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Scottrade
Old 03-15-2017, 11:19 AM   #1
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Scottrade

I have had 5 accounts at Scottrade for sometime but am thinking there are better options. Yesterday I submitted a form to do this year's IRA to Roth conversion. I called to check on the status today and was told it would take several days because it's IRA season. Would like feedback on how long this process takes at other brokerages. Have had a few other similar experiences at Scottrade over the years where it seems like it takes them a while to complete software changes or correct glitches in their system. It also seems like they are behind the curve on adjusting their trading fees. With the upcoming integration with TD Ameritrade it might be the time to make a switch. I do like their FRIP option for reinvesting dividends. I also have accounts at Fidelity so I could move there pretty easily. Any suggestions?
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Old 03-15-2017, 11:23 AM   #2
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I like Scottrade. But it also depends on the office. The one I have now is very responsive unlike the one I had a few years ago.
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Old 03-15-2017, 11:34 AM   #3
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I have noticed that they can be very slow, we did the same thing IRA -> ROTH before the end of the year, both accounts at Scottrade, and it took 10 days !!!
I was worried I'd miss the 2016 yr.

After that in January, I transferred the IRA to TD Ameritrade, (which you could consider) I did this as TD Ameritrade gave a bonus of $600 for the transfer and 500 free trades for 60 days (which is crazy) . Based on the amount of the account.

When the Scottrade office phoned to ask why, I told them, since they were merging I might end up with TD Ameritrade anyhow, and right now I get $600 for doing the move early.
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Old 03-15-2017, 11:35 AM   #4
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Right now Scottrade seems slow on 1099 forms, they are not all out yet !!!

Other places have no slow issue like that that I know of.
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Old 03-15-2017, 11:43 AM   #5
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I had a couple of Scottrade accounts years ago and they were mostly pretty good. But I left when I had some difficulties with transactions and they were not responsive about helping me.

FWIW, Fidelity has never taken longer than overnight to do a conversion for me.
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Old 03-15-2017, 11:44 AM   #6
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Right now Scottrade seems slow on 1099 forms, they are not all out yet !!!

Other places have no slow issue like that that I know of.
They are out for me.
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Old 03-15-2017, 11:45 AM   #7
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I have noticed that they can be very slow, we did the same thing IRA -> ROTH before the end of the year, both accounts at Scottrade, and it took 10 days !!!
I was worried I'd miss the 2016 yr.

After that in January, I transferred the IRA to TD Ameritrade, (which you could consider) I did this as TD Ameritrade gave a bonus of $600 for the transfer and 500 free trades for 60 days (which is crazy) . Based on the amount of the account.

When the Scottrade office phoned to ask why, I told them, since they were merging I might end up with TD Ameritrade anyhow, and right now I get $600 for doing the move early.
You can request the bonus. I did and they approve.
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Old 03-15-2017, 11:46 AM   #8
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Quote:
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Right now Scottrade seems slow on 1099 forms, they are not all out yet !!!

Other places have no slow issue like that that I know of.
Oh yes they are. My Fidelity brokerage 1099 was only available to me on March 9.

I spent a lot of my career avoiding tax reporting, it's a three month disaster every single year. I have never been in a hurry to file as the chances of an updated form are likely.

Depending on your holdings it may not be a Scottrade issue. They might be waiting on the funds transfer agent for the data.

ETA: I don't use Scottrade for anything. I spent a lot of years in the financial industry.
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Old 03-15-2017, 11:54 AM   #9
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When I phone the Scottrade office, there is a recording stating that all the forms should be out by March 15 (today). So I'm not the only one.

I have not checked today. Yesterday it was not there.

But that is still pretty late IMHO.

I like them besides those points.
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Old 03-15-2017, 12:12 PM   #10
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They sent mine a couple weeks ago. And the online form was available even before that, late Feb.
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Old 03-15-2017, 02:16 PM   #11
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My 1099 problem last year sealed the deal for me . I'm slowly working to dump these guys.
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Old 03-15-2017, 04:10 PM   #12
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traditional IRA to Roth IRA conversions are pretty much overnight at Vanguard. That is, one simply exchanges from tIRA account to Roth account and the web interface spots that it is a conversion.

I think Fidelity is the same, but have not done a conversion there.

TDAmeritrade is also about a day: Submit the form attached to a message or walk it in to the local office. WellsTrade has a form that can be mailed or attached to a message. Conversion is done the first business day after receipt.

It seems most other places are faster than Scottrade.
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Old 03-15-2017, 04:32 PM   #13
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I switched my IRA to Scottrade years ago after Fidelity charged me $75 for a short term mutual fund sale. They've been ok and I like the fact there is an office nearby even though I've never gone there.


I do Roth conversions. Scottrade handles them like its 1990. Fill out a form and mail it and wait 10 days.


But may main concern is that I can't link my accounts to my local bank account. I'm not too far from RMD's. When that time comes my account will be going back to Fidelity if things haven't changed. The switch to TD might make that a non issue.
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Old 03-15-2017, 04:37 PM   #14
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That's the problem with Scottrade. But I don't have problem waiting for a check either. Vanguard has so many problem too.
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Old 03-15-2017, 05:27 PM   #15
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They sent mine a couple weeks ago. And the online form was available even before that, late Feb.
I checked and the tax form was there today online, which is great.
Finished our returns.
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Old 03-15-2017, 05:31 PM   #16
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..... They've been ok and I like the fact there is an office nearby even though I've never gone there.
.....I do Roth conversions. Scottrade handles them like its 1990. Fill out a form and mail it and wait 10 days.
......But may main concern is that I can't link my accounts to my local bank account. I'm not too far from RMD's. When that time comes my account will be going back to Fidelity if things haven't changed. The switch to TD might make that a non issue.
I like the office thing as well and have been in there about 20 times over the years, mostly to drop off IRA deposit checks.

I did our IRA to Roth conversion at the office with the staff, and they then faxed it in

I really don't like how I cannot withdraw money, unlike my other Brokerage accounts. Seems odd to wait a week or more for a check.
And I felt a little nervous when waiting for the $30,000 check to show up on the mailbox.
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