E*Trade has filed papers in an attempt to move the $100 million Lindsay Lohan defamation lawsuit to Manhattan — and those papers apparently contain a treasure trove of rude comments people have made about Ms. Lohan on the internet.
If you’re an E*TRADE customer who lives in California, Florida, Maryland, Massachusetts, Nevada, New Hampshire, Pennsylvania, or Washington, you may be eligible for a class action settlement regarding the undisclosed recording of phone calls. The deadline to file your claim form is September 25, 2009. [Settlement site]
The E*Trade baby is back in this year’s Superbowl lineup. A series of ostensible outtakes are posted on YouTube. Highlight of the bunch: “I want to punch the economy in the face!” (baby cries).
If you’ve bought stocks through E*Trade, make sure you log into your account at least once a quarter. That way you can see if there’s any alerts on the account, like the one telling you about the “inactivity fee” for not executing at least one trade per quarter, the fee that they’ll sell some of your stocks to pay for. This happened to reader Brody, who writes:
“Maybe I should call the E*Trade Baby. He might give me better customer service.” Matt’s mother died last year and he has been trying since last year to liquidate her E*Trade CD and put it in the family trust. Every other financial institution has been able to liquidate the assets with no problem, but it seems after blowing their wad on funny Superbowl ads, E*Trade has nothing left over for customer service. Here’s Matt’s story, and our advice on how can get his problem fixed:
A month ago, we wrote about Brice’s struggles with E*Trade to recover the balance on an account they closed. After eight months of letters and phone calls, Brice got E*Trade to close the account, but it continued to accrue interest and Brice never received the balance. Finally, after launching eight Executive Email Carpet Bombs, Brice has his money.
After eight months of calling and writing, Reader Brice finally annoyed E*Trade enough to close his account. At least that’s what the letter from E*Trade said; in reality, Brice never received a check for his balance, and although he couldn’t access his $3,195, his account is still earning interest.
So, of course, one day after I post about how great E*TRADE’s 5.05% savings rate is, it drops to 4.4%. Truth be told, that was kind of unsustainable with the federal interest rate at 3.5%. It will still probably be higher than the rates offered by the other players which have like HSBC Direct (currently 4.25%), ING Direct (currently 3.6%), and Emigrant Direct (currently 4.55%). Tears, tears.
Today’s interest rate cut means online savings accounts lovers will once again experience heartbreak as their high-interest accounts become even less so. There is still one company offering rates from the what now must be seen as halcyon days; E*TRADE’s online savings accounts give you 5.05%, though it’s not without caveats…
Citadel Investment Group has agreed to provide E*Trade with $2.5 billion in cash to bail it out of trouble, reports BusinessWeek. The cash includes a purchase of $3 billion worth of E*Trade’s “toxic, asset backed securities” at 29 cents on the dollar, for a total cost of about $800 million. In exchange, E*Trade’s CEO Mitch Caplan must resign.
It’s looking like E*Trade may, in fact, go bankrupt. The stock lost more than half its value in trading today and half of E*Trade’s deposits are in accounts that are above the $100,000 FDIC insurance limit—making a run on the bank more than likely. [New York Times]
Analysts have downgraded E*Trade after the online broker announced further mortgage-related losses. E*Trade has responded with a message to their customers claiming that they could absorb a loss of $1 billion and still remain “well capitalized.” Translated, the message reads, “Please, please don’t pull your deposits!”
E*Trade is warning its investors that profits will come in 31% below estimates and that it is exiting the wholesale mortgage business and “streamlining” its direct mortgage operation due to the “disturbance in the credit markets.”
Are you one of those people who is too lazy to use their own bank’s ATM, and therefore is always using ATMs that charge a fee? We noticed the other day that ETrade has a checking account where they promise to refund your ATM fees… and pay you interest.
Your savings can earn upwards of 4 more percentage points of interest, if you put it one of these high-yield online savings accounts. Here’s seven to check out.