I shall sue Charles Schwab for 18¢

[Sidewinder]

See, I haven't traded in yon stock market in quite some time.  And back when I did trade I nonetheless didn't trade much, so I am still inexperienced at this.  (Nice going.)

 

On August 9th I bought 100 shares of Wells Fargross at $52.21 per share.

 

Yesterday I put in a limit order to sell all 100 at $56.21.  The trade was executed earlier today, yet when I logged into my Schwab account, the proceeds were reported as $5620.82.

 

Truly, $56.21 per share was the reported sale price; how are the proceeds not an even $5621.00 ?

 

(EDIT: I mean apparently they're allowed to trade in prices that include fractional cents?  If so, is there a setting in my Schwab account somewhere that I can tweak to prevent it?  Some "Whole cents only" check box...)

 

('nother EDIT:  check box schmeck box; I'm not sure why I even posted any of this  : /  )

Edited August 22, 2024 by Sidewinder

[Burgerwars]

Are there small regulatory fees/exchange fees they also deduct from the transaction?

 

I don't trade much, but if true, maybe hold off in filing your lawsuit.

 

[Sidewinder]

On 8/23/2024 at 1:18 PM, Burgerwars said:

Are there small regulatory fees/exchange fees they also deduct from the transaction?

 

I don't trade much, but if true, maybe hold off in filing your lawsuit.

 

 

Schwab advertises that trades are commission-free (and even if that's up to a certain quantity o' trades; this was my first-ever trade on Schwab's platform since my TD Ameritrade account was converted).

 

On another board, someone suggested that perhaps 18 shares traded for one cent less (or nine shares for two cents less) and that the platform allows that to happen with limit orders if the difference is as tiny as that.

 

That is the explanation I am so far most willing to accept.

 

(But since Schwab didn't explicitly disclose this possibility, the lawsuit shall move forward.)

[Zanshiro]

No comments beyond that I do not use Schwab, but most brokerages have something similar of this nature, which *IS* also typically displayed on an estimated trade screen, which, again, with Schwab, I don't use:

https://international.schwab.com/costs-of-investing#:~:text=Schwab's Exchange Process Fee will,Fee" on your trade confirmation.

 

Schwab's Exchange Process Fee will rise or fall periodically depending upon the rates set by the SEC, self-regulatory organizations, or by the U.S. option exchanges, as applicable. 
 

[Sidewinder]

Welp.

 

I just opened a brokerage account at Fidelity.

 

See, a thing that bothers me about Schwab is that when you do a external transfer of funds, you do not get a confirmamation number; just a "Thanks, we're processing your transfer."  I prefer nay require a confirmation number if only because that's a space on my spreadsheet and I can't be having blank spaces on the Sidewinder's Finances spreadsheet.

 

So I opened a piddling little account at Fidelity, and moved $100 in from an account at a different financial institution, for which I received a confirmation number, see.

 

Furthermore, the cash part of a Fidelity brokerage account earns interest.

 

Schwab's prospects for holding onto my brokerage business are pretty dim now, I must say.

 

: /

 

Edited October 7, 2024 by Sidewinder

[jamied]

Nice move on the Fidelity account since earning interest on cash is a nice bonus. Have you tried out any other features yet? I’m curious if you think it’ll be a better fit long-term compared to Schwab

[Sidewinder]

Did my first-ever trades on Fidelity these past coupla days.

 

The central dilemma facing humankind today is:

 

Schwab does not give you confirmation numbers when 'lectronically moving funds externally.  They DO give you order numbers when you place a brokerage type order.

 

Fidelity DOES give you confirmamation numbers when 'lectronically moving funds; however, they appear NOT to give you a order number.  At least if they do it's not as saliently displayed as it is on Schwab's site.

 

Also I have to give Schwab points for having a mobile site with a well-designed user interface.  I'm finding Fidelity's to be way less intuitive and more annoying.  Yes, I only just started using Fidelity so I'm sposedta give time for me to get used to it, but my point is that Schwab's didn't take any getting-used-to; it's been pretty seamless & well-oiled from the start.  Also my cash earns returns there as well, dividends on some fund Schwab has or something.  Point is I was wrong to say this was an edge for Fidelity; they're level on this one.

 

Also I made like $900 on SMCI stock in just the past 36 hours so I'm having trouble staying teed off at anyone.

[8ball]

13 hours ago, Sidewinder said:

Did my first-ever trades on Fidelity these past coupla days.

 

The central dilemma facing humankind today is:

 

Schwab does not give you confirmation numbers when 'lectronically moving funds externally.  They DO give you order numbers when you place a brokerage type order.

 

Fidelity DOES give you confirmamation numbers when 'lectronically moving funds; however, they appear NOT to give you a order number.  At least if they do it's not as saliently displayed as it is on Schwab's site.

 

Also I have to give Schwab points for having a mobile site with a well-designed user interface.  I'm finding Fidelity's to be way less intuitive and more annoying.  Yes, I only just started using Fidelity so I'm sposedta give time for me to get used to it, but my point is that Schwab's didn't take any getting-used-to; it's been pretty seamless & well-oiled from the start.  Also my cash earns returns there as well, dividends on some fund Schwab has or something.  Point is I was wrong to say this was an edge for Fidelity; they're level on this one.

 

Also I made like $900 on SMCI stock in just the past 36 hours so I'm having trouble staying teed off at anyone.

I have to agree with most of what you said about Fidelity's web site. Most of my trading has been done on Schwab but I had a substantial 401K at Fidelity. (Thank God for BK protection of 401K's). 

I moved a portion of the 401K into a rollover IRA so now I'm trying to get used to Fidelity's brokerage side.

I put a limit order in yesterday for 1532 shares of a pipeline company and got a order confirmation back of a purchase. I didn't notice until last night that they only purchased 10 shares at my limit price. If the notice would have been a little clearer, I would have gone back in yesterday to purchase more shares. Oh well, it will take some getting used to this new trading format. 

Edited November 23, 2024 by 8ball