Personal
Leaving Scottrade for Good Now, This is Why
Feb 12th
Ironic how my last blog was titled, “How Scottrade Won My Business Back“, but this time around, I’m definitely leaving Scottrade and no longer recommending it to others. More >
How Scottrade Won My Business Back
Jan 7th
About ten months ago I wrote a blog critical of Scottrade titled, The Reasons I’m Leaving Scottrade. Fast forward to today and I’m happy to report that Scottrade has been able to turn things around, at least from my perspective, and keep me as a customer. In my article I had outlined three key factors in my article regarding why I was leaving Scottrade:
- Lack of DRIPs
- Dissolution of FocusShares ETFs
- Check Writing Discontinued / Scottrade Bank Issue being forced on customers to withdraw funds via ACH
The Awesome New $5.99 LED Light Bulb for the Home
Aug 5th
So several weeks ago I was walking in Home Depot and came across the new Cree LED light bulbs and their incredible pricing… about $10 a bulb. I had been thinking about going LED for my home but the cost was still a bit prohibitive. All the other bulbs were running at least $20 each and with about 40 A19 bulbs (the regular ones) and 10 R30 (recessed lighting), it was going to be a major investment. When Cree partnered up with Home Depot to offer affordable LED bulbs in the 40W, 65W range and either warm 2700k or 5000k day light, I thought I found the ones. But then…
Deliberating My Scottrade Decision
May 1st
This past month I’ve been pondering my decision to leave Scottrade. I opened up an account with TradeKing (If you register for TradeKing through this link, we both get $50) mostly based on positive reviews about their customer service and their good pricing on trades and options. Now that my balances are higher, I’ve slowly been increasing my trading activity. I haven’t dived into option trading just yet but with regular trades at $5, I’ll be saving about 28.5% in transaction fees… not much if it’s only like two to three trades per month but my volume is heading towards the 10-20 trades range.
My Initial Reactions to TradeKing
Registering and signing up was easy as well as transferring funds via ACH. In fact, you don’t have to open a bank account with TradeKing to do ACH transfers (unlike Scottrade). So far, I spend most of my time in TradeKing Live. As I get a bit more free time, I’ll imagine that I’ll qualify for TradeKing Quotestream in the next couple of months or so. But for now, I have mixed feelings about TradeKing Live. TradeKing Live is an ajax based web application and although it seems to be live streamed data, I do get a slight feeling of sluggish responsiveness. Perhaps I’ve just really gotten used to Scottrader Streaming Quotes.
What Sways Me – Scottrader Streaming Quotes
I’ve really enjoyed using Scottrader Streaming Quotes. It’s a Java based application and it can be customized to a great degree plus it feels very responsive compared to TradeKing Live. I like the fact that I can pretty much do everything in Scottrader Streaming Quotes, including push updates on the latest headlines and being able to view tick-by-tick orders; something you can’t do in TradeKing Live (or at least I haven’t figured out how). TradeKing Quotestream may change this for me, but I won’t be able to take it for a test drive until I qualify for it with a minimum of 10 monthly trades.
So far, my disappointment with TradeKing Live in comparison to Scottrader Streaming Quotes is what’s swaying me to keep my account open at Scottrade for now. However, I’m still going to stick with TradeKing as well for their lower transaction fees. If I had all my trading funds and securities with Scottrade, I would qualify for ScottradeELITE and take that platform for a test drive but for now funds are split between TradeKing and Scottrade.
Summary
I’m currently staying with both, Scottrade and TradeKing. I’m envisioning using Scottrade for my long-term investments (although their lack of DRIP is still a big negative) and using TradeKing for my short-term stock/option trading.
On a side note and in full fairness, Scottrade did email me with a correction and notified me that I will be keeping my ACH withdrawals. I do not have to open a Scottrade Bank account to simply do ACH withdrawals… so that’s a big plus that has helped me sway my position as well.
Give Scottrade a spin and with my referral code, get 3 free trades:
The Reasons I’m Leaving Scottrade
Mar 19th
So it seems my recent blog, Scottrade is Forcing Customers to Use Scottrade Bank, has gathered quite a bit of interest from friends, colleagues, readers, and especially Scottrade. Since posting my blog on March 15, 2013, I’ve been contacted by Scottrade via phone by the local branch manager and via Twitter by what I’m assuming is Scottrade’s PR department/agency. In fact, Scottrade has also followed me on Twitter.
