I decided to sell a few stocks and close my eTrade account, since their annual fees and commissions make it impossible to get any more returns than I can get from a savings account.
This is not as easy as you might expect.
One of my stocks has a value of $0. It's not even something I purchased - it's one of those mystery stocks that got created when there was a merger, or spinoff, or something. Well, I can't close my account until I liquidate these shares. And the only way to liquidate these shares is to print out a paper form ("Worthless Securities Authorization Form") and mail it in to them. And, by the way, there is a $5 charge to liquidate my worthless security:
One of my stocks has a value of $0. It's not even something I purchased - it's one of those mystery stocks that got created when there was a merger, or spinoff, or something. Well, I can't close my account until I liquidate these shares. And the only way to liquidate these shares is to print out a paper form ("Worthless Securities Authorization Form") and mail it in to them. And, by the way, there is a $5 charge to liquidate my worthless security:
Once I liquidate my worthless security, and sell everything ($12 commission for each), then I have to figure out how to transfer the funds to another account. Then I can ask them to close my account. Of course, they'll probably have hit me for two or three more annual fees by then.
BrianM
MikeB
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