Tag Archive: Brokerage

Tradeking releases my shares

This is an update to my previous post “Tradeking is holding my money hostage“.

After my complaint to Finra, Tradeking’s Chief Compliance Officer (CCO) contacted me to inform me that I would be able to withdraw my shares 60 days after the last ACH deposit to Tradeking.

After the 60 days had passed, I submitted a request to the CCO to transfer out my shares using DTC. I am pleased to report that Tradeking had promptly transferred out my shares without issues. They also waived the DTC transfer out fees.

I guess with this, it closed my episode of issues with Tradeking.

Higher new fees at Tradeking

After my bout of issues (Tradeking is holding my money hostage and Tradeking changes its ACH holding time to 60 business days) with Tradeking, I haven’t actively used my Tradeking account. Recently, I happen to notice that Tradeking has changed part of its fee structure.

First of all, Tradeking has significantly increased its margin interest rates. Tradeking used to have quite competitive margin interest rates but no more. The following is an email from Tradeking sent earlier this month and their current margin interest rates:

Debit Balance                   Rate
$0 – $49,999                   6.5%     (Broker Call + 4.5%)
$50,000 – $249,999        5.5%     (Broker Call + 3.5%)
$250,000 +                      4.5%     (Broker Call + 2.5%)

If I remember correctly, their old margin interest rate schedule was

Debit Balance                   Rate
Any balance                    (Broker Call + 1.0%)

For comparison, the current margin interest rates at Just2Trade.com are just

Debit Balance                   Rate
under $10,000                 2.75%     (Broker Call + 0.75%)
$10,000 – $249,999        2.50%     (Broker Call + 0.50%)
$250,000 – $499,999      2.25%     (Broker Call + 0.25%)
$500,000 +                      1.50%     (Broker Call – 0.50%)

The second change is that Tradeking has quietly added annual maintenance fees to its check writing products (there was no notification email from Tradeking about this). The base “Gold” checking product now has an annual fee of $50 while “Platinum” check writing has an annual fee of $75. Check writing used to be offered free.

I do not track the other fees. Those might be changed as well.

Wells Fargo adds tax-lot trading to online system

Thanks to reader Buddy Hall’s feedback, I now know that Wells Fargo has just added tax-lot trading to their online system.  Now, there is “no more calling into a broker after sale to identify your tax lot sold. Wells Fargo offers new web interface to specify shares from tax lots to be sold.”

The link to this annoucement is

https://invmnt.wellsfargo.com/whatsnew_wellstrade.html

Keywords : Wells Fargo PMA, Wellstrade.