Now that I’ve gathered such attention from Scottrade, I feel I need to expand upon my reasons for leaving in hopes that my criticisms and feedback can be taken constructively and used to improve the experience of existing and future customers. More >
Scottrade is Forcing Customers to Use Scottrade Bank
Mar 15th
A couple of days ago I received an email from Scottrade notifying me that my check writing privileges for my brokerage account were being terminated due to inactivity for over a year. They nicely recommend that I open a Scottrade Bank Account instead. Ironically, I just recently signed up for check writing privileges about two months ago and have actually used it.
What the local branch says
I called my local branch office to see what the deal was. I was informed by the local representative at the branch that Scottrade is actually phasing out and cancelling all debit/check cards and check writing privileges for their brokerage accounts. Not quite the message I get from the email I received, but I can see why they’re doing this on the down low. The representative briefly tried to up-sell me on opening a Scottrade Bank Account where I can transfer funds easily. Here’s the thing though…
I really don’t need another bank account. I’ve actually been trying to reduce my number of accounts. I have too many bank accounts and do not want to add another one to the list. Currently, to withdraw funds from my brokerage account, I initiate an ACH transfer from my personal checking account with another institution that I’m completely happy with. Now that Scottrade is removing check writing/ACH privileges from the brokerage account, I would have to open up a Scottrade Bank account, then transfer from my brokerage account to my Scottrade Bank account, then initiate an ACH transfer from my personal checking account.
It’s one more step and one more thing to keep a track off that I shouldn’t have to. There are many brokerages out in the market that offer ACH transfers. Some time ago I wrote about how Scottrade implemented a transfer-out fee for the first time in years. Now I know why they did. I explained my opinion to the local rep on the phone and although he didn’t come straight out and agreed, he did say, “I definitely understand and let me just put it this way… I have been made aware [by managers] that this is a growing concern and ummm… well I’ll just leave it at that.” So there’s definitely been some resentment among other customers at Scottrade.
I’m out…
I for one will be transferring my account to another brokerage. There’s plenty of other brokerages out there that are willing to cover my transfer-out fees. Overall Scottrade has been good to me for the past several years, but I’m not liking this new direction they’re taking.
It’s Here Again, Subway’s $2 Customer Appreciation 2012 December Deal
Dec 8th
I’m a big Subway Fanatic and eat Subway for lunch most of the time. I tend to stick with the daily deals but for December, I’ll be enticing myself randomly with Subway’s $2 Customer Appreciation Deals.
For the entire month of December, get any of the following 6-inch subs for only $2:
- Cold Cut Combo
The cold cut combo has turkey-based ham, salami, and bologna. The standard sub is below 400 calories.
- Meatball Marinara
This sandwich doesn’t have much variety but if you’re into pizzas, this might fit your tastebuds.
Side-by-Side Nutritional Info
| Cold Cut Combo | Meatball Marinara | |
| Total Calories | 370 | 480 |
| Cal from Fat | 120 | 160 |
| Total Fat | 13g | 18g |
| Cholesterol | 50mg | 30mg |
| Sodium | 1140mg | 950mg |
| Carbs | 46G | 59G |
| Protein | 18G | 21G |
Compare the nutritional info on Subway’s Website:
Cold Cut Combo | Meatball Marinara
Both sandwiches have their pros and cons nutritionally, but if anything I would lean slightly towards the cold cut combo if you’re watching your nutrition.
How I Got $125 Bonus for Opening a Checking Account with ING Direct
Nov 23rd
You know me, I’m always keeping an eye out to make best use of my finances. Today I received an email from ING Direct about their Black Friday Special… $125 for opening a checking account. I’ve had my savings accounts with ING Direct since I was a teenager. Today’s interest rates have barely any return, but ING Direct is still leaps higher than the big mortar banks. Additionally, I love their web interface. It’s fairly easy to add additional savings account. I set up a sub-account for each one of my goals.
So how do you get an extra $125? Easy (no huge deposit required)… just make 10 purchases with the debit card they send you. From the looks of it, there’s no minimum purchase per transaction so I’m planning on buying some small lunches to meet my minimum. If you don’t have a checking account yet with ING Direct, open one up by Sunday, Nov 25 and be on your way on earning an extra $125. Also if you use my referral link below, you gain an additional $25 if opening a savings account as well. So overall, you walk away with a $150 bonus.
Click here to Open an ING Direct Account and Score Your Bonus
Personal Workout Challenge: October Performance – Slow But Steady
Nov 2nd
I have not joined a gym yet in order to continue my swimming and thus I’m still depending on a weights regiment with light cardio for my progress towards my goals. Overall I’ve made steady progress but I’m not on track to meet my end of the year goals.
