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Old 03-14-2008, 01:18 AM   #41
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I had set up a Roth IRA for my minor son through TRP as mentioned before, they were about the only ones to do it. After filling out the application, which required my SSN for some reason, ( I was afraid I was going to get dinged for the deposits under my SSN) it took a number of weeks to get rolling.
When we received the account number, I called to verify it was being "recorded" under his SSN, then went on-line to take a look at his account. For some reason we could log into the account but not get any information whatsoever, no balance, history, transactions, etc. When I questioned this via email, we were told it was because my son was a minor and it could not be accessed electronically.
I said even though the custodian (me) was not a minor? Yes, sir that is the case, they told me.
Then a year and a half later, when my son was over 18, I emailed again and said he is now a 'adult' and should have access to his account information. I was told that I had to print some kind of form and send it in to verify that he was 18. I said look on the original application and see from his B-Day that he is over 18 for heck sake.
They wouldn't budge. So there it sits waiting for the $3k to do the Vanguard transfer.
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Old 03-14-2008, 09:20 AM   #42
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Quote:
Originally Posted by Ronnieboy View Post
I had set up a Roth IRA for my minor son through TRP as mentioned before, they were about the only ones to do it. After filling out the application, which required my SSN for some reason, ( I was afraid I was going to get dinged for the deposits under my SSN) it took a number of weeks to get rolling.
When we received the account number, I called to verify it was being "recorded" under his SSN, then went on-line to take a look at his account. For some reason we could log into the account but not get any information whatsoever, no balance, history, transactions, etc. When I questioned this via email, we were told it was because my son was a minor and it could not be accessed electronically.
I said even though the custodian (me) was not a minor? Yes, sir that is the case, they told me.
Then a year and a half later, when my son was over 18, I emailed again and said he is now a 'adult' and should have access to his account information. I was told that I had to print some kind of form and send it in to verify that he was 18. I said look on the original application and see from his B-Day that he is over 18 for heck sake.
They wouldn't budge. So there it sits waiting for the $3k to do the Vanguard transfer.
There are protocols that all brokerages follow. Mistakes are made all the time on account info from years ago. Sign the form, and they will give the info.........

BTW, I'm not saying it's right to have to jump through those hoops, just that it's the current world we live in..........
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Old 03-14-2008, 01:21 PM   #43
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I took a somewhat different approach. I will ER this December at age 56. My concern is that my wife will probably outlive me and I was looking for brokerage which might make the transition easier. Selected Merrill Lynch - has offices in most any city we would live in so my wife could have a person and not a phone to talk to. Right now I handle all activities without a broker - but if something happens to me we can bring in some help without having to move all the funds, electronic transfers, ACH debits, etc. to another place. Since I invest mostly in mutual funds I don't see any real cost penalties compared to lower cost options. Anyone have a similar idea or other options to consider.

Thanks
Bob
I moved my accounts to Smith Barney for the same reasons. I hold mostly individual stocks or bonds. I buy and hold so the fees are generally a one time event. Their bond offerings and pricing are better than most discount brokerage firms. Depending on how much money you have with them all fees could be waived. I know I will also get flack but I have tried Etrade and TDWaterhouse and know the bond offerings through SB are better.

I also hold foreign stocks not ADRs and SB was the only firm that could transfer these from our foreign account to the US.
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Old 03-15-2008, 10:18 PM   #44
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I have accounts at several online brokerages.

Scottrade - does not allow DRIP. I had some smaller IRA Accounts - wanted that option but not available. If your account is something unusual (I have a family limited partnership), you can't get checks and they will not allow EFT so the only way to get money out is to request a check - while they are prompt, it's a hassle.

Ameritrade - allows DRIP's but only will purchase even share amounts which is kind of lame. Easy to get money out though.

Schwab. I like these guys. One plus is that I can buy things like CD's online if I have some extra cash for a small amount of time. Trades are a little more expensive (used to be a lot more).

ETrade. Etrade is good but they don't communcate well (the bank is terrible). I have sent checks in and such and I never get a phone call or anything if there is a problem and eventually it is returned. Last year, I had a SEP deposit returned because I made the mistake of saying 'add it to my existing account unless that is a problem - then create a new one'. They decided it was too complicated and just returned the check. It arrived on April 15th and I got it before I got hosed by not being able to deduct it (glad I checked my mail before evening). Ran over to a local Schwab office and opened an new account and deposited it that day before it was too late.

Greg
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Old 03-16-2008, 12:36 AM   #45
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Schwab and Vanguard seem to be great in answering my questions. (I use Vanguard for their mutual funds only). Scottrade, well, you definitely get your $7.00 worth.
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