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TD Ameritrade Holding Corporation Message Board

  • hoonie_k hoonie_k May 9, 2003 9:29 PM Flag

    too many fees with ameritrade

    AMTD has so many hidden fees on everything from mailing checks, mailing statements, and everything you can think about associated with a IRA. They even charge a "reorganization fee" when you own a stock in a company that gets bought out!!!!

    anyone know of a better discount broker?

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    • No-Fee IRA ACCOUNTS
      Scottrade No-Fee IRA accounts are truly no fee...no setup fee, no maintenance fee or termination fee.

      Set up None
      Annual Maintenance None
      Termination None

      "Hmmmmmm. What about reorg fees, recharacterization fees, etc...???"

      OTHER SERVICES

      US bank wire fees (out) Higher fees could apply for wires outside the US. $20

      Returned Check $15

      Legal Item $25

      Certificate Delivered Out $25

      Accommodation Transfers (Certificate titled differently than account title) $25

      Non-Mandatory Reorganization $25

      Recharacterization (IRA) $50

      Processing certificates for inactive stocks less than $1 $25

      Overnight Fees (for buy-in and sell-out letters) $15

      Regular Mail Confirmation (online) $1

      Mail Prior Statement (per statement) $3

      Mail Future Statement (per statement) $2

      "Yep, ScotTrade isn't totally immune to charging fees!!!"

    • E*TRADE Securities doesn't charge setup fees for IRAs, but we do charge a $25 one-time fee* for other types of retirement account services. In addition, certain retirement accounts** may be subject to an annual maintenance fee of $25 if combined household balances are less than $25,000.

      Here are the services for which we charge a one-time or annual maintenance fee:

      Money purchase plan setups ($25):
      Employers contribute the lesser of $40,000 or 25 percent of the employee's compensation. Contributions are mandatory for all eligible employees, regardless of the employer's profits.

      Profit sharing plan set ups ($25):
      As an employer, you set up Profit Sharing Plans for the benefit of your employees. The amount the employer may contribute each year is flexible. You contribute the lesser of $40,000 or 25 percent of the employee's compensation.

      Premature distributions ($25):
      You are withdrawing funds before age 59-1/2.

      Roth conversions ($25):
      You are converting a traditional IRA into a Roth IRA.

      Recharacterizations ($25):
      When you change a contribution (that you've already made) from a Roth IRA to a traditional IRA (or vice versa); or when you change a Roth IRA back to a traditional IRA.

      Excess contribution removals ($25):
      You deposited too much money into the account and now want to withdraw the excess funds.

      Annual Custodial Fee ($25):
      All E*TRADE Securities retirement accounts, with the exception of SIMPLE IRAs and Coverdell Education Savings accounts, are subject to an annual custodial fee of $25 every December 31st. The fee is waived if your combined balance in your linked E*TRADE Bank and E*TRADE Securities brokerage accounts equals or exceeds $25,000. Customers with retirement accounts subject to the annual custodial fee may pay the fee directly by sending a check to E*TRADE Clearing LLC, PO Box 989030, West Sacramento, CA 95798-9030. Be sure to clearly write "Annual Custodial Fee" and your account number in the memo section of the check. Directly paid retirement account fees may be considered a tax deduction. Please consult your tax advisor or attorney for more information.
      *Fees will be waived if combined E*TRADE Securities account balances total over $100,000 or you have placed 30 or more trades in the last 12 weeks.

      ** Simple IRAs and Coverdell Education Savings plans are exempt from the annual fee

    • >>>>>
      AMTD has so many hidden fees on everything from mailing checks, mailing statements, and everything you can think about associated with a IRA. They even charge a "reorganization fee" when you own a stock in a company that gets bought out!!!!
      <<<<<

      1. Ameritrade has NEVER charged a fee to have a check cut and mailed out to you. If you're talking about being able to write checks against your Ameritrade account, you'd be better off using a regular checking account and "ACH"ing funds from your Ameritrade account into your checking account when needed. Takes less than 24 hours for funds to arrive.

      2. Ameritrade has NEVER charged to have a monthly statement mailed out (unless you lose your first one and want a duplicate months later in which case you should have to pay for your carelessness).

      3. Ameritrade has ALWAYS charged a reorg fee for stock renaming, buyouts, spin-offs, etc. Most brokers do unless you want to pay 1% of your account value to Goldman-Merril-SmithBarney...they'll eat ALL of those little incedental fees for you (while they rape you from behind).

      Maybee yu shud edumacate yerself on how a buy-out is going to affect your stock BEFORE it happens. Then you can make an informed decision on whether it's worth it to hold the stock into the reorg.

      You want some info on fees?

      Read my next few posts, my friend!!!

      Regards (and good luck searching for that broker that charges you 50 cents per trade with no other fees...EVER)

      -vdub

      • 1 Reply to vwmaniac2
      • >>1. Ameritrade has NEVER charged a fee to have a check cut and mailed out to you. If you're talking about being able to write checks against your Ameritrade account, you'd be better off using a regular checking account and "ACH"ing funds from your Ameritrade account into your checking account when needed. Takes less than 24 hours for funds to arrive.<<

        How much does AMTD charge to write a check against your own cash acct? I would think this would be most convenient.

    • Of course, E*Trade is a better alternative.
      I highly recommend to get a Power E*Trade account, then you become an instant POWER trader.

    • I love my Ameritrade acct (and my Ameritrade stock!)

 
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