Consumer complaint received 2026-06-08 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Deposits and withdrawals
Company: MORGAN STANLEY & CO. LLC
State: TX

Complaint narrative:
I opened a savings account with E * TRADE on XX/XX/year>, and funded it with a {$20000.00} wire transfer on XX/XX/year>. A few weeks later, my account was unexpectedly restricted. At the time, I was dealing with several personal matters and was unable to immediately complete the requested verification process. However, on XX/XX/year>, I contacted E * TRADE and was instructed to submit two photos : ( 1 ) a photo of my driver 's license and ( 2 ) a photo of myself holding the driver 's license, ensuring that my face remained fully visible. I carefully followed all instructions, making sure the ID was clear and legible, all corners were visible, and my face was not obstructed. After more than a week passed without any communication, my account remained restricted. When I called on XX/XX/year>, a customer service representative informed me that E * TRADE does not notify customers whether submitted documents have been reviewed, approved, or denied. This was surprising, as I have never encountered a verification process that provides no status updates whatsoever. During that call, I was informed that I also needed to submit proof of address. I promptly provided a recent utility bill. I was further advised that document reviews are handled by a back-office team that can not be contacted directly and that reviews typically take three to four business days. After waiting another week with no updates, I called again on XX/XX/year>, to check the status of my account. To my surprise, I was told that I once again needed to submit a photo of my driver 's license and a photo of myself holding the license. Confused as to why I was being asked to repeat the original verification step, I asked whether my previous submission had been denied and, if so, for what reason. The representative stated that she could not provide any explanation and that I simply needed to resubmit the documents. At this point, I am extremely frustrated by the process. More than a month has passed since I first attempted to verify my account, yet I continue to receive new verification requests without any explanation as to why prior submissions were insufficient. I am also unable to speak with anyone who can provide meaningful assistance or insight into the status of my case. Compounding the issue, I opened this account as part of an E * TRADE promotional offer that requires the account to remain in good standing in order to receive the advertised bonus after the qualifying requirements are met. As a result of these ongoing restrictions and delays, I have been unable to access my funds and may ultimately be disqualified from receiving the bonus despite having fulfilled the funding requirements. Whether these issues stem from poor internal processes or something else, the outcome has been the same : I have been deprived of access to my funds while being subjected to an opaque and seemingly endless verification process.

Company response to consumer: Closed with explanation