E-trade/ameritrade questions

Question

I think I want to start a etrade account but I have some concerns.

How do I put money in and take money out? Do I put an account number, like my checking account so I can move money in and out as I buy and sell?

Also, I have around 200 Shares of General Electric Stock, Will E-trade show that in my Portfolio on etrade or how do I make it show That I own that?

thank you

Answer 1

Do a little research on your online broker, I've used most trading sites except Zecco Trading since they nickle and dime you for services.  I've been most content with Scottrade.com.  You can electronically transfer fees from your checking account to your online trading account, within 1 business day, this is the fastest way.  Here are a couple things you can look at:  https://us.etrade.com/e/t/welcome/whycho...  also check this one:  https://www.scottrade.com/online_broker_...

As you can see, with Scottrade you only need $500 to open an account and trades are only $7, plus they have 363 branch locations nationwide, E-trade only has 28, click here to see if there's a location near you:  https://www.scottrade.com/online_brokera...

  I hope this information helps you out.  If you decide to go with Scottrade, you can get 3 Free Trades!  Simply open an Account on the Scottrade homepage.  Fill in your information on the Get Started page and when asked how you heard about Scottrade, select "Referred by a friend, relative, etc."  Enter HPVG1076 You'll see the free trades on the right side of your homepage after you sign up!  Good Luck!  Oh... I almost forgot, Scottrade does not charge to transfer stocks in our out!  Here is the link for that!  https://help.scottrade.com/Commissionsan... Library/Stock_Transfer_Fees.htm    They do have fees to transfer certificates out or re-register to a different name.  The link may appear a little weird, since I had to login to my scottrade account to find it, it was not available unless I signed in, good luck!

Answer 2

where are your shares now. if they are being held by your bank contact them and you can put them in your etrade once established. just go through the steps to set up on etrade . 3 days after you sell stocks you can either request a check mailed to you or they will wire it to your bank account in an hour(just costs bout $20 from your bank charges)

Answer 3

why use etrade or ameritrade??? i started with zecco.....still use it, still very happy. only ones with no fee for stock trades, and no minumums. all the others will charge you fees for trading, but compare and see for yourself!

http://friends.zecco.com/r/a7a2877caab81...

Answer 4

Hey Joe,

Discount brokerages make it pretty easy to transfer funds from your checking or savings account. They'll provide step-by-step instructions for setting everything up when you sign up for your account. If you're not internet savvy, it could still be a little confusing. No worries though, most of the major online brokerages have telephone reps that will walk you through everything over the phone.

I don't know if I'd start out with E*Trade though, you should probably learn a little more about various discount brokerages before you pick one. There's a great brokerage ranking and review at http://www.money-and-investing.com/Onlin...  

E*Trade is the biggest but they're only the best if you want to trade foreign stocks in foreign currency (they're the first to offer this service). If you're just looking to trade stocks, bonds and funds like the average investor, there are several better options.

If you're going to be trading mutual funds, go with Schwab.com, they have the largest selection of no-load no-fee funds which means you'll basically be trading for free. If you're going to be trading stocks it's kind of a tossup but I know that both Firstrade and Scottrade cater to beginners and offer some of the lowest transaction costs in the industry. If you think you'll need a lot of research and analysis horsepower from your discount brokerage, Ameritrade and Fidelity have AMAZING tools. Ameritrade offers many of Morningstar.

Sorry to throw so much information at you, let me sum this up... Read the reviews that I linked and then choose a brokerage that matches your trading goals and portfolio size.

Good luck! Post back here often so we can watch your progress, it's fun to watch someone on their wealth-building journey.

Cheers!

Odd Lot

Answer 5

All brokerage firms work basically the way,

If you want to deposit monies into your brokerage account you can have your banks wire the funds to the account at the firm, this will cost you money since the bank will charge for wiring funds.

You can send the firm a check, make sure your account number is on the check.

When you establish your account at the firm, they will ask how are you going to handle money movements.  Most firms will move money to cover all your account debits, while at the same time move all credits to your bank account

If you are holding stock and you want it show on your brokerage statement you must deliver the certificate to the brokerage firm, this is the only way the firm can indicate on your statement.

Answer 6

I've never used E-Trade or Ameritrade before but I'm pretty sure that all online discount brokers should be quite similar to each other.  I currently use Firstrade ( http://www.firstrade.com/ ) and it's very easy to transfer funds electronically through the ACH transfer system.

As for your question about your GE stock showing in your portfolio, in order for Etrade to know that you own it, you will need to transfer your funds from your previous account at whichever bank or brokerage that contains the GE stock.

I think you should reconsider your brokerage firm choice.  Etrade and Ameritrade are both a bit pricey.  Firstrade much cheaper than them as well as other big name brokerage firms.  I've been using them for years and have experienced no problems with them at all.