Wells Fargo Brokerage Fees??

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Wells Fargo Brokerage Fees??

Postby hcutrock » Wed May 01, 2013 6:11 pm

Why is there an $8.95 fee for trading NO transaction Fee Mutual Funds,after my 100 free trades are used up?


Wells Fargo's answer:

Once you have used all 100 commission-free trades in a WellsTrade
brokerage account linked to a Grandfathered PMA Package, you are
assessed a $8.95 commission fee thereafter for any stocks priced at
$1.00 or more per share or ETFs. In addition, there is a $35.00
transaction fee for no-load transaction fee mutual funds.

Question?:

I :oops: was talking about NO load,NO transaction Fee Funds.
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Re: Wells Fargo Brokerage Fees??

Postby livesoft » Wed May 01, 2013 6:13 pm

I am not Wells Fargo, so I cannot answer your question. :)
It's all about short-term opportunistic rebalancing due to a short-term change in one's asset allocation, uh, I mean opportunistic rebalancing, uh I mean rebalancing, uh I mean market timing.
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Re: Wells Fargo Brokerage Fees??

Postby Easy Rhino » Wed May 01, 2013 6:14 pm

have youa ctually been charged the 8.95? i would guess that the NTF mutual funds would still be NTF.
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Re: Wells Fargo Brokerage Fees??

Postby hcutrock » Wed May 01, 2013 6:19 pm

I already asked Wells Fargo AND that's what i got. Guess i will ask them again!

I put in a buy for a NTF fund and the preview showed $8.95 Fee. I did not continue.
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Re: Wells Fargo Brokerage Fees??

Postby Default User BR » Wed May 01, 2013 7:18 pm

One of the bad things about Wells Fargo was that their email people were pretty useless. Unless it involved pointing you to a form or something, they either didn't know or couldn't do anything about your situation. Unfortunately you generally have to call to get reasonable customer service.


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Last edited by Default User BR on Thu May 02, 2013 2:09 am, edited 1 time in total.
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Re: Wells Fargo Brokerage Fees??

Postby pkcrafter » Wed May 01, 2013 8:04 pm

hcutrock wrote:Why is there an $8.95 fee for trading NO transaction Fee Mutual Funds,after my 100 free trades are used up?


Wells Fargo's answer:

Once you have used all 100 commission-free trades in a WellsTrade
brokerage account linked to a Grandfathered PMA Package, you are
assessed a $8.95 commission fee thereafter for any stocks priced at
$1.00 or more per share or ETFs. In addition, there is a $35.00
transaction fee for no-load transaction fee mutual funds.

Question?:

I :oops: was talking about NO load,NO transaction Fee Funds.


Sounds clear to me. You are being charged an $8.95 brokerage fee. That has nothing to do with the fund. Loads are applied to the fund and transaction fees apply to some funds in addition to the brokerage fee. My question is how did you manage to run out of 100 free trades?

Paul
When times are good, investors tend to forget about risk and focus on opportunity. When times are bad, investors tend to forget about opportunity and focus on risk.
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Re: Wells Fargo Brokerage Fees??

Postby tfb » Wed May 01, 2013 11:05 pm

pkcrafter wrote:My question is how did you manage to run out of 100 free trades?

:D Complete the 101th trade and see what happens.
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Re: Wells Fargo Brokerage Fees??

Postby Default User BR » Thu May 02, 2013 2:15 am

pkcrafter wrote:Sounds clear to me. You are being charged an $8.95 brokerage fee. That has nothing to do with the fund.

There's no brokerage fee with WellsTrade. It sounds like an error. The OP needs to call WF to ask them.


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Re: Wells Fargo Brokerage Fees??

Postby BrandonBogle » Thu May 02, 2013 3:03 am

I wonder if the Op is confusing a NTF Mutual Funds and No Load MFs (but trading fee) with its equivalent ETF? In that case, the ETF would be subject to an $8.95 trading fee after the free 100. NTF Mutual Funds shouldn't count towards that 100, but $35 trading fee No-LOAD do. And if you finished out your 100 trades, then you would pay either $8.95 or $35, depending on if you are trading an ETF vs a MF.

For instance, I have some VTI and VTSSX in my WellsTrafe account. Both are total US market, but one is the ETF and the other is a No-Load (but transaction fee) MF. Before using up my 100 trades, neither incurs any cost for me to buy or sell. If I used up all 100 of my free trades however, I would have to pay $35 to buy or sell VTSSX or $8.95 to buy or sell VTI. This is what I think the Op is seeing and what they want to buy or sell is NOT actually a NTF Mutual Fund.

Op, what ticker are you trying to trade?
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Re: Wells Fargo Brokerage Fees??

Postby abuss368 » Thu May 02, 2013 9:52 pm

hcutrock wrote:Why is there an $8.95 fee for trading NO transaction Fee Mutual Funds,after my 100 free trades are used up?


Wells Fargo's answer:

Once you have used all 100 commission-free trades in a WellsTrade
brokerage account