People are morons...
So as many of you know, I'm way into this whole investing and stock market bit. I'd be more into it, but hey, I'm kind of broke at the moment and just playing with money I already had invested. So a few weeks ago I sold some stock to buy stock in another company. Since I manage all my stock and don't bother keeping it with a broker, selling it wasn't a problem, but to buy the new stock I had to go through a borkerage. I was told that TD Waterhouse would serve what I needed, open an account, buy the stock, and have the account automatically closed as soon as I recieved the stock certificate. I get the stock certificate, they stop mailing me ten things a day, and I figure everything is all honky dory.
But no, oh no, those sneaky bastards tricked me. As I was going threough old bank statements to chuck tonight, I came across something from TD Waterhouse that had somehow slipped through the cracks. It turns out that what I thought I was paying as a $50 transaction fee wasn't quite that...the original price included the transaction fee, and somehow another $50 got tacked onto that. So now, TD Waterhouse has set up a money market acount for $50 in my name. How, I don't know, but I do know that I'm going to march on down there and get my freaking money.
Stupid people trying to get my money from me.
Oh, and if you're wondering why I'm so against keeping an account with them, or with any broker for that matter, I don't like paying money to invest money. All the stocks I own are direct invest, so I can write a check for however much I want and get exactly that much worth of stock...paying brokers fees sucks and paying them for the privelege of me having an account with them (and it's not cheap folks) isn't really what I want. Sure, if I have $25,000 with them they waive all the fees, but still, assuming I had that much (and I'm failry certain that I don't) that I wanted to keep with them, one bad day on Wall Street could cost me a hell of a lot of money, not jsut from falling stock prices but from the fees I would then incur from being below the $25,000 mark. No thanks. I'm happy doing it myself for free.
But no, oh no, those sneaky bastards tricked me. As I was going threough old bank statements to chuck tonight, I came across something from TD Waterhouse that had somehow slipped through the cracks. It turns out that what I thought I was paying as a $50 transaction fee wasn't quite that...the original price included the transaction fee, and somehow another $50 got tacked onto that. So now, TD Waterhouse has set up a money market acount for $50 in my name. How, I don't know, but I do know that I'm going to march on down there and get my freaking money.
Stupid people trying to get my money from me.
Oh, and if you're wondering why I'm so against keeping an account with them, or with any broker for that matter, I don't like paying money to invest money. All the stocks I own are direct invest, so I can write a check for however much I want and get exactly that much worth of stock...paying brokers fees sucks and paying them for the privelege of me having an account with them (and it's not cheap folks) isn't really what I want. Sure, if I have $25,000 with them they waive all the fees, but still, assuming I had that much (and I'm failry certain that I don't) that I wanted to keep with them, one bad day on Wall Street could cost me a hell of a lot of money, not jsut from falling stock prices but from the fees I would then incur from being below the $25,000 mark. No thanks. I'm happy doing it myself for free.