Allstocks.com's Bulletin Board: Transfer funds from Scottrade to Choicetrade?

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Posted by tippytwo on :

Hello, All:

I was wondering what the best way would be for transferring funds from my Scottrade account to Choicetrade?

Which option would be the quickest and least expensive?

I plan on transferring my whole account.

Thanks!!

-T2

Posted by Phoenix on :

The least expensive would be to just have Scottrade send you a check on your cleared funds...if you live close to one of their offices, it shouldnt take that long.

Then go from there..

You can wire funds out, but it would prolly cost 20 bucks. Your bank may charge for an incoming wire as well...then another charge to wire to Choicetrade (assuming they even allow that, havent really checked)

Posted by tippytwo on :

I noticed that there is some way to transfer funds from one broker to another? Would that maybe be the best way if it's free?

Also, what is the best way to fund an account at Choicetrade? I noticed they offer e-checks..how long do they take to reach your account?

I hate waiting ;/

Scottrade sucks for pennies!

Posted by Machiavelli on :

I always said Scottrade sucks for pennies but no one listens... [Roll Eyes]

Choicetrade is always the better choice.. anyways go on Choicetrade's website.. you should find the answer there..

Posted by tippytwo on :

quote:
Originally posted by Machiavelli:
I always said Scottrade sucks for pennies but no one listens... Choicetrade is always the better choice.. anyways go on Choicetrade's website.. you should find the answer there..

Does it cost any extra to put a stop limit on pennies?

Posted by Laktu on :

careful when transfering broker to broker, paper work and lazy workers can get your funds forzen for weeks, wires are same day...checks are good too.

Posted by tippytwo on :

quote:
Originally posted by Laktu:
careful when transfering broker to broker, paper work and lazy workers can get your funds forzen for weeks, wires are same day...checks are good too.

I'm just going to have Scottrade send me a check and them I'm going to E-check to Choicetrade.

By the time my paperwork reaches Choicetrade for the new account, I should be able to fund it.

Posted by tippytwo on :

I got an email from Choicetrade saying that my "account has been approved" and told me that I could start using my account once it was funded.

I was under the impression they had to recieve the signed paper agreement before I could start using the account?

Did I miss something? What is this I am sending in then? Do I still need to send it in? Can I use my account before they recieve it?

Thanks!

Posted by Laktu on :

If you opened your account up online, you should be good to go, if not papers could be for compliance to certain regs and Patriot Act. If this is the case you can generally start trading the account, if you don't turn those papers in they will restrict the account after a while though.

Posted by tippytwo on :

quote:
Originally posted by Laktu:
If you opened your account up online, you should be good to go, if not papers could be for compliance to certain regs and Patriot Act. If this is the case you can generally start trading the account, if you don't turn those papers in they will restrict the account after a while though.

cool man, thanks for info.

Posted by ShadowLurker on :

I wanted to change from Scottrade to Choicetrade, but Choicetrade doesn't operate in my state. Too bad. Maybe someday they will.
The one thing I like about Scottrade is they have an office about 2 miles from me. I drop off a check and it posts to my account at about 1:00pm However, I liked the idea of using the ACH transfers to fund Choicetrade.