Wells Fargo Online Brokerage – not good for small time investors
Posted on | September 14, 2009 | No Comments
Because I happen to have an account with a large balance, I was invited to get Wells Fargo’s online brokerage with the lure of 100 free trades. Sounds great right. Here’s the catch. You have to have a minimum deposit of $25,000. And they charge an IRA fee. And they charge a penny stock penalty. I learned much of this downside later. What deterred me was ultimately their incredibly poor customer service and the extreme difficulty of establishing the account. In a nutshell, I tried to establish the account online. No go. They had to send me a package (not figurative) that I had to wade through, sign and return. I sent back the forms and then called after a week. They still had not processed my forms. Another week, they still had not processed my paperwork. After another couple of weeks passed I called again and the customer service said the account was set up, but now it had to be funded. And you can probably guess where this is going, they needed to send me some more forms to sign and return. I canceled the account at that point. Free is only useful if you can use it.
To be clear. This was all related to their online brokerage. I did not attempt to use their traditional brokerage. But why would I?
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