My brokerage account sucks...

W

waitinNJ

Registered Users (C)
Friends,

Using this forum again to ask -Non-immigration issue-
Hope people don't mind.

My brokerage company raised the fee to $100 annual for keeping the account. This fee will be charged as the account is inactive.


Need advice where I can move my stocks to avaid this fee.
 
forgat to tell

once you move the stocks, they will charge one last time of 75-100 dollars..

blood suckers
 
Originally posted by waitinNJ
Friends,

Using this forum again to ask -Non-immigration issue-
Hope people don't mind.

My brokerage company raised the fee to $100 annual for keeping the account. This fee will be charged as the account is inactive.


Need advice where I can move my stocks to avaid this fee.
Click to expand...

Its not etrade is it ?:confused:
 
No Datek Please

Datek (which is now merged with ameritrade) charged $15 every 3 months of inactivity. My personal experience.....
 
Ameritrade is the best. I don't get charged for inactivitiy and the minimum to open an account is $2500.
Their charges are a little high per trade but I think they are worth it. They have free real time tracker also.
 
More on Ameritrade

GeeCeeSaga - I thought the price of 10.99 was quite reasonable, there are of course more economical options that are advertised, but I do not have experience with them to comment. The 10.99 is flat for market and limit orders not the case at other trading houses. So, i think underneath the price there may be conditions that we are not aware of, ie: higher rate for limit orders. Are you aware of another broker that charges less than 10.99 for a decent quantity of market or limit orders?
I trade quite frequently so I am not sure about inactivity fees.

patienceGC - I did have an Etrade account which I closed last year, commissions being the sole reason. There end of year statements are unmatched with the other broker i've used. Last year they sent me a statement in the format required for IRS capital gain/loss reporting. Others provide 1099s but I find myself having to do the capital gain/loss calculations yourself.

Disclaimer:
At the time of this note I am long AMTD
 
HarrisFeb2002

I guess Ameritrade does not have greencard requirements? I had heard so.

How is the IRS reporting format for AMTD. I am on Datek and want to get out because of the $15 fee / three months inactivity (unless you have $5000 in the account)

I just now called Ameritrade and the customer service guy confirmed that Ameritrade has the same policy as that of Datek since it the same company (one company has taken over the other).

To avoid the $15 per quarter, you must have 4 trades in the past 2 quarters OR a minimum of $2,000 in your account. This is the rule with AMTD as well as DATEK.
 
Last edited by a moderator:
Inactivity Fees and more on AMTD

dinosaur,

Just want to make sure we are on the same page:

I was trying to be funny by disclosing my position in AMTD, which happens to be ticker symbol for Ameritrade.

Ameritrade bought out Datek. Datek was a privately held company and their trades were 9.99 for market and 10.99 for limit, if i'm not mistaken.
---------------
When you go to ameritrade.com you'll see the 'client login' button, but if you go to datek.com you'll get the Ameritrade branding, a 'Datek Login' and the old datek experience. THe site will be coloured with the Ameritrade look. I don't think the two companies are completely merged to the point of provided the same 1099 stmts to datek and ameritrade customers, ie: same format.

Re. Format:

I you were previously a DATEK customer you'll need to figure out your gain/loss for IRS reporting from the 1099 you are issued for tax year 2002 by Ameritrade.

If you were previously an Ameritrade customer, I don't know if the new Ameritrade 1099 is streamlined for IRS submittance, I don't think it is.

Inactivity Fees

I think you'll have a difficult time running away from inactivity fees, most brokerages are charging them, in the 'post internet bubble' the trend is in that direction. If you are holding securities 'long' you may be better off considering other alternatives.


You do not need a GC to have a brokerage account, only need to be legal resident.

AMTD - well managed company, but do see disclaimer below.

-harris

Disclaimer:

At the time of this note I am still LONG AMTD
 
waitinNJ and TDWaterhouse

TDwaterhouse will impose that monster fee as of Feb 8th. Why did you leave till now, I dumped these guys a couple of weeks ago.

-harris
 
Scottrade

Only 7.99 for regular trade. They also have stream stock price feed. No other fee at all. I moved my Roth IRA there from ETrade there too after ETrade start to charge fee. Scottrade also has office all over US
 
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