I recently signed up for WellsTrade with PMA checking. If you have more than 25K, I think the deal Wells Trade offers is hard to beat.
Here’s a short list of things I like:
Instant money transfers
When I was Fidelity, before I could make a trade, I have to initiate a money transfer, wait for 5 days and then I was allowed to execute a trade. I’m no day trader, but 5 days is a long time. With Wells Trade, the money transfer is almost instant even if you have linked an external bank account and not to a Wells Fargo account. (I believe they let you trade even before the money is transferred). And you can start trading right away. I haven’t seen this with other brokers except Scottrade.
You can keep dividends in a separate account
I don’t do automatic dividend re-investment just to avoid the tax hassle. See when you get dividends you are taxed. When you sell the re-invested stock, you are taxed again. It is upto you to figure out the correct cost basis. With WT, I can set up a separate bank account (I use a supplemental savings account with ACU similar to a sub-account in ING) to accumulate all dividends. Nice way of tracking what your dividend income is!
100 Free trades!
Trade execution is almost instantaneous. Though during the May flash crash many reported that the site was unusable. But then that was true with the majority of the brokers.
Fast customer support
Wells Fargo’s customer support is top notch. They are polite, fast and local.
Pick your un-invested cash sweep!
Wells Fargo let’s you decide what to do with un-invested cash lying around in your brokerage. By default, it goes to a Wells Fargo cash sweep, but if you like it can be moved to any bank account of your choice daily or monthly! I intend to move it to Alliant which pays a healthy 1.50% interest.
Free checks for life!
I don’t intend to use Wells Fargo’s checking account, but it is good to know that I can order free checks for life!
Again, I don’t use Bill Pay, but it is feature that is free with PMA checking. You have to sign up though.
Now there are a ton of things I don’t like about Wells Trade, but that’s for another post!