Broker and Brokerage Information Exchange

We have lots (a really lot) of messaging that deals with various brokers and what is allowed/not allowed by them in terms of buying/selling new issues on the Over The Counter (OTC) markets and many other issues.

For instance some brokers allow pretty much any transaction. I personally like eTrade as I have never had a trade rejected by them–while I have an account with Fidelity it restricts my ability to buy Fixed-to-Floating rate issues.

This area is for an exchange of information on all the various brokers–good, bad and otherwise.

Like all the various discussion pages if folks could ‘stay to topic’ the page will be more valuable to all, but staying to point.

If you want to start a new thread go to the bottom of the page and do a comment–instead of a reply.

530 thoughts on “Broker and Brokerage Information Exchange”

  1. In case anyone else is doing their taxes, check your 1099’s for the right qualified status.
    See this comment over in reader initiated alerts

    https://innovativeincomeinvestor.com/reader-initiated-alerts/comment-page-14/#comment-112546

    A few thoughts on this:
    You will likely get better results if you complain about the 1099 statement when it comes than complaining when it originally pays.

    Secondly, not all broker’s fix everyone, so you may see that the account you complained about gets fixed, but another account with the same security does not. (whether you tell them all accounts, or just say, “this is held by close to a dozen of my family members, so if you just fix mine, expect 10 more phone calls about it)

  2. Hi Zwei,

    Once logged in ME, scroll all the way to the bottom and find in blue text and click on:
    Deposit Account & Money Fund Rates (PDF)
    The PDF that opens (in a new browser tab) conveys all your MM options with their respective 7-day yield. They are non-sweep funds.

    “Preferred Deposit” is at 4.92% today. It may require an initial $100K investment. It is FDIC-insured. Minimum subsequent deposit is $1K.

    The other one I use is TFDXX (5.20%).

    You have to do your own sweeps (transfers).

    MM transactions can be entered until 5 PM (same as bond market) and settle that “same” day. The system will not allow one to enter MM transactions prior to market open nor after 5 PM.

  3. I have an account at Merrill Edge. I need to move some cash to a money market fund since their sweep pays nothing. Which funds do Merrill allow you to cash out of without restrictions and fees? How long does it take for the withdrawal to clear for trading?

    1. I have a small account at Merrill Edge. Their cash account pays nothing, so its better to move to a MM fund within the account, and move funds to/from cash as and when needed.
      I use FISXX, which pays a reasonable interest. The timing has to be monitored to avoid margin interest being charged if one is late in moving funds.

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