LOL's Picks

[emeraldcityking09]

I recently moved to Fidelity from Zecco. Have not heard of any major snags so far from others who have done the same. (I am not sure that E-trade or TDA are accepting all of the Penson transfers).

Your bank line to Zecco will immediately be closed as soon as the transfer process begins. Folks transferring from Zecco will get a bogus margin call notice. Don't freak out--I haven't heard of anyone's shares being sold to make this call. There are transfer out fees (~$50 or so) that you will get hit with and that will follow you to your next broker.

I still need to fix my cost-basis in the new account, but other than that--all systems go--and I managed to buy some IDLM last week no problem.

It's a shame. I was a long-time fan of Zecco (despite the occasional hiccup), but the issues with Penson have invoked an about-face in Zecco's business model.