Not Impressed With E-Trade

Ok, so I opened this blog talking about saving and determining which virtual bank that I was going to go with to start that savings plan. As you know, I choose E-Trade. And I made a fatal mistake. I focused on one singular aspect when I was making my decision...interest rate.

So what exactly has happened that has made me decide that I have made a mistake? Nothing major. My initial $25 deposit was taken from my funding account, just like E-Trade stated. I received a huge package in the mail detailing my account information, again, just as E-Trade stated. But when I log into my E-Trade account, it states that my account balance is $0.00.

Now, at first, I thought, "Oh, it will just take a few days before my initial deposit is reflected online." And then a few days turned into a week. A week turned into two and then, I finally lost my patience, after two weeks mind you, that I needed to really look and try to find out just where the heck my $25 was located at.

I realized after much searching, that my login to E-Trade took me to the investing page and since I did not have an investment account with E-Trade, of course my balance would be zero. But then I really looked around and found that I needed to allow access to my online account by entereing my social security number, account number, and zip code. So let me get this right, I opened the account online. I deposited money through an online transfer, but I need to sign up to access my account online? Didn't I kinda, sorta, I don't know, done that already? I mean all the entering of information and emails and stuff, doesn't that give you the level of security that you need.

Look, I am all for keeping my money safe. But extra steps to verify information that is basically already verified is not necessary.

And after careful review of the lack of usability of the site in general from opening the account to accessing the account online has been woefully un-user friendly. So, while I was buying because the rate HAD BEEN 4.40% and now stands at 4.10% because of the Fed rate cuts. I am now selling because, frankly, I don't need the headaches.

So, as of today. I am sacking E-Trade and moving my alliances to ING Direct. I had used ING years ago when virtual banking was just getting started and ING was basically the only "known" name at that time. I closed the account after a year because I wasn't really using it. Now it is time to give it another shot. I will take usability over an additional .70% in rate. At this time, I don't have the kind of money that will make the difference meaningful at this time. When or if, it does become a factor, well, we will have to cross that bridge when we get there.