Comments for indexfundfan @ indextown

Comment on Review of Wells Fargo’s free trade account application by Keith

Keith — Sat, 06 Jun 2009 01:13:34 +0000

I tried to set up a WellsTrade Account to roll over my 401K into an IRA. After two weeks of agony and tears I still do not have it set up. I am really disappointed because a really wanted to be able to take advantage of WellsTrade’s free ETF trades. But trying to sign up has been so painful i will gladly pay handsomely to vanguard or another outfit to avoid any further pain from Wells Fargo.

Two weeks ago I spent about 3 hours online trying to navigate Wells Fargo’s impossibly confusing website and after reading dozens of documents and webpages finally completed application for the WellsTrade account and PMA linked Checking & Savings accounts.

But for Wellstrade that is not enough - had to wait for them to send me a bunch more documents in the mail - which I finally received yesterday- another 2 hours of reading & document signing.

Finally having my account number and password to go online - I can see checking and savings - but no Wellstrade account! After calling Wells Fargo they were able to get my brokerage account on screen…

but it just says “brokerage” - no indication if it is correctly the “wellstrade IRA” type of account I was trying to sign up for. The brokerage screen did have a link to ‘retirement planning” so followed that - then it asks me to sign on (which is strange since I was signed on already)- but my logon (which just worked an hour ago) no longer works! The logon screen gave me a number to call with difficulties logging on so I called that number…

After speaking with the Wells Fargo rep for a few minutes we determined that he was in the wrong department to help me with a wellstrade IRA, so transferred me to another department….

After speaking with another Wells Fargo rep for a few minutes she indicated that she had nothing to do with wellstrade IRA and transferred be to another number…..

That number led me to a computerized set of options - none of which had anything to do with my problem - and no option to actually speak with a real person…..

No now I am done. i can’t take it anymore. I will now attempt to close the brokerage, savings and checking account I just opened and hope closing the accounts is not as painful as trying to set them up in the first place!

Comment on A closer look at Powershare’s Listed Private Equity ETF by free psp go

free psp go — Wed, 03 Jun 2009 16:06:31 +0000

great blog and theme did you design this or was it a free theme?

Comment on Taxable investment-grade bond ETFs by John

John — Tue, 02 Jun 2009 02:31:25 +0000

Are these corporate or federal bonds? And are they better after tax wise vs. municipal bonds?

Comment on Don’t be too quick to fleece the wealthy by Mike

Mike — Sun, 31 May 2009 15:57:50 +0000

Yeah.. remember John Galt.

Comment on Wells Fargo “closed” my PMA account by tracey davis

tracey davis — Fri, 22 May 2009 01:07:09 +0000

my grandfather started me an account that i wasnt supposed to touch until i gradutated well i went there a few days after graduation and they said it went dormant do to no activity well dont people put money in the bank to accure. well we didnt know it had to be m3ssed and my car is gone/ but in accualiuty who are u to just give peoples stuff/

Comment on Brokers With Lowest Margin Interest Rates by indexfundfan

indexfundfan — Tue, 12 May 2009 05:15:10 +0000

Thanks Loi. I do read your blog too.

Comment on Brokers With Lowest Margin Interest Rates by Loi Tran

Loi Tran — Tue, 12 May 2009 03:31:30 +0000

Thank you for your analysis. I am going to open a Wells Trade account today. I did research similar to yours trying to find out the lowest margin rates. Keep up the good work.

Comment on Flexible spending account : which income earner should contribute? by JN

JN — Mon, 11 May 2009 19:31:21 +0000

Thanks! This helps. And right, i forgot the medicare tax has no cap.

Comment on Flexible spending account : which income earner should contribute? by indexfundfan

indexfundfan — Mon, 11 May 2009 17:41:50 +0000

JN, yes, for medical/dental insurance, the same argument applies.

Any premium you paid would reduce your income that is subject to social security tax.

