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Charles Schwab just announced it is going to zero commissions on online stock trades
Posted on 10/1/19 at 9:13 am
Posted on 10/1/19 at 9:13 am
quote:LINK
Starting on October 7, Schwab, which holds about $3.72 trillion in client assets, will be slashing its trading commission cost for U.S. stocks, ETFs and options from the previous $4.95 to zero.
Trading options will continue to cost 65 cents per contract. The changes will apply to securities on Canadian exchanges as well.
4
Posted on 10/1/19 at 9:15 am to LSURussian
How cumbersome is it to switch over online brokerage accounts from one firm to another?
ETA, Would a place like Schwab basically handle all the nuts and bolts for me if I wanted to go over to them?
ETA, Would a place like Schwab basically handle all the nuts and bolts for me if I wanted to go over to them?
This post was edited on 10/1/19 at 9:18 am
Posted on 10/1/19 at 9:25 am to Y.A. Tittle
quote:
ETA, Would a place like Schwab basically handle all the nuts and bolts for me if I wanted to go over to them?
I don't know the answer to this, but if they put a value on customer service, that tactic would be a no brainer to drum up new business.
Posted on 10/1/19 at 9:27 am to Y.A. Tittle
quote:
How cumbersome is it to switch over online brokerage accounts from one firm to another?
This all depends on what underlying stocks, funds, or ETFs you have. That’s the benefit of ETFs quite frankly is you can transfer say VTI to Schwab very, very easily, but in some cases you couldn’t move VTSAX without selling it first and generating the capital gains taxes.
Call Schwab and they will handle all the details for you. You may need to get a Medallion signature which is a pain in the arse, but that’s about it.
This post was edited on 10/1/19 at 9:28 am
Posted on 10/1/19 at 9:39 am to LSURussian
ETrade and Ameritrade stock prices dropping like rocks. Down 17 and 20%.
Posted on 10/1/19 at 9:55 am to Y.A. Tittle
quote:It's simple as long as you don't own a proprietary fund managed by your current manager that is not a listed fund. You fill out an authorization form that they provide to you and they handle it from there.
How cumbersome is it to switch over online brokerage accounts from one firm to another?
I've been with Schwab for about half of my investments for over 25 years. (I switched the other half to TDAmeritrade a few years ago just so I wouldn't have all of my eggs in one basket.....just in case.)
I've been very pleased with Schwab's customer service the few times I've had a problem. They are very responsive.
For the record, I don't own stock in Schwab or any other broker.
Posted on 10/1/19 at 1:12 pm to Y.A. Tittle
Open a schwab account. pick up the phone to call them and tell them you want to do an ACAT transfer. SChwab can hold pretty much all investments except maybe something like a statefarm mutual fund.
It is really easy.
It is really easy.
Posted on 10/1/19 at 1:57 pm to ynlvr
Ameritrade is down 25% now. When are you buying?
Posted on 10/1/19 at 2:58 pm to LSURussian
I love competition!
Posted on 10/1/19 at 3:37 pm to OleWarSkuleAlum
quote:
This all depends on what underlying stocks, funds, or ETFs you have. That’s the benefit of ETFs quite frankly is you can transfer say VTI to Schwab very, very easily, but in some cases you couldn’t move VTSAX without selling it first and generating the capital gains taxes.
Do you have a lifelong goal of fricking up people’s lives?
Posted on 10/1/19 at 5:00 pm to Y.A. Tittle
quote:
Would a place like Schwab basically handle all the nuts and bolts for me if I wanted to go over to them?
It’s been a number of years since I opened my account with them. I don’t remember much about the process, nothing negative for sure. I have recently moved money and stocks from an outside account to schwab and it was super easy. The cost basis on the stocks I moved to schwab also went with the transfer.
Posted on 10/1/19 at 6:20 pm to Thib-a-doe Tiger
Valid point. Well said.
Posted on 10/1/19 at 6:28 pm to Thib-a-doe Tiger
quote:
Do you have a lifelong goal of fricking up people’s lives?
What did I say that is incorrect? Try transferring FSKAX to Schwab and get back to me.
Posted on 10/1/19 at 7:21 pm to OleWarSkuleAlum
quote:
You may need to get a Medallion signature which is a pain in the arse
Posted on 10/1/19 at 9:48 pm to bayoubengals88
Two things:
1) If you want to laugh your damn arse off, waste 5 minutes reading this (it's on topic): Robinhood can't take a joke
2) TD announced they were doing it too. Expected to take losses of $220-240m per quarter. I don't know their income statement, but that has to hurt.
1) If you want to laugh your damn arse off, waste 5 minutes reading this (it's on topic): Robinhood can't take a joke
2) TD announced they were doing it too. Expected to take losses of $220-240m per quarter. I don't know their income statement, but that has to hurt.
Posted on 10/2/19 at 9:23 am to UpstairsComputer
Can someone explain to me how Schwab will make money off of no commission trades?
Are they using this as a door buster to attract you to their other offerings?
Are they using this as a door buster to attract you to their other offerings?
Posted on 10/2/19 at 10:10 am to BearsFan
Bc they have a banking side which is their big money maker, as well as they have proprietary funds that make money for them.
The thought process is, incentive everyone to move their money to us, begin using our banking, and use our funds. Bam, they’ve now compensated themselves for lost trade rev.
The thought process is, incentive everyone to move their money to us, begin using our banking, and use our funds. Bam, they’ve now compensated themselves for lost trade rev.
Posted on 10/2/19 at 11:49 am to BearsFan
Because they are basically an investment bank and are clearly trying to raise some capital. Makes me curious as to how bad they need capital. I would see if a certain amount of your money is insured.
Posted on 10/3/19 at 1:57 pm to Tigers4life
Already get 100 free trades a year, + 25 more at Vanguard. Need better inducements to consider moving.
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