Not too long ago, I received a tip off that E*Trade will dilly dally in processing applications from Malaysia, if at all. And then I got news that they started to process once again, except that in its new policy, all applications and accounts from Asia will be handled by the Hong Kong branch. All new accounts will also have the Hong Kong address and not the New York address.
And as if all these limitations are not enough, E*Trade will no longer offer its free debit card to account holders. Account holders are now expected to do a telegraphic transfer of their funds to their own local bank should they wish to withdraw funds from their E*Trade account.
For people whose applications are caught in this change in policy, do they still want to open an account? What good is it now with the Hong Kong address and without the debit card, the inability to withdraw funds directly from any ATM?
New dilemma!
And as if all these limitations are not enough, E*Trade will no longer offer its free debit card to account holders. Account holders are now expected to do a telegraphic transfer of their funds to their own local bank should they wish to withdraw funds from their E*Trade account.
For people whose applications are caught in this change in policy, do they still want to open an account? What good is it now with the Hong Kong address and without the debit card, the inability to withdraw funds directly from any ATM?
New dilemma!
2 comments:
In my attempt to save money from paying the monthly fees, I sent my application for E*Trade card long time ago. Till now I haven't heard from them but I managed to withdraw all my blogging money from PayPal by Virtual Money debit card.
Now with the info you shared about the HK thingy and all, I'm glad I didn't wait for the e*trade card.
I guess in the end we have to spend some money to earn money. :)
Hi MQ!
Thanks for your comment. Yes, E*Trade has found out that we are not really opening an account to buy stocks.
The problem with VMI and Accent Visa (which I have but did not activate yet) is that these are not TRUE financial bodies. There is a very slim recourse for us should anything happen to them.
Call me a pessimist but I really like to have some form of protection for my money.
E*Trade HK may give you a call one of these day to ask if you would like to proceed with the application.
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