Comments on: Considerations on Taking Up Free Stock Trade Offer http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/ A site to share my tips, tools, and humble thoughts on the journey to wealth Sun, 02 Oct 2011 19:26:45 +0000 hourly 1 http://wordpress.org/?v=abc By: Frugal http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/comment-page-1/#comment-2683 Frugal Tue, 03 Apr 2007 08:47:51 +0000 http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/#comment-2683 Mla, You are right. FirsTrade has changed their commissions since I recommended them about 1 year ago. I'm almost at the point of opening an account for WellsTrade. But market is too volatile now and diverting all of my attention. Mla,

You are right. FirsTrade has changed their commissions since I recommended them about 1 year ago. I’m almost at the point of opening an account for WellsTrade. But market is too volatile now and diverting all of my attention.

]]> By: mla http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/comment-page-1/#comment-2639 mla Tue, 27 Mar 2007 04:00:08 +0000 http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/#comment-2639 Frugal, a couple points. As someone mentioned, but just to reiterate, the WF 25k balance includes all your accounts including brokerage holdings. So if you have 25k invested, you're golden. The free WF trades include mutual funds. BofA doesn't the last I checked. Also, if you exceed the 100 free trades, additional trades are $5.95, again including mutual funds (so better deal than Firstrade) Frugal, a couple points.

As someone mentioned, but just to reiterate, the WF 25k balance includes all your accounts including brokerage holdings. So if you have 25k invested, you’re golden.

The free WF trades include mutual funds. BofA doesn’t the last I checked. Also, if you exceed the 100 free trades, additional trades are $5.95, again including mutual funds (so better deal than Firstrade)

]]> By: MossySF http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/comment-page-1/#comment-2498 MossySF Sat, 24 Feb 2007 19:03:46 +0000 http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/#comment-2498 I just finished the paperwork to move my IRA and Roth IRA to Wells Fargo. While I was talking to the customer service rep, he mentioned I get 100 free trades per account even though the Roth IRA money is way below the 25K threshold (while my IRA is way above it). I doubt I will need that many trades anyways. 2-3 DCA transactions a month + a few stock picks here and there is probably what I'm looking at. I just finished the paperwork to move my IRA and Roth IRA to Wells Fargo. While I was talking to the customer service rep, he mentioned I get 100 free trades per account even though the Roth IRA money is way below the 25K threshold (while my IRA is way above it). I doubt I will need that many trades anyways. 2-3 DCA transactions a month + a few stock picks here and there is probably what I’m looking at.

]]> By: Frugal http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/comment-page-1/#comment-2491 Frugal Thu, 22 Feb 2007 23:36:40 +0000 http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/#comment-2491 MossySF, I just realized that FirsTrade doesn't offer free mutual funds trades anymore, but at the cost of about $10 for non-loaded or non-NTF funds, which is still cheaper for most brokerage house. Thanks for bringing it up though. I will need to make a few corrections to my previous posts. MossySF,
I just realized that FirsTrade doesn’t offer free mutual funds trades anymore, but at the cost of about $10 for non-loaded or non-NTF funds, which is still cheaper for most brokerage house. Thanks for bringing it up though. I will need to make a few corrections to my previous posts.

]]> By: Frugal http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/comment-page-1/#comment-2490 Frugal Thu, 22 Feb 2007 23:30:58 +0000 http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/#comment-2490 Tim, Unless I can use the free trades for my custodial or retirement accounts, I can probably live with either 30/month or 100/year. If I do have more trades beyond that, I estimate that I probably won't make more than 100 trades a year in accounts under my wife's and my name. Tim,
Unless I can use the free trades for my custodial or retirement accounts, I can probably live with either 30/month or 100/year. If I do have more trades beyond that, I estimate that I probably won’t make more than 100 trades a year in accounts under my wife’s and my name.

