As I mentioned at the end of last year, I am switching banks. I chose Etrade and opened the account. So far the experience has been very poor.
I chose the account for a number of reasons.
1) The rate was 5% when I signed up.
That did not last a month. It is now 4.40%. This is the most excusable thing that has happened. Since the 'Fed' lowered rates significantly in January and Etrade is not the only bank that has lowered rates in response. They post clearly that rates can change.
2) I thought my checking account would include an ATM card.
Etrade will not send me an ATM card until I fax in or mail a request. This is a Bank account. They advertise no ATM fees as a big feature. But you don't get an ATM card unless you fax a request for one? I guess one way to avoid ATM fees is to not get an ATM card... This is silly because, it was not clarified in the sign up process, and I got an ATM for my Etrade Brokerage without this much hassle. I also got my ATM card for my previous online bank account without this much hassle.
3) There was a $25 sign up bonus.
I signed up with an offer of $25 if I opened the account before Dec, which I did, as a new Etrade Bank account which it was, with money from outside Etrade which I used.
The details above (click for a larger view) specify that $25 will be credited to my account within 30 days of it being funded. Well my initial deposit posted 12/28/07. It has been more than 30 Days. The funds have not posted.
My experience with Etrade's bank account so far has been terrible. I'll keep you posted about if I get my ATM card and if they finally post my sign up bonus.