When the news of Datek being aquired by ameritrade came out, I attempted to open an account at Freetrade but for SOME unknown reason they refused me.Then, some time later, I guess they changed their mind.Anyway, I sent in an application and now my account is open.Now I can understand bare bones and all that. But, they wont even let you send checks or use ACH. You HAVE to WIRE funds in. And the cheapest place I found is $15 for that.And I dont know how much I should send. I mean, just the $5000 and then if i like it, its another $15 each time I want to add funds.Sheesh. Does anyone have any trading experience with them ? Is it worth it ?
But, they wont even let you send checks or use ACH. You HAVE to WIRE funds in.And this is a surprise to you because... ? It says very clearly on their web site that everything is done electronically. In particular, it says that funds must be wired in, and when you take funds out, that too will be a wire transfer.Sheesh, indeed.
ACH is electronic and its FREE !
Just found out they pay ZERO interest on account balances.So, opening an account with just $10k will effectively cost $15k wire fee (pcbanker) and forgone interest at 3%.....$25 per month in lost interest. Assuming one keeps $10k in extra funds, it would cost $300 per year. Thats THIRTY trades a year at $10 each.They REALLY need to offer ACH !!
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