Dumping Ameritrade

Yesterday I finally got around to filing the paperwork to officially transfer my account from the TD Ameritrade spammers to Scotttrade. I should have done this months ago when I first realized the problem, but I’m not an active trader and it always seems like there’s more interesting things to do than filling out forms.

I had considered various online brokers, but there weren’t as many choices as I expected. Scotttrade seemed to have the best combination of low fees and decent user interface. Internet gossip about them was relatively positive compared to what was said about other online brokerages. The kicker was the local offices where I could drop off paperwork and get immediate feedback instead of having to mail forms back and forth for a few weeks. USAA was a close second. If Scotttrade doesn’t work out, I may switch to them.

The transfer itself is supposed to take 7-10 business days. I’ll let you know how it goes. I’ll need to make a test trade to make sure it all works once the money and equities are shifted over. There’s nothing in my portfolio I want to sell right now. I guess I’ll have to buy something. Anyone have a hot tip?

3 Responses to “Dumping Ameritrade”

  1. MikeB Says:

    You want a hot tip? I’ve got a whole Inbox full of them! As soon as I get home, I’ll forward them to you.

  2. MikeB Says:

    BTW, I’m pretty sure I posted that previous comment at 9:12 AM (Eastern Daylight Time).

  3. Mac Maynard Says:

    I’m leaving Ameritrade because they have figured out how to cost you lots of money by advertizing this great feature “Command Center” which is suppose to track your stocks and your buys and sell orders and update your account. So lets say you want to sell 100 shares of xom, so you place a market order and your xom never left your account! So you think you may have missed an item on the sale order and place another sell order! Neither of which show up on your “Command Center” but if you check their main web site, (not meant for active traders) you will see you sold 200 shares. It will be your loss if you sold at a cheaper price, and if you want to buy the stocks back!! (how they make their money). I left Etrade because they hadn’t figured out how to refund money on their Visa cards when you don’t get the stuff you buy! They try to be a bank, but don’t know how. I suggest paying all debts, then pay ahead on your house, and save cash .

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