]]> By: Frugal http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/comment-page-1/#comment-2489 Frugal Thu, 22 Feb 2007 23:27:02 +0000 http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/#comment-2489 Sanjay, I buy some junior mining stocks which are mostly Canadian foreign stocks. Sanjay,
I buy some junior mining stocks which are mostly Canadian foreign stocks.

]]> By: indexfundfan http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/comment-page-1/#comment-2486 indexfundfan Wed, 21 Feb 2007 20:48:48 +0000 http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/#comment-2486 Tim, BofA specifies a "FDIC-insured IRA accounts", which to me means an IRA holding a BofA bank CD. This does not include an IRA holding stocks or mutual funds. I think most people should use an IRA to hold stocks and mutual funds, instead of a BofA CD. Tim, BofA specifies a “FDIC-insured IRA accounts”, which to me means an IRA holding a BofA bank CD. This does not include an IRA holding stocks or mutual funds.

I think most people should use an IRA to hold stocks and mutual funds, instead of a BofA CD.

]]> By: Tim http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/comment-page-1/#comment-2485 Tim Wed, 21 Feb 2007 19:13:18 +0000 http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/#comment-2485 MossySF, simply not true. deposit accounts for BofA include savings, checking, ira's, and cd's https://www.baisidirect.com/index.html "...BAI adds the average collected balances in your checking and savings accounts as of the prior month to the balances in your CD and FDIC-insured IRA accounts as of the prior business day. If this calculation reflects a combined total of less than $25,000, BAI then makes a second calculation to see if the trade qualifies by adding the balances in your checking, savings, CD and FDIC-insured IRA accounts as of the prior business day..." you can move your IRA to BofA and get 360/year free trades versus 100/yr for WF. MossySF, simply not true. deposit accounts for BofA include savings, checking, ira’s, and cd’s https://www.baisidirect.com/index.html “…BAI adds the average collected balances in your checking and savings accounts as of the prior month to the balances in your CD and FDIC-insured IRA accounts as of the prior business day. If this calculation reflects a combined total of less than $25,000, BAI then makes a second calculation to see if the trade qualifies by adding the balances in your checking, savings, CD and FDIC-insured IRA accounts as of the prior business day…”

you can move your IRA to BofA and get 360/year free trades versus 100/yr for WF.

]]> By: MossySF http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/comment-page-1/#comment-2483 MossySF Wed, 21 Feb 2007 03:44:07 +0000 http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/#comment-2483 WF counts your brokerage dollar amounts towards the 25K. BofA does not. That allows me to transfer just my IRA over w/o having to move over my money market funds and online savings accounts also. WF counts your brokerage dollar amounts towards the 25K. BofA does not. That allows me to transfer just my IRA over w/o having to move over my money market funds and online savings accounts also.

