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Schwab move...Let's retire this thread. Lots of interactions. Food for thought. THNX.
If you get paper statements, take them to Schwab. If no paper, print out your on-line statement and take that to Schwab. So what's the big deal about providing an account statement?
Not a big deal to provide Statements. The fly in the ointment has been "my guy" there at Schwab. Dissembling, minimizing. Rather than to simply and straightforwardly say to me: "We will need a recent statement from TRP, as soon as you can get it to me."
I was given the impression: "Meh, ya. 'they' might need you to do that." I could have provided those statements sooner, and this junk could be finished and done.
Done. I had to send a message to TRP to find out just what's what. The reply specified the transfer would be done TONIGHT. The $50.00 transfer/extortion fee will be covered by the value of some fractional shares. Those will not transfer. Any remainder will be sent as cash to Schwab.
Great. There was absolutely nothing about this process which was easy, routine and normal. Jayzuz. Next I'm waiting to hear if a trustee to trustee switch can be made with the Bruce Fund. Don't hold your breath. Looking forward to Purdue vs. Gonzaga on the week-end. "March Madness." Game-watch party here.
The $50.00 transfer/extortion fee will be covered by the value of some fractional shares.
You probably know this already, but for anyone else who is not aware: Schwab does reimburse transfer fees. So, this is just a nuisance - no loss.
No, @yugo. I did NOT know that. Good news. How does it appear, then? What should I look for?
*In the BAD news category: my TS ADR holding is "ineligible" for dividend reinvestment. The chat-box agent tried to tell me the reason was with the Exchange. Reinvestment was not available. I cheerfully informed him that ineligibility in this case is a Schwab decision; reinvestment worked fine at TRP.
Is the better HUMAN contact at Schwab, compared to my recent experience at TRP, worth the hassles? The jury is out...
The $50.00 transfer/extortion fee will be covered by the value of some fractional shares.
You probably know this already, but for anyone else who is not aware: Schwab does reimburse transfer fees. So, this is just a nuisance - no loss.
No, @yugo. I did NOT know that. Good news. How does it appear, then? What should I look for?
It's a little more work but just a bit: you will have to provide Schwab w a statement from your TRP account that shows the amount charged for transferring out and Schwab will credit you this amount. There also used to be a form but I'd recently called them and was told that all you have to do now is upload/fax/mail the statement or give it to your local Schwab office and they will take it from there.
(If you are willing to wait, right now I am transferring to Schwab my account w BRUFX which has also promised to charge me a (modest) $15 fee. The funds are supposed to take a couple of weeks to arrive as they are held directly with the mutual fund, but I will be happy to update on how exactly the reimbursement process went.)
OK, great, @yugo. By coincidence, my wife's IRA is with BRUFX. The man we've been working with at the local Schwab office said he'd attempt a "trustee-to-trustee" transfer. BRUFX is finnicky, I guess. Once that's done, all our investments will be under one roof, with Schwab. But we plan to switch-out of BRUFX. (To WBALX.). .....I will wait to see what you have to say. We are not in a rush. Thank you.
...Logged-in, tonight. Boom! A -$50 deficit was showing in the joint brokerage acct. It must surely correspond to the $50 transfer/extortion fee charged to me by TRP. I have not even TOUCHED the Schwab accounts yet. I got onto the chat-box. The agent offered immediately to initiate the process to refund the $50.00. Nothing else required. I won't hold my breath, but she gave every assurance. The change will show up on Monday, she volunteered to say..... NICE.
@yugoEDIT TO ADD: the $50 refund appeared just a few hours later. Way to go! So much better service, compared with TRP these days...
EDIT X2: the reason the UN-TOUCHED Schwab account showed that -$50 deficit was because when the transfer was made, there was zero in my cash/sweep MM fund at TRP. So, TRP charged the Schwab account. (How on earth?) I just got the explanation in a message from Schwab. They just crossed it out, and we move on.
But this also tells me that the local guy at Schwab who advised me to empty-out that MM fund before the transfer happened ought to have told me differently. He's caring, but less than communicative. NO WORD on wife's transfer from BRUFX. Just a lot of waiting. I understand BRUFX is a 1-man show these days....
