Ameritrade Starwood offer [Master Thread]
Apr 11, 2003, 6:38 pm
#16
Company Representative - Starwood
Join Date: Nov 2000
Location: Austin, Texas
Programs: Marriott Employee Level
Posts: 31,593
I would ask someone that knows:
http://www.ameritrade.com/index_contact_us.html
Sincerely,
William R. Sanders
Customer Service Coordinator
Starwood Preferred Services
[email protected]
http://www.ameritrade.com/index_contact_us.html
Sincerely,
William R. Sanders
Customer Service Coordinator
Starwood Preferred Services
[email protected]
Apr 12, 2003, 12:34 am
#17
Join Date: Jun 2002
Location: California
Posts: 264
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by ned:
If you just move cash in and take it out later what is the fee? Usually there is a fee for closing an account but I did not see a specific fee for closing an account shown on the web site.</font>
If you just move cash in and take it out later what is the fee? Usually there is a fee for closing an account but I did not see a specific fee for closing an account shown on the web site.</font>
--ss
Apr 12, 2003, 1:08 am
#18
Join Date: Apr 1999
Location: Philippines
Programs: CebGo 5J, Hilton Diamond, IHG Platinum, Alaska 100K
Posts: 4,696
anyone know off-hand what the interest rate is for cash?
Apr 12, 2003, 8:11 am
#19
Join Date: May 1998
Posts: 6,790
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by davistev:
anyone know off-hand what the interest rate is for cash?</font>
anyone know off-hand what the interest rate is for cash?</font>
You also get charged $50 to close your account.
So, figure in the lost opportunity costs (i.e., what you could get for that $20K in a "real" savings account) as well as the closing fee in figuring out what the 20K Starpoints/25K miles "cost".
If you put in securities, already invested, then the "cost" would be closer to the cost of transferring them in (from your current broker - usually a $25 or so fee) and the cost of closing the account afterward (as I said, currently $50) or $75 - $100 for 20K Starpoints or 25K miles.
Apr 12, 2003, 6:56 pm
#20
A FlyerTalk Posting Legend
Join Date: Feb 2000
Location: Cambridge
Posts: 63,631
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by Counsellor:
You also get charged $50 to close your account.</font>
You also get charged $50 to close your account.</font>
Apr 13, 2003, 8:51 am
#21
Join Date: Apr 1999
Location: California
Posts: 290
For the fees schedule for Ameritrade, see
http://www.ameritrade.com/services/i...tes_fees.fhtml
Transfer of Account
Outbound – Full non-IRA $50
Outbound – Partial or IRA $25
http://www.ameritrade.com/services/i...tes_fees.fhtml
Transfer of Account
Outbound – Full non-IRA $50
Outbound – Partial or IRA $25
Apr 13, 2003, 10:08 am
#22
A FlyerTalk Posting Legend
Join Date: Feb 2000
Location: Cambridge
Posts: 63,631
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by mkpkmp:
For the fees schedule for Ameritrade, see
http://www.ameritrade.com/services/i...tes_fees.fhtml
Transfer of Account
Outbound – Full non-IRA $50
Outbound – Partial or IRA $25
</font>
For the fees schedule for Ameritrade, see
http://www.ameritrade.com/services/i...tes_fees.fhtml
Transfer of Account
Outbound – Full non-IRA $50
Outbound – Partial or IRA $25
</font>
Since your account can't be fully liquid until you sell all of your positions (thus paying the trading fees), Ameritrade figures they already got paid. Transferring equities means they don't get paid trading fees, so I figure that's what the extra charge is all about.
Apr 13, 2003, 10:10 am
#23
Join Date: Jun 2001
Location: Santa Monica, CA, USA
Posts: 1,013
If all you have in an account is cash, I would think you would be able to withdraw the cash, perhaps leaving in a dollar, without actually closing the account.
