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. The current
interest rate paid by e-trade Bank on their savings accounts is 2.15% (1/09)

E*Trade Company Facts
Name:
E*Trade

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 2.15%, as of 2-15-09)

Minimum Balance Required in Checking Account:
$5,000 for their Max-Rate Checking Account
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 10 (Checking accounts) times the
national average -
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