Comments on: Slow ACAT withdrawal from Sogoinvest

By: Anna Evans

Anna Evans — Wed, 07 Apr 2010 15:35:23 +0000

Don’t be to quick to not also blame Ameritrade. They “lost” my husband’s federally required withdrawal for a week and only tracked it at his insistence. Where did it Go? Who collected interest

By: Bill Clay

Bill Clay — Mon, 28 May 2007 10:12:43 +0000

I do have invested in sogoinvest and is having all transactions running smoothly, as far as transer of ACAT is concern it is almost same for all clients, I am not their manager but I am saying so because i have been highly satisfied with their services.

By: indexfundfan

indexfundfan — Tue, 15 May 2007 23:15:03 +0000

Octafish, my ACAT was already completed. See my post : http://www.indextown.com/archives/2007/04/27/two-stock-transfers-completed/

By: Octafish

Octafish — Tue, 15 May 2007 23:05:25 +0000

Hope it worked out for you. I’ve been trying unsuccessfully for a month to withdraw funds from my Sogoinvest account. Never encountered anything like this before with any other broker. There seems to be a pattern here.

By: todd quaife

todd quaife — Tue, 01 May 2007 20:32:09 +0000

Sogoinvest has made several changes recently.I have talked to several customer service personnel and they have told me different responses to some of my concerns.I have found that rules dealing with margin accounts and ach outs are very unclear.Dont bother calling them,thier low paid support may not be able to clear it up.My advice after dealing with them and still having problems.Consider another brokerage.Very dissapointing.They are also currently having software problems on thier site.

By: Mike D

Mike D — Tue, 01 May 2007 14:58:32 +0000

I dont know what the problem is. I have had no problems with Just2trade. I set it up online and my orders are executed. I had a question and it was answered. Is it possible that you may be wrong Vacman?

By: indexfundfan @ indextown » Blog Archive » Sogoinvest did not classify qualified dividends

Sat, 28 Apr 2007 05:18:12 +0000

[...] links [1] [2] [...]

By: indexfundfan @ indextown » Blog Archive » Two stock transfers completed

Fri, 27 Apr 2007 14:09:13 +0000

[...] first involved a ACAT transfer of all my holdings at Sogoinvest to Ameritrade. This transfer took a LONG time to complete: the transfer request was mailed on 2/24/2007 and was [...]

By: Vacman

Vacman — Wed, 25 Apr 2007 00:23:55 +0000

ok,thanks for the response!

By: indexfundfan

indexfundfan — Tue, 24 Apr 2007 21:04:20 +0000

I am waiting. Here’s the last reply from Ameritrade when I asked them for an update:

Our clearing firm has contacted the delivering firm for the status of your transfer request. They have advised me that your transfer should be completed within the next 7 to 10 business days. If any issues arise with the transfer, we will contact you.

As you probably know, Sogoinvest has added a $50-fee to outgoing ACATs after I initiated the transfer some time in February. I would be extremely annoyed if I get charged this fee because Sogoinvest appears to be purposely delaying the transfer to earn the $50. If this is the case, I would consider filing complaints with the BBB or the SEC.

By: Vacman

Vacman — Tue, 24 Apr 2007 20:40:27 +0000

Indexfundfan, Are you really still waiting for the ACAT from Sogoinvest or did you forget to tell us?Vacman

By: Vacman

Vacman — Fri, 20 Apr 2007 19:55:19 +0000

Everybody DON’T use just2trade.com I called them on the phone this morning and had 3 questions. I also E-mailed them the questions as well but they have not responded to them yet. So They came on the phone and asked me if they could help! Yes i said my question is how about Ach’s and how long can the password be and is it cAsE sEnSiTiVe? She said “I think it is but not sure”how about the length of the password? She said”I think it is 9 or 10 letters long ” After talking with her I wasn’t very impressed!! So I said I would get back with you later. Bye. 5 minutes later I went to see if my E-mails were answered yet and NO they weren’t(I understand it is Friday and the market is going up etc.etc.) So I got on the phone and called them and WAS going to ask the same question that I had on my e-mail(since it wasn’t answered yet!) She comes on the phone she asked for my name and I told her my first name she said I’m going to put you on hold for a sec. (30 seconds later) another woman comes on the phone and ask “WHAT I AM calling back a second time for” and you sent us an e-mail!!!! I said”then answer the E-mail” I told her I WON’T be calling back and I’ll STAY WITH SCOTTRADE EVEN IF I HAVE TO PAY $4.50 MORE PER TRADE!!! I thought that maybe I could save a dollar or so if I could trade cheaper elsewhere. Boy did I learn a lesson. Don’t try anyone else. Stay with the OLD FAITHFUL broker. Scottrade HAS never said to me WHY ARE YOU CALLING !!! (I just laughed and laughed)

By: indexfundfan @ indextown » Blog Archive » Sogoinvest adds $50 ACAT out fee

Tue, 17 Apr 2007 18:52:14 +0000

[...] Now I know why I had to wait so long for the transfer out. [...]

By: indexfundfan

indexfundfan — Tue, 17 Apr 2007 18:39:38 +0000

Vacman & acehbee, thanks for your feedback.

My transfer from Sogo to Ameritrade is still in progress. I did call Ameritrade about two weeks back and they said they have to snail mail the forms to Sogoinvest because Sogoinvest does not process transfers electronically. Yeah, I know. It is close to two months now.

There is one more problem I recently found with Sogo and I will write about it in another post soon.

By: Vacman

Vacman — Tue, 17 Apr 2007 18:28:49 +0000

Hey Indexfundfan, Did you EVER get your money moved over. (From Nogo to Wells) It can’t take this long or your forgot to tell us!(this has almost gone on for about 2 months!)Thanks Vacman

By: acehbee

acehbee — Wed, 11 Apr 2007 01:58:32 +0000

I still think the issue might be with Ameritrade. After my ACAT was completed and I requested SogoInvest to close my account, at the end of the statement period, I earned small interest on my SogoInvest account. This was transfer automatically to my Scottrade account too. May be you should try canceling the ACAT to Ameritrade and try ACAT to your new Wells Fargo account instead.

By: indexfundfan

indexfundfan — Thu, 05 Apr 2007 23:26:31 +0000

Hi Vacman, I am still waiting …

By: Vacman

Vacman — Thu, 05 Apr 2007 12:49:18 +0000

Indexfundfan, Did your Sogoinvest account get moved yet? You started it 2/24/2007 . It’s taking waaaaaaaay to long for Sogo to tranfer your account to the other broker! Let us know!

By: indexfundfan

indexfundfan — Wed, 28 Mar 2007 20:29:13 +0000

Thanks acehbee for adding your feedback. Right now I am still waiting. But basically Ameritrade is saying that they have sent the paperwork to Sogoinvest but Sogoinvest hasn’t processed it. I will try to get an update from Ameritrade next week.

By: acehbee

acehbee — Wed, 28 Mar 2007 19:00:23 +0000

I did full account ACAT from SogoInvest to Scottrade about 2.5 months ago. It went pretty smoothly. It took less than 2 weeks from the time I mailed the form to Scottrade. So I am not sure whether the issue is with Ameritrade or SogoInvest. I personally don’t have much issue with SogoInvest. The main reason I pulled it out from SogoInvest is because I am trying to consolidate my account.