So I applied for an E*Trade account a few weeks ago and I was wondering what was taking so long. I got through to customer service today after just a few minutes and asked them. They have received my application, but they haven’t processed it because I made the RRSP beneficiary (my wife) sign as the witness to the RRSP beneficiary section as well (is that so wrong?) Anyways, when were they going to tell me that? So now they’ve put the application through and my account will be opened soon. I guess it would take a lot of time for them to phone every person who filled out their application forms incorrectly, but to send out a quick email? Not hard… they have my email address, as the guy I talked to just resent the application so I can fill out the RRSP beneficiary section. Took him 2 minutes tops.
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Not just another (Canadian) financial blog… and maybe the oldest Canadian financial blog???
I found that Etrade was slow to open accounts and to give feedback. They’re ok on the phone though. I’ve helped a few people open accounts and I found that getting Etrade to setup an electronic transfer works 1 time out of 3 on the first try! (I’ve just changed bank and I am getting the same problem again … maybe I don’t know how to fill forms! 🙂
Otherwise, I’ve been very happy with Etrade for 3 years now …
I too have had similar problems setting up my etrade account. It took way too long, and after calling them, it looks like they were just sitting on my forms. It’s all good now though. Their phone service is quite good. My other complaint, is that even after I’ve logged in, I still see the ad to “sign up for an e*trade account!” C’mon guys, you’ve already reeled me in. Oh, one more thing: don’t deposit cheques with them. They will sit on it for weeks. Seems like the less humans involved, the smoother the transaction.
Thanks for the tip. I’ll do all my transfers electronically. They have actually created my account now. Just waiting for them to transfer over the stuff from Clearsight. I’m expecting it all to take a while.
Hughie says: I opened up a regular trade account and an RRSP trade account. I had a severance cheque purolated to Etrade to put in my RRSP account. Etrade could not deposit this government cheque as it was in my name. After several emails and telephoning them a person went physically to their banking section and found my cheque. They sat on this cheque for 6 weeks and then finally mailed it back to me. Was not impressed. I decided to remain with TD Waterhouse and opened an RRSP self directed account with them with this cheque. Went to my TD bank and they set everything up in one day. Etrade needs to get better organized.
I would highly recommend checking out some of the more sophisticated brokerages that can offer better commissions and better services. Look into Interactive Brokers or MB Trading and I think you won’t be disappointed.