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 Non-Tech : Etrade's Market Trader

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To: Patricia Meaney who wrote (291)2/9/2004 10:10:24 AM
From: Ga BardRead Replies (1) of 397
 
Pat, I do understand the reg T but that is not what is the reality. You hit the nail on the head if you change your cash account to a margin account. They are forcing you to do exactly this scenario. So Etrade apparently from holding cash sell monies for three days until they clear is a easy method, con, gimmick or whatever you want to call it, as a vessel to get everyone to open a margin account to their cash accounts thus more possible revenues for them . Not to mention the $2000.00 needed to open the margin.

Further I discussed this little scenario also that you have so very well put. when I change my account from a cash account to a margin account I ran into major problems! I don't know if this was an isolated issue with my account, or if it happened to anyone else, but the transition was not smooth to say the least! The stocks that I bought from my cash account weren't being recognized when it became a margin account and it would appear that I was shorting stocks after I would sell them. Then cash three times mysteriously disappeared from my account out of no where - all three times it happened 10 minutes before the before the opening bell. They were able to give it back to me after I called and brought it to their attention, but they have no idea how it happened all three times.

Thank you so much for confirming what I posted originally. Presently I have talked to Scottrade and I am so impressed I am transfering my accounts. I spenFriday the weekend and this morning talking to discount brokers and none can touch Scottrade. This is nonsense what ameritrade (Freetrade) & Etrade are doing to hard earned money from hard working folks.

Again thank you so much for this post

That is the whole focus of the scenario ... I do not want a margin and neither does most of the joe public who do not live in the market just want to trade.
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