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Scottrade Experience Thus Far

This article was written by in Investing, Reviews. 2 comments.


A few weeks ago, Richard asked:

I have been having an “issue” with Schwab over their $45 inactivity fee & $95 termination fee. Next week I shift over to Scottrade. How is Scottrade treating you? Do they allow dividend reimbursement of stocks in your portfolio? (I heard they once did not.) I am looking forward to Scottrade but rumors keep swirling that they will be the next firm to be bought. Just my luck I’ll leave Schwab & then find out I’ve been bought back by them.
Comments appreciated.

The question was hidden in an entry about Wachovia and addressing the issue slipped my mind.

I have had no problems with Scottrade so far, in fact, since I switched from Wachovia, they have opened a branch much closer to me. I’ve never visited, but everyone I’ve spoken to has been very friendly. Since Wachovia stuck me with a $75 termination fee, I had to send a check to Scottrade to cover that amount after the account was transferred. I was hoping to get the fee waived, but I was unable to get anywhere with anyone.

As far as dividend reimbursement of stocks goes, I know they provide this service for mutual fund investments. Are there rumors about the company being bought? I don’t know, I’m going to take a wild guess and say their low fees won’t be able to sustain the company forever.

I haven’t touched my funds since they were transferred to Scottrade, but if I decide to make any changes, I’ll stick to RC’s advice and stay within the same fund family.

Updated September 2, 2011 and originally published September 1, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

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About the author

Luke Landes, also known as Flexo, is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow Luke Landes on Twitter. View all articles by .

{ 1 comment }

avatar Steven Wilkerson

Scottrade is great. I’ve had not problems. Their service is amazing for being the low priced broker online. As far as being bought, they are “independent and will stay that way” says their CEO on the website. The more I read about them the more I like them. Seems like a great company and people are starting to catch on that the high fees at Schwab and the others is totally absurd.

How do other people find their service? I like that they have so many local offices too.

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