Re: E*Trade: is this is a safe company to do business with?
- From: Blash <blash1@xxxxxxxxxxx>
- Date: Tue, 25 Apr 2006 16:40:41 -0400
You could have opened an a/c somewhere else in the time it took you to post
all this whining.......
davidwilson_va@xxxxxxxxx wrote on 4/25/06 12:02 PM:
I've been using E*Trade for years with brokerage and bank accounts.
However, over the past year, I seen a complete collapse of E*Trade's
internal business processes and internal computer systems.
Does anyone know if E*Trade outsourced their internal IT operations?
I'm asking, because this company has become the most dysfunctional
organization I've ever seen in my entire career. E*Trade reminds me of
the absolute worse dot-con companies of the late 1990s.
It takes weeks of time calling their customer service department to
partially resolve the most trivial of problems that should not have
even occurred if their IT systems functioned at level beyond what a
second grade kid might put together over a weekend drinking cool-aid on
a Radio Shack TRS-80.
One Example Security Issue:
* Today, anyone, including malicious hackers or criminals, can change
E*Trade account address information and there is zero tracking at
E*Trade as to who made the changes to customer accounts. I have had my
own address information changed multiple times without my permission,
and I tracked it back to times I called E*Trade because I keep detailed
written records, but E*Trade could not itself tell me that anyone
changed my account address information on specific dates, and in fact
they tell me that it wasn't changed, which I could refute with printed
information that I frequently print from using E*Trade's on-line
interfaces. In computer security, this is an "accountability" issue,
and E*Trade Bank's and E*Trade Brokerage's internal computer systems
have some massive security issues that may lead to its customers being
victims of identify theft, and a minimum the victims of continuous
harassment by E*Trade.
IT Systems with data integrity problems:
Since January of this year, I've invested weeks of time with E*Trade
trying to get them to fix problems with their internal computer systems
where for the same exact account, their different database systems have
different address information and E*Trade Bank and E*Trade Brokerage
cannot technically resolve this issue. This is surreal. In 2006,
E*Trade cannot keep their multiple databases in sync, and in fact,
cannot even update specific computer systems to have the correct
information.
Faxes and account locks that can lead to identify theft
I've had an E*Trade employee randomly lock my accounts until I faxed
them information, such as they demanded a copy of my social security
card and my driver's license. Yet, when you fax this information into
E*Trade, there is absolutely no tracking of this information to ensure
that employees are not holding customers hostage until they provide
those employees with information that those same employees can use or
sell for identify theft. For example, when you send in a fax to
E*Trade, they don't automatically attach it to an account. Instead, it
often disappears and nobody can find. More recently, I've been told
that it gets routed to a specific person via e-mail and it is not
attached to accounts.
Recklessly Exposing Customers to Phishing and Identify Theft
E*Trade also sends form letters to customers demanding social security
information and other information that can be used for identify theft,
and then demands that it be faxed back to non-standard E*Trade fax
numbers and non-standard addresses. And if you don't return this
information, which they already have on file, they will lock your
accounts and refuse deposits or any other activity on your accounts.
This is exposing E*Trade customers to identity theft, because it often
takes 45 minutes to 75 minutes in the phone queue to talk to a customer
service representative, and so most customers are likely going to just
fax or mail the information back, which is exposing all E*Trade
customers to phishing for identify theft -- that can be done by
virtually anyone.
.
- References:
- E*Trade: is this is a safe company to do business with?
- From: davidwilson_va
- E*Trade: is this is a safe company to do business with?
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