I called Scottrade and they told me that they made a mistake in entering for the KFT split shares. Instead of entering KFT spin off from MO. They entered KFT spin off of KFT or shit like that.
They told I could sell the KFT shares even though I don't see them in the account and tomorrow when KFT issue to me it will be a wash sale.
Scottrade is jacked I am switching to another broker! Anyone have any recommondations.
......."Anyone have any recommondations."......
I use OptionsXpress.com and have been very happy for 6 years.
The main reason I use them is they allow me to short puts in my IRA. I have 4 accounts and they have all been fine.
I have done favors for some of my friends and traded their accounts for them and was disgusted with Ameritrade. H & R Block should stick to taxes. Scottrade was ok,I guess, but I will never leave OptionsXpress unless somthing big happens to destroy it. It has been trouble free.
I short puts almost exclusivly and they allow it in IRA's. The others say it's illegal. They are either lying or clueless. Either way I won't trade with someone who lies to me or doesn't even know as much as I do.
I don't know how OptionsXpress did with MO cause I don't trade stocks but rarely.
After reading the MO message board it's interesting to note that many have problems with other brokerages and few have problems with Scottrade. Perhaps the man in the helicopter is laughing all the way to the bank or maybe in the end just plain laughing! KFT will go sideways for a while but continue on it's upward swing after the dust settles.
Slightly different versions of the Scottrade commercial loop 2-4 times in a row for anyone else?
Annoying, but I guess there some reason behind it. The dude in the helicopter gets creepy by the third time around..hehe.
No KFT in my account today either. Only probs I have are the turtle taking my check to the bank and no electronic funds transfer into my Roth IRA.
I finally got an e-mail response from scottrade.
Thank you for your e-mail. Altria (MO) spun off Kraft shares at a rateof .692 Kraft (KFT) for each share of Altria. The shares of Kraft (KFT)will show up in your account tomorrow morning. While a stock is undergoing a reorganization, including a name change, symbol change,merger, spin-off, etc., it will not be available to be traded online.
The shares will automatically appear in your account without anynecessary action on your part. During this reorganization period, we ask that you contact your localScottrade branch office for trading assistance on this security. You may obtain the telephone number through our online Branch.
--So as I read this it is not a mistake, but that scottrade does not allow us to trade online during these sorts of event. Quite frankly, I do not know what is worse.
I had Ameritrade before Scottrade. They screwed up my account one day allowing me to sell but not buy. Cost me quite a bit of money since I was selling one stock to buy another while it was down. When I could buy, the stock I wanted to buy had gone back up and I wanted them to reimburse me the difference it cost me. No way they said. I transferred all my accounts after that to Scottrade. Even then, on the way out the door, I had to pay Ameritrade a bunch of fees. I have no use for Ameritrade, and tell anyone interested in an online broker what happened to me.
I had Ameritrade and asked to have my dividends reinvested. They said NO. I tried to transfer my account to etrade and the phone rang numerous times from Ameritrade saying "We'll be glad to reinvest your shares for you". I still transfered. My girlfriend and I set her up an account with ameritrade a while back, and I bought some dividend paying stocks. Again, we asked to have the dividends reinvested... Their response "those stocks do not qualify for dividend reinvestment". I said, "account will be transfered now".. I get a response QUICKLY saying.. "Your stocks have been enrolled in the DRIP program"...
as the quote goes.
Called Scottrade this a.m. They admitted their error but said I could have traded the shares regardless.
Check the GMR message board on the special dividend payout if you want to see who the *good* brokers are. http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_G/forumview?bn=7904 49 posts and still climbing! Latest is about Vanguard. Scottrade had the dividend in my account on 3/23 (ex-dividend was 3/26). E-trade was the *top* underdog. On any given day any one of them can screw up. FYI though, this is my third year with Scottrade with no problems.
>>I HATE MORGAN STANLEY FYI<<
Thats funny, They are carrying one of my stocks under 2 symbols and Mo is still showing when isued. My account shows a loss of > 1000K this morning and they still haven't corrected it. I bet the CEO'account is right!!!!!!!!!