Similar to last month, I met some of my goals but not others. I did quite a bit more pushups and situps this month that probably led to the measurement increase in my chest and neck (at least I think so, don’t know what else it could have been). I set last month’s goals in order to be on track to meet the end of year goals. With that said, although I lost 0.5in in my waist, it was no where near the 1.5 I had hoped to have lost. In the same manner, although I’ve been doing weights, I have not been able to grow the size of my arms; perhaps next month my efforts will begin to take shape in that department. My pushups as well as some contribution from my weight routines have led to a 0.5in increase in my chest which I’m overall glad about. Ironically, either I’m losing quite a bit of muscle, or my thigh keeps hiding fat because every month when I think it can’t get any smaller, it does.
Overall, even though I didn’t meet all my goals for the month, I’m satisfied that I’m still on the right track. The statistics keep improving in a manner that will lead to a more fit lifestyle. At this point I must say that there’s only a small chance that I’ll still meet my end of the year goals but I will be very close to them.
| ABDMN | ARMS | CALF | CHEST | HIP | NECK | THIGH | WGHT | FAT% | |
|---|---|---|---|---|---|---|---|---|---|
| PREVIOUS | 32.0 | 11.0 | 12.75 | 36.75 | 35.5 | 14 | 19.25 | 125.8 | 9.8% |
| GOAL | 30.5 | 11.75 | 13.0 | 37.25 | 35.0 | 14.0 | 20.0 | 125.0 | <=9% |
| ACTUAL | 31.75 | 11.0 | 12.75 | 37.5 | 35.0 | 14.25 | 18.75 | 125.0 | 9.2% |
See Complete Personal Fitness Log
Notes to Consider
- I should remember that even if I don’t meet my goals, I should not be discouraged given that I’ve still made progress and moving in the right direction at a time that it’s so easy to go the opposite way.
- My weight seems to be dropping consistently. If it continues at this same rate, I’ll fall below my end of the year expectation. At this point it’s more about gaining muscle weight to offset the decrease in fat. During my senior year in high school I weighed 118 and that was after a couple of track/cross-country seasons.
Personal Workout Challenge: September Performance – A Hard Transition
Oct 6th
Now that the hotter weather is behind us, September began cooling off quite a bit which cut my swimming short. I’ve been relying on an outdoor swimming pool for my exercises and since our nights started falling into 60’s and 70’s, the water started to become a bit on the cold side. I’ve tried to focus more on weights but it’s not really the same and I’m having a bit of a difficulty transitioning. Nonetheless, I’m making an effort.
I reached some of my goals but not others. The lack of progress stems from not getting into the habit of focusing more on weights. Perhaps I’ll consider signing up for a gym with an indoor pool. I honestly really do miss swimming and don’t know if I can wait till next summer to get back into it. In the mean time, I’m still making some progress.
| ABDMN | ARMS | CALF | CHEST | HIP | NECK | THIGH | WGHT | FAT% | |
|---|---|---|---|---|---|---|---|---|---|
| PREVIOUS | 32.25 | 11 | 12.75 | 38.0 | 35.25 | 14.0 | 20 | 127.6 | 10.3% |
| GOAL | 31.0 | 11.5 | 13.0 | 38.0 | 35.0 | 14.0 | 20.0 | 126.5 | <10.0% |
| ACTUAL | 32.0 | 11.0 | 12.75 | 36.75 | 35.5 | 14 | 19.25 | 125.8 | 9.8% |
See Complete Personal Fitness Log
Notes to Consider
- Although I dropped 0.25in in my abdomen, I failed to meet my goal by a long shot. Because of the transition from swimming, I’m doing less cardio and more weights/situps/pushups/etc so perhaps this might have something to do with it.
- I’ll admit, I must work a bit harder on my upper body strength. There was no noticeable increase in my arms. Overall since I’m doing a much different routine now, I’m not sure what type of adjustments I need to do to my goals. For example, I have no idea what’s going on with my chest. I measured three times just to double check but yes I did lose 1.25in while gaining 0.25 in my hips. Perhaps it’s the transition from swimming to what I’m doing now. Not exactly sure but it’s still resulting in a loss of weight that meets my goals.
- At this point, I’m about 50/50 positive that I’ll meet the end-of-year goal. It is a long shot but perhaps with getting my swimming back into my routine along with the weights will give me that boost I need.
