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I think this board is more about general investing help/tips/questions & answers, not help with the iHub website
What's a iHub question? Uh oh, was that one? Isn't every question on here an iHub question to a degree? I am a real hit at parties
on hold with Etrade right now lol! Amazing isn't it, how often we have to explain to major online brokers what the deal is.
Oh I don't know about that second fee. Maybe you should explain it to Etrade since they don't even have a clue!
I just figured it out. I checked my previous Scottrade confirmations which are much more detailed.
there is the FINRA TAF fee, which is based on $0.000119 PER SHARE of the sales transaction.
then in addition to that is this:
there is theRegulatory Transaction Fee which is based on the PRINCIPLE AMOUNT of the sales transaction times 0.00002310 (NOT multiplied by the number of shares).
Let me us know what they tell you. My last correspondence with them regarding this fee (that they never informed us about) was answered with a:
A response from the Compliance Department should be expected by Secure Message.
Please note that the Compliance Department reviews customer concerns on a case-by-case basis.
Whenever they don't want to deal with an issue anymore they give you the "we sent it to the compliance dept" which translates to this:
"compliance doesn't give a rat's arse about your complaint and you won't be hearing back from them.'
Just got off the phone with a Trade-customer service at Etrade. useless! Trying to find out why I was charged 17 cents for a short sale.
As we've discussed, there is the FINRA trading activity fee (TAF) $0.000119 per share on all sales transactions.
Then there is a separate SEC fee (equal to the principal amount x 0.00002310) ..again, only on sales transactions.
but that STILL doesn't get to 17 cents. and the Transaction confirmation doesn't break down what the fee is. It just says "FEE".
how quaint lol.
He will be calling me tomorrow with an answer and break down on what the fee is based. (because I have to wait until tomorrow until the confirmation is posted......ridiculous.)
Thanks again maybe painting the tape but occurring first thing at 9:30am
It is usually a partial fill but it can also be someone painting the tape at the end of the day to have the stock close at a certain price.
Ok thank you. No not an expensive stock, penny stock. Was just curious because for 2 days now every morning there are literally 20-30 small share transactions such as 1 share 2 up to 4 on a particular stock I've been watching
Most of the time, unless it is an expensive stock, the small prints are a part of a partial fill.
Hi I'm fairly new to trading and trying to learn. My ques is what is the significance of 1 share trades? That has to be MM's?
But you are aware that it is six bucks on top of the commission, right? So if your commission is 4.95 and they hit you with the FINRA fee you are up to $11 to sell something!
I see so it goes right back to the old commissions. Lol. Well as long as there is a,max cap . I can deal with 6 bucks.
No, it is for every stock - multiply the amount of shares by .000119 with a 5.95 max cap.
1. FINRA levies a Trading Activity Fee (TAF) for sales of covered securities that we pass through to you. The FINRA TAF for sales of equity securities is currently $0.000119 per share with a per-transaction cap of $5.95. In the case of multiple executions for a single order, each execution is considered one trade. For example, if you sell 1,000 equity securities the fee would be the number of shares 1,000 multiplied by $0.000119 which equals $0.119. The FINRA TAF for option sales is currently $0.002 per contract. For example, if you sell 100 options contracts, the fee would be the number of contracts 100 multiplied by $0.002, which equals $0.20. The FINRA TAF for a covered TRACE-eligible security (other than an asset-backed security) and/or municipal security is $0.00075 multiplied by the number of bonds, with a maximum charge of $0.75 per trade. For example, if you sell 100 bonds, then the fee would be $0.075. Please note FINRA TAF Fees are subject to change.
someone in a board meeting decided they could get more earnings if they pass them along. public cos always looking to please their shareholders. Public cos will do just about anything. maybe their CEO or executives dont need gigantic salaries. but oh well. just got to make sure i make a little more money each time to cover it i guess.
so its for .001 stocks mostly?
Damn animals always mimicking each other
This is my fear. If I decide to switch for this reason and then after I do the new broker follows suit I will be royally pissed.
Interactive Brokers does the same for a few months already. It sucks but probably soon most brokers will do it I guess.
FINRA is charging the brokers this fee and has been for a few years - this is what it covers:
The Trading Activity Fee, or TAF, is one of the member regulatory fees FINRA assesses to recover the costs the supervising and regulating firms. This includes costs associated with performing examinations, financial monitoring, and FINRA’s policy, rulemaking, interpretive, and enforcement activities.
http://www.finra.org/industry/trading-activity-fee
Etrade is now passing off this fee to their customers.
