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?
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?