I don't know why are you so skeptical? Schwab gave me credit dozens and dozens times for several reasons...and I always called, I feel that speaking with someone is more personal.
"Promises, promises." I just tried to get the Schwab credit card. AMEX actually runs that thing. My browser could not even get in. Using an alternate browser, I at least got to a "welcome" page. After that, an ERROR message appeared.
Sorry, our stuff's screwed up. Try again later. Isn't technology great, until you need it?
asked this is elsewhere but thought i'd ask it here, too. would you / do you hold all your assets at a single brokerage like schwab or do you split them between 2 or more, for safety's sake, potentially?
@linter. Definately multiple accounts. Currently have 5. Why. Reports of people getting locked out of accounts for multiple reasons. Possibility of technical issues at brokerage with no availability of account. Availability of securities and cost differences among the multiple brokerages. SIPC coverage max is 500K per distinct account types. Yes it is a hassle but I save money and sleep better at night.
@linter, fwiw, I have money in 3 brokerages, a traditional IRA and Roth IRA with Schwab, an HSA with Fidelty and a 401k with Merrill Lynch. I would dump Merrill if I could, but that is where I hold PRWCX and I don't want to lose it. TRP was the long-time holder of the 401k, but it moved to Merrill last year. Don't really know why.
For convenience and simplicity, all our stuff is at a single brokerage: Schwab. Actually, my wife's IRA is still in-process of being transferred to Schwab. I like the 24/7 chat box option. I can ask a question and get answers ANYTIME I might think of something. Or I can wait, if I prefer, to talk on the phone. Or I can leave messages and get responses, that way. The person-to-person contact has proven to be more than satisfactory to me--- which is where TRP has failed, more and more, steadily, over time.
"I like the 24/7 chat box option. I can ask a question and get answers ANYTIME"
I told you. You're welcome.
....They still don't have an answer for EVERYTHING. But their service is really quite good. With TRP, it was always: "Let me put you on a brief (LOL) hold... (While I check with Pershing, because they actually run all the stuff that matters. All we know how to do is to answer the phone.")
Yes, Schwab chat has referred me to a couple of Help desks, just twice. "Please call them on Monday." Well, OK.
...And even though I should not have needed to switch browsers in order to do it, I was able to get in and reach the AMEX card application.
For convenience and simplicity, all our stuff is at a single brokerage: Schwab. Actually, my wife's IRA is still in-process of being transferred to Schwab. I like the 24/7 chat box option. I can ask a question and get answers ANYTIME I might think of something. Or I can wait, if I prefer, to talk on the phone. Or I can leave messages and get responses, that way. The person-to-person contact has proven to be more than satisfactory to me--- which is where TRP has failed, more and more, steadily, over time.
You can call them 24/7. On off hours/days, you probably won't be able to talk to any kind of specialist though.
Chat is ok sometimes, but even with a simple question it takes forever by the time you're done.
Hard for me to imagine, unless you got the one out of 10,000 people there who happens to be bad at what you were trying to accomplish. But I haven't moved any accounts into or out of Schwab in around 8-9 years, which went well at the time.
I probably said this before, but in 27 years I've had zero bad experiences with Schwab.
@Crash, I'm sorry for your difficulties, but I have to say that you seem to be the unluckiest person alive with all the difficulties you've had. I originally was with Thinkorswim; then to TDA; finally on to Schwab. All the transitions were smooth and all agreements were honored post-transition. Have had nothing but positive interactions with representatives all along the way. Anecdotal, of course, but your problems seem atypical to me as well.
@Crash, I'm sorry for your difficulties, but I have to say that you seem to be the unluckiest person alive with all the difficulties you've had. I originally was with Thinkorswim; then to TDA; finally on to Schwab. All the transitions were smooth and all agreements were honored post-transition. Have had nothing but positive interactions with representatives all along the way. Anecdotal, of course, but your problems seem atypical to me as well.
The following are several brokers that I have used: VG, Fidelity, Schwab, Scott, Welltrade,Thinkorswim. I have moved money several times from one to the other (Fidelity <--> Scwhab)..I had zero problems with all the above. I think it's more than being unlucky.
