Replies to post #48269 on 02 Secure Wireless, Inc. (OTOW)

[penniepincher]

I have been trying to transfer my account out of Zecco since August. I have contacted TDA, E-Trade and Fidelity and ChoiceTrade. None would accept the transfer of the account because most are on the non DTC eligible list. I only played with pennies in that account, and two or three of them are not trading at the moment and I am down big on the rest of them. I know some people have been able to move their accounts successfully, but I have not.

I have had a TDA account for many years, but they often stop allowing buys on penny stock without any explanation. That is the only reason I opened a Zecco account, at that time they were the most penny-friendly broker.

You cannot sell any non-dtc eligible stocks through Zecco without incurring huge fees. They quote you a fee of $200 - $700 when you try to sell. At least TDA will allow you to sell online for regular commission if they let you buy the stock online.

[Sccrbrg]

Zecco charges around $700 for Non-DTC eligible stock trades. It was in a memo they sent out to customers. I saw it reposted in quite a few places around google. Most brokers wont accept transfers of non DTC eligible stocks. TDA will no longer trade them at all I believe.

Scottrade is the only one I have not heard a transfer story about. My guess is that if they still do accept transfers of these accounts they won't continue to do so for very much longer.