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tmcgill

Scottrade Bank

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Anyone open a Scottrade Bank account? If so, how long have you had it, and how is the customer service?

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They're my primary bank now, and I've had solid experiences so far since opening my account back in September of 2014. I live right behind a shopping center with our local Scottrade branch, so walking checks/money orders over for deposit is no problem. Typically, cashier's checks are in my account and ready for transfer to my Scottrade Bank account the next business day after I deposit them at the branch, and other deposit instruments are available for transfer within 3 business days -- for me, that's quicker than mailing in deposits to Scottrade Bank (which you can do, of course, if you'd prefer). ACH transfers are pretty quick, too -- I think the longest I've had to wait in either direction between a Scottrade and non-Scottrade account is 2 business days.

 

I've had no complaints with their customer service in the months I've had the account, and I got my checks and debit card within 7 business days, if I recall correctly. I've had a couple of hiccups along the way, but the gents at the local branch have gone above and beyond for me when that's happened, and have managed to get things straightened out within 24 hours.

 

Not paying any fees and having any ATM fees returned at the end of the month make for a pretty solid experience. Overall, I'd give Scottrade Bank a 4.7/5. :)

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They're my primary bank now, and I've had solid experiences so far since opening my account back in September of 2014. I live right behind a shopping center with our local Scottrade branch, so walking checks/money orders over for deposit is no problem. Typically, cashier's checks are in my account and ready for transfer to my Scottrade Bank account the next business day after I deposit them at the branch, and other deposit instruments are available for transfer within 3 business days -- for me, that's quicker than mailing in deposits to Scottrade Bank (which you can do, of course, if you'd prefer). ACH transfers are pretty quick, too -- I think the longest I've had to wait in either direction between a Scottrade and non-Scottrade account is 2 business days.

 

I've had no complaints with their customer service in the months I've had the account, and I got my checks and debit card within 7 business days, if I recall correctly. I've had a couple of hiccups along the way, but the gents at the local branch have gone above and beyond for me when that's happened, and have managed to get things straightened out within 24 hours.

 

Not paying any fees and having any ATM fees returned at the end of the month make for a pretty solid experience. Overall, I'd give Scottrade Bank a 4.7/5. :)

 

Is your account still open?

 

Something must have changed since you opened an account. I deposited $2,500, the minimum on Monday, Sep. 28, 2015, into the brokerage and was told by my local branch it would take 4 days for the ACH to clear and allow me to withdraw so that I may open a Scottrade bank account. (You must have $500 equity in your brokerage account. Equity is cash available for withdrawal.) Meanwhile, you are given immediate access to trade with those funds if you like, with some restrictions.

 

Today, my funds are still not available for withdrawal. Talked to a rep via chat and he states, "First time deposits take 10 days". Holiday next Monday, so next Tuesday, Oct 13 they will become available. Great! They get to play with my money for two weeks. Their website says SOME deposits MAY take 10 days to become available for withdrawal but does not explicitly say to which deposits this rule applies. Rep apologizes as he can do nothing further.

 

So, if anyone tries Scottrade, expect a 10 day hold on ACH for your first deposit and before you can open a bank account. I'm still not certain as to whether or not they use Chex or EWS (I'm on EWS). They do use Deluxe for their checks so a relationship with EWS is possible.

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We're you specifically looking for a brokerage account, or are you just using it for checking/debit?

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Since Scottrade was bought by Ameritrade, can I still use it for a checking/debit account? I have a brokerage account that I opened a year ago with Scottrade.

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Bumping for additional replies.

In the interim, I'll get additional info on their accounts and approval process.

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To open a checking or savings, you must first have $500 in a brokerage or IRA account.

As Numb3Monkey posted above, $100 is required to open the bank account, and they do not run Chexsystems.

They'll soft pull one of the CRAs to verify identity.

 

https://www.scottrade.com/knowledge-center/help-how-to/bank/getting-started.html

Edited by tmcgill

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