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.
Does anyone else have a problem with Schwab and dividends? They are often wrong in identifying whether dividends are qualified or not on my accounts. For example they treat CODI-A as not qualified and ATLCZ as qualified. Both are wrong. Maybe, they need a new magic 8 ball.
Per Schwab rep, there was a system update done last weekend; one may not see open orders that were entered over 14 days ago in Schwab website. Issue is only applicable to accounts accessible via Thinkorswim. All orders are visible in the ToS platform. They are working on resolving issue.
One should be able to see all open orders in Schwab website for accounts accessible through StreetSmartEdge.
Schwab – Schwab Reports Strong Net New Asset Growth. The Stock Is Rising according to Barrons – https://www.barrons.com/advisor/articles/charles-schwab-stock-price-net-new-assets-0e7cdf6e.
My question is how do they know they have net new assets when they can’t keep track of existing assets? Today at the end of the day when I log in to the website, it tells me my accounts are +6,661 on the day… When I check TOS it tells me overall P/L on the day is (-7,983). The website spits out a total value of my accounts, TOS does not….. So am I up or am I down? I’m sure not confident I or they know… So are Schwab’s Net New Assets REALLY up or are they down? Based on today and prior recent experiences, I sure wouldn’t bet they have their numbers right………… and I’m certainly not anywhere near a mentality of adding ANY net new asset to Schwab…..
2WR you think that is a problem? I don’t know if I am overdrawn on my MM trading account at Fido. It shows a total balance but says it can’t show the balance of funds not linked to open bids. I transferred money from another fund to cover just in case I am short.
Sounds like the opposite of the problem Schwab creates for all of us by not automatically transferring new cash to a MM…. I checked in this AM to see what dividends collected etcs and noticed sufficient amount to transfer out of cash into SWVXX. I checked again at the end of the day and discover they credited more from a called bond that I owned both there and at Fido… Fido credited the called issue first thing this morning if not earlier, but Schwab didn’t get around to it until some time late in the day and I didn’t check in early enough to catch it to begin the move process…. By doing this Schwab captures an extra day of paying no interest at my expense or is it two? Just minor aggravations that one occurs at Schwab but not elsewhere.
That’s why I’ve moved from Schwab to Fido. Everything works smoothly there. This is the 3rd time I’ve left Schwab in the last 40+ years. I hope this time’s a charm. I’m getting too old for it.
JMO
2WR, Fidelity “shadow posts” payouts to their account before the market opens. For example if you log into their website after last Friday at midnight, it showed most all of the dividends, interest and principal payments planned for today (Monday). If they do NOT receive the payment, they will reverse it before they close the books, say at 8PM Eastern. So you look at your account during regular trading hours and think you have the funds and do something like transferring them out, only to find out you created a margin balance. Which gets real interesting in non-margin accounts. And yes, it has happened to accounts we manage.
Schwab used to do the opposite. They waited until they got the funds from DTC into the account before posting it, sometimes after regular trading hours. I think they might have changed this year and seem to post a lot of payments earlier. I am not sure if they are shadow posting or actually improved the flow from DTC.
Camroc, Fidelity has a beyond belief, beyond third world problem with one of the accounts we manage. Can’t provide details, but everybody would be aghast. And we are not talking about a steak dinner or two. This account is substantial with dedicated private this and fancy that support supposedly.
Which makes me conclude that there are NO perfect brokerages. . .
2WR, On no day since my transfer from TDA, which was on May 10, has my Schwab balance been correct. Within minutes of the market close every day my account goes down by thousands, no matter what was profited that day. Some holdings get repriced at $0. It cannot seem to get some of the illiquid preferred’s proper market prices correct, especially after market close. For some reason, prices go haywire beginning at 4:00 pm eastern. My workflow is not affected as everything is kept track of via Excel spreadsheet, but it is pretty frustrating. that problem and the tardiness of funds from matured/called bonds and CDs are my biggest complaints about Schwab. Today was big maturity day for me, a CD and 2 Canadian bonds. I received the bond proceeds at 1:00 easter today and the CD a few hours after closing. The Bonds were called as of yesterday. Some instances are no matter as I haven’t dictated yet where the proceeds will go, but sometimes I have, and I’m sitting and waiting with the potential of missing out. Especially in the illiquid world I live in as opportunities often slip by pretty quick. All those words and I think, still, I like Schwab ok enough not to leave. Not exactly a vote of confidence I know, but I think it’s because I have that spreadsheet which holds my fire somewhat.
Oooooooooh, you used that word that is so scary to me – SPREADSHEET! lol
2WR, I am going to start a GoFundMe account to buy you and Grid PC’s with the latest version of Excel 365! I bet we can raise the money in a nanasecond!!!! Gonna be an adventure and you will become a spreadsheet guru to add to your bond guru designation!
Well gosh, Tex, I’m humbled by your willingness to pay it forward for poor old little me and Grid…. I can’t speak for him, though I suppose I could but I have my brand spanking new, fully up to date Excel 2016 MSO Version 2408 on my machine already…. And if I were to update (not upgrade imho) to a Win 11 machine, I’d have a brand spanking new, fully up to date version of Excel 365 thanks to your generosity and it would hold the same place of honor on my How-To-Do list as this version does………… I’ve always had Excel accessibility but Ive always found it as intimidating as calculus…. and snakes…..
2WR, you are set! You are better off with an older version of Excel instead of the latest. They keep adding more bells and whistles which 99% of folks never use that complicates things. From a functionality standpoint, maybe a 20 year old version of Excel is all you really need. Opening up modern versions of Excel and seeing a gazillion different boxes/clicks/menu choices is what scares a lot of people away. They mistakenly think they have to learn ALL of it to use Excel, which is not true.
And with 100% seriousness, since you are a) computer literate and b) understand bond math in and out, learning rudimentary Excel would be relatively easy. In one to two hours, you would be rocking along. It’s not like the earth would stop spinning if you made a mistake in Excel.
Only downside I can see is that if you get too proficient, they are going to call you out of retirement to work the muni desk again. Everybody on a bond desk has a Bloomberg and Excel running all the time. . . .