Complaint / review / scam report
Scottrade is good in that it offers good promotions. 2...

Complaint / review text:
Scottrade is good in that it offers good promotions. 2 months of free trading practically and a bonus once you bring in new money. I've done several hundred trades with Scottrade, and the executions seemed ok for the most part. Free trades are always good to have but yes they will eventually run out.

The one complaint I do have with Scottrade is that withdrawal limits are extremely low. First you have to transfer your funds from your brokerage account to your scottrade bank account, which takes a few seconds, so that's not a big deal. But the limits are as follows to withdraw from your Scottrade bank account to your external bank account via ACH - $5K max per day and $10K max per rolling week and $25K max per rolling month. So if you have a $500K portfolio, for example, and want to extract your funds, you have to either get a check from them, or go to their office and get a wire transfer form. They may waive the fee for it, but your receiving institution will still charge a small fee perhaps. It's just a hassle. I know Fidelity and Etrade have very generous ACH external transfer limits. Scottrade, on the other hand, should learn from the big boys.

Contact information:
Author: Contact with Author

Offender: Scottrade

Country: USA

Category: Business & Finance


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