Wanting to transfer my SIRI stock

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03-18-2009, 08:03 PM
otone

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.
03-18-2009, 08:09 PM
asm610

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.
03-18-2009, 08:46 PM
RMAN

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.
03-18-2009, 09:20 PM
huppophonic

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.
03-18-2009, 09:33 PM
otone

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?
03-18-2009, 09:38 PM
relmor2003

Quote:

Originally Posted by asm610

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?
03-18-2009, 09:48 PM
otone

Rel, do you have any thoughts on etrade going bankrupt?
03-18-2009, 10:49 PM
LOWBIDR

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?
03-18-2009, 11:20 PM
Newman

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.
03-18-2009, 11:22 PM
LOWBIDR

[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
03-19-2009, 12:10 AM
huppophonic

Quote:

Originally Posted by RMAN

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.

I think it's actually .005 (1/2 of one percent) times the principle amount for shares under a dollar, not a flat .005 per share.

So trading 10K shares of a .10 stock would cost you the $7 flat rate + $5.
03-19-2009, 12:29 AM
asm610

OK... now I can't decide between Sc0ttrade and Ameritrade
03-19-2009, 12:32 AM
Danzo

Quote:

Originally Posted by otone

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?

Are you just posing a hypothetical about Etrade bankrupcy, or is there a fairly high probability that Etrade might go bankrupt?
03-19-2009, 12:52 AM
otone

Quote:

Originally Posted by Danzo

Are you just posing a hypothetical about Etrade bankrupcy, or is there a fairly high probability that Etrade might go bankrupt?

They have been hurting for a while. Do an advanced search on Google for etrade and bankrupt and set the timeframe for 1 month just to get latest.

However, a fella on Yahoo had this to say
http://messages.finance.yahoo.com/Bu...18&mid=1638415

Seems to indicate the worst is over.... but I have NO idea and have done NO research on this other than what I have done today which is why I was asking Relmor and the other experts here.

As far as best online broker, they all seem to have one advantage the other does not. You could always to an advanced search on Google for "best online broker" and set the timeframe for 1 year. There are quite a few reviews that seem to break out the differences.

Seems like ameritrade is the best for research and if you will be doing a lot of daytrading, but there are tradeoffs with the other online brokers. You just have to figure out what is more important to you.
03-19-2009, 01:47 AM
FoolNHisMoney

I have TD Ameritrade and they don't have a surcharge for penny stocks - just a flat rate of $9.99 per trade and they allow four decimal orders. My account was originally a Datek account but transferred to TD Ameritrade after they bought Datek (I don't know if that makes a difference). I've been pretty happy with them and now have 3 account with them (including Roth and SEP IRA's), so I doubt it's worth a switch for me to maybe save couple of bucks per trade. I can also transfer funds online but I think it depends on when you make the transfer whether it clears the same day or next . . . I don't make many transfers and don't typically buy on impulse so it has never been an issue for me.
03-19-2009, 02:33 AM
Danzo

Quote:

Originally Posted by FoolNHisMoney

I have TD Ameritrade and they don't have a surcharge for penny stocks.

Interesting, perhaps my etrade account has that surcharge. I trade exclusively in penny stocks, so that would explain why the $12.99 commissions that I always pay are about TWICE the commission charges that Etrade advertises on TV and their home page.
03-19-2009, 05:32 AM
TWAsiri

Quote:

Originally Posted by Danzo

Interesting, perhaps my etrade account has that surcharge. I trade exclusively in penny stocks, so that would explain why the $12.99 commissions that I always pay are about TWICE the commission charges that Etrade advertises on TV and their home page.

Etrade charges a flat fee of 12.99 a trade for penny stocks during normal market hours unless you have a high balalnce or lots of frequent trading. They charge .005 per share for AH or Pre-Market trades to cover ECN fees. Penny stocks must be limit orders an maximum of 2 decimal places. Occassionaly you will get an actual 3 or 4 decimal place transaction when the buy or sell actually takes place, but they have been rare for me. Usually the same as your 2 decimal order.

From what I have been able to take from recent conversations in other threads Ameritrade appears to be the supperior platform for penny stock trades. Especially if you are making frequent moves on the dips. Etrade charges $60.00 to transfer your entire account and $25 for partial transfers.

If you are not a high volumn trader and want better level 2 access than we get with the free L2 sites, Ameritrade also is better. They charge 9.99 per month for the service. Etrade uses a real time website that charges 14.95 per month.

Regarding BK, I doubt it but a possibility for any company. Regardless, Etrade has SIPC (Securities Investor Protection Corporation - chartered by congress) coverage of up to $500,000 for accounts (including $100,000 cash). If you have more than $500,000 invested through etrade consider speading your risk. Assuming the above and a current $50,000 Sirius balance, I would strongly recommend that you sell all of your other assests and immediately put in a $450,000 buy for siri at .50. Please give me a few moments to adjust my buy orders before you do that:D

Clarification: That's .005 per share plus the 12.99 base fee for AH/PM trades.
03-19-2009, 10:46 PM
Danzo

Quote:

Originally Posted by TWAsiri

Regarding BK, I doubt it but a possibility for any company. Regardless, Etrade has SIPC (Securities Investor Protection Corporation - chartered by congress) coverage of up to $500,000 for accounts (including $100,000 cash). If you have more than $500,000 invested through etrade consider speading your risk. Assuming the above and a current $50,000 Sirius balance, I would strongly recommend that you sell all of your other assests and immediately put in a $450,000 buy for siri at .50. Please give me a few moments to adjust my buy orders before you do that:D

LOL. I probably WOULD do that if I had $450,000. With 900,000 more shares of Sirius plus the 16,420 that I've already got, I'd probably be a multi-millionare within a year or two.
03-19-2009, 10:50 PM
Paratrooper_Rick

Quote:

Originally Posted by RMAN

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.

I looked at scott trade and almost did it... and then I realized I have absolutely no extra fees for either penny stocks (as I did with wells trade) or share buys over 2K (ING). It's your call - I really like the resources/tools in TDA.

I know absolutely nothing about E Trade.....