Since we’re on this topic, I was also notified that brokerage firm Sharebuilder is raising their outbound account transfer fees in mid-June. The fee to transfer an entire account out to another broker will rise to $75 from $50. The fee for a partial transfer will then become $15 per security, with a $75 maximum. They are also lowering margin rates.
So if you’ve been thinking about moving somewhere else, now might be a good time. If you have a small balance, it might be best to simply sell all your positions, transfer the cash out, and close the account. I’ve been thinking about doing this to simplify things. Don’t forget to keep your trade information for tax filing later.
By Jonathan Ping | Investing | 5/19/09, 3:35am