| E*Trade has jumped into the online banking business. E*Trade is known more as an online brokerage firm than as a bank, but they're hoping to change that. They want to be known for both banking and brokerage services. They're hoping to leverage their solid reputation in the online brokerage space into a similar role in online banking. What does E*Trade bring to the table as an online bank? As with some of their main competitors, INGDirect and WTDirect, one of their primary selling points is low overhead and high interest rates on their savings accounts. E*Trade Company Facts Name: E*Trade Official Company Banking Website: https://us.etrade.com/e/t/banking Year Founded: 1982 CEO: Donald H. Layton E*Trade Corporate Office Location: E*TRADE Bank P.O. Box 1542 Merrifield VA 22116-1542 Stock Market Trading Symbol: NASDAQ:ETFC 2007 Revenue (millions): $2,222.57 Number of Employees (Mar, 2008) 3,565 FDIC Insured: Yes Local Branches: Yes Banking Services and Features Offered: High-Yield Checking, High-Yield CDs, High Yield CDs, Quick Account Transfers between E*Trade accounts or to/from outside accounts, Free Unlimited ATM Refunds from any ATM in the world, Rewards Visa Credit Card, free online bill pay, automatic balance and payment alerts Minimum Balance Required in Savings Account: No minimum balance required for high yield savings account (Current Interest rate on savings account is 3.30%) Minimum Balance Required in Checking Account: $5,000 for their Max-Rate Checking Account (Current interest rate on Max- Yield Checking is 3.25%) No minimum for standard checking account Deposit Methods Accepted: wire transfer, conventional check through the mail, electronic transfer between accounts (E*Trade or other institutions) E*Trade Bank User Comments and feedback from around the Internet "....I had tried both INGDIRECT and HSBCDIRECT before E-Trade and E- Trade came away the overall winner. The set-up process was not hard at all." - Bankoholic User Forum "They could do a better job communicating some things after account opening. Otherwise very happy......." - Bankoholic User Forum ".....people that seem to not like the bank complain of things that are clearly outlined on their website and are available for review BEFORE you open the account. Such things as fees, ATM availability (waives all non-E*trade fees), minimum requirements ..." - Epinions.com user post ".....the few times that I have had to call, I have found a knowledgeable representative to help me." - Bankoholic User Forum ".......Found out this information after about 3 weeks over the course of 3 calls to customer service, and by reading the disclosure that finally showed up with my Welcome Kit. ....." - Epinions.com user post "Originally was not given $25 sign-up bonus. E-mail to customer service yielded results in two days. Still, I shouldn’t have had to e-mail them...." - Bankoholic User Forum "........have been banking with e trade for a year and i highly recommend E TRADE. 100000% great" - Bankoholic User Forum Recommendation for using E*Trade - E*Trade restricts access to initial deposit for 9 business days and has a probationary period of 30 days. Do not fund your account with more than $100 for the first 30 days until the expiration of the probationary period. After this period expires you can transfer more funds and begin earning high interest rates. To find out more about E*Trade, such as how you can earn Interest rates that are between 6 (Savings accounts) and 18 (Checking accounts) times the national average - Click Here Now |
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