No. of Recommendations: 3
Basically, you send Scottrade a check to deposit in your IRA account for $1000. You put in a market order or what not to buy VTSMX, and they will buy you ($1000-7)/(price of VTSMX at the time). Your account value will be $993 right at the time of the trade.

Mark, I think you may be mistaken about this. A person can purchase any of the mutual funds that Scottrade offers for no charge. I asked them (a counter person at Scottrade) how they could offer a free service like that. She said that the mutual fund companies pay Scottrade a very small kick back, but they (Scottrade) are hopefull that someday the people that are buying mutual funds will start nibbling at stocks.

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