wire transfer fees

Does anybody know of a way I can avoid paying $25 every time I want to transfer money from trading account to my bank?

I tend to take a draw every two weeks but man these fees add up!

Thanks and Happy New Year.

mjh

 

You have no control....it is a policy by your broker. but I suppose everything is negotiable...but this is a hard one to negotiate as it is not commission related and many will tell you they are simply passing along a cost that their bank charges, whether it is true or not.

However, Washington Mutual will let you SEND wires free...

In the days of ACH...this simply amazes me...Wires shall become obselete, but the system is still used according to WAMU.

Foreign countries and transfers will be the last to join the Global banking revolution...

 

Beware...WAMU has an incoming wire fee of 7 bucks!

Citibank online and Chase (the two largest banks in the world) have incoming and outgoing free! But you must search the internet for this...its hard to find the accounts.

Remember your broker can still charge...even if they are lieing about their internal banking relationships...

 

It's just another way for them to screw over the little guy, simply because they can.

 

With IB if you limit it to once a month it doesnt cost anything.

 

Options:

1. Change broker to one the charges less on wire fees and other account service fees.

2. Request money via check only or reduce the number of times you do wire transfers.

Mark

 

Commerce Bank has no fees on incoming wires.

 

With hard copy checks using the mail system ....there are security and float considerations that generally are not recommended for larger amounts...

 

here is a resource for Brokers that do not have the infrastructure for ACH...


http://www.bpsaccount.com/

 

Many different delivery services offers better security and faster delivery than the regular mail system...

Most brokerage will send a check via special delivery.

However, don't get the most expensive delivery service (next day delivery) or else its going to cost just as much as his current $25 dollar wire transfer fee.

Heck, if his brokerage has an office within driving distance (within one hour) of where he lives...

He can just drive there and pick up his check.



Yet, I do agree with you...there are possible security issues with sending a check via regular mail especially if the brokerage sends it improperly (check being visable when the envelope is held up to a light or sent in a way that its obvious there's a check inside the envelope).

Mark