How to Cancel E*TRADE
Subscription in Few Steps
Need to cancel your E*TRADE subscription? Learn how to do it in a few easy steps and manage your finances effectively.
E*TRADE is an investment brokerage and electronic trading platform that operates as a subsidiary of Morgan Stanley. This guide outlines the procedure for canceling an E*TRADE subscription but advises users to weigh the ramifications before proceeding. No matter the reason for closing your account—it can range from inactivity to changing brokers to cutting costs—it is essential to possess the proper procedure to prevent extra charges.
Methods of Cancellation
Online Account Closure
Step 1
To view your portfolio and manage your investments, sign in to the E*TRADE account online.
Step 2
Go to the “Account Services” or the “Account Closure” tab if logged into your account.
Step 3
Follow the instructions provided on the screen to close the account. In some cases, you may be asked to provide proof of your identity and confirm that you want the account closed.
Customer Service
If you have trouble closing your account online, contact E*TRADE’s support center. They can help process your request and provide any relevant information about the closure. Find out more by calling E*TRADE at 1-800-387-2331 (United States).
Mailing a Request
Step 1
Sometimes, it is necessary to write a letter to the provider requesting the termination of the account.
Step 2
Be sure to include your account number, details, and a clear statement that you want the account closed. Then, post it to the physical postage address available on the E*TRADE website.
Step 3
Ensure all the monies and securities are taken out or transferred before beginning the closure process.
E*TRADE Subscription Refund Policy
As a rule, E*TRADE does not refund subscription fees or services that have already been provided. But if one has been charged wrongly or there is a disagreement over fees, a call to customer service might resolve the matter. Refunds and fee reversals depend on the agreement of the two parties. Therefore, it is advisable to sort out any difficulties as soon as possible to minimize additional charges.
How Much Can You Save After Canceling Your E*TRADE Subscription
Ending your subscription with E*TRADE can prevent you from being charged repeatedly fees for using various services such as premium services, data services, or other services that may be attached to your account. Although these fees vary with the level of service offered, such costs can accumulate with time. If you are no longer trading or using some of the sophisticated features offered by E*TRADE, you can save at least $200 per year with this move.
Where to Invest That Amount
Once you’ve canceled your E*TRADE subscription, you can consider reallocating the saved funds to other investment opportunities:
Index Funds or ETFs
An index mutual fund or ETF is cheap and offers a good way to spread your market investment. It follows various indexes and is generally regarded as a safe long-term investment.
Robo-Advisors
Robo-advisors were designed for those who like to let their money do the work and let some algorithm invest it. Their fees are low, and they work with your investments according to your risk profile and objectives.
High-Yield Savings Accounts
If you want to take virtually no risk, put the money into a savings account. Compared to savings accounts, these accounts provide better interest rates through which you can earn more money while it is secure.
Direct Investment in Stocks or Bonds
If you have faith in your investing skills, you can invest directly in a stock or bond of your choice. This strategy has the advantage that the returns realized could be much higher, but the risk is also much higher.
Alternatives to E*TRADE Subscription
If you’re looking for alternatives to E*TRADE for managing your investments, consider these options:
Robinhood
One of the more well-known Fintechs in the United States, Robinhood has established a reputation for offering commission-free trading·
Fidelity
Fidelity offers numerous investment choices, good customer support, and numerous tools and information that make it a good choice over E*TRADE·
Charles Schwab
Charles Schwab offers a full range of investment services and free trading and can be recommended for beginners and experienced traders alike·
Vanguard
Vanguard is also a leader in offering low-cost index funds and ETFs, which makes it ideal for investors with a long time horizon·
Conclusion
Quitting an E*TRADE subscription can be advantageous because you might save a lot of money by investing in something more profitable for you· Knowing about the cancellation process, refund policy, and possible savings will help you choose a better option· Moreover, it is crucial to note that examining other platforms prevents your investments from being managed in a way that conflicts with your objectives and long-term financial goals·
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