E Trade "Privacy" Agreement = JOKE

[JRS___B]

I just now went to open a new account with e-trade. Because of the various posts regarding security and disclosure of information on this forum I decided I would actually read the privacy agreement.

It had more holes in it than Swiss cheese.

Then I finally got to the paragraph that said they would share my personal information with entities in other countries that may have different privacy rules than in the U.S..

At that point I changed my mind. Not sure what I am going to do at this point.

[JRS___B]

When I these policy statements, there are only a very limited number of things a person can opt out of. Most items are mandatory.

I do not think you can opt out of any and all sharing.

All some statements, like E-Trade's, are worse than others.

[kab449]

sch911 wrote:

kab449 wrote:
I have had an account with Ameritrade and its predecessors for many years and have never had any of my personal information compromised.

Perhaps not compromised but sold just like eTrade for sure: Ameritrade Privacy Policy

Where does it say that it is sold?
It says it is shared with their affiliates which are companies under common ownership under the TD Ameritrade name.
I always opt out of any sharing and have never had any problems.

[JRS___B]

Gdetrailer - Local bank is Chase/J. P. Morgan. J. P. Morgan, by coincidence, also took over my employer's 401-k from Fidelity a few years back. So I have done some business with them, including selling stocks held in a trust, and I have been favorably impressed with them so far.

[Gdetrailer]

JRS & B wrote:
Gdetrailer - Oddly enough it was an employee at a local bank where I have a brokerage account that suggested E-Trade if I wanted to buy penny stocks, because their fees were too high for that type of purchase. A 3 cent per share added transaction charge to buy a 30 cent per share stock, and again to sell, means the stock has to go up 20% before I break even. I think I will just pass on the penny stocks rather than deal with E-Trade.

I never said it would be cheap, places like Etrade generate a lot of income from your personal data which subsidizes and reduces the cost of having them trade for you.

I gather that you are using a your local Bank to do your "financial" related stuff?

Extremely bad place to go for financial "help", banks now days are not afraid to charge for things like this, often tacking on hidden fees along the way. Insurance companies are also not good for this either.

Instead you should be looking at real financial businesses like Smith Barney, they still can not come as cheap as the DIY versions they at least can advise along with make the purchases for you.

[JRS___B]

mich800 - Gotcha - Just one more reason not to take a flyer with penny stocks.

The stock I have in mind has solid technology and an established industrial customer base. They just do not have enough business yet to turn a profit. My intent was to just sit on this stock for as many years as it took for my ship to come in via a merger or acquisition.

I might still buy it, but not with E Trade.

I read the privacy statement for Scott Trade and it as not as ominous as E-Trade. But they wanted 3.5 cents per share transaction charge to deal with penny stocks, which is more than my bank charges.

[mich800]

JRS & B wrote:
mich800 - The math I had in mind is that if I buy 10,000 shares, the purchase price for the stock is only $3,000. But the added transaction fee just to buy is $300. The other fixed cost component is not that high. But I only had one stock in mind, and it isn't worth signing off on my social security number, income, credit rating, employer, etc., etc..

I agree with you. I was just pointing out the bid ask spread is often 10% or higher on a penny stock. So you are already down 10% the second you purchase the stock.

[JRS___B]

mich800 - The math I had in mind is that if I buy 10,000 shares, the purchase price for the stock is only $3,000. But the added transaction fee just to buy is $300. The other fixed cost component is not that high. But I only had one stock in mind, and it isn't worth signing off on my social security number, income, credit rating, employer, etc., etc..

[mich800]

JRS & B wrote:
Gdetrailer - Oddly enough it was an employee at a local bank where I have a brokerage account that suggested E-Trade if I wanted to buy penny stocks, because their fees were too high for that type of purchase. A 3 cent per share added transaction charge to buy a 30 cent per share stock, and again to sell, means the stock has to go up 20% before I break even. I think I will just pass on the penny stocks rather than deal with E-Trade.

The spread will probably be that high without the transaction costs.

[christopherglen]

I run Scottrade here, to be honest, I never read the privacy agreement. I know every time I buy gas and pay with a credit card, I am added to someone's list.

[JRS___B]

Gdetrailer - Oddly enough it was an employee at a local bank where I have a brokerage account that suggested E-Trade if I wanted to buy penny stocks, because their fees were too high for that type of purchase. A 3 cent per share added transaction charge to buy a 30 cent per share stock, and again to sell, means the stock has to go up 20% before I break even. I think I will just pass on the penny stocks rather than deal with E-Trade.

[amandasgramma]

That probably explains a lot of the phone solicitations from other countries.....guess I'd better start reading them, too!!!! thanks for the info.

[sch911]

kab449 wrote:
I have had an account with Ameritrade and its predecessors for many years and have never had any of my personal information compromised.

Perhaps not compromised but sold just like eTrade for sure: Ameritrade Privacy Policy

[kab449]

I have had an account with Ameritrade and its predecessors for many years and have never had any of my personal information compromised.

[Gdetrailer]

That is HOW they can afford to "give" you low transaction prices, not sure as to what you expected... They "sell" your information and they make additional money from that.

If you don't wish to agree to the DIY discount stoke traders terms of services like them perhaps you should seek out a local sticks and bricks stock broker near you and pay the higher transaction fees.

Besides, you REALLY don't want to get involved with E-Trade, I HAD them through my workplace. I had issues with them, my company must had a lot of complaints and SWITCHED to a different outfit.

Even trying to "close" my account was so difficult to do it was almost comical, they kept, get this, TWO CENTS of my money to "hold" my account open. They sent me statements for FIVE YEARS on this TWO CENTS that they kept. I got a check for TWO CENTS one day. It had to have cost them some money in the hopes I would reactivate the account.