I purchased my first stock in the year 2000 for $5200.00 using ETrade.  As most all tech stocks did, my stock plummeted and, at one point was worth $198.00.  Over the years it has slowly began to climb back.  I recently sold the stock and, after $19.99 for their commission fee and $3.00 for miscellaneous fees, I was told that my balance was $2004.00.` Customer service told me to wait for three days and then to request a check from them for the amount aforementioned.

I am getting married soon and I sold the stock with the intention of paying for the rental of a facility costing $2000.  My fiancée was happy that this cost would be covered since we are paying for the wedding ourselves.  Six days later I called to request a check from ETrade and I was told that my balance was $1771.00.   I asked customer service where the $230.00 went and they told me that any customer that has less than $5000 dollars is charged $25 quarterly and that I owed them this money for maintaining my account.

When I first bought stock through ETrade, I did it because I was told that it was only $8.00 per trade.  I was not told that it would cost me an additional $25 per quarter.  After being on the phone with two different people at ETrade for a total of 48 minutes, the best I could get was for them to reverse one charge.   Out of frustration, I requested that they send me the check for $1796.00.

Now I have to come up with an additional $204.00 that I don't have for my wedding.  If I knew of these hidden maintenance fees, I would have waited for the stock to go up more before selling it.  ETrade customer service had the attitude of, "Oh well, you should have known."  And, why shouldn't they?  They have my money.

I would encourage everyone to not trade through ETrade and to beware of hidden costs if they do.

John Enos, jenos@co.douglas.nv.us