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Zions Bancorporation Message Board

  • tigerpawn tigerpawn Feb 21, 2006 9:26 PM Flag

    zions brokerage

    any body on forum do stock brokerage trading\with zions if u do how is there service.
    if u do how do you like service.

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    • ayersa Mar 2, 2006 10:20 PM Flag

      I'm a shareholder in ZION and also a customer of Zions Direct Brokerage. I no longer live in Utah but rather, in Ohio. As far as the service...I have to ask, compared to what?

      They are polite and responsive on the telephone and the website includes some free research from S&P and other sources.

      Compared to Scottrade, Zions Direct obviously does not have branch offices near my home so everything has to get mailed to Salt Lake City, which creates a delay and some added cost. Also I'm an internet banking customer with Zions Bank--the account my Zions Direct brokerage transactions settle out of--and I've had problems with Zions Bank putting excessive holds (up to 10-15 business days) on my deposits (any other brokerage would clear the funds immediately--Zions says its due to the checks being from out-of-state and for large amounts but when buying stock, to me $5,000 is not a large amount). One reason for this is the disconnect between Zions Investment Securities and Zions Bank, although I believe there is an uninsured money market you can get from the brokerage that would avoid this. In some ways, this would be a deal killer for me, although you could probably settle your Zions Direct brokerage transactions out of your local bank rather than using Zions Bank. Zions Bank does pay high interest rates on its internet-only accounts.

      A limition with Scottrade is that I find it difficult to place orders on small-cap stocks--they require a telephone order and don't get filled immediately (sometimes it takes a few days) and I end up paying a more for the stock due to a higher bid/ask spread. That's a deal killer for Scottrade. Since Zions clears through Pershing, that absolutely has not been a problem at Zions--my trades have all been executed almost immediately.

      Zions commissions are slightly higher (but only like $3 or so) than competitors and other fees are also a little higher (like $50 for a certificate from Zions versus $40 from Scottrade).

      Overall, however, I would recommend Zions Direct keeping these limitations in mind.

29.05Jul 23 4:00 PMEDT

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