Zecco Eliminates Paperwork in Account Application

I got an email a couple of days ago from Zecco [Affiliate link] about their new online account application process which eliminates all the paperwork for accounts opened after May 10, 2007. Here’s the section from their FAQs page regarding the e-signature account application:

I signed the online application form electronically. Do I need to mail or fax a hardcopy of the application documents too?

If you applied for an Individual or Joint account on or after Thursday, May 10th, and you have a US Social Security Number, you’re all set. However, if you either:

• applied prior to Thursday, May 10th for any account
• applied on or after May 10th, but you were asked to mail your documents
• applied for an IRA account
• do not have a US Social Security number:

please provide your required paperwork:

1. Fax (909) 657-6638 or e-mail us copies of your required documents.
2. Also, you’ll need to print, sign and send the original required documents to Zecco Trading, P.O. Box 4328, Ontario, CA 91761.

Note: your account will be suspended if you do not send the original signed paperwork.

• E-mail me a copy of my application
• Mail me a copy of my application

I applied for an Individual Account (or a Joint Account) prior to May 10th. Do I need to send the required documents?

Yes. Please:

1. fax (909) 657-6638 or e-mail us copies of your required documents.
2. also, you’ll need to print, sign and send the original required documents to Zecco Trading, P.O. Box 4328, Ontario, CA 91761.

Note: your account will be suspended if you do not send the original signed paperwork.

• E-mail me a copy of my application
• Mail me a copy of my application

The change will definitely speed up the account application process as I heard they got plenty of orders before the tax day. On the other hand, it’s still showing on their website a minimum of $2,500 for opening an account. I am wondering if last month’s promotion ($1,000 minimum) has expired or not (Edit: Just confirmed with Zecco that the promotion has expired and the account minimum now remains at $2,500).

I still haven’t made up my mind whether to get an account myself because I don’t trade a lot now. The $7 commission at Scottrade ($6.95 at Firstrade) isn’t really such a big deal if I only buy a couple times a year. Firstrade now becomes my main brokerage when making new purchase because Scottrade doesn’t have dividend reinvestment service.