- Report: #1266511
Complaint Review: Scottrade - Nationwide
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Scottrade
Nationwide, USA
Web:
http://Scottrade.com
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Scottrade Outrageous Hidden Fees Saint Louis Nationwide
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Plain and simple: Scottrade has enormous hidden fees and cost me over $200.
I opened an account with Scottrade a while ago and the branch manager that assisted in the account opening pretty much swore that the only fees are the $7 per trade. Well that could not be more false. The additional and hidden fees at Scottrade are enormous and Scottrade does charge more than $7 per trade.
What is most worrisome is that Scottrade could not explain each one of these fees for me and instead repeatedly asked me to call the national center for advice. The national center could not answer them either, only stated that they would get back to me within a week.
Well, it has been a week and I have still not heard of any explanation to the fees and whether I will get any reimbursement to my account. My advice to others, don't be a victim of this company and take your money elsewhere.
1 Updates & Rebuttals
Parker
Gainesville,Florida,
USA
It's really not that confusing.
#2Consumer Comment
Mon, May 16, 2016
I will start out by saying that I have been a Scottrade customer for well over 10 years. When dealing with regular stock, when you place an order to buy or sell a listed stock your charged $7. each time. Now if you start trading other things then yes there are additional charges. For example, OTC-Pink sheets, their are additional charges. If theirs a restructuring then additional charges apply. If your account is set up to receive monthly invoices and paper account statements mailed to your residence then yes there are additional charges. If your trading options , yes, additional charges. Depending on what your trading strategy is would determine what your charges are. If you were just to trade listed stock (NASDAQ - NYSE) call the local branch and have them take off all the delivered mail. They will send it to your E Mail, after that's all fixed every time you place an order to either buy or sell its going to cost you $7.00 (so if you buy 20 shares of xyz for $5.00 each it's $100+$7=$107) for that transaction. It might seem like the fees are excessive but in all reality they aren't. If you hired a broker to place all your trades for you at the end of the day you would spend 5 to 10 times more in fees.
