Any other eTrade clients?

[explanade]

Just got notice that they're going to migrate back office functions as well as assets to Morgan Stanley, though we will continue to access accounts through the eTrade sites and apps.

That makes me wary. Though I don't do many trades these days, you have to wonder about commissions and maintenance fees.

I have significant balances, mostly from ESPP assets which I still have with eTrade.

If and when I do liquidate those assets, I wonder if the cost basis will be lost in all this transition.

I just went through a transition of Ameritrade assets to Schwab.

Ugh these industry consolidations and mergers ...

 

[Al18]

I’ve been thru Sharebuilder-Capital One-E*Trade mergers and it’s all been pretty smooth. All cost basis history transferred without issue. Only catch I remember was during one of the mergers, fractional shares couldn’t be transferred, so they were sold.

 

[Montecfo]

I'm in the same spot with E-Trade but not concerned. I also have basis data for taxable account. I do not rely solely on broker.

But if you do, it is easy to print or record basis data for each security as a backup.

I also have TDA for my HSA. Awaiting conversion to Schwab. Really more concerned about that one as I expect will be going to Schwab's interface. Not a big fan.

I have been through quite a few of these. Rose & Co, Waterhouse, Brown & Co. Probably never been easier from an investor perspective.

 

[ksr]

I was a long-time ETrade customer, but had a very bad experience with them several years ago when I was handling an estate. Since then, I have gradually transferred all my accounts out. I just transferred the last account this month to Schwab. The cost basis data is all there at Schwab now.

And just so you know, ETrade charges a $75 fee for each account transferred out.

 

[Dean56]

I got the notification email also. It says E-Trade & Morgan Stanley joined forces back in 2020. My account transfer date is September 1st.

Not too worried about the transfer of my account. I've gone thru this a couple times. Scott Trade to TD Ameritrade and then to Schwab.

 

[Montecfo]

I was a long-time ETrade customer, but had a very bad experience with them several years ago when I was handling an estate. Since then, I have gradually transferred all my accounts out. I just transferred the last account this month to Schwab. The cost basis data is all there at Schwab now.

And just so you know, ETrade charges a $75 fee for each account transferred out.

The recipient broker will usually reimburse these.

 

[ksr]

The recipient broker will usually reimburse these.

Really? Any suggestions about how to go about requesting a reimbursement? Thanks!

 

[teej1985]

I was a long-time ETrade customer, but had a very bad experience with them several years ago when I was handling an estate. Since then, I have gradually transferred all my accounts out. I just transferred the last account this month to Schwab. The cost basis data is all there at Schwab now.

And just so you know, ETrade charges a $75 fee for each account transferred out.

Schwab should reimburse it.

 

[teej1985]

Really? Any suggestions about how to go about requesting a reimbursement? Thanks!

Ask in their online chat.

 

[Montecfo]

Really? Any suggestions about how to go about requesting a reimbursement? Thanks!

Just ask your broker.

 

[arcyallen]

I received an "Update About Your Account" mailing. Thick and official. And suspect, as I don't have an account with E-Trade. Nor does my wife. After a couple phone calls I reached E-Trade and they found my closed account from 2007 and said it was probably auto-generated due to some changes they were making. I suppose that's better than someone opening some accounts in our names...

 

[RonBoyd]

I’ve been thru Sharebuilder-Capital One-E*Trade mergers and it’s all been pretty smooth. All cost basis history transferred without issue. Only catch I remember was during one of the mergers, fractional shares couldn’t be transferred, so they were sold.

I traveled the exact same journey. Survived it.

 

[Surewhitey]

Not sweating it. Been with etrade for a couple of decades without a problem. They've been a good bank / brokerage. I use Vanguard & Fidelity more & more for future purposes though. Fidelity is becoming my favorite child.

 

[RetMD21]

MIL's quarterly statement showed -100% returns with no shares of ETF's left but no transactions. I'm assuming this had something to do with the transition. Anybody else have this happen?

 

[ksr]

Montecfo and teej1985 Thank you for the heads-up about the $75 fee reimbursement! I contacted Schwab on Saturday through their online chat. It took less than 5 minutes and I was told they'd reimburse my account and that I'd see it today. Sure enough, it is there today. I wouldn't have known to ask if you hadn't mentioned it here.

I am also so far pretty impressed with Schwab's customer service.

 

[teej1985]

Montecfo and teej1985 Thank you for the heads-up about the $75 fee reimbursement! I contacted Schwab on Saturday through their online chat. It took less than 5 minutes and I was told they'd reimburse my account and that I'd see it today. Sure enough, it is there today. I wouldn't have known to ask if you hadn't mentioned it here.

I am also so far pretty impressed with Schwab's customer service.

No problem. Schwab is easy peasy. I have a fair amount at Fidelity also, plus some at Merrill Edge for the Bank of America credit card bonuses. Merrill is by far the worst of these 3.

I can't imagine going back to vanguard at this point.