E*Trade Bank

I have an account at E*Trade that my ESPP shares and stock options are deposited into by my employer. Their interface is clean and quick, so I decided to click on the banner ad that they have for E*Trade Bank. Free ATM withdrawls, on-line check payments, etc., so it looked like something I would try and if it worked out drop my local bank.

I went through the sign up process and was given what I thought was my account number and set up my direct deposit to start with $500 each pay into the account to get started. When I could not see the deposit, I called them and found out that they had not "opened" the account and that to do that I needed to wire them money.

Now my paycheck is $500 short and the money is in cyberspace somewhere..... I understand the fact that the account was not opened and expected them to open it so my next deposit would go right in and I could clean up the missing deposit with my employeer.

Here is the kicker, they would not open an account and give me an account number so I could just start sending money each pay. They required me to wire them some money in order to open the account. What type of crap is that? Just open the accont and then in two weeks they would start by getting $500 and potentially a good long term customer.