So I decided to call Etrade and inquire about my missing Kraft shares and they told me that the shares won’t be available in my portfolio until Thursday 4/5! This is insane since they are basically telling me that $4500 dollars are locked up for a week while it is going to be subject to the market’s punishment as many people will sell Kraft’s shares.
The funny thing is that the representative suggested that I short Kraft shares to compensate for this before I get access to the shares. Are they suggesting me to compensate for their lack of efficiency? Are they going to pay for the commission fees for doing this? What about the fact that I have to pay margin interest on the trade if I don’t have enough cash to cover this? How can that be fair? Does that person know math since there is no way the numbers will match? Sorry, I’m a little ticked off right now since I actually is spending quite a bit of money using Etrade (as opposed to using the free WellsFargo trading accounts) and I have always like Etrade.
The representative also told me that the cost basis would go to 0 and that we would have to re-adjust this for ourselves (I seriously doubt this but will verify when my account gets updated). At this point, I do not think there is anything this representative can do to help, so I got off the phone with him.
I think I just need to monitor my account and if everything fixes itself in a couple days. I will keep you all updated.
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{ 2 comments… read them below or add one }
I have experienced similar operational speed bumps with E*TRADE. You need to keep watch of the published balances vs. what you know is in your account. If you really want to frustrate yourself, try to transfer shares out of E*TRADE and see how long, and how many calls to customer service, that takes.
Thanks for the warning! I was actually thinking of changing the brokerage account because of this but I’m sure other people have other issues. I used TD Ameritrade but have always liked Etrade. Maybe it’s time to start looking at others.