Latest responses to “Scottrade Review: Discount Online Stock Broker” Copyright 2013, MoneyBlueBook.com 449050 2010-09-30T10:02:54-07:00 Kris We are sorry to hear you are dissatisfied with your experience. Below are a few responses to your issues. We are also happy to try to help you or address your concerns at 800.619.7283 or by e-mailing support (at) scottrade (dot) com. We perform weekly scheduled maintenance from 9 p.m. Eastern time Saturday to 9 a.m. Eastern Time Sunday to minimize disruption to the trading week. We do not have regular outages, but some firewalls or proxy blockers can disrupt your connection. This can be more common if you are accessing your account from work or school. Our Tech Support team is happy to troubleshoot with you if you have regular disruptions. The commission for online market and limit stock trades is $7 per transaction for stocks priced $1 and above. This is for any number of shares. If you are trading stocks under $1 per share, the commission is $7 plus a ��% of principal. For example: if you buy $500 of a stock under $1 per share, ��% of $500 is $2.50 for a total commission of $9.50. For a complete commission schedule please go to this address: http://www.scottrade.com/online_trading_commissions/index.asp When you sell a stock, a small transaction fee is charged; these are known as 'Section 31 Transaction Fees.' The fee recovers the cost incurred by the government, including the Securities and Exchange Commission (SEC), for supervising and regulating the securities markets. You will see this fee listed as "Misc. Fee" on your trade confirmations for sell transactions only. The current calculation for this fee is $0.00169 per every $100 of sales proceeds. For more information regarding Section 31 Fees, please visit the SEC's website at www.sec.gov. While we do require an ADR for foreign stocks, we are happy to help you locate them for any stock you are interested in by contacting us by phone or e-mail. There are also some stocks that have higher initial margin and maintenance requirements based on their share price and volatility. To keep you informed the listing of securities that have special maintenance requirements can be found by logging into your Scottrade account, clicking on the 'Global Messages' link on the right side of the screen and then clicking on the 'Stocks Subject to a Higher Maintenance Requirement' link on that page. Scottrade does proactively restrict online purchases of some stocks for various reasons which may include operational, trading characteristics, or a variety of other reasons. However, this would not apply simply because the stock is under $5.00 in price. This review and restriction should not be construed as a reflection on the merits of the security involved or the people performing transactions in the security. Please note that these restrictions are temporary and do not prevent investors from selling these securities online or purchasing these securities at the Internet commission rate through your local Scottrade branch office. We have brokers standing by to place your trades for you from 7 a.m. to 1 a.m. Eastern Time Monday through Friday at the number listed above. Sincerely, Kristopher Reed National Service Center, Scottrade 449030 2010-09-29T19:02:10-07:00 Scottrade We are sorry to hear you are dissatisfied with your experience. Below are a few responses to your issues. We are also happy to try to help you or address your concerns at 800.619.7283 or by e-mailing support (at) scottrade (dot) com. We perform weekly scheduled maintenance from 9 p.m. Eastern time Saturday to 9 a.m. Eastern Time Sunday to minimize disruption to the trading week. We do not have regular outages, but some firewalls or proxy blockers can disrupt your connection. This can be more common if you are accessing your account from work or school. Our Tech Support team is happy to troubleshoot with you if you have regular disruptions. The commission for online market and limit stock trades is $7 per transaction for stocks priced $1 and above. This is for any number of shares. If you are trading stocks under $1 per share, the commission is $7 plus a ��% of principal. For example: if you buy $500 of a stock under $1 per share, ��% of $500 is $2.50 for a total commission of $9.50. For a complete commission schedule please go to this address: http://www.scottrade.com/online_trading_commissions/index.asp When you sell a stock, a small transaction fee is charged; these are known as 'Section 31 Transaction Fees.' The fee recovers the cost incurred by the government, including the Securities and Exchange Commission (SEC), for supervising and regulating the securities markets. You will see this fee listed as "Misc. Fee" on your trade confirmations for sell transactions only. The current calculation for this fee is $0.00169 per every $100 of sales proceeds. For more information regarding Section 31 Fees, please visit the SEC's website at www.sec.gov. While we do require an ADR for foreign stocks, we are happy to help you locate them for any stock you are interested in by contacting us by phone or e-mail. There are also some stocks that have higher initial margin and maintenance requirements based on their share price and volatility. To keep you informed the listing of securities that have special maintenance requirements can be found by logging into your Scottrade account, clicking on the 'Global