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Thread: Wanting to transfer my SIRI stock

  1. #1
    otone is offline
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    Wanting to transfer my SIRI stock

    I'm thinking about transferring my e-trade account to Ameritrade or Scottrade and so far seem to be leaning toward Ameritrade. I'll also be transferring my IRA account from Smith Barney.

    Could I bother everyone with either one of these accounts to give me their opinion. This has come up before in other threads, but I would like the thoughts consolidated here.

    Here is what I like about etrade.

    1. immediate funding of Internet transfers
    2. Easy selection of lots for tax purposes

    What I don't like.

    1. .2 decimal limitation
    2. expensive after hours trades

    thanks for the input.

  2. #2
    asm610 is offline
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    otone,

    I am also looking at moving my account to Ameritrade. I need more tools and a better platform.

    Also only have 2 decimal limit.

  3. #3
    RMAN is offline
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    I have Scottrade.

    They have same day transfers, 7.00 trades, pre-market and after-market trades, 4 decimal trades and on stocks below a 1.00 a 0.005 per share fee.

  4. #4
    huppophonic is offline
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    I use Scottrade also and Rman is correct, but I must add that even if you have essentially instant credit from 'Money Direct' internet transfers your balance is 'restricted' for three business days following. The most important thing about the restriction is that you can't buy any stock under $4 until the restriction is lifted.

    I don't know if I can get it in there unrestricted any other faster way. If someone knows, please enlighten me! The brick and mortar branch is about an hour away, but if i can drive over there and give them a check or something I will do it.

  5. #5
    otone is offline
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    Thanks guys, I think for now I'm going to keep my SIRI shares with E-trade. I can work around the 2 decimal limitation.. heck, maybe we won't have to worry about that in the near future. Having funds immediately available and the ease of selecting tax lots makes me want to keep it with E-trade. To be honest, I the past I would have to wait 4 business days as well. It was just durint the last month that I noticed I had been "upgraded". Hate to give up the capability because it has come in handy recently.

    However, I will transfer my smith barney IRA over to an Ameritrade or Scottrade account.

    Speaking of E-trade, does anyone know what would happen to my shares if Etrade were to go bankrupt? I'm not worried about losing them, but I would want to be able to easily sell and receive my funds regardless of whether or not they were BK. Any thoughts on Etrade BK?

  6. #6
    relmor2003 is offline
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    Quote Originally Posted by asm610 View Post
    otone,

    I am also looking at moving my account to Ameritrade. I need more tools and a better platform.

    Also only have 2 decimal limit.
    Does Ameritrade let you trade in foreign markets or transfer US dollars to other currencies at the click of a mouse, like ETRADE?

  7. #7
    otone is offline
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    Rel, do you have any thoughts on etrade going bankrupt?

  8. #8
    LOWBIDR is offline
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    Yeah i am thinking of ameritrade

    I have a couple hundred thousand shares at sharebuilder and i just found out that they raised the large order surcharge to 2.5 cents per share over 1000 shares. That is crazy $5000 just to sell my stock, not that i am selling anytime in the next couple years anyway. Has anyone transfered their accounts before? I read about it and it seems ok, it just says 3-4 weeks for the time frame to complete the transfer. Im i not seeing something, or is ameritrade just a flat rate of $9.95 to trade my whole block of 200000 shares?

  9. #9
    Newman is offline
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    With Scottrade, it would cost you $27 for that full trade, until it hits $1, then it is just $7 flat fee for any trade.

    huppop, I believe if you drive to your local branch and give them a cashiers check, they will give you the funds immediately. Call them and make sure. Personal checks do not work, as they have to wait 3 days to clear. They also do not accept cash. I have yet to make an in-person deposit with Scottrade, so Im not sure how it works.

  10. #10
    LOWBIDR is offline
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    [QUOTE=Newman;21718]With Scottrade, it would cost you $27 for that full trade, until it hits $1, then it is just $7 flat fee for any trade.

    QUOTE]

    thanks newman

  11. Ad Fairy Senior Member
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