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Michael | If E-Trade goes bankrupt, are my mutual funds there safe? |
If there is a run on E-Trade or E-Trade goes bankrupt, are my mutual funds in a brokerage account there safe?
Additional Details
Can E-Trade's creditors take mutual fund or stock holdings from within it's brokerage customer's account in a bankruptcy proceeding? |
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Spock (rhp)
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check their website for the protection they offer.
i'm sure they do provide protection and if you've got megabucks there, maybe you have a (small) worry. |
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mikeeyman
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I, too, have accounts with Etrade. I own mutual funds and stocks. Think about it this way....
You own a mutual fund in an Etrade account. You actually own the fund. Etrade is just the custodian for it. They are holding it for you. It's yours. If Etrade goes bankrupt. You still own those shares in the 3rd party mutual fund. Etrade cannot legally touch those shares, you own them.
I own Intel, Google, and Apple in my account. If etrade goes bankrupt, they legally cannot touch those shares. Those are mine.
It's no different than if you are keeping valuables in a safe deposit box at a bank... If the bank goes bankrupt, the creditors are not going to raid the safe deposit boxes.
On top of that, in bankruptcy proceedings, customer accounts have priority over creditors.
If Etrade goes belly up.... Some other company, probably Schwab or TD will buy up all the brokerage customers... Your account will be transfered. |
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ernesto_tig
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Brokerage accounts are protected by SIPC. For their FAQ: http://www.sipc.org/who/sipc7questions.cfm
Safe is a relative term, you'll need to file a claim to get your money if they go belly up, good luck with that. |
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jebediabartlett
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Your brokerage or IRA accounts are insured up to $ 500,000. your cash to $ 100,000.....but if they DO go out of business it will take you close to 3 months to get your money. |
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Steve
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ummm.... obviously you didn't read that the analyst from citi said there is a 15% chance of etrade going bankrupt based on 5 billion in write offs. And clearly you know nothing about sipc insurance. Do your homework man! |
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Frank Castle
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E*Trade is the 8th largest securities company in the United States of America by Sales and they are not going anywhere.
I don't have $2,000,000,000.00 to buy the entire company but other foreign investors will buy it if the shares drop to $3.33 in the future.
Your brokerage account is insured by the SIPC (Securities Investor Protection Corporation) for $500,000.00
If you have more than $500,000.00 then you need to move some of your holdings to Zecco, TD Ameritrade or Charles Schwab. |
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Fiona T
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Someone posted a link below, and it answers your questions. The funds are federally insured; you will get your money back. The site said the timeframe is usually 1-3 months. |
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Ingrid
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I have five Etrade accounts and today's news rattled me also. However, FDIC insures bank deposits and SIPC protects shares up to $500k (w/ $100k being in cash). We are probably okay - even though it is a hassle to file the claim. Just be sure to keep all of your monthly statements for each account. Keep those records in 2 different places, if possible.
Chances that the company will disappear overnight is very low. They could either sell, merge or file chapter 11 - which is reorganiztion. Delta also filed Chapter 11 and still kept flying planes and doing business.
I think you probably should get out of Etrade CD's and funds - that's my opinion.
I sold Etrux, but am reinvesting the money in something else.
But besides that, I decided to stay put. |
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Taranvir
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i have no idea |
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