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Wachovia Fees Going Up Again

This article was written by in Investing. 6 comments.

Last September, I posted about Wachovia adding a $50 annual fee to its individual investor discount brokerage account. I was disappointed I couldn’t get it waived, so I decided that I would transfer my funds out in 2005 before getting charged another annual fee in September. The account termination fee was $75, so I’d be paying $25 more up front, but saving money down the road by investing with a no-fee broker.

I received notification today that as of May 1, the account cancellation fee will increase to $95. This account is costing more money than it’s generating.

Goodbye, Wachovia — hello, Scottrade. I filled the forms out as soon as I got home. I’m not waiting until May 1 to take care of this. I’ll also switch my investment from AIVSX to VTSMX or something similar, once everything is settled.

Also: I’m going to be on vacation starting Friday and returning the following Saturday. If you’re interested in guest-blogging on Consumerism Commentary, let me know by sending an email.

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Updated October 14, 2016 and originally published April 11, 2005.

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About the author

Luke Landes 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 Luke Landes and follow him on Twitter. View all articles by .

avatar 1 Anonymous

I don’t see how a brokerage firm can get away with charging a termination fee. I would raise all kinds of hell over that.



avatar 2 Anonymous

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.

avatar 3 Anonymous

scottrade will never be bought out