]]> By: Tim http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/comment-page-1/#comment-2480 Tim Tue, 20 Feb 2007 22:09:35 +0000 http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/#comment-2480 ML, we had a Master Relations account, but switched to BofA's Liberty Gold military banking, which requires $15k deposits to avoid monthly maint fee, but has much better benefits; however, doesn't have trading options. I use USAA for trading since i pay $5.95/trade. I'm thinking of moving into their personal asset management account ($50k min), but i'm not feeling motivated to consolidate accounts for no real gain in benefits. I'm waiting for the two laddered cd's (we keep the $15k required min in laddered cd's that mature each year) in BofA to mature so we can move to a different premium/private/wealth management account. Looking at consolidating to something requiring around $75k-$100k min deposits starting jan 08 when cd's mature. this opens up just about all the banks premium accounts. since we are saving for 20% down = $100k, this will be good when it comes time to get the $400k mortgage so we can switch to a higher level private banking requiring $500k-$1m combined deposits/investments/mortgage. I've been researching private/premium/wealth management accounts on and off for the past year, but haven't comitted to anything. I haven't really seen any posts or blogs on the topic either. It seems that many PF bloggers have net worth's that would make them eligible for premium banking accounts, but no one seems to own one. I have a year and a half (we aren't planning on buying a house until then) to really decide which bank offers the best deal in terms of a complete package for trading, savings, cd rates, and checking. if anyone has any experiences with these services, I'm all ears. most allow combined deposits along with mortgage, so i'd recommend folks to look into them. I just read something about the BofA master relationship account (MRA). when we had the account it was $10k open and maintain. It seems that it requires $10k to open but you must have $25k min for the first year to avoid maint fee. After the first year, it jumps to $50k min to avoid maint fee. I also know, though, that the MRA stipulations can vary from BofA's from state to state. MossSF, the $25k with WF means that 10% of mortgage would have to be with them. This doesn't bode well if you have a mortgage elsewhere. Really, then, this means that both WF and BofA require $25k and the BofA is better in terms of offering over 3 times more free trades. i agree that bofa rates are lower than other rates, but they aren't that bad. but presumably you'd have the deposits in investments other than cd's. ML,
we had a Master Relations account, but switched to BofA’s Liberty Gold military banking, which requires $15k deposits to avoid monthly maint fee, but has much better benefits; however, doesn’t have trading options. I use USAA for trading since i pay $5.95/trade. I’m thinking of moving into their personal asset management account ($50k min), but i’m not feeling motivated to consolidate accounts for no real gain in benefits. I’m waiting for the two laddered cd’s (we keep the $15k required min in laddered cd’s that mature each year) in BofA to mature so we can move to a different premium/private/wealth management account. Looking at consolidating to something requiring around $75k-$100k min deposits starting jan 08 when cd’s mature. this opens up just about all the banks premium accounts. since we are saving for 20% down = $100k, this will be good when it comes time to get the $400k mortgage so we can switch to a higher level private banking requiring $500k-$1m combined deposits/investments/mortgage.
I’ve been researching private/premium/wealth management accounts on and off for the past year, but haven’t comitted to anything. I haven’t really seen any posts or blogs on the topic either. It seems that many PF bloggers have net worth’s that would make them eligible for premium banking accounts, but no one seems to own one. I have a year and a half (we aren’t planning on buying a house until then) to really decide which bank offers the best deal in terms of a complete package for trading, savings, cd rates, and checking.
if anyone has any experiences with these services, I’m all ears. most allow combined deposits along with mortgage, so i’d recommend folks to look into them.
I just read something about the BofA master relationship account (MRA). when we had the account it was $10k open and maintain. It seems that it requires $10k to open but you must have $25k min for the first year to avoid maint fee. After the first year, it jumps to $50k min to avoid maint fee. I also know, though, that the MRA stipulations can vary from BofA’s from state to state.

MossSF, the $25k with WF means that 10% of mortgage would have to be with them. This doesn’t bode well if you have a mortgage elsewhere. Really, then, this means that both WF and BofA require $25k and the BofA is better in terms of offering over 3 times more free trades. i agree that bofa rates are lower than other rates, but they aren’t that bad. but presumably you’d have the deposits in investments other than cd’s.

]]> By: MossySF http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/comment-page-1/#comment-2476 MossySF Tue, 20 Feb 2007 09:31:08 +0000 http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/#comment-2476 BofA's offer is slightly different from WF's. BofA requires 25K in deposit accounts (savings, checking, CDs) so that's a lot of money. WF instead requires a 25K total balance that includes your brokerage and 10% of your mortgage balance. That means with WF, you can continue to keep your banking in high interest liquid accounts versus leaving money locked in with BofA's rather uncompetitive rates. The Firstrade deal -- they USED to have free mutual fund transactions for ALL no loads. Now they are switching to free transactions for SOME funds -- typically the funds charging high fees and giving a portion of those fees back to Firstrade. WF is similar to Firstrade/Etrade/Schwab in that some high expense funds have no transaction fees. However, the 100 free trades per year cover funds that aren't in this program. And at the 25K threshold, all transactions afterwards -- whether stocks, ETFs or mutual funds not in their NTF list -- are $5.95. As far as I can tell, WF seems to have the best overall deal if you can meet the 25K threshold. Whether they will continue to offer this type of pricing for the longterm is unknown. BofA’s offer is slightly different from WF’s. BofA requires 25K in deposit accounts (savings, checking, CDs) so that’s a lot of money. WF instead requires a 25K total balance that includes your brokerage and 10% of your mortgage balance. That means with WF, you can continue to keep your banking in high interest liquid accounts versus leaving money locked in with BofA’s rather uncompetitive rates.