Hey crash, did you get the $50 transfer/extortion fee charged to you by TRP.
Entertaining and educational reading as @Crash confronts new challenges at Schwab. Been there. Done that. Deeply indebted for all the support received here when I migrated from TRP’s in-house funds to Fido a few years back.
Familiarity sometimes breeds complacency. Often now I just resort to the “pick & pray” method when not sure what to do next / where to look on Fido’s site. Usually solves the problem - but has on occasion been costly.
One available source of advice & inspiration - The Holy Bible. From The Book of Matthew: ”Ask, and it shall be given … seek, and ye shall find …”
Seek, and ye shall find. TAKE, and ye shall have. Giggle. My interactions at Schwab so far have not been egregiously awful, just rather typical, including the need to explain a problem 12 ways before they can comprehend what's going on. I even was accused once of "venting." (Maybe next time, stop to THINK first, Missy!) But not always. I DID indeed get the $50 extortion fee refunded, without even asking. The agent initiated it on her own, after I mentioned the strange -$50 debit amount showing. Officially getting access to my wife's as yet unfunded IRA was a monstrous fiasco. Contradictory misinformation abounded. Finally got it done. And we won't have to deal with the passive-aggressive twit on the phone anymore, at BRUFX. The required transfer form is supposed to be in the mail to us. The Schwab AMEX cards arrived yesterday. I had to call AMEX and waste a bunch of time simply trying to find our credit limit. It was also expertly camouflaged amid 14 pages of no doubt legally required STUFF that came with the cards. I remember receiving new credit cards in the past, with the credit limit printed right above the cards--- which are glued to the page.
I'm learning where Schwab has hidden everything. Progress is being made. The most anti-intuitive website I've run into. Accomplished my first trade. Limit order, will go through after the week-end, I expect. I'll survive--- even the inattention of the fellow downtown. There is no advantage anymore in doing things face-to-face. That's been true, I guess, for decades. A bitter pill. Still stuck in my throat. Probably stay stuck there forever. The younger generation, including the ones sitting at the desks at "Customer Rage and Aggravation," don't even expect real service anymore. ("What's the problem? Why should you be annoyed at needing to fix OUR mistake?")
I am a relic who still asserts that systems ought to serve people, rather than themselves.
Thanks for the feedback @Crash. Nice that you got that charge back. I had some kind of similar issue and TRP did not refund the charge. But I was happy just to get out of there! (Kinda like when I left the X.)
One early dumb mistake I made at Fido was buying an etf, than changing my mind and selling it an hour later … and than using the proceeds to buy something else the same day. I ended up with a “Good Faith Violation.” Don’t want to worry anyone. And sounds like you’re way ahead of where I was than … but it landed me in hot water for a while.
What I subsequently learned to do was to pull up every previous trade to view the “settlement date”. And to avoid selling anything that hadn’t yet received (been paid for with) settled funds. Don’t know about Schwab’s methods and whether I’d have been able to dig myself into the same kind of hole there or not.
Trade violations are governed by the Federal reserve and the SEC. Brokers may only tinker those a little bit in terms of giving warnings, imposing restrictions, the number of violations allowed.
Basic principle is that do whatever you want with your money. But if using other people's money (in this case brokers), follow their rules about their money.
Comments
I was given the impression: "Meh, ya. 'they' might need you to do that." I could have provided those statements sooner, and this junk could be finished and done.
I had to send a message to TRP to find out just what's what. The reply specified the transfer would be done TONIGHT. The $50.00 transfer/extortion fee will be covered by the value of some fractional shares. Those will not transfer. Any remainder will be sent as cash to Schwab.
Great. There was absolutely nothing about this process which was easy, routine and normal. Jayzuz. Next I'm waiting to hear if a trustee to trustee switch can be made with the Bruce Fund. Don't hold your breath. Looking forward to Purdue vs. Gonzaga on the week-end. "March Madness." Game-watch party here.
*In the BAD news category: my TS ADR holding is "ineligible" for dividend reinvestment. The chat-box agent tried to tell me the reason was with the Exchange. Reinvestment was not available. I cheerfully informed him that ineligibility in this case is a Schwab decision; reinvestment worked fine at TRP.
