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Any thoughts on zions direct auctions
Old 02-19-2010, 09:48 AM   #1
Recycles dryer sheets
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Any thoughts on zions direct auctions

Just wondering if anyone has ever used this site and whether or not they have ever purchased muni's cd's etc from them. Is it reputable?

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Old 02-21-2010, 04:29 AM   #2
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I have never used zions personally.
But I have noticed post over at bogleheads where people seemed pleased with their service when buying bonds.

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Old 02-21-2010, 10:08 AM   #3
Confused about dryer sheets
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Disclosure: I work for the parent company of Zions Direct. The following is my opinion only.

I bought several corporate bonds through the auction site about six months ago and it was pretty easy. You can bid either the price or yield and are e-mailed if you are out-bid. It reminds me of eBay back in the day when it was first getting started. There is one interface quirk that I can think of, but otherwise it really is that simple.

You can sign up for a free account, but FINRA will soon require bidders to have a Zions Direct brokerage account open before they can bid. One neat thing is that my existing checking account functions as the cash portion, so I just recently received my interest payments there, but you can also elect to have the normal brokerage cash account.

After watching the auctions for about a year as an investor, I can say that you will find some good deals on CDs and bonds, and some really crappy deals as well. Since the issuer can set the market-clearing bid, I have occasionally not bid because the minimum was at a premium. And make sure you read the term sheets carefully so you are aware if interest has accrued. I got hit by this on one of my bonds.

All in all, I like the platform and have been happy using it.
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