Yup i never got an alert. they will prob give some scripted gargon about they cant do anything about it. Not sure why FINRA wants to start making money off of us.
its like they had a meeting and said penny stock people will still trade pennies so lets just start charging them and they could never fight it. They should start charging that on NASDAQ or NYSE and see how far they get.
oh well. life is about getting screwed over any which way. someone is always looking for a way to get over on the next human being. Esp the rich over the non wealthy
I’ve always used TDA and can’t complain. Every so often they won’t let me buy something but my notes say very few of what I was trying for would have worked out. And their customer service is ok although sometimes you have to ask for a supervisor to get a question answered
I ask everyone to tweet/retweet this: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=136758384
The more people who open their mouths might help!
I used to enjoy etrade, but I just can't stand such fee increase without any notice
Well, from my experience I actually liked Etrade the best with pennies - but I don't trade them as much anymore, and now they are passing along that FINRA fee - if you trade pennies just add another 5.95 to your sell order!!!!
Yeah on every sell side. They are passing along the FINRA fees that they have been getting for the past couple of years on to their customers now. All Etrade customers need to complain big time. And the worst part of this is that they never alerted customers.
tried them before. not quite friendly to penny stock
Have you tried TDA? I don't use them anymore but liked them back when I did.
What the hell? each damn execution? WTF.....
any other broker to suggest when trading penny stock ? I used IB and Etrade for many years now. both of them sucks
Hello all, I am interested in investing in cryptocurrency. Can anyone recommend a firm that deals with the CCCAGG Market. E-Trade and TD Ameritrade apparently does not. Thank you for any help.
yeah, each broker seems to have small differences. I have had a few accounts with TD Ameritrade, but I can't remember how restrictive TD Ameritrade is for buying non-reporting pinksheet stocks.
I like brokers that are as lenient as possible with restrictions. (which is why I'm upset with Fidelity increasing it's restrictions on such stocks)
Schwab is rather good for allowing the purchase of risky stocks, and I have noticed they seem better than other brokers at getting fills at the ask when selling (if I wait long enough)
Many brokers just don't want pennystock traders.
Merrill Edge
Vanguard won't allow any purchase of any stock valued below $0.10 per share, same with WellsTrade.
Scottrade is terrible for pennystocks (and merging into TD Amertrade soon anyway)
Tradeking (er, um Ally Invest)terrible for pennystocks
so I'm down to mostly Fidelity, Schwab lately.
Yes, I agree and they changed clearing firms and they still were terrible! Reason I like Etrade is because they do their own clearing. I too have used many brokers over the years and I can say that staying with the bigger firms is better. I liked TDA - I am so pissed at Etrade I am thinking of opening a new TDA account again.
Choicetrade was the worst. lol. I've had so many different brokers it's crazy.
ANY APEX CLEARING (formally Penson clearing) broker is to be avoided. Tradeking is Apex Cleared. They have restrictions on non DTCC-eligible stocks, and crazy illiquidity fees.
So I remember paying fees on the sell side with Choice Trade but I am not sure if they were FINRA fees. Whatever they were it was similar to what Etrade is doing now. I ended up closing my Choicetrade account and transferring everything to my Etrade account. Now Etrade is doing this.
Honestly, I thought all brokers charged the $0.000119 FINRA TAF pass-through fee.
reference here-->> two fees that every broker charges (sell orders only) includes an SEC trading fee of $21.80 per $1,000,000 of principal and a FINRA Trading Activity Fee (TAF) of $.000119 per share. Investors can ignore these trading fees as they are the same for each regulated online brokerage and amount to no more than a few pennies per trade.
https://www.stockbrokers.com/guides/commissions-fees
(oh and BTW, I recently found out Etrade charges $0.005/SHARE for extended-hours trading). that itself makes it useless for me. too much competition out there for garbage like that.
I've been told that the $38 mandatory reorganization fee, is a standard fee, but that many (if not most) brokers either absorb it, or pass-through a portion of it (e.g. Scottrade charges $20).
If Etrade was absorbing your FINRA TAF fee on all sales, that's great.
TD Ameritrade charges $38 for mandatory reorganization fee, but if you trade frequently enough, you achieve "APEX" status (how impressive sounding! ) and they waive the fee.
