MUCH was spent. Essentially there is no way to know if your account was compromised. It's absolutely ridiculous. Suppose you have automatic payment every month for your electric bill. Once the transaction occurs the money is removed from your available balance but you have no way to confirm that it was the electric bill. For all you know someone could have gotten your account information and charged something on your debit card. I've never been with a bank that doesn't show transactions immediately as they occur and just show them as pending. I really cannot believe it's a thing. And, when I contact support, they can see the transaction! It's MY ACCOUNT and MY MONEY how come support can see the transaction but I can't?
Anyways I could go on and on about the issues that I've had with E*TRADE banking but this post would get way too long. Save yourself the trouble and go somewhere else. Only good thing I can say is that the interest on the savings account is great, but not have checking and saving with the same establishment is no go for me so I will be taking both of my accounts and money elsewhere. It's a real shame because my dad has used them for 30+ years and loved it, and I would have loved to be a lifelong member as well, but I just cannot bank somewhere that my transactions are not immediately shown like EVERY OTHER BANK IN THE WORLD. It is a SIMPLE RIGHT that should be afforded to all customer of banks, and frankly it is a huge security issue.
I have banked with E*Trade for over 15 years. While the ebb and flow of their customer service practices has been highly volatile, their consistency in being trust worthy and not price gauging has been the same. I have tried bricks and mortar banks throughout the years, only to be disappointed every time. E*Trade Bank is very consistency in making sure that they take care of their customers when it comes to fees and prices gouging, where most banks make their money from your mistakes. The only downside to online banking is not being able to make deposits through an ATM and needing to practice a lot of discipline when spending. If you can overcome those two challenges, you will be pleasantly surprised at how supportive online banking experiences can be.
I can't say enough about etrade online bank. I have thoroughly enjoyed using my checking accounts with them, along with my brokerage accounts too. They have extremely reasonable low fees all around and very few minimums needed as well. Their customer service is top-notch. I never have to wait to talk to an actual person very long at all. Their money markets are good and up front and easy to understand what you're getting. I especially love using their check debit card with my account because they reimburse me for any fees I may incur at non-etrade atms, which are most since etrade is online. Also, when I've had some fraud in the past with my checking account they're extremely quick to issue me a credit to my account while they go and investigate the matter. No questions asked. Their rates are decent and competitive too. At least as good if not better than their online competitors! All in all, just an amazing bank truly! From checking accounts, rates, money market rates to customer service quality, low brokerage fees and exceptional service and web reliability. I highly recommend them to all.
I use E-Trade for checking and also have a brokerage IRA where I trade stocks for retirement. The technology is pretty good. The brokerage trading fees are higher than Ameritrade where I used to have an account. They send free checks and the checking account has been easy to use. I deposit checks by mailing them in with deposit slips that the bank provides. It is easy and I have never had a problem. I am happy banking online. I don't want to drive to a bank and wait on a real line to deposit a check. I can check my balance any time. If I need to withdraw money at an ATM, E-Trade will refund the $2 or $3 transaction fee that the ATM charges me.
I will likely continue staying with E-Trade. It's convenient and easy to use. However, someone calls me every two months to ask me about my investment strategy with my brokerage account. I can't stand being called and I'm thinking of switching because it's incredibly annoying. However, I will probably just put up with it. It's the only thing that really bugs me.
I opened both Brokerage and Checking accounts with E*TRADE in 2009. There are no monthly fees or minimum balance requirements with either, and, best of all, you NEVER pay ANY fees at any ATM with your free debit card! Not only does E*TRADE offer free withdrawals on their end, but they also refund the fees associated with the ATM you use, instantly crediting them back your account. Both accounts also provide free, unlimited check-writing privileges, and your checkbook even includes adhesive labels featuring your address. The website is user-friendly, and, while physical branches do not allow for cash deposits or withdrawals, you can link an outside institution and fund your account via direct deposit, ACH or bank wire with ease. The only knock I have on E*TRADE is that customer service is pretty awful; it takes a long time to resolve issues on the phone, and most all the representatives have a poor understanding of English.
I use etrade as my daily bank. By that, I mean it is the bank that I have direct deposits goint into and the bank that I pay my credit cards from. I've been banking at etrade for over 10 years. I have checking, savings and brokerage accounts at the bank. Because etrade has brick and mortar banks where you can deposit/withdraw money with a person, their checking account allows for unlimited withdrawals at any location worldwide for free. And by free, I mean free. If the ATM's bank charges a fee, etrade refunds that fee automatically back into your account. It used to be the case that they had no foreign transaction fees but that is no longer the case. They charge 1% for foreign transations, which is competitive but as you can find better I don't use it for that purpose. Their savings account is run of the mill, no real great returns. Just sort of there as far as I'm concerned. Their customer service has always been great for me. On a few occasions I've had to contact them for reasons such as lost debit card, opening a new account, making sure I understand how a promotion works, when I did a name change after getting married and other reasons. I've done this both via their online messaging and via the telephone and have always been pleased with the level of service.
Overall I remain a happy etrade customer after 10+ years.
The online banking of E*Trade bank is easy to use. Transfer money to another internal account is convenient. Transfer money to external account may need extra steps, but is it not hard if followed the instruction. So far, I give this online bank a positive feedback.
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.
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?
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.