Is the better HUMAN contact at Schwab, compared to my recent experience at TRP, worth the hassles? The jury is out...
(If you are willing to wait, right now I am transferring to Schwab my account w BRUFX which has also promised to charge me a (modest) $15 fee. The funds are supposed to take a couple of weeks to arrive as they are held directly with the mutual fund, but I will be happy to update on how exactly the reimbursement process went.)
@yugo EDIT TO ADD: the $50 refund appeared just a few hours later. Way to go! So much better service, compared with TRP these days...
EDIT X2: the reason the UN-TOUCHED Schwab account showed that -$50 deficit was because when the transfer was made, there was zero in my cash/sweep MM fund at TRP. So, TRP charged the Schwab account. (How on earth?) I just got the explanation in a message from Schwab. They just crossed it out, and we move on.
But this also tells me that the local guy at Schwab who advised me to empty-out that MM fund before the transfer happened ought to have told me differently. He's caring, but less than communicative. NO WORD on wife's transfer from BRUFX. Just a lot of waiting. I understand BRUFX is a 1-man show these days....
Hope I have the same experience.
(Pls post when the reimbursement actually shows up.)
I don't know why are you so skeptical?
Schwab gave me credit dozens and dozens times for several reasons...and I always called, I feel that speaking with someone is more personal.
"Promises, promises."
I just tried to get the Schwab credit card. AMEX actually runs that thing. My browser could not even get in. Using an alternate browser, I at least got to a "welcome" page. After that, an ERROR message appeared.
Sorry, our stuff's screwed up. Try again later. Isn't technology great, until you need it?
I told you. You're welcome.
....They still don't have an answer for EVERYTHING. But their service is really quite good. With TRP, it was always: "Let me put you on a brief (LOL) hold... (While I check with Pershing, because they actually run all the stuff that matters. All we know how to do is to answer the phone.")
Yes, Schwab chat has referred me to a couple of Help desks, just twice. "Please call them on Monday." Well, OK.
...And even though I should not have needed to switch browsers in order to do it, I was able to get in and reach the AMEX card application.
Chat is ok sometimes, but even with a simple question it takes forever by the time you're done.
I probably said this before, but in 27 years I've had zero bad experiences with Schwab.
I think it's more than being unlucky.
Hey crash, did you get the $50 transfer/extortion fee charged to you by TRP.
Familiarity sometimes breeds complacency. Often now I just resort to the “pick & pray” method when not sure what to do next / where to look on Fido’s site. Usually solves the problem - but has on occasion been costly.
One available
source of advice & inspiration - The Holy Bible. From The Book of Matthew: ”Ask, and it shall be given … seek, and ye shall find …”I'm learning where Schwab has hidden everything. Progress is being made. The most anti-intuitive website I've run into. Accomplished my first trade. Limit order, will go through after the week-end, I expect. I'll survive--- even the inattention of the fellow downtown. There is no advantage anymore in doing things face-to-face. That's been true, I guess, for decades. A bitter pill. Still stuck in my throat. Probably stay stuck there forever. The younger generation, including the ones sitting at the desks at "Customer Rage and Aggravation," don't even expect real service anymore. ("What's the problem? Why should you be annoyed at needing to fix OUR mistake?")
I am a relic who still asserts that systems ought to serve people, rather than themselves.
One early dumb mistake I made at Fido was buying an etf, than changing my mind and selling it an hour later … and than using the proceeds to buy something else the same day. I ended up with a “Good Faith Violation.” Don’t want to worry anyone. And sounds like you’re way ahead of where I was than … but it landed me in hot water for a while.
Here’s Fido’s spiel on “Trading Violations & Good Faith Violations along with other matters.
What I subsequently learned to do was to pull up every previous trade to view the “settlement date”.
And to avoid selling anything that hadn’t yet received (been paid for with) settled funds. Don’t know about Schwab’s methods and whether I’d have been able to dig myself into the same kind of hole there or not.
Basic principle is that do whatever you want with your money. But if using other people's money (in this case brokers), follow their rules about their money.
https://en.wikipedia.org/wiki/Free_riding_(stock_market)