E-trade ripping me off?

dustbro · 03-03-2006, 01:23 PM

I am very new to this game, but am I missing something?
Here's the deal. I bought 500 shares of company (x) and set a limit sale of all of my shares at $1. Well, yesterday it hit $1 and only sold 1/4 of my shares. Then in the morning sold the rest WITH AN ADDITIONAL TRANSACTION FEE of $12.99!!!
Why wouldnt it sell all of my shares at the point it hit $1? And is it normal for them to charge me again for the rest of the sales? Are they doing that on purpose?

the_menace · 03-03-2006, 01:35 PM

Here's another dilemma that also ticks me off. Basically when brokers either buy or sell, they do transactions in batches...which means that the market can only certain batches at a time. When you made the sell, there was some leftovers that didn't get thru the first time, and so the second will be attempted as soon as it sees opportunity. They'll only charge you one time if all batches are sold on that day, but if the second batch didn't sell on the day you attempted to sell, it will try again on the next day on which you incurred another transaction fee. And this goes for any broker, not just etrade.

GDFLS · 03-03-2006, 01:51 PM

I am not sure how E-trade works but in Scottrade there is a box you can check that says "All or None" meaning you want all your shares to buy or sell at once or none will.

meth · 03-03-2006, 01:54 PM

Quote:

Originally Posted by GDFLS

I am not sure how E-trade works but in Scottrade there is a box you can check that says "All or None" meaning you want all your shares to buy or sell at once or none will.

you know what, i use scottrade, and i am aware of that box, but i never paid attention if i got billed twice or not. i have set that setting to ALL and i have noticed that i took 2 transactions to sell them off. the 3 times it has happened to me the 2 transactions were within a minute of each other. again i never looked to see if i was billed twice for it, i will check up on it and reply later.

Catalyst · 03-03-2006, 01:54 PM

Ameritrade is the same way, you can mark, "all or none" "fill or kill" for special instructions. Sometimes your order just can't be filled due to Supply and demand. Ameritrade's Policy is if its all in the same day, no extra fee's will be charged. If its over a period of "days" you will incure a sales charge for each day! If it was not an intraday sale, you will be charged as two seperate transactions, hope that helps. Read your Policy statements.

the_menace · 03-03-2006, 02:08 PM

Quote:

Originally Posted by meth

you know what, i use scottrade, and i am aware of that box, but i never paid attention if i got billed twice or not. i have set that setting to ALL and i have noticed that i took 2 transactions to sell them off. the 3 times it has happened to me the 2 transactions were within a minute of each other. again i never looked to see if i was billed twice for it, i will check up on it and reply later.

If it was the same day, you shouldn't be charged for it. I remember calling them about this and wondered about the same thing.

dustbro · 03-03-2006, 02:17 PM

Quote:

Originally Posted by Catalyst

Ameritrade is the same way, you can mark, "all or none" "fill or kill" for special instructions.

Thanks everyone for the reply! I do remember seeing Fill or Kill on the page. That must be it.
You guys rule

meth · 03-03-2006, 09:40 PM

ok, so i was just checking my gainskeeper just now. i noticed that scottrade, if they don't fill your order in one fell swoop, they charged me $7.06 for the first half of my transaction and $.03 for the rest of the transaction on one occaision. the second time i noticed it was $7.03 & $.01

negligible IMO. sure beats being double billed.

InvestingMoron · 03-03-2006, 09:59 PM

Same with my ScottTrade. 7 plus 1/2% (under a buck) and then a cent or two for SEC fund garbage.

Hey, fortunate for me, I played JKRI like a fiddle twice and my portfolio was up 60% for the month of February!

peppy · 05-01-2008, 02:57 PM

Scottrade is really good about this. Select the all if you don't want to pay multiple fees, it's annoying in small trading if you fill half your order and have to pay $7, and then fill the other half the next day and pay $7. UNLESS you are into risky stocks like me where you make 100% gains, then the fee really isn't much of a problem lol

03-03-2006, 01:23 PM	#1
dustbro valued contributor Join Date: Feb 2006 Posts: 31	E-trade ripping me off? I am very new to this game, but am I missing something? Here's the deal. I bought 500 shares of company (x) and set a limit sale of all of my shares at $1. Well, yesterday it hit $1 and only sold 1/4 of my shares. Then in the morning sold the rest WITH AN ADDITIONAL TRANSACTION FEE of $12.99!!! Why wouldnt it sell all of my shares at the point it hit $1? And is it normal for them to charge me again for the rest of the sales? Are they doing that on purpose?

03-03-2006, 01:35 PM	#2
the_menace valued contributor weekly challenge winner Join Date: Dec 2005 Location: Sacramento, CA (norcal) Posts: 318	Here's another dilemma that also ticks me off. Basically when brokers either buy or sell, they do transactions in batches...which means that the market can only certain batches at a time. When you made the sell, there was some leftovers that didn't get thru the first time, and so the second will be attempted as soon as it sees opportunity. They'll only charge you one time if all batches are sold on that day, but if the second batch didn't sell on the day you attempted to sell, it will try again on the next day on which you incurred another transaction fee. And this goes for any broker, not just etrade. __________________ - If you can smell what I'm cookin'! My blog \| Menace studio \| Y! Finance \| Google business Stocks challenge tracker: (Monthly \| Weekly)

03-03-2006, 01:51 PM	#3
GDFLS valued contributor weekly challenge winner Join Date: Jan 2006 Location: Philadelphia, PA Posts: 494	I am not sure how E-trade works but in Scottrade there is a box you can check that says "All or None" meaning you want all your shares to buy or sell at once or none will. __________________ Eric "Please pack your knives and go."

05-01-2008, 02:57 PM	#10
peppy valued contributor Join Date: Apr 2008 Posts: 28	Re: E-trade ripping me off? Scottrade is really good about this. Select the all if you don't want to pay multiple fees, it's annoying in small trading if you fill half your order and have to pay $7, and then fill the other half the next day and pay $7. UNLESS you are into risky stocks like me where you make 100% gains, then the fee really isn't much of a problem lol

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03-03-2006, 01:54 PM	#5
Catalyst new member Join Date: Jan 2006 Posts: 12	Ameritrade is the same way, you can mark, "all or none" "fill or kill" for special instructions. Sometimes your order just can't be filled due to Supply and demand. Ameritrade's Policy is if its all in the same day, no extra fee's will be charged. If its over a period of "days" you will incure a sales charge for each day! If it was not an intraday sale, you will be charged as two seperate transactions, hope that helps. Read your Policy statements.

03-03-2006, 09:40 PM	#8
meth valued contributor Join Date: Nov 2005 Posts: 159	ok, so i was just checking my gainskeeper just now. i noticed that scottrade, if they don't fill your order in one fell swoop, they charged me $7.06 for the first half of my transaction and $.03 for the rest of the transaction on one occaision. the second time i noticed it was $7.03 & $.01 negligible IMO. sure beats being double billed.

03-03-2006, 09:59 PM	#9
InvestingMoron valued contributor weekly challenge winner 2x Join Date: Jan 2006 Location: CSA Posts: 629	Same with my ScottTrade. 7 plus 1/2% (under a buck) and then a cent or two for SEC fund garbage. Hey, fortunate for me, I played JKRI like a fiddle twice and my portfolio was up 60% for the month of February!

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