How can I request a debit card, how long will it take to arrive?
Which accounts are eligible for a debit card?
- Domestic individual, joint, and custodial brokerage accounts are eligible for the E*TRADE Complete™ debit card.
- Certain IRA accounts are eligible if you are over the age of 59 ½. Click here for more information regarding E*TRADE Complete™ IRA accounts.
You may order an E*TRADE Complete™ debit card once your account balance reaches $1,000.
- Max-rate Checking account is eligible for the E*TRADE Max-Rate Checking debit card.
- E*TRADE Checking account is eligible for the E*TRADE Checking debit card.
You may order a debit card for a checking account once your account balance reaches $100.
Savings accounts are not eligible for a debit card.
What is an EMV card, Chip, and PIN-preferred?
- Your E*TRADE debit card is embedded with a chip that leverages EMV (Europay®, Mastercard®, Visa®) technology. EMV is the global standard for credit and debit card payments, providing global acceptance and an enhanced level of security.
- For added security your E*TRADE debit card is now PIN-preferred. You will be prompted to provide a PIN when making purchases like you are when accessing cash at an ATM. Certain merchants have the ability to modify this preference for added convenience. Chip and PIN-preferred terminals are the standard internationally.
What are the daily limits for debit cards?
- You can make purchases up to $5,000 per day using your E*TRADE debit card.
- You can also withdraw cash up to $1,000 per day using your E*TRADE debit card.
Both limits are dependent upon the available balance in your account.
What is the ATM Refund Policy?
E*TRADE will not charge you a fee for withdrawing funds from any institution’s ATM nationwide, but the owner/operator of the ATM may. E*TRADE will refund the amount of the owner/operator’s fee by the end of the same day that the withdrawal occurred to your eligible account if you meet any of the following conditions:
- Your withdrawal was from a Max-Rate Checking account.
- Your withdrawal was from your E*TRADE Money Market Account or Independent Checking Account (not including E*TRADE Checking Account) and your total balance is $5,000 or more after the completion of the transaction.
- You have a $50,000 or more average monthly balance in your linked E*TRADE Bank Accounts.
- You have $50,000 or more in cash and securities in your linked E*TRADE Securities brokerage, retirement, and employee stock plan accounts (including vested in-the-money options, stock option plan shares, ESPP shares, and released restricted stock) on the date the fee is charged.
- You executed at least 30 stock or options trades during the prior calendar quarter in your linked E*TRADE Securities account(s).
What do I do if my debit card is lost or stolen, how can I dispute a transaction?
If you believe your card has been lost or stolen, or that your Personal Identification Number (PIN) has been discovered by someone else, or that someone has conducted or may conduct an automated banking transaction without your permission, contact us immediately by sending us a Secure Message or calling us at 800-ETRADE-1 (800-387-2331).
What are the benefits to my E*TRADE Mastercard® debit card?
Mastercard’s universal acceptance means you can use your E*TRADE debit card in place of cash or a check at millions of locations worldwide, anywhere Mastercard® is accepted.
For full details on your benefits click here: Mastercard® Guide to Benefits
E*TRADE Line of Credit
What is an E*TRADE Line of Credit?
An E*TRADE Line of Credit is a revolving, non-purpose line of credit offered by E*TRADE Savings Bank and secured by the eligible collateral you hold at E*TRADE Securities.2
How can I apply for an E*TRADE Line of Credit?
To apply, visit the E*TRADE Line of Credit page, and click the “Get Started” button to begin the application process. Be sure to review the product features, risks, and disclosures to determine if this product is right for you.
How is an E*TRADE Line of Credit different from margin borrowing?
An E*TRADE Line of Credit is different in two ways: (1) the way in which the funds are used, and (2) the interest rates on the line of credit.
- How the funds are used:
- For an E*TRADE Line of Credit, funds can be used for any lawful purpose, except for the purchasing, carrying, or trading of securities or repayment of a margin loan.
- Margin can be used for any lawful purpose, including the purchasing, carrying, or trading of securities.
- Interest rates:
- E*TRADE Lines of Credit are tied to 1-month LIBOR (London Interbank Offered Rate), as published in The Wall Street Journal the ("Index"), plus a spread ("Margin"). Line of credit interest rates are typically lower than margin interest rates, and may move with changes to the 1-month LIBOR rate or fluctuations in the pledged collateral market value.
