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Author: gravybro Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 4956  
Subject: Re: B&H vs. Sharebuilder Date: 10/10/2007 7:52 PM
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First, I need to warn you about their special way of treating their clients when one of us decides to leave. I had fractional shares all over the place in two accounts when I switched to Ameritrade and B&H decided to transfer only the whole shares over and SELL all of my fractional shares BEFORE transferring the remaining cash over to my new accounts (which STILL hasn't happened FOUR WEEKS later). I never aksed them to do this nor did I approve it. It has me wondering if I should consult an attorney or the sec or something.

Perhaps you should have spent a few minutes searching that "completely useless web site". Something like the helpdesk, maybe?

http://www.buyandhold.com/bh/en/help/helpdesk/services.html#1.5

Which says, in part:

The process will take about 4-6 weeks. Please note that when transferring out to Another Broker, there is a $50 fee. Please note that fractional shares cannot be transferred and will be sold, commission fees will apply.

and what was the cost? Even if you do it ten times (99 bucks @ 9 dollars per trade at Ameritrade) you have done it cheaper than Buy and Hold would cost in the first year. Are you planning to save ten thousand dollars THIS year? ... so you see the deal Buy and hold is offering you is NO DEAL. Keep your money in your pocket instead of their fee structured coffers.

10 * 9 = 90 not 99. If you only make ten transactions a year, you should choose the basic investing plan @6.99 per month ... $84 per year. B& H is less expensive in this case. For that $84 you could make 2 transactions per month (24 total). That would cost you $216 with the other guy. Again B & H is less expensive.


And their IRA is even MORE expensive! Not only do they want the monthly fee, they charge you 3 dollars for every trade NO MATTER WHAT! Suddenly buying in small amounts has become very expensive indeed!

Err, no. There is no monthly fee for an IRA account. There is a $25 annual fee. As the IRA account value grows, that $2.99 fee per trade becomes very cheap.

gravy

BUYandHOLD customer for 7 years and aware of their limitations
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