ETrade Account about to close what should I do?

JamesU

londoner2009 wrote: »

What did you do in the end?

I am in almost exactly the same position

I have mainly BT and Vodafone Shares

I was wondering also if there is a way to find out when BT and Vodafone will next pay a dividend?

I want to sell my shares and either take whatever money I get or invest it in something else

I'm really surprised there hasn't been a lot more discussion on this topic and almost nothing comes up on Google News when I try to search about Etrade moving out of the UK.

FROM gt94SSS2 on "Alternative to selftrade" for free options.

Have a look at:

HSBC InvestDirect
First Direct
III

None of these change annual or inactivity fees - though for the first two I think you need to hold current accounts with them.

To transfer shares from Selftrade to another broker:

1. Open an account at your new broker
2.Your new broker will have a form/template for transferring accounts from other brokers to them - which you can fill in and send to Selftrade (you may need to send it via your new broker)
3. Selftrade will then electronically transfer your shares to your new broker (without selling them)
4. Selftrade will probably charge you around £10 to do this.

Regards
Sunil

JamesU

MoneyMad wrote: »

Hi,
I am in a bit of a quandary with my e*trade account, I received a letter from etrade informing me that my account will be closed if i do not move it do another trading company or use TD Waterhouse. I am not a Big trader, i have a few shares (which have lost about 80% of their initial value) and a little cash in the account. I have not bothered to trade the shares as i stand to lose more than i have to gain! so i was hoping over time it would recover (fat chance) so now that eTrade are pulling out of the UK trading market, what is the best thing to do? move to TD Waterhouse, find another cheaper or cash it all in (i guess there will be some huge charges with this).
Can anyone provide some help?
R.

One possibility:

FROM JamesU on "Alternative to selftrade"

Have a look at the i-dealing website and see what you think. The platform has not changed very much in approx 10yrs and it is a no-frills but reliable service. Straight forward and transparent £5 per quarter, with no other fees. Definitely no problem with inactivity, cash holdings etc and staff have always been helpful. Dealing fees are also reasonable (£9.90 plus stamp duty per trade) and trading is straight-forward. Electonic transfer of cash to standard or ISA accounts easy for additional funding. Only one fiddly bit and that is getting cash out by sending a withdrawal form by post and the funds are then sent electonically to your nominated bank without charges. Suitable for shares and etfs, not appropriate for funds though. They have in recent years introduced a £60 account closure fee which is a surprise, but this is more than compensated for by the low annual overhead on the fund and holdings.

If this is of interest, regarding how you can transfer your shares, go to the "forms section", and read "account/holdings transfer and instructions". You can also e-mail them any queries. This is one option which may provide an easy exit strategy for you. Others on the forum may have alternative suggestions also.

ManxRed

JamesU wrote: »

Not inactivity fees again! Have a quick read through "Alternative to selftrade" regarding inactivity fees, i-dealing as a possibility with a little background on them from me, and other possibilities from other contributors also in that thread. Regards,

JamesU

Thanks JamesU, but I have already set up an alternative account elsewhere. My gripe is that E*TRADE are still charging me inactivity fees on an account which no longer has any shares in it.

Trawling through their contract at the moment (74 pages!) to find the appropriate breach, and my work colleague who is a qualified solicitor dealing in contract law has given me some advice on action to take.

Just wondered if anyone else who has had their E*TRADE account closed/transferred elsewhere is also still being charged on an inactive account.

JamesU

ManxRed wrote: »

Thanks JamesU, but I have already set up an alternative account elsewhere. My gripe is that E*TRADE are still charging me inactivity fees on an account which no longer has any shares in it.

Trawling through their contract at the moment (74 pages!) to find the appropriate breach, and my work colleague who is a qualified solicitor dealing in contract law has given me some advice on action to take.

Just wondered if anyone else who has had their E*TRADE account closed/transferred elsewhere is also still being charged on an inactive account.

Understood. Guess you should also do the obvious and make sure the account has definitely been closed. Otherwise one could argue that inactivity fees are still chargeable for an inactive account, irrespective of the fact there are no shares in it, then not a contractual breach of T+Cs.

ManxRed

If they cannot allow me to sell my shares online (because they are no longer in that account - they have transferred them out) then surely they are in breach?

If I log onto E*TRADE this afternoon to sell some of my shares, I won't be able to do it. Ergo, they are not supplying me with the services as described in their Ts & Cs.

ManxRed

I now have an email from E*TRADE stating that the transfer is not yet complete, and until such time they will continue charging me.

I also have an email from my new trader confirming that E*TRADE completed the transfer on 24th Feb.

Either E*TRADE are useless, or they have hit on a nice little earner with this forced transfer of accounts.

Either way, someone senior at E*TRADE is getting a letter, asking for a refund of fees, or to send me an FSA complaint form. Their choice.

mutley74

I moved from Etrade a few years ago, thought the service was cheap but too restricted. Selftrade is much better service IMHO.

I am happy to give a referral to anyone wanting to use Selftrade service. They give £50 each and i will split what i receive with you. Just PM me.

JamesU

mutley74 wrote: »

I moved from Etrade a few years ago, thought the service was cheap but too restricted. Selftrade is much better service IMHO.

I am happy to give a referral to anyone wanting to use Selftrade service. They give £50 each and i will split what i receive with you. Just PM me.

The economic outlook must be improving with this level of enterprise.

JamesU