I find it interesting that E*Trade announced that it would cuts its fees and commissions just a month after I moved all of my accounts out of their brokerage. I guess I wasn’t the only one to do so. Capitalism in action! $19.99 per trade + bogus $3 “handling fee” coupled with subpar customer service is simply not competitive. I like the CEO Lilien’s quote – “If we treat (small investors) right, they will become the larger investors”.
Very true, but too little too late, Mr. Lilien. You guys even charged me $120 ($60 per account) to leave and it was worth it. I definitely intend to become a larger investor, but it sure won’t be at E*Trade.
By Jonathan Ping | Investing | 2/15/05, 6:37pm