Anyone looking to open a brokerage account?

[FilingOnMyOwn]

I know that a bk website is an unlikely place for this discussion, but here goes:

After researching all the online brokers, I chose scottrade as the best one. Only $500 required to open an account. Market as well as limit orders are only $7 a trade. They also have brick & mortar locations in most major us cities. If you are looking to open a stock account anytime soon, post your email here or pm it to me. If I refer you, then we both earn free trades on our accounts.

[copper2]

Thanks for the info on that - I've just read an interesting article about retirement planning: 4/5 have real estate and 1/5 has stocks and bonds. I have family members who have done very well with stock. Thanks for your info, I will check it out.

[DonalGraemeGG]

Did you have any problems opening an account? I understand that some brokerage firms refuse bankruptcies.

[FilingOnMyOwn]

Did you have any problems opening an account? I understand that some brokerage firms refuse bankruptcies.

No problems whatsoever. Scottrade is a discount broker, as are many others. Some brokerages require you to have a minimum 'net worth' requirement. Which is just stupid, and they are probably the ones who refuse bankruptcies. Anyways, if you want to sign up for scottrade, you'll have to give me your email addy so I can refer you and we can start getting free trades!

[scammer]

Did you have any problems opening an account? I understand that some brokerage firms refuse bankruptcies.

Not true, I am a broker, and own my investment firm, NASD laws prohibit against discriminating against someone like that, who told you that??

[FilingOnMyOwn]

Not true, I am a broker, and own my own investment firm, NASD laws against discriminating against someone, who told you that??

When I opened my scottrade account, it posted a hit on my credit report. If you are really a broker scammer, can you tell us why brokerages would pull personal credit reports of customers before giving them accounts, if its true that they can't discriminate?

[scammer]

When I opened my scottrade account, it posted a hit on my credit report. If you are really a broker scammer, can you tell us why brokerages would pull personal credit reports of customers before giving them accounts, if its true that they can't discriminate?

The whole brokerage industry changed after 9/11. There has been a NASD rule forever that is called "know your client". I am required to have a reasonable knowledge were the clients funds are coming from and make a determination of clients risk tolerance. The online firms have a tougher time with these questions because they can't get in front of you to take the application like I typically do. Thus they open themselves up to more risk, especially if your applying for a margin account. My GUESS would be that pulling a credit report is a means to help them gather information on you. My clearing firm that I use, does not pull a bureau. Remember the bad thing with ALL these brokerage firms including the clearing firm I use, is that the whole agreement is subject to arbitration rules. Most people have no clue what this means, this is mandated by NASD rules. The onlines have it tough, I heard Ameritrade is giving 50 free trades away for signing up??? Volume at the online firms are way down.

[hopenpray]

I hate to dredge up old threads, but this thread seemed appropriate rather than starting a new one.

I am 11 months into a 36 month CH 13. I have some money saved, and was considering opening a Scottrade account. Will this jeopardize my Ch 13, or cause it to be dismissed?

Ch 13 is so confusing. They tell you in the counseling how great it is, and the purpose is to get you on your feet, but then you read all the horror stories of heavy-handed trustees, dismissals, and the grim 70% failure rate of Ch 13 plans.

Edit: maybe this should be moved. I did not realize the area I posted in was non-bk.

[bcohen]

I am not sure what your question has to do with the original posting, and generally speaking it is not a good idea to "bump" an old thread unless you have some insight or additional information/question that matches the original problem being discussed. Your issue is probably best discussed in a new thread on the "Chapter 13" discussion board. One of the mods will probably be along soon to close off this thread since it's so old.

[Flamingo]

This thread is being closed because it is against forum rules to resurrect very old threads. To the OP please post your message in the Chapter 13 forum.