Monday, February 27, 2006

A new way to funding your Scottrade account

When I am doing online banking, I like to study the new features or new programs offered by the financial institutions to keep myself updated about the deals. Today, just as usual, after I scheduled a bank-to-bank transfer from my linked account to HSBC, I started to browse the website. First I tried to search several banks and to see if there are participating in the cashedge system. Then I found that there was a tab for me to link the investment account. And scottrade is one of the brokerage firms listed.

As you may know, back to November 2005, scottrade stopped its echeck service due to some security issues. It became a hassle to add more money to my brokerage account. I have been trying hard to find an alternative way to fund my account recently. I just felt surprised that I didn't find this feature last time I logged on.

I was so excited that I wanted to set up the transfer immediately. So I clicked the link and wanted to see how it works. To verify the account information, I was required to provide my account number and my check number. I never got a check from scottrade. Is it a new service? I felt so curious and went to scottrade to continue my research.

Okay. I found the trick. Check writing capabilities are available for account with a minimum account equity of $5,000 in scottrade . And the first 50 checks are free. With this service, it would be much easier to deposit to or withdraw funds from my brokerage account.

I will fax the relevant forms to scottrade tomorrow and report my experience when I finish transferring funds between HSBC and scottrade.

Also scottrade currently offers a referral program. If you would like to open an account there, leave your email address and I can send you a referral code. That way both you and I will get 3 free trades.

3 Comments:

At 9:56 PM, Blogger Mike said...

So I have Scottrade, but I don't have $5000 in my account? Does this mean I can't do this or what?

 
At 10:50 PM, Blogger circle said...

I think the minimum requirement is $5000 in equity. You can log in your account, then go to my account--deposit&withdrawls--withdrawls, then you will see the details.

 
At 6:37 PM, Anonymous Matt said...

Thanks for the info, I was looking for the same trick. Do you think it's still possible to get you the referrer bonus after I've already signed up?

 

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