- Margin interest rates are typically tied to the E*TRADE Base Rate, which is set at the discretion of E*TRADE Securities with reference to commercially recognized interest rates. Margin interest rates may move with changes in the E*TRADE Base Rate, or with adjustments in the debit balance.
What account types are eligible to be pledged as collateral for an E*TRADE Line of Credit?
Non-retirement accounts including individual, joint, and revocable trusts with no more than two trustees, inclusive of managed portfolios, may be pledged as collateral.
What types of securities are eligible to be pledged as collateral for an E*TRADE Line of Credit?
Most securities, ETFs, mutual funds, and bonds are eligible to be pledged as collateral. Please note that certain risk factors like security concentration or level of liquidity (i.e. low average daily volume) may impact the eligible collateral value of certain securities. Use of an E*TRADE Personalized Investments account presents certain additional risks including potential disruption of the management of the account and the potential termination of the investment advisory services. If you are unsure of the borrowing value of a particular security, call 800-ETRADE-1 (800-387-2331) for more information. E*TRADE Savings Bank reserves the right to change eligibility requirements.
Are there restrictions on my account(s) once pledged as collateral for an E*TRADE Line of Credit?
Yes, there are restrictions on accounts pledged as collateral:
- No margin borrowing. Funds cannot be used for purchase, carrying, trading of securities, or repayment of a margin loan.
- No margin and options trading. Upon being approved for an E*TRADE Line of Credit, the collateral account(s) will have margin and options trading capabilities removed (if applicable). Pledged accounts will also be prohibited from enrolling in margin and/or options trading.
- Cash management and payment features disabled. Upon taking a draw from your line of credit, all cash management and payment features will be restricted (e.g., bill pay, check writing, use of debit card, electronic funds transfers, wires).
What are my options if I want to maintain margin, options, or certain other features (such as bill pay, check writing, use of my debit card) in my account?
You can open a new account to use as collateral for an E*TRADE Line of Credit. Once the new account is open, transfer the securities you wish to pledge into that account, and then apply for the line of credit.
How long does it take to open an E*TRADE Line of Credit?
Typically, an E*TRADE Line of Credit can be established within a few business days, provided all required documentation is filled out completely and accurately.
Is there a credit check during the underwriting process?
Yes, a credit check will be performed during underwriting. Credit eligibility requirements apply.
How much can I borrow using my E*TRADE Line of Credit?
You may be able to borrow up to 50% of your eligible collateral market value, at E*TRADE Savings Bank’s discretion. In some cases, due to certain risk factors like security concentration or liquidity issues, the amount you can borrow may be less.
What are the collateral requirements?
You are required to maintain a minimum level of eligible securities in your collateral account. A decrease in the market value of your collateral may require you to deposit additional cash or securities.
Important Note: All collateral is subject to approval and E*TRADE Savings Bank may change its collateral requirements at any time.
What is a Maintenance Call?
A Maintenance Call occurs if the market value of the pledged collateral falls below the minimum maintenance requirement.
How do I know if my E*TRADE Line of Credit is in a Maintenance Call?
You can check the credit line status on the E*TRADE website at any time by clicking on your line of credit account from the Complete View.
How can a Maintenance Call be resolved?
You are required to maintain a minimum level of eligible securities in your collateral account. A decrease in the market value of your collateral may require you to deposit additional cash or securities into the pledged account or by paying down all or a portion of the outstanding amount, this is called a “maintenance call”. If any of the pledged collateral for your E*TRADE Line of Credit is held in a managed portfolio, failure to satisfy a Maintenance Call may result in the termination of any applicable advisory agreement. Call us at 800-ETRADE-1 (800-387-2331) with any questions on how to resolve a Maintenance Call.
Important Note: E*TRADE Savings Bank reserves the right to call a loan at any time and to liquidate all or part of your pledged collateral account(s), without prior notice to you.
What is my interest rate?
Interest rates will be determined by your pledged collateral market value, and may be adjusted periodically subject to changes to your pledged collateral market value. Rates are tied to 1-Month LIBOR (London Interbank Offered Rate), as published in the Wall Street Journal the ("Index"), plus a spread ("Margin"). The LIBOR rate may be reset weekly (every Monday, or the following business day in event of a holiday). Visit the E*TRADE Line of Credit product page to view the most current interest rate grid.
