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Please also inform me who could be a good discount broker? What are the procedures to transfer the a/c?


Sorry to hear about your bad experiences with your discount broker. Since you are in the market for a new one, I would recommend taking a look at Burke Christensen and Lewis Securities ( I started a Roth IRA account with them over a year ago, and have been pleasantly surprised with the quick execution times and excellent cusomter service I have received from them. I just recently transfered my after-tax account to them from no-so-SureTrade for many of the same reasons that you listed in your previous post. Their per trade costs are a little higher ($13 market/$18 limit) but their performance is definitely worth it. When dealing with discount brokers, you really get what you pay for.

Before starting my account with BCL, I went through the Discount Brokers message board here on the Fool, and I couldn't find one negative comment about them whatsoever. If you look at any of the other big name firms, you will easily see that they can't make the same claim. I guess in some ways it pays to be a "small fry".

As for transfering an account, all you would need is an Account Transfer form from the brokerage that you want to send the money/securities to. They will handle linking up with your old brokerage and making sure everything gets moved correctly. When I made the transfer from SureTrade to BCL, it took about 10-15 business days before both the cash and securities were in my new account.

Hope this helps.

the LanceMan
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