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So the moral to that is if you are in the UK then open an account in
the US so the UK insurance company will cover you. Is that crazy?
What me worry? I have a little way to go before they have to buy more
for my account.
Jimmy
Wednesday, January 26, 2005, 3:13:16 PM, you wrote:
J> Below is Scottrade's insurance blurb off their website. Is it good?
J> Scottrade is a member of the Securities Investor Protection Corporation
J> (SIPC), which protects customer accounts of its members up to $500,000
J> (including $100,000 for claims for cash*). A brochure with the details of
J> SIPC’s protections is available at www.sipc.org.
J> Scottrade has also purchased additional protection from Lloyd's of London of
J> $24.5 million (an additional $900,000 in claims for cash) to pay amounts in
J> addition to those returned in a SIPC liquidation, subject to an aggregate
J> limit of $100,000,000. Total Account Protection is $25,000,000, including
J> up to $1,000,000 in cash. This coverage does not protect against loss of the
J> market value of securities. SIPC coverage is not the same as the insurance
J> on bank accounts provided by the Federal Deposit Insurance Corporation.
J> * In order for cash to be covered by SIPC, cash held in an account must be
J> the for the purpose of, or as a result of, securities transactions. Cash
J> held in a securities account for the purpose of earning interest, which was
J> not the result of a securities transaction, may not be covered by SIPC.
J> -----Original Message-----
J> From: Alf Hind [mailto:alfhind@xxxxxxxxxxxxxxxxxxx]
J> Sent: Wednesday, January 26, 2005 3:35 PM
J> To: VK; 'Joe'; 'Omega-List@xxxxxxx Com'
J> Subject: Re: OT - Scottrade
J> Here in the UK the account insurance backup is getting poorer because
J> insurance companies are more reluctant to take on the risk at a reasonable
J> cost, even though there has never been a claim against them.
J> Alf
J> ----- Original Message -----
J> From: "VK" <volker@xxxxxxxxxxxxxx>
J> To: "'Joe'" <jes333@xxxxxxxxxxxx>; "'Omega-List@xxxxxxx Com'"
J> <Omega-List@xxxxxxxxxx>
J> Sent: Wednesday, January 26, 2005 7:41 PM
J> Subject: AW: OT - Scottrade
J> No feedback on Scottrade from me, but why not move to Fidelity, it is 8$ fix
J> and you get Wealth-Lab plus real time data and EOD data for free (if you
J> make more then 120 trades per year).
J> One feedback I got from a few large account holders and traders is that the
J> insurance of your account in case of bankruptcy or similar things is very
J> important. In other words how much money is secure in such a case.
J> Regards,
J> Volker Knapp
J> (www.wealth-lab.com)
J> -----Ursprüngliche Nachricht-----
J> Von: Joe [mailto:jes333@xxxxxxxxxxxx]
J> Gesendet: Wednesday, January 26, 2005 8:18 PM
J> An: Omega-List@xxxxxxx Com
J> Betreff: OT - Scottrade
J> I'm considering moving my IRA account from IB to Scottrade. I trade EOD
J> stock systems in my IRA. IB's share based commissions are too high when
J> buying large blocks of stock, so I'm looking for a broker with a fixed
J> commission per trade.
J> Scottrade looks good because they have no maintenance fees, no data fees,
J> and a $7 per trade fixed commission rate for all order types. Feedback on
J> Scottrade would be greatly appreciated.
J> Thanks,
J> Joe
J> ____________________________________________________________________________
J> This email and all attachments have been electronically scanned by Kingston
J> Communications' email Anti-Virus service and no known viruses were detected.
J> ____________________________________________________________________________
--
Best regards,
Jimmy mailto:jhsnowden@xxxxxxxxxxxxx
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