Wellstrade, anyone else think it is a mess?

[Olav23]

Well, I was very excited to get going with Wellstrade after the thread a few days back about the 100 free trades. I went through the rigamaroll of signing up online for the PMA/brokerage account and it was supposed to be as simple as "use an e-check and get an account within the day!"

10 calls and a week later, faxing in a copy of the check to the backoffice somewhere, calling again 2 days later, they finally opened my brokerage account on the phone. So, I inquire to make sure I am set up for the 100 free trades, and she says that is based on a PMA account, and you are speaking to the brokerage dept. For the PMA you need to speak to banking. So, I am now talking to the banking specialist and I say I just want the 100 free trades, I don't really need yet another checking account. She tells me that to get the 100 free trades, I have to maintain a minimum of $100 in a checking account.

This is becoming quite the hassle and I guess I really see that you get what you pay for. Did you guys experience anything like this? I feel like this always seems to happen to me. I put $30k into the brokerage acct to maintain the 25k balance required for the free trades. I don't remember reading anything about a balance in a checking acct as well. Any ideas?

[Olav23]

Reading back over the page, it says all service fees are waived if you maintain the 25k balance in a combination of all accounts. So I guess I should just open the checking with the $100, and then transfer it to the brokerage. Is that what you guys did?

I guess I am just frustrated that I have been sitting with all this cash for over a week now, not to mention all the calls I have had to make for such a simple process. I am a bit nervous of things to come.

[LOL!]

Not a mess for me, but I wanted the checking account first. I opened the PMA account online, got my account number in a letter within a week, changed my direct deposit to them, walked into BankofAmerican got a cashier's check for my entire amount, and 5 minutes later deposited the check into my new WF account. I asked them not to put a hold on the check and they gladly obliged me. This was more than a year ago, so well before the free trade deal.

In the last couple of months, I have transferred "in-kind" a fund from AmericanCentury and several funds from TDAmeritrade. It was all done very quickly.

In the last 2 weeks, I opened an IRA with them and am in the process of transferring funds "in-kind" from my TDAmeritrade IRA to WF. The TDAM account shows the start of the transfer, so I expect the transaction to be complete this week.

I have used the drive-in to deposit funds, I have use the free postage-paid envelopes to deposit funds. I have used the web site extensively. I have done bill pay, ACH transfers, stock buys, stock sells, mutual funds buys, etc, etc.

All-in-all, I have been very impressed.

[maddythebeagle]

Not a mess for me either (I had 1 problem with them starting a bank IRA instead of brokerage on one of my accounts....not sure if it was my fault but they fixed without much problems over the phone.......I think it is clear that you have to open up a checking account....

[Olav23]

I swear, it must be me.

I do agree, their support is helpful and friendly, it is just such a frustrating waste of time. I finally got it *mostly* corrected. Now, it is just 3 more business days until the PMA portion is opened. But, they said if I got charged a commission, to just call and they will credit my checking account for the amount.

They sorta hard-sold me at the end. Right after my account was set up, the person I spoke to said, I will send you a few of my cards. Please put 1 on your fridge, 1 by your computer, and a couple to your friends. Haha! When do I get to have one of those dinners provided for free by WT that you guys are always talking about?

[flipstress]

My set-up went smoothly partly because I tried to read as much as I can beforehand from their website and from a blog about how to set things up. Here's the link to the blog:
http://tinyurl.com/24dvxa

From reading those, I understood that the PMA account is conditioned on having the checking account.

I tried at first to do the applications online but I ended up calling them. The rep was very helpful and knowledgeable about telling me what forms to fill out. He was also able to use the data that were stored from the online apps that I saved on their system. I faxed the forms to him.

It was so quick--I called on April 18th and by April 26, my brokerage holdings had been transferred from Ameritrade Izone to Wellstrade.

Some other forms came in the mail to fill out, like tax withholding forms, along with the box of free checks, free debit card, informational brochures.

I have yet to actually try trading with them.