Comments on: ShareBuilder to Zecco: The Surprises

By: » Weekly Roundup - Night on the Town Edition @ fivecentnickel.com

Thu, 24 Jul 2008 18:19:20 +0000

[...] talks about some of the differences between Sharebuilder and Zecco. If you’ve never heard of the latter, be sure to check out Jim’s article on whether or [...]

By: ShareBuilder Account Transfer Completed | The Sun’s Financial Diary | A Personal Finance Blog on Saving and Investing

Thu, 19 Jul 2007 13:39:47 +0000

[...] told me the transfer could be completed in 30 days. Now, in less than a week since I got the last update, it’s [...]

By: MoneyNing

MoneyNing — Tue, 17 Jul 2007 04:04:33 +0000

You probably need to ask whether they will report this as a real SELL meaning you have to pay capital gains on it as transfers should not be a “sell” followed by a “buy”. If it was, you could’ve done that yourself saving so much more hassle.

By: The Sunday Review #29

The Sunday Review #29 — Sun, 15 Jul 2007 17:42:48 +0000

[...] ShareBuilder to Zecco: The Surprises by Sun @ The Sun’s Financial Diary. [...]

By: Sales Tax Breaks For Back-To-School Shopping, American Express Rewards: The Roundup » Money and Personal Finance Blog In Silicon Valley

Sun, 15 Jul 2007 13:53:51 +0000

[...] Sun’s Financial Diary: Sharebuilder To Zecco, The Surprises – Sun is trying to move his Sharebuilder funds over to Zecco and is happy with the progress so [...]

By: Sun

Sun — Sat, 14 Jul 2007 23:40:57 +0000

Brip Blap: Yes, if you don’t trade very often, or invest in a large lump sum instead of building the portfolio with a small amount at a time, then paying $6 or $7 commission per trade isn’t really a big deal. For that reason, I also keep my Scottrade account where I pay $7 to buy/sell a stock.

Artie, Drew: I don’t think that’s the case!

Since the $50 account transfer fee covers the cost of liquidating partial shares, you don’t need to pay extra (such as the $15.95 regular commission) for letting ShareBuilder sell your partial shares if you want to transfer your account out. I believe this only applies to account transfer. If you just want to sell some shares, whether they are partial shares or whole shares, I think you do have to pay commissions.

However, I never talked with ShareBuilder regarding selling partial shares, I could be wrong. If that’s the case, then it’s really out of ordinary.

By: drew

drew — Sat, 14 Jul 2007 22:42:43 +0000

Artie,

ShareBuilder never charges for the sale of partial shares?!

So I could sell a few of my partial shares (In order to make a little money and round my holdings to whole numbers) and not get charged for the transaction?

That would be awesome. I’m curious how this would prevent someone from SLOWLY liquidating their assests by selling only partial shares…

Regards,
Drew

By: Artie

Artie — Fri, 13 Jul 2007 17:04:36 +0000

Sun-
Good posting. I bet Sharebuilder is pretty sad to see you go and lose your $11 worth of PFM. I talked with them and it turns out they never charge for partial share sales, so not sure it was anything outside the ordinary. Anyway congrats- Zecco ought to be very happy to pick up an astute investor!
cheers,
Artie

By: aschmuck

aschmuck — Fri, 13 Jul 2007 06:14:51 +0000

Thanks for the update. I may have to take another look at transferring over to zecco.

By: Drew

Drew — Thu, 12 Jul 2007 18:41:54 +0000

Congrats Sun! Good to see that you have made it out without having to pay for the partial share liquidations.

So basically, to transfer from ShareBuilder to Zecco, one needs around $50 dollars, tolerate a mountain of paperwork, and have a great deal of patience?

I’m still unsure if transfering a small account would be worth while, but then again, to sell on ShareBuilder is $15.95. If I sold 8 of my stocks, I lose over $120. If I transferred my entire account to Zecco, I only lose $50. I think I may be better off making the switch…

By: Brip Blap

Brip Blap — Thu, 12 Jul 2007 16:02:55 +0000

Don’t you find a little scary how haphazard this process is? I have had mixed dealings with Sharebuilder, but after my last experience moving stocks around (you haven’t had fun until you’ve tried to send actual certificates into Sharebuilder) I think I will leave them alone. It seems like a real headache dealing with all of these super-low/no cost brokerages. Since I don’t trade frequently I’m OK with my $7.99 trades at Ameritrade and probably will keep most of my activity there in the future.

Btw, I got charged by a bank for the medallion guarantee since I wasn’t a customer of theirs (a branch of my bank wasn’t near my client workplace and I had to get there in business hours). So be glad you tiptoed around that requirement!

By: Richard

Richard — Thu, 12 Jul 2007 15:47:26 +0000

This is true… the $50 transfer out fee covers EVERYTHING (transfers + liquidating partial shares, etc). And yes, Sharebuilder does say on its site that it requires that Medallion stamp.

Aside from the fact that it took about 3 weeks or so to complete, I had no problems with my move from Sharebuilder to Zecco.

The only one thing that I don’t like though, is that Zecco doesn’t show your P/L ratio properly for shares brought in. They’ll be shown as bought @ $0, so your P/L ratio is sky high for those shares.