Scottrade MoneyDirect?

Question

I want to use Scottrade's MoneyDirect which lets we transfer money directly from a bank account to my brokerage account. Scottrade does not charge anything for this, but will my bank (Bank of America) charge me anything?

Answer 1

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Answer 2

Depends on the bank that you use and the type of money movement.

Most banks will provide this service at no cost to the customers it;s best to verify with the Bank itself. - just to play it safe.  As long as the bank does not wire money, or pay same day funds. there is usually no charge

Brokers very seldom charge for receiving money into customer accounts (unless there is a foreign money conversion),  on the out going side, payments are done without charge unless money is wired out and they pass on the bank's wire fee.

Answer 3

These are "ACH" transactions.  They're made every day and are very common. On a very rare occasion you may see a vendor charge $1 for an ACH..... but I've never seen a bank do it, certainly not Bank Of America.

Good luck with Scottrade. I used them for about five years. They're a good brokerage for the fairly experienced trader (not like Schwab or Fidelity which can cater to the new investor). The third step (after you graduate from Scottrade), would be ThinkOrSwim, Interactive Brokers or TradeStation.

Answer 4

Probably not.  Banks are accustomed to having debits made to customer accounts.  Such as automatic bill payments.  

If you want to be sure before signing up, call BofA.