Is this allowed?

Discussion in 'Retail Brokers' started by R33C0, May 23, 2020.

  1. R33C0

    R33C0

    Sorry, I should have made my 1st post a little bit clearer.



    Two weeks ago I opened a new account of $2000 and before I made any trades I decided I don’t like the platform.

    I requested a full withdrawal in check (free) but they had an excuse (can’t remember; something to do with covid-19) and it came wire ($15).

    The $15 fee for wire, and the $1936 return are 2 (two) separate entries on my bank statement.

    I called them, but their office is closed today.



    My question is, are they allowed to take $64 without a reason?
     
    Last edited: May 23, 2020
    #11     May 23, 2020

    • No doubt it is in the fine print.
    • You closed the account too early.
     
    #12     May 23, 2020
  2. wrbtrader

    wrbtrader

    Come on...name the broker (they are not going to come knocking on your door) ?

    If you've used any real time data for the platform (even if no trades were placed)...they could have charged you a fee for such.

    wrbtrader
     
    #13     May 23, 2020
  3. Overnight

    Overnight

    Not to be harsh, but you've already made an ass out of yourself by panicking about a piddly amount and asking the question here, on a weekend, while trying to call your broker on a weekend. A Saturday.

    Dude, just wait until Monday, (or Tuesday if it is a US broker, assuming they are closed for the holiday), and ask the broker directly. If there was an error, they'll correct it. If not, they'll explain it to you. Good grief.
     
    #14     May 23, 2020
  4. R33C0

    R33C0

    OK, now I know what happened. (I’m a new trader and am learning things.) I emailed and they replied:

    "Thank you for your inquiry, however 25.00 is for the inactivity fee, 9.00 for the market data & 30.00 for the wiring fee by the bank."

    Thank you all for replies.
     
    #15     May 25, 2020
  5. Link accounts - most brokers do it, and if they don't, then they're probably pretty lame or illegit.
     
    #16     May 30, 2020