Messages' link on the right side of the screen and then clicking on the 'Stocks Subject to a Higher Maintenance Requirement' link on that page. Scottrade does proactively restrict online purchases of some stocks for various reasons which may include operational, trading characteristics, or a variety of other reasons. However, this would not apply simply because the stock is under $5.00 in price. This review and restriction should not be construed as a reflection on the merits of the security involved or the people performing transactions in the security. Please note that these restrictions are temporary and do not prevent investors from selling these securities online or purchasing these securities at the Internet commission rate through your local Scottrade branch office. We have brokers standing by to place your trades for you from 7 a.m. to 1 a.m. Eastern Time Monday through Friday at the number listed above. Sincerely, Kristopher Reed National Service Center, Scottrade 449020 2010-09-29T10:03:08-07:00 terry I am upset with Scottrade and may be looking to go elsewhere. Their website goes out of service EVERY week, each and every week,I know it is not just me as others I have spoken to say so as well. Though the outage is temporary it is frustrating to have to log in and out again and in again. They say $ 7.00 for all trades but that is NOT the case at all, they charge more for certain stocks, and more for certain amounts of shares when you sell. You can only buy foreign stocks if they have an US registered ADR, which they never ever mentioned on the phone when I spoke initially to them. They FREQUENTLY have an "Additional maintenance requirement" of 15%, 40%, or 50% or even 60 % !!! on a listing of stocks, which very curiously are ones which are fast movers interestingly enough. You have to call them many times for ANY stock listed under $ 5.00, which lost me a lot of money yesterday when I had no way to call and the stock went up by 16 % and I lost out as I couldn't place an online order due to their wanting to hold my hand like a little baby.If I lose or gain it should me up to me, not Scottrade giving me an "ok" on an order by having to call them.I could have made over a thousand yesterday. Could have... 449040 2010-08-03T10:34:00-07:00 Jessica Hi Simeon, I am sorry to hear that you are not happy with your experience at your local branch. I understand that you have spoken with us and will be moving to a new branch office that opened this week. I hope you will have a better experience at that branch and that we can work through any unresolved issues you might have. We value your business and want to provide you with quality customer service, online and in-person. Should you have any additional feedback, don't hesitate to contact us at 800-619-7283. Best, Jessica Social Media Specialist, Scottrade 449060 2010-07-27T16:00:01-07:00 Simeon I hope you don't have the troubles with Scottrade that I have had. Their customer service is pretty bad. Rude people who are way too casual about a customer having a problem. They are way to relaxed about being of no help, they just couldn't care less. They can't do this and they can't do that and they lost the other thing. I've been a customer of Scottrade for a few years now. They make several thousand dollars a year off of me. But whenever I have to deal with an actual person, it's a nightmare! 449010 2009-10-06T22:31:57-07:00 John F This is a very helpful post. I go with Scottrade because I like the customer service. I agree that $7 is becoming too expensive. There is lots of competition for the online stock broker business. Here is a list of 60 online stock brokers! Good luck to all finding the lowest commissions! 449000 2009-09-10T12:47:16-07:00 Modder I have been a Scottrade user for 5 years now. Agree with your assessment above. However re withdrawal issue, I requested check writing privileges couple of years ago when I was way over the threshold. In the mean time I have moved most of my money out and only have $1k or so remaining in Scottrade and have still kept my check privileges. That have not bugged me about low balances and have even kept a second account alive for 2 years now although I cleaned it out entirely. My only real gripe is that they do not have ANY money market funds available for investment. If I want to move my position to cash, my only real choice is to leave it chilling in the account earning close to nothing as you pointed out. I am all cash right now for my taxable accounts, so I moved all my money from Scottrade to a higher interest savings account. 448980 2009-09-10T09:32:40-07:00 Raymond No one can possibly know where the market will be headed in the future. All we can do is invest for the long term in solid positions during down times and let time take its course. Real estate stocks, financials, health care - they are all fraught with risks, but it's during such down times that fortunes are made by the bold. While I don't track them as closely, I'm sure basic materials and renewable resources also suffer from their own host of risks and dangers as well. 448990 2009-09-10T03:03:13-07:00 B����rse The Scottrade flat $7 fee for trades is a verry good opportunity to profit by the cheap stock prices right now. But is now the time to invest in real estate stocks? I think this sector is affected with special risks. I prefer basic materials and renewable resources right now.