Apr 13, 2003, 7:06 pm
#24
Join Date: Feb 2003
Location: Baltimore, MD, USA
Posts: 144
This $50 fee really is quite annoying. It seems Schwab charges $60 for the same. Hence to transfer funds from Schwab to Ameritrade and then somewhere else in 6 months adds up to $110. Talk about high ATM fees!
What's most annoying is the alternative is to have stock certs issued at $35 a pop (and a 30-45 day wait).
I might still go for this since Schwab has started charging $120/year in maintenance fees for accounts under $50k.
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View from seat 24E
What's most annoying is the alternative is to have stock certs issued at $35 a pop (and a 30-45 day wait).
I might still go for this since Schwab has started charging $120/year in maintenance fees for accounts under $50k.
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View from seat 24E
Apr 14, 2003, 2:33 pm
#25
Join Date: Jun 2001
Location: Santa Monica, CA, USA
Posts: 1,013
One thing to know about Ameritrade. If you keep cash, as has been mentioned here, you get just about nothing in interest.
However - if you 1) have over $5,000 in assets; and 2) over $2,000 in cash in the account - you can opt to put them into a money market fund - and as far as I can tell, the current yield is about 1.2%
Not much, but still a lot better than .10%
And it certainly isn't automatic, you need to get a form, fill it out and send it in. I had it emailed to me, so if you have trouble getting it I can email it to you.
However - if you 1) have over $5,000 in assets; and 2) over $2,000 in cash in the account - you can opt to put them into a money market fund - and as far as I can tell, the current yield is about 1.2%
Not much, but still a lot better than .10%
And it certainly isn't automatic, you need to get a form, fill it out and send it in. I had it emailed to me, so if you have trouble getting it I can email it to you.
Apr 14, 2003, 4:19 pm
#26
Join Date: Jan 2002
Location: Washington, DC, USA
Programs: UA MM, MB LifeTit
Posts: 1,830
To clear things up, I just closed my Ameritrade account and they charged $50, as expected. The caveat about their rate on cash is absolutely critical. If you're sending cash (yes, you can transfer assets from another brokerage) and you don't have any ideas about where to invest the funds, these are expensive points. But, it seems like a good deal if you have the funds invested. FYI, I got 25,000 UA miles for a $50,000 investment and the Starwood deal is definitely better. Shoulda, woulda, coulda.
Apr 15, 2003, 3:20 am
#27
Join Date: Jun 2002
Location: California
Posts: 264
Are you charged the $50 full transfer fee if you transfer out all securities but leave $1 in cash?
--ss
--ss
Apr 16, 2003, 11:00 am
#29
Join Date: Sep 2000
Programs: OnePass
Posts: 885
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by ss:
Are you charged the $50 full transfer fee if you transfer out all securities but leave $1 in cash?</font>
Are you charged the $50 full transfer fee if you transfer out all securities but leave $1 in cash?</font>
Apr 16, 2003, 11:08 am
#30
Join Date: Sep 2000
Programs: OnePass
Posts: 885
So if I understand this correctly -- one will get charged a $50 fee when closing the account only if they transfer securities out. But if one were to liquidate to cash first and then close the account, there is no fee.
Well, the next question I have, and one I couldn't find the answer to on Ameritrades non-client information, is do they have a program for purchasing mutual funds fee-free?
I figure I can move $10,000 in, get 10,000 StarPoints, invest the money in a free mutual fund to make some interest on my money (since their cash account rates are abysmal). Then, after 6 months, liquidate (for no charge) the mutual fund, and get out of Ameritrade. So does Ameritrade offer free mutual funds?
Well, the next question I have, and one I couldn't find the answer to on Ameritrades non-client information, is do they have a program for purchasing mutual funds fee-free?
I figure I can move $10,000 in, get 10,000 StarPoints, invest the money in a free mutual fund to make some interest on my money (since their cash account rates are abysmal). Then, after 6 months, liquidate (for no charge) the mutual fund, and get out of Ameritrade. So does Ameritrade offer free mutual funds?