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Explorer ○○

WellsTrade $35 comms start today

I've been taking advantage of the WellsTrade free mutual fund transaction (waived $35, 100 per year) for the non-NTF funds for more than a dozen years.  Today it ends.   In preparation, a few months ago I bounced some funds that weren't NTF at WellsTrade but were elsewhere (FMIMX/FMIHX) over to Etrade and took advantage of some new account bonus.  For funds that I'd be paying $19.99 at Etrade vs $35 at WellsTrade, I'm still thinking about it (i.e. TBGVX).  In some cases, I'm also thinking about getting rid of institutional class that I'll now pay a fee for and re-buying NTF investor class.  Taxable account complications of course.

It was great while it lasted.  In the zero-commission world it seems strange to start paying new ones.

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Explorer ○○○

Re: WellsTrade $35 comms start today

I am moving my WFA accounts to other institutions & they are picking up $95 account closing fee.

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Explorer ○○

Re: WellsTrade $35 comms start today

Good Info.   I was worried about the wording of the $95 closing fee because it appears it could apply per position.  I moved 3 positions over and didn't pay, and I've got 3 funds that will still be NTF at WellsTrade that are unavail or higher expense ratio Investor class, that I can keep to satisfy the money req'd to keep a bank (local, checking account perks, safe deposit box, ATM availability, branch for the once a year visit for something, etc.).  But other than that, I'm looking to move more, and am happy to pick up bonuses for moving money.

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Explorer ○

Re: WellsTrade $35 comms start today

Thanks for info. Somehow I missed the memo. 

Less incentive for me to stay with WF. 

One thing I like is you can buy PIMIX with no TF and no minimum.

 

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Follower ○○

Re: WellsTrade $35 comms start today

If I transfer in-kind my fidelity fund(all positions) from WellsTrade to Fidelity, does WellsTrade charge any fees on that transfer? Thanks!

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Contributor ○○○

Re: WellsTrade $35 comms start today


@mfcking wrote:

If I transfer in-kind my fidelity fund(all positions) from WellsTrade to Fidelity, does WellsTrade charge any fees on that transfer? Thanks!


It appears that there is a $95 fee to transfer accounts or to terminate an IRA (waived for clients over age 70.5).
Contact WellsTrade if there are any questions regarding your specific situation.
You may also want to check with Fidelity for fee reimbursement.

Link

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Follower ○○

Re: WellsTrade $35 comms start today

Thanks! I just called WellsTrade and they confirmed $95 will be charged which applies per transfer basis and no matter how many mutual funds are included in that transfer. So sound like the more funds to transfer the better.

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Follower ○○

Re: WellsTrade $35 comms start today

And WellsTrade charges $35 for TF fund for both buy and sale while other brokerage firms like Fidelity only charges $49.95 for TF fund when you buy the fund and there is no transaction fee when you sell the fund.

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Contributor ○○○

Re: WellsTrade $35 comms start today


@mfcking wrote:

And WellsTrade charges $35 for TF fund for both buy and sale while other brokerage firms like Fidelity only charges $49.95 for TF fund when you buy the fund and there is no transaction fee when you sell the fund.


Fidelity's charges $49.95 to buy most transaction fee funds. Certain funds will cost $75 to purchase.
You can setup automatic investments to buy additional shares for $5 after the initial purchase.
I've done this multiple times.

Note: Not all funds are eligible for automatic investments.

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Explorer ○

Re: WellsTrade $35 comms start today

I made partial (not the entire account) in-kind fund transfer out of WF IRA account last month and there was no fee charged. I double checked my account history to confirm that before writing this post.

I was told that they charge $95 when you close your IRA account. 

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Contributor ○○○

Re: WellsTrade $35 comms start today

Why would any brokerage charge for trades in today's world? Plenty of funds at Schwab with no fee. With the exception of $1m purchase funds they make available for $49.95 with $100k.

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