There is no advantage with regards to medicare tax though since there is no income cap for med tax.

Comment on Flexible spending account : which income earner should contribute? by JN

JN — Mon, 11 May 2009 16:34:34 +0000

This is a very good topic — and probably missed by many people. Thanks for your input!

per the same argument, does it make sense to sign up the whole family’s medical/dental insurance with the lower income earner’s plan (provided the two plans are similar in premium and service coverage) in order to save on SS and MedCare tax?

Comment on Brokers With Lowest Margin Interest Rates by Tom

Tom — Sat, 09 May 2009 21:13:36 +0000

Hmm playing with margin is almost like playing with fire. You can make more $$$ but can get burnt also.

Comment on Tradeking is holding my money hostage by indexfundfan

indexfundfan — Mon, 04 May 2009 13:34:21 +0000

jh, yes, I received back my shares/funds. See

http://www.indextown.com/archives/2009/02/26/tradeking-releases-my-shares/

Comment on Tradeking is holding my money hostage by jh

jh — Mon, 04 May 2009 08:38:32 +0000

Its now been acouple months, did you get your money back?

Comment on Higher new fees at Tradeking by Wilton

Wilton — Sun, 19 Apr 2009 05:08:13 +0000

I totally agree. I’m more interested in the Margin rates

—————————————————–

Long Stock: Equities between $3.00 and $6.00

Initial and Maintenance:
50% of Purchase Price
Long Stock: Equities above $6.00

Initial:
50% of the purchase

Maintenance:
30% of current market value (65% for concentrated accounts, when one security constitutes 50% or more of the account market value).
Short Stock: Equities below $5.00

Initial and Maintenance:
The greater of: $2.50 per share

100% of the market value + sale proceeds

TradeKing does not allow new short positions on stocks below $3
Short Stock: Equities above $5.00

Initial:
The greater of: $5.00 per share or 50% of the market value + sale proceeds

Maintenance:
The greater of: $5.00 per share + 100% of current market value

40% of the position market value (65% for concentrated accounts) + 100% of current market value

—————————————————–

What does all that mean?

I must be reading it wrong because I feel those cost if I read it as I understand it sounds CRAZY!

-Wilton

e-mail me back and let me know what you think.

Comment on Cognitive Reflection Test by phil

phil — Wed, 08 Apr 2009 16:28:09 +0000

You can find a critic of the CRT here on Brain Gain Network

Comment on Investing resources by Best Forex Trading Software

Best Forex Trading Software — Tue, 07 Apr 2009 03:55:22 +0000

Nice looking blog. Which template are you using? Nice post as well!

Comment on Wells Fargo “closed” my PMA account by Nicky

Nicky — Fri, 03 Apr 2009 15:48:31 +0000

I selected not to receive checks when I applied for the account, anyway here we are 2 days after I posted and I have access to my checking account, I’m impressed with their customer service, all questions I ever had were answered either on the same day or next day by email, so I guess I’ll post back here about April 2010, but I’ll be reading for sure, great blog you have here, thanks.

Comment on Wells Fargo “closed” my PMA account by indexfundfan

indexfundfan — Thu, 02 Apr 2009 14:22:36 +0000

Nicky, if I remember correctly, the CSR told me last year that ACH or even billpay doesn’t count. Not sure if this has changed.

Now I make a deposit with the teller in the branch once in a while.

PS. The routing number is on your check.

Comment on Wells Fargo “closed” my PMA account by Nicky

Nicky — Thu, 02 Apr 2009 14:14:15 +0000

I guess I could ACH a small deposit once in a while, does anyone know from the routing #?

Thanks.

Comment on Wells Fargo “closed” my PMA account by indexfundfan

indexfundfan — Thu, 02 Apr 2009 14:01:33 +0000

Thanks Nicky. That’s good info to know! Maybe the trick is to change the phone number once every 11 months (swap between home phone / office phone / cell phone). LOL.