Comments on: Scottrade Review

By: Paul

Paul — Sun, 02 Aug 2009 02:13:20 +0000

Sometimes, when there’s a lot of volatility with a stock, I can’t buy it through their website. I’m instructed to call a broker for assistance.

Other than that, Scottrade is my friend.

By: Rachel

Rachel — Thu, 23 Jul 2009 14:42:51 +0000

My husband has a Scottrade account and didn’t have a complaint until yesterday. He got a phone call from them because one of his CDs was in a California bank that went out last weekend. The deposit was sizable, but in line with FDIC insurance, so we will get it back. But when you are giving a customer that kind of news, flip and obnoxious aren’t the kinds of tones you want to get from the person speaking to you. “I have some bad news and some good news” is a juvenile way to handle a phone call regarding tens of thousands of dollars. My husband is usually a good natured kind of guy, but in this case, he was not amused.

By: Amber

Amber — Wed, 22 Jul 2009 21:07:25 +0000

We do allow the buying and selling of stocks under $1. When buying a stock under $1, it should be placed as a limit order, not a market order. If you have any additional questions feel free to contact your local branch at 800-619-7283. They are always happy to answer any questions you have. Regards, Amber – Scottrade Online PR Specialist

By: Maryanne

Maryanne — Tue, 21 Jul 2009 18:06:00 +0000

I recently left Scottrade after having an account there for about 10 years – the reasons? same as pfmoron. They do not allow dividend reinvestment. I think it’s so they can glom another $7 when you buy stocks with your dividends. Also, as I said, I agree with pfmoron, when your dividends are sitting unused in their cash accounts, they pay NOTHING at all for the privilege.

By: pfmoron

pfmoron — Mon, 20 Jul 2009 04:54:46 +0000

I’ve been a satisfied Scottrade customer for years but my two biggest problems with them are:
1. No Dividend Reinvestment
2. Very Poor rates of return on uninvested cash balances.

I still have an assortment of IRAs with Scottrade but we have recently opened an account with Charles Schwab for our taxable investment account with a linked high-yield savings account.

By: FinanceSavy

FinanceSavy — Fri, 17 Jul 2009 19:38:46 +0000

I’ve been with Scottrade for several years and I haven’t had any complaints EXCEPT! you can’t buy/sell stocks under $1. When some of the big named stocks took a dive I couldn’t buy them through Scottrade. I was quite bummed and disappointed the first time I submit my order and it gave me a very vague error message.

By: Raj

Raj — Thu, 16 Jul 2009 05:42:10 +0000

Been with them for about a year now, and things work well. Haven’t used another broker, so I have nothing to compare with though.

I think they make a great “first timers” broker because: 1) they don’t have any/many fees, including fees to transfer out if you don’t like the service, 2) they have local offices all around if you have questions/issues, and 3) they have fairly cheap rates.

By: Darin

Darin — Wed, 15 Jul 2009 23:54:54 +0000

I used them in the past, the only reason I switched was that they didn’t offer dividend reinvesting. I do a lot of banking with BofA so I gave their brokerage a chance and am just as satisfied with BofA as I was with Scottrade. The only issue I ever had was that they charged $25 for switching “B” shares for “A” shares when Wrigley did that stock split with B shares (annoying), and wouldn’t transfer them out – BofA has no fee for it, but I couldn’t take advantage because Scottrade wouldn’t transfer them, something about being restricted.

So my only complaint was something that was a once in a blue moon issue. I would be happy to use Scottrade again and would recommend them.

By: Shawanda

Shawanda — Wed, 15 Jul 2009 22:12:47 +0000

I’ve used Scottrade to buy and sell individual stock. I don’t recommend doing this. Now, I know better. Any way, no complaints here. It’s only $7 a trade, and you don’t have to make a minimum number of trades to get the low price. Unlike many brokers, they don’t nickel and dime you with fees.

By: Dylan

Dylan — Wed, 15 Jul 2009 21:57:17 +0000

I use Scotttrade and like them. I am a financial planner, and I’ve also recommended them to some of my clients. I’ve also heard a lot of good things back from clients too.

By: freeby50

freeby50 — Wed, 15 Jul 2009 21:36:07 +0000

I use Scottrade. Their support has been great and they have a local office about 10 miles from my house. THeir website design isn’t the most intuitive or pretty, but it works fine. Overall I’m very satisifed with them.

I had E*trade years ago and their support was horrible by comparison.

By: Flexo

Flexo — Wed, 15 Jul 2009 20:25:39 +0000

I “use” Scottrade in the sense that I have an account there. I transferred an account from Wachovia Securities (discount brokerage) a few years ago after Wachovia decided to start charging inactivity fees. No inactivity fees from Scottrade yet, so I’m still happy.