I have had an account at Scottrade for a few years now. I deposited a chunk of change, and traded on those funds and any dividends I earned. In fact, other than the initial deposit I may have made one other deposit over the years. I also have not had any reason to withdraw funds. I was playing stocks with money that if I lost I could live without. There was a period of time when my stock value was way down, but I seem to have turned a minor profit of the last few months.
So, with that in mind, I decided to withdraw some cash from that account and reduce my student load by a nice amount. And, much to my surprise, they couldn’t direct deposit my money. This company has direct access to my bank account to withdraw money for me to buy stocks, but if I want to cash out I have very limited options.
Option one was open up a new checking account with Scottrade so that I can transfer the money between my brokerage account and the new bank account. Why would I want that? I don’t want to withdraw money all that often. Second option was to wire money to myself, which I would be charged for. The third option was to have Scottrade send me a one-time check through the mail. Of course I took this option, but really? In this age, when you already have my information to take my money, you can’t redeposit it? Fine, send me the check though the United State Post Office, which I am saving a special blog for, idiots.
I am not closing my account with Scottrade. Other than this one issue, I have been very happy with them. Of course, one does not deal with many people when using Scottrade, you are your own broker.
Still, having to wait a few days for my money, when they really could have just re-deposited into my account is frustrating me. I just want to pay down my loan damn it.