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E*Trade Receives Many Customer Complaints
For its size, E-Trade receives the most customer arbitration complaints of all of the major on-line firms (though Schwab receives more in number, it has 9 times as many on-line accounts).
E-Trade also is faulted for continuing to spend its dollars on aggressive marketing and advertising, while allowing the surge in customer accounts at the firm to strain its capacity to handle those accounts properly.
Even the regulators cannot always get answers from E-Trade. In May, the NASD censured the firm and fined it $20,000 for its failure to respond to the NASD's 17 different requests for information needed to address customer complaints.
Source: Wall Street Journal, June 13, 2000
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
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