One hundred eighty‐six days of electric field data from the GEOS 2 electron beam experiment have been used to study magnetospheric fluctuations at geostationary orbit with periods between 150 and 600 s. While fluctuations are nearly always present in the electric field data from the dayside magnetosphere with typical amplitudes between 0.2 and 0.5 mV/m, it is often hard to find well‐defined concurrent pulsations in the GEOS 2 magnetic field data. Most events occur near noon and have the same characteristics: They are toroidal and nearly linearly polarized, the sense of polarization and the orientation angles of the polarization ellipses change sign near noon, the instantaneous frequency of the fluctuations is correlated with the instantaneous electron density, and in a given sector of the magnetosphere the sense of polarization depends on the frequency. There is strong evidence that these fluctuations are fundamental mode eigenoscillations of field lines in the vicinity of the spacecraft which are generated in the inhomogeneous plasma of the magnetosphere by some kind of solar wind‐driven surface waves at the magnetopause or at the low‐latitude boundary layer.