E-Trade account restrictions

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I had an E-Trade account to receive shares of stock from the company I worked for. Working for a tech company, I had to sign up for an E-Trade account to receive stock awards and discounted stock purchases from the company. At the same time, I had a non-work-related brokerage account at a Canadian bank in order to do my personal investment and stock trading activities. As of yearI found E-Trade to fall short of my expectations in a number of ways: High commission fees, restrictive transaction flow, and a busy user interface.

First etrade online trading restricted foremost, E-Trade charges unusually high fees to process stock transactions. For employee stock plans, the only trade available is the sell order. To make matters worse, some trades are involuntary and the fees eat away at the income.

Although E-Trade allows a few methods for the treatment of income taxes, my company chose the sell-to-cover method with no user override allowed. The company promises me a block of stock shares over a period of time if I stay employed at the company.

A grant of shares with shares becoming vested on etrade online trading restricted specific date 1 year later, another shares 2 years later, etc. This is effectively a form of extra income or a bonus. The money is accumulated for a half year and the purchase is executed at the end of the period. Only the discount portion of the money i. But E-Trade begs to differ: Compare this with my ordinary stock brokerage, where blocks of a particular stock bought at different times or even transferred in from another account all merge into a single mass of assets.

Later when I perform a sell order, all the accumulated stock can be sold in one transaction costing only a single commission fee. An E-Trade employee stock account requires that after selling stock, the cash from the transaction is immediately dispensed to a cheque mailed to you. You cannot keep the cash proceeds in your account.

Some events generate cash that is kept etrade online trading restricted your account instead of being dispensed. Receiving dividends while holding onto stock is one example. Leftover change from a sell-to-cover transaction is another one e.

You end up with a cash balance in your account, but you cannot merge the etrade online trading restricted into the cheque dispensed after a sell order — you have to call E-Trade to explicitly dispense the cash. The workflow ends up being convoluted and suboptimal. Upon an RSU vesting on a Wednesday, I received an email notification of the sell-to-cover-taxes transaction 2 business days later Fridayand a notification of the vesting 4 days later Tuesday.

This is quite unacceptable, as my personal brokerage allows me etrade online trading restricted see orders in real time and events are posted to my online transaction log in real etrade online trading restricted. An expensive, rigid brokerage Introduction. Pervasive Displays e-paper panel hardware driver.

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