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Financial Products & Services / Discount Brokers
|Subject: Re: Optionshouse?||Date: 7/25/2012 2:01 AM|
|Author: joelcorley||Number: 49978 of 50161|
You wrote, Has anybody used optionshouse for stocks and options? What about their mobile app for smartphones?
I have a Ameritrade account with a small # of shares - is it possible to transfer those shares to a new broker? If yes, is the fee substantial? My thought is that since the stock trade option at optionshouse is low ($3.95) compared to Ameritrade ($9.95), I can get the shares over and sell them from the cheaper broker to build some initial investing $.
Let me know please if anybody has done the above or how to proceed?
Your question is more about TD Ameritrade.
TD Ameritrade charges a $75 ACATS out fee. You'll have to decide if it's worth it to you to do the ACATS transfer.
The real advantage to an ACATS transfer is avoiding the tax burden of recognizing a capital gain when you're just going to buy the same thing at the next broker. It can also be beneficial if you hold a number of positions.
Given that you have a small account, it may not be worth the ACATS fee. TD Ameritrade does not charge you anything other than standard transaction fees to liquidate your account and transfer the cash elsewhere. The ACATS fee is just to cover the bookkeeping necessary to transfer shares held in street name from one broker to the next ... and as a small disincentive to closing an account.
BTW, some brokers (like TD Ameritrade) will credit you the ACATS out fee charged by the broker they are receiving funds from. I actually transferred an IRA from Scottrade to TD Ameritrade this year and the broker made a point of telling me that if Scottrade had an ACATS out fee, they would have credited it back to my account if I just told them about it - above and beyond the incentive bonus they were offering for rollover IRA funds. You may not get such a "warm reception" ultra deep discounters though.
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