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Below is Scottrade's insurance blurb off their website. Is it good?
Scottrade is a member of the Securities Investor Protection Corporation
(SIPC), which protects customer accounts of its members up to $500,000
(including $100,000 for claims for cash*). A brochure with the details of
SIPC’s protections is available at www.sipc.org.
Scottrade has also purchased additional protection from Lloyd's of London of
$24.5 million (an additional $900,000 in claims for cash) to pay amounts in
addition to those returned in a SIPC liquidation, subject to an aggregate
limit of $100,000,000. Total Account Protection is $25,000,000, including
up to $1,000,000 in cash. This coverage does not protect against loss of the
market value of securities. SIPC coverage is not the same as the insurance
on bank accounts provided by the Federal Deposit Insurance Corporation.
* In order for cash to be covered by SIPC, cash held in an account must be
the for the purpose of, or as a result of, securities transactions. Cash
held in a securities account for the purpose of earning interest, which was
not the result of a securities transaction, may not be covered by SIPC.
-----Original Message-----
From: Alf Hind [mailto:alfhind@xxxxxxxxxxxxxxxxxxx]
Sent: Wednesday, January 26, 2005 3:35 PM
To: VK; 'Joe'; 'Omega-List@xxxxxxx Com'
Subject: Re: OT - Scottrade
Here in the UK the account insurance backup is getting poorer because
insurance companies are more reluctant to take on the risk at a reasonable
cost, even though there has never been a claim against them.
Alf
----- Original Message -----
From: "VK" <volker@xxxxxxxxxxxxxx>
To: "'Joe'" <jes333@xxxxxxxxxxxx>; "'Omega-List@xxxxxxx Com'"
<Omega-List@xxxxxxxxxx>
Sent: Wednesday, January 26, 2005 7:41 PM
Subject: AW: OT - Scottrade
No feedback on Scottrade from me, but why not move to Fidelity, it is 8$ fix
and you get Wealth-Lab plus real time data and EOD data for free (if you
make more then 120 trades per year).
One feedback I got from a few large account holders and traders is that the
insurance of your account in case of bankruptcy or similar things is very
important. In other words how much money is secure in such a case.
Regards,
Volker Knapp
(www.wealth-lab.com)
-----Ursprüngliche Nachricht-----
Von: Joe [mailto:jes333@xxxxxxxxxxxx]
Gesendet: Wednesday, January 26, 2005 8:18 PM
An: Omega-List@xxxxxxx Com
Betreff: OT - Scottrade
I'm considering moving my IRA account from IB to Scottrade. I trade EOD
stock systems in my IRA. IB's share based commissions are too high when
buying large blocks of stock, so I'm looking for a broker with a fixed
commission per trade.
Scottrade looks good because they have no maintenance fees, no data fees,
and a $7 per trade fixed commission rate for all order types. Feedback on
Scottrade would be greatly appreciated.
Thanks,
Joe
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