I periodically check out online discount broker sites to compare fees etc.
https://www.brokerage-review.com/
but no amount of my researching policies, fees, etc online can tell me exactly what will happen. I have to open an account and play.
I tried shorting a "hard-to-borrow" ETF in Schwab....they want $50,000 in the account first.
TD Ameritrade wants $100k in account to short "hard to borrow"
nowhere in their online literature could I find these little facts
It depends on the kind of trading I'm doing, but I use Fidelity the most. low commish, No extra commission add-on fee for stocks < $1 etc. Fidelity (or really any National Financial Services-cleared brokers) allow instant credit to your account with which to buy stock. As soon as you click the transfer-funds button, you can buy stock. That's come in handy several times.
However, you can no longer buy many pinksheet stocks. Basically anything with a stop sign on otcmarkets.com is off limits. Not that long ago, I could buy greysheets no problem.
ok that makes sense - are your other brokers passing this FINRA fee to you?
Im not a premium customer at Etrade. I have several accounts at different brokers. lol. I don't use Etrade much.
Hmm, aren't you a premium customer? I know you trade often so you should be. I get charged reorg fees for splits, but a day or two later they credit those fees because I am premium.
Hi Cintrix! don't get me started with Etrade! argh. agreed. They also upped their mandatory reorganization fee from $20 to $38.
but get this,...I recently bought a stock that did one of those reverse split followed immediately by a forward split.....
and they charged me $38 TWICE!!
I raised hell about it. Initially they were trying to tell me it's appropriate because it was two separate corporate actions.
ugh. they credited me one of the $38 charges, but I think it was a complementary, "only this one time" kinda thing.
Too much competition out there for that.
Yep, I wonder how many people are going to start to notice this. What a scam way of hitting up customers with a fee.
I just now clicked on one of my confirmations and see that the commission was $4.95 and the FINRA TAF fee was $5.95.
You see it in your confirmations. When I put an order in on Pro I only see the commission. That is how I never noticed it for a few weeks. It wasn't until I read one of Michael's posts about it that I went into my confirmations and saw all these charges.
just wondering are the extra fees appearing when you put your sell order online or are they hidden?
ETRADE warning. I have touted Etrade many times on this board because I have used them for over 20 years and I have used many other brokers during that time span. While I still like their tools very much, a specific issue has come to my attention regarding their fees. I know I am a bit late in noticing this - apparently it started mid November.
They are now passing along FINRA trading activity fees to their customers on the sell side. They lowered their commissions a little less than a year ago when Fidelity started the price wars and now they apparently are looking for a way to make it up. And the best part is that they didn't alert everyone. There are some out there who aren't even aware of it. Now, if you don't trade often or if you don't buy very large amounts of shares it may not have much of an effect on you. But if you do trade large amounts you will be charged an extra 5.95 (max cap) when you sell or .000119 per share on the smaller sells.
Don't let them get away with this without voicing your opinion. Contact them and tell them how unfair this new practice is! Here is the deal:
1. FINRA levies a Trading Activity Fee (TAF) for sales of covered securities that we pass through to you. The FINRA TAF for sales of equity securities is currently $0.000119 per share with a per-transaction cap of $5.95. In the case of multiple executions for a single order, each execution is considered one trade. For example, if you sell 1,000 equity securities the fee would be the number of shares 1,000 multiplied by $0.000119 which equals $0.119. The FINRA TAF for option sales is currently $0.002 per contract. For example, if you sell 100 options contracts, the fee would be the number of contracts 100 multiplied by $0.002, which equals $0.20. The FINRA TAF for a covered TRACE-eligible security (other than an asset-backed security) and/or municipal security is $0.00075 multiplied by the number of bonds, with a maximum charge of $0.75 per trade. For example, if you sell 100 bonds, then the fee would be $0.075. Please note FINRA TAF Fees are subject to change.
I don't use that screener - the one I have is pre set for #of alerts, Volatility, StandDev, and Relative Volume. It also has a description of the alert such as, trading ____%of historical vol, very high relative vol in the past ____ mins, and high instantaneous vol.
I am wanting to screen by price and average volume using the OTC markets screener. I can't figure out to set for an average volume. What do you folks recommend?
no one reads that stuff...
Worse than the spammers are the Ihub questioners. How the freak can anyone not get that? We put it in the title of the board because no one read the Ibox or stickies.
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