Are there minimum monthly payments on my E*TRADE Line of Credit?
Yes, there are minimum monthly payments required for loans with an outstanding balance.
How are payments applied to my outstanding loan balance?
All payments on the line of credit shall be applied first to any fees and charges due, then to billed interest due, and then to reduce the total amount of outstanding credit advances.
What is the interest calculation period?
The interest calculation period begins on the first of every month, and finishes at the end of each month. Interest is calculated daily, and charged monthly.
What fees and charges apply?
There are no fees or charges to open a line of credit. You are only charged interest when you take a draw, and are only charged interest on the drawn amount.
If submitting payment by check, a processing fee may apply. There is also a returned-check fee, if applicable. Visit the E*TRADE fees page to view the most current fees.
How can I take a draw from my line of credit? What are the cutoff times?
You may request a draw from your E*TRADE Line of Credit at any time by logging onto etrade.com, selecting the line of credit account from your Complete View, and selecting the “Request a draw” button. Draws may be any dollar amount, in increments of $1,000. Call us at 800-ETRADE-1 (800-387-2331) with any questions.
Your request must be received by 12:00 p.m. ET for next day availability of funds via electronic transfer.
How can I make a payment to my line of credit?
There are three methods of payment:
- Electronic transfer of funds (ACH). This can be done directly on the E*TRADE website by clicking on your line of credit on the Complete View, and selecting “Make a payment” in the quick links menu. This is the most efficient method of payment, and gives you the flexibility to make a one-time payment, or set up automatic recurring payments in fixed amounts or to cover the monthly interest due.
- Mail a check. Paying by check may incur a processing fee. Make checks payable to E*TRADE Savings Bank, and be sure to include your line account number in the memo field. Mail your payment to:
E*TRADE Savings Bank
P.O. Box 71974
Chicago, Il 60694-1974
- Draw on your line of credit (no action required). Any interest not paid by the due date will be automatically paid by drawing on your line of credit, adding to your outstanding principal balance. This will result in compounding interest.
How can I completely pay off and close my line of credit?
To request a full payoff amount, call 800-ETRADE-1 (800-387-2331) to speak with an E*TRADE representative. The payoff amount will include the total outstanding principal amount, in addition to any accrued interest.
Once the full payoff amount is remitted and processed (via any of the above noted payment options), we will close your line of credit account at your instruction.
What are the risks of an E*TRADE Line of Credit?
Securities-based lending involves special risks and is not suitable for everyone. Be sure to carefully review product details, risks and benefits to ensure this product is right for you.
- A decline in the value of your pledged collateral may require you to provide additional funds or securities to avoid a maintenance call.
- You can lose more funds than are held in the collateral account. An E*TRADE Line of Credit account is a full-recourse loan and you will be held liable for any deficiency.
- E*TRADE Savings Bank can force the liquidation of any securities pledged as collateral, and can do so without contacting you first. You are not entitled to choose which securities in the collateral account are liquidated.
- E*TRADE Savings Bank can modify its collateral maintenance requirements at any time, without notice to you.
- You are not entitled to an extension of time to resolve a maintenance call.
- If your assets are liquidated by the bank, there may be adverse tax or other consequences.
- An E*TRADE Line of Credit is an uncommitted demand facility, which means the bank may demand full or partial repayment at any time or elect not to advance funds.
What are the benefits?
There are a number of potential benefits, including:
- Access to liquidity while maintaining your long-term investment strategy.
- Access to funds quickly through a digital, streamlined application process (application decision typically within 1-2 business days).
- Manage draws and payments conveniently online.
- Repayment flexibility, allowing you to effectively manage your cash flow.
- No hidden fees or expenses.
- Interest charged only on the drawn amount.
Will I receive a 1099 for interest paid?
No, 1099s are not generated for E*TRADE Lines of Credit. Please speak with your tax advisor for any tax-related questions.
Can I set up recurring automatic payments? How?
Yes, automatic recurring payments can be scheduled in fixed amounts, or to cover the monthly interest due. Click on your line of credit account in the Complete View, select the “Make a Payment” button, and click “Review Statement and Setup Payment.” Next, click “Automatic Payment Rules” and select your method of payment (or create one), and specify the automatic payment rule you wish to apply.
