When I was in the process of getting a Zecco trading account a couple of weeks ago, it really surprised me when Zecco took back the two small trial deposits from my checking account after the account verification process was completed. The total of 40 cents was nothing, but the action itself speaks more than the money involved: they care more about pennies here and there than impressing customers with some free money. Sure, it’s not my money to keep in the first place and, though not happy, I didn’t abandon or reduce usage of the account because they refused to spare 40 cents, but I still got a bad taste in my mouth.
Then this morning, Blunt Money also said a total of 29 cents were taken back by Ameritrade after the account was opened. So Zecco isn’t alone in that department. Now, I am wondering who else will take back trial deposits after account verifications. I have opened multiple accounts in the past two years with many using trial deposits instead of voided check for ownership verification, but none of the banks retract pennies and dimes. Could it be that the banks let me keep the free money, but brokerages take it back?
If you have similar experience, maybe you can share it with us here. So far we have
Washington Mutual: $1.04 (thanks James)
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