Once again - execution at WellsTrade is "one penny short" - literally.

I run an experiment today - put a limit sell order for $6.26 for the same security at WT, Etrade and IB ; same 1000 size.
Security is highly liquid, 43+ millions traded today.

I've got lucky and picked the exact daily top.
Well, trade executed at Etrade and IB, expired at WT.

Here goes the free trade: I'm sure it would've executed at $6.25, costing me $10; so it's a wash Etrade vs WT

IB still comes ahead, but I can't rely on them 100% sitting behind a tricky firewall.

TThis is why I believe this account is great for asset allocating long term investors, and is a poor choice for security selecting, market timing traders. I've learned my lesson, I'm not good at trading or market timing, so I stay as close to fully invested at all times as possible. In some sense then, the poor cash sweep option 'forces my hand' into putting the blinders on and sticking it out for the long term. Agree.

neophyte said:Once again - execution at WellsTrade is "one penny short" - literally.

I run an experiment today - put a limit sell order for $6.26 for the same security at WT, Etrade and IB ; same 1000 size.
Security is highly liquid, 43+ millions traded today.

I've got lucky and picked the exact daily top.
Well, trade executed at Etrade and IB, expired at WT.
Same experience here: same limit buy order executed at Ameritrade, but not at WellsTrade (100/yr) or Bank of America (30/mo). Plus, there are no real time quotes!

hppichardo said: Am I misunderstanding something or do these two pages list different fees for PMA linked WellsTrade accounts? If so, which is the correct one? Your second link is outdated; in February 2007 the new PMA pricing scheme was rolled out. There's no $250k requirement to obtain commission-free equity trades.

This 1 penny scam takes the cake! I knew there was something that had to give unfortunately I already did an ACAT from TD I should of left my long positions there since we still had Apex privilages ugh

psychtobe said:jm5chn said:psychtobe said:I saw this ad last night in this month's Money magazine. Good find OP. I am viscerally opposed to Wells Fargo because of my horrible banking experience as a college student (charged me fees and STILL charged me additional fees if I wanted to use a teller. Talk about feeling like a no-good pathetic low-life! I switched to my credit union and never looked back. anyway, maybe the joke's on them - I now have a more measurable net worth and get frankly nauseated when I hear the words "wells Fargo." Lost customer for life). but hopefully others will find this helpful.

Banks charge for talking to a teller?! hmm, maybe it's a location thing but I have never heard of this in Orange County, CA.

this was from the early-mid 90s. I was at Stanford and I still remember that feeling when I slinked up to the on-campus branch. Like I said - lost customer for life. It was just insulting but being a teenager at the time, I took it lying down.

Exact same experience. Its been almost 20 years, although this offer is tempting, I am still wary about doing any business with Wells Fargo.

analytic168 said:ScootyPuffSr said:tooshy said:Why do you suspect the 100 free stock trades might go away? It seems to be the trend, lower trade fees and free trades. I have 3 IRAs with them, so if I'm wrong it will be expensive. Which is the reason I chose Wells Fargo instead of Zecco...the fees. At least at WF, the annual fees are waived.

Because it will be 40 years before I will retire, if then. I've seen so many credit card, banks, brokerages, etc go from having awesome, non-promotional, deals to being completely non-competitive in the span of 6 months to 2 years.

I think it is unrealistic to expect Wells Fargo to offer this for the next 40 years, yes?

I'll go with Wells Fargo eventually. I just don't want to risk my IRA over it. I'll just wait until I build up enough "speculation money" to do the $25,000 entirely with a taxable account.

Hi I just discovered the WF PMA deal and these forums.

I think a hidden but potentially significant long-term concern with these deals is going to be "lock-in": The low-cost commission wars have begun, and eventually commissions everywhere will fall to $0. At that point, brokerages will fight outflows by increasing ACAT fees. It will be just like cell phone plans (gasp): $200 early termination fees etc.

I haven't opened my PMA account yet, but I'm strongly leaning towards it. I think Zecco will eventually turn out to be the real winner here, as they gain credibility over time. But I'm betting that WF's customer service will turn out to be better for now.

Regarding the account closing fees, we certainly can't predict the future. This in particular prevented me from moving my IRA just like Scooty talked about.

However, there are no account closure fees on the taxable accounts. Of course that could change at any time. The only catch is you have to liquidate all your investments and transfer them out as cash. If you transfer assets then you can be charged a fee.

At least that is my understanding from the CSR. I guess when the time comes to leave, I'll have to decide. But for my taxable account I feel like I've already saved close to a hundred in terms of saved commission costs and the fact that I could replace my higher expense index mutual funds with index ETFs.

If this lasts for a few years the closing cost would have to be mighty big to wipe out all those gains.

asdf9876 said:I like the idea of a external sweep account so the "cash core" is irrelevant. However, I did just buy some RMMXX (money market fund so I'm allowed to say it). It has an APY of ~5.20%. I did this for some short term cash and the fact that 5.20% is now higher than my external account.
Do you use up one of the 100 free transactions to purchase RMMXX? It doesn't appear that this is a NTF fund.

asdf9876 made good points - in the past month, I've made several very small equity purchases during the recent market downturn and have been very pleased. While I do not use Wells Fargo as my primary bank - my primary day-to-day transactional accounts are with credit unions - I've appreciated the Portfolio Management Account program for my two IRAs and long-term investments.

If Wells Fargo offered healthier rates for PMA Checking, or a high-yield savings similar to BofA's Affinity Savings accounts (i.e. "Defenders of Wildlife"), people like me might keep higher bank-account balances with them. The 1.73% rate on medium-balance PMA checking accounts isn't enormously attractive.

soi6 said:Interesting????? Looking at the Wells Trade listings of no transaction Russell funds RMMXX is not listed.

RMMXX is an institutional money market fund.

Can someone verify no commission will be charged under the PMA plan?

I think they might charge you a commission to purchase this fund. For example, none of the Vanguard money market funds are listed no load no transaction funds.

asdf9876 said:scanchain said:asdf9876 said:I like the idea of a external sweep account so the "cash core" is irrelevant. However, I did just buy some RMMXX (money market fund so I'm allowed to say it). It has an APY of ~5.20%. I did this for some short term cash and the fact that 5.20% is now higher than my external account.
Do you use up one of the 100 free transactions to purchase RMMXX? It doesn't appear that this is a NTF fund.

You are correct. Obviously I'll use up another one when I sell too. So I won't be making a habit out of doing this. But I'm only planning on using 26 buys a year, coinciding with my paycheck.

I found RMMXX on here but I also used Wells Fargo own "fund screener" and they listed it as the top yield with no minimum.

Also when I made the purchase it said, "estimated commission $0.00".

They will charge me a commission. Fortunately for me, my first 100 commissions are free.

So I will be charged $0.00