Can I adjust my pledged collateral account structure (add/remove collateral accounts)?
Yes, you can adjust your pledged collateral account structure by filling out an Amendment to Line of Credit and Security Agreement form. You can retrieve this from the Forms and Apps section online, or by calling 800-ETRADE-1 (800-387-2331) to speak with an E*TRADE representative for directions.
If you have an outstanding loan balance, any adjustment to the pledged collateral account structure must be reviewed and approved prior to implementation.
How much in collateral securities do I need to apply?
There is a minimum requirement of $50,000 in eligible collateral to apply.3
What happens if market fluctuations lead to a decline in collateral account value?
In this situation, you may be required to deposit additional cash or securities as collateral to maintain your original collateral amount. Failure to do so may result in E*TRADE selling some or all of your pledged securities, which may result in adverse tax consequences.
Fully Paid Lending Program
What is the Fully Paid Lending Program?
The Fully Paid Lending Program offers customers the ability to earn additional income on fully paid securities. Upon enrollment you allow E*TRADE to borrow fully paid securities from your account for, among other things, re-lending to short sellers. In return, you receive collateral held at a bank and a portion of the revenue paid to E*TRADE by the borrower of the securities.4,6
What are fully paid securities?
Fully paid securities are long securities that have been completely paid for and are not being used as collateral for another purpose.
What is a short sale?
Investors typically borrow securities to engage in short selling and other related trading strategies. A short sale is the sale of a security that is not owned by the seller, generally, based on an expectation that the security will decline in value. The activity of short sellers may potentially affect the long-term value of your fully-paid securities.
PLEASE NOTE: If you do not want your fully paid securities used to facilitate short sales, you should not enroll in the E*TRADE Fully Paid Lending Program.
Can I see how much I am earning from my loaned positions?
Yes. You can see the daily accrual earned from loaned positions by logging on to etrade.com and accessing the report tab under “Transaction History”. Access to the page by navigating to: "Transaction History > Reports > FPL accrual detail page".
Can I select which securities to lend?
No. Once you are enrolled, E*TRADE will borrow shares of in-demand securities from your portfolio as needed and share the revenue from the lending transaction.6,5
Please note: E*TRADE makes no guarantee that your fully paid securities will be borrowed.
Can I see the interest rate that I will earn on my loaned positions or the quantity on loan?
Yes. The “FPL accrual detail page” within your E*TRADE account will display the applicable rate and quantity of your loaned positions for each day they were on loan.
Can I enroll my margin account to FPL?
No. At this time, the program is available only to eligible brokerage cash and IRA accounts.
Can I sell shares that have been loaned?
Yes. Even though your shares are on loan, you retain full economic ownership. That means you can continue to trade as usual and sell shares at any time without restriction. Note that selling a position on loan effectively terminates the loan.
Will I receive dividend payments on loaned shares?
E*TRADE offers Payment in Lieu (PIL) equal to the value of dividends paid on loaned shares. In addition to Payment in Lieu, E*TRADE will also reimburse you to help offset the potential tax burden associated with the receipt of payment in lieu for qualified dividends. E*TRADE does not offer tax advice but you should consider contacting your tax advisor if you have any questions about how Fully Paid Lending can impact your taxes.5
Will I receive collateral for securities borrowed by E*TRADE?
Yes. E*TRADE deposits cash collateral equal to the dollar amount of the securities borrowed to E*TRADE Bank. The provisions of the Securities Investor Protection Act of 1970 may not protect you with respect to loaned securities and, therefore, the collateral provided in respect of loaned securities may constitute the only source of satisfaction of E*TRADE’s obligations to you.
Will I receive notifications when my shares are loaned?
Yes. You will receive notifications after your security is loaned out, when the rate changes on the loan, when the quantity of borrowed securities changes, and for each interest payment you receive.
Will I retain voting rights on loaned securities?
No. You will not have proxy voting rights on loaned securities.
Can I see loaned securities in my account?
Yes. Any loaned shares will be visible in your account at all times with a notation that the shares are on loan. Positions on loan can be seen on the Portfolios page with an “FP” notation. Access this page by logging onto etrade.com and going to Accounts > Portfolios.
How am I compensated for participation in the Fully-Paid Lending Program?
E*TRADE will generally split approximately 50% of the income earned from lending shares borrowed from you.6