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Opinion about Well Fargo PMA account
Old 12-12-2009, 12:15 PM   #1
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Opinion about Well Fargo PMA account

I am in the process of switching from Scottrade to Wells Fargo PMA account. They have free trading up to 100 trades per year. Does anyone have prior experience with Wells forgo? Positive or negative comments will help.
Thanks.
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Old 12-12-2009, 12:34 PM   #2
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I'm happy with my Wells Fargo PMA. Online access is easy and everything is linked. Unfortunately rates paid on any kind of cash balance or saving account or CD is very low.
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Old 12-12-2009, 01:05 PM   #3
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My Wells Fargo PMA works for me. Linking their high yield saving account, checking account and the brokerage account allows me to almost instantly transfer funds into and out of the cash side of the brokerage account. To eliminate having to have cash in the brokerage account to place orders, get a margin account. Then you can place orders up to the margin limit and if executed, transfer in the cash to the cash account 3 days later to settle the account. Be aware, a partial order execution say, 201 shares, executing as 100, 100 & 1 shares will take 3 of the free trades. An all or nothing execution will take a max of 1 trade, but it could be 0 if there is no one will sell 201 shares as one trade.
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Old 12-13-2009, 09:43 PM   #4
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Quote:
Originally Posted by HpRyder View Post
Be aware, a partial order execution say, 201 shares, executing as 100, 100 & 1 shares will take 3 of the free trades.
This has not been my experience. I have on more than one occasion had a single order filled by 10 or more separate transactions on the same day. Each such order has counted as one free trade.

If you cancel a partially filled order, then re-submit, that resubmitted order would be a 2nd trade.
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Old 12-14-2009, 09:13 AM   #5
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This has not been my experience. I have on more than one occasion had a single order filled by 10 or more separate transactions on the same day. Each such order has counted as one free trade.
My recent 2009 experience had one order split into two same day executions and it was counted as 2 trades.

So I guess Wells Fargo may not be consistent in how they count free trades of partial executions.
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Old 12-14-2009, 03:23 PM   #6
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A couple of negatives (IMO) are:

(1) The 100 free trades does not include options

(2) High interest rates on margin loans
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