The Firstrade deal — they USED to have free mutual fund transactions for ALL no loads. Now they are switching to free transactions for SOME funds — typically the funds charging high fees and giving a portion of those fees back to Firstrade.

WF is similar to Firstrade/Etrade/Schwab in that some high expense funds have no transaction fees. However, the 100 free trades per year cover funds that aren’t in this program. And at the 25K threshold, all transactions afterwards — whether stocks, ETFs or mutual funds not in their NTF list — are $5.95.

As far as I can tell, WF seems to have the best overall deal if you can meet the 25K threshold. Whether they will continue to offer this type of pricing for the longterm is unknown.

]]> By: Mike http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/comment-page-1/#comment-2475 Mike Tue, 20 Feb 2007 06:11:15 +0000 http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/#comment-2475 If you rid your Firstrade a/c you won't get access to zero fee no-load mutual fund trades :) ** $10 after Apr 2. Does WF provide access to mutual funds? If you rid your Firstrade a/c you won’t get access to zero fee no-load mutual fund trades :) ** $10 after Apr 2.

Does WF provide access to mutual funds?

]]> By: ML http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/comment-page-1/#comment-2474 ML Mon, 19 Feb 2007 22:07:16 +0000 http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/#comment-2474 Tim, I did look into BofA's Master relationship account that does a daily sweep to a high yield MMA. I think the commission was $5. I though it was reasonable but haven't taken the plunge yet. You said you "used to " have it. Did you find something better? My other issue is that I'm quite happy with TDAmeritrade which is where my main trading account is at. Tim,

I did look into BofA’s Master relationship account that does a daily sweep to a high yield MMA. I think the commission was $5. I though it was reasonable but haven’t taken the plunge yet.

You said you “used to ” have it. Did you find something better? My other issue is that I’m quite happy with TDAmeritrade which is where my main trading account is at.

]]> By: Tim http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/comment-page-1/#comment-2473 Tim Mon, 19 Feb 2007 20:29:57 +0000 http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/#comment-2473 Frugal, You might recheck some things. BofA offers 30/month=360/yr, whereas the WF promo is 100/yr for th $25k. You might check into BofA premier banking w/$100k deposit/investment requirement. we use to have a master relationship accout with BofA ($10k requirement). there are other levels for BofA private banking. WF has private banking for $1m requirement. Also checkout citi, chase, hsbc, too. we found consolidating beneficial. you still can maintain high yield savings separately. you do get bennies with premium bank accounts. i was surprised that many of my friends who have enough savings/credit/investments and/or mortgage didn't know about premium/private/platinum banking. Frugal,
You might recheck some things. BofA offers 30/month=360/yr, whereas the WF promo is 100/yr for th $25k.

You might check into BofA premier banking w/$100k deposit/investment requirement. we use to have a master relationship accout with BofA ($10k requirement). there are other levels for BofA private banking. WF has private banking for $1m requirement. Also checkout citi, chase, hsbc, too.

we found consolidating beneficial. you still can maintain high yield savings separately. you do get bennies with premium bank accounts. i was surprised that many of my friends who have enough savings/credit/investments and/or mortgage didn’t know about premium/private/platinum banking.

]]> By: sanjay http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/comment-page-1/#comment-2472 sanjay Mon, 19 Feb 2007 14:58:21 +0000 http://www.1stMillionAt33.com/2007/02/free-trades-offered-from-wells-fargo-too/#comment-2472 What kind of foreign stocks do you buy? What kind of foreign stocks do you buy?

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