How To Withdraw Money From Scottrade Account
- Discount Stock Broker:
Withdraw money from Scottrade brokerage account is easy and there are many ways to do that. Among them, the fastest way is using the Scottrade check card or the writing a check to yourself, which are free if you have at least $5,000 in your account.
I just realized that I have never taken any money out of my Scottrade account, in nearly 9 years since becoming a customer in 2001. All I did in the past was adding more and more funds into the account and buying more and more stocks.
As I mentioned before Scottrade is my primary stock broker. Among all the discount brokers I am using, the Scottrade account is the largest, in both number of holdings and market value. In early 2009, I bought some stocks through Scottrade when the market was near multi-year low (now we can safely say that the stock market bottomed on March 9, 2009). Back then, I didn’t just buy stocks. I did some selling as well. However, the proceeds never left the account. Instead, the money was used to buy more shares because I wanted to take advantage of the opportunity that didn’t come around very often.
Unlike other stocks I acquired before, I didn’t have a long term plan for most, if not all, of the stocks purchased at that time. I wanted to make some quick money instead, for our next house we were planing to buy (ending up in Virginia was never in the plan though). After the 30% house down payment and a big tax bill that have already been paid and the house upgrade and furniture purchases on the way, our savings accounts will soon be very thin. The time to tap into the brokerage account to boost our savings accounts for other planned spending has finally come.
Late last week, I sold some stocks in my Scottrade account and withdrew the proceeds for the first time. The process is a little different than funding Scottrade account, which can be done with Money Direct, a tool that’s similar to ACH transfer. Scottrade does offer a few ways to move money out of the account, but direct account transfer, i.e., from broker account to bank account, is not one of them. To withdraw money, I can
- Request a check;
- Wire the money to bank account;
- Use a Scottrade check card or check.
The first method is free but takes the longest time, while the second method is the fastest, but there’s an extra fee ($20 outgoing wire) involved. The last method, which I wasn’t aware of until now, seems to be quite convenient, but it doesn’t come automatically. To use check writing or check card (free) to transfer money (account minimum of $5,000 is required), I has to apply to set it up by submitting an application form to Scottrade local office first. Once the application is approved, Scottrade will provide the first 50 checks for free. The process will take some time to complete, but it’s a one-time task.
I have submitted the form, now just wait for the check to come. Next time when I want to transfer money out of Scottrade account, I can just write a check to myself
BTW, if you are interested in getting a Scottrade brokerage account, here’s how you can get 3 commission free trades to begin with:
- Go to Scottrade.com
- Use the promotion code KGKP0724 to open an account (a minimum of $500 is required)
- Enjoy your commission free trades.
- $7 per trade
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