Moving from ShareBuilder to Zecco
This isn’t exactly the kind of simplifications I have planed to make as I also opened an new account, but today I sent out the paperwork to move the assets in my ShareBuilder account to Zecco.
I have used ShareBuilder for a little over a year and every month I transfered $200 to the account to buy PowerShares Dividend Achievers (PFM). The reason for me to open the account in the first place was their relatively low commission ($4 per trading and a 25% rebate through my Costco membership) and their sign up bonus (I ended up having three ShareBuilder accounts with a total of $175 free money). But I really don’t like the idea of being forced to invest on a fixed time of the month (though I buy most of my mutual funds on the 5th of the month, I can choose other time if I want). What bothers me the most is the longest investing period is one month. If I have to pay commission for each trading, I prefer to make one trade every quarter of $600 instead of $200 every month.
Though so far I made only one trade with Zecco and the experience wasn’t perfect, I am quite happy with the money I saved on commission. For stocks like PFM that I am still building my position with frequent small amount investments, the fees saved are significant.
Zecco provides an account transfer form to transfer accounts to Zecco. In addition to information such as title of the account and account number, it asks for ShareBuilder’s broker clearing number, which is 0443 which I had to call ShareBuilder to obtain. ShareBuilder’s website doesn’t list the company’s mailing address, but it’s available at Fool.com. Zecco accepts faxed account transfer form to get the process started, but they will need the form to be mailed to them as well.
According to Zecco, the whole transfer process could take up to 20 business days to complete. Hopefully, I don’t have to go through the lengthy delay when I moved my Roth IRA account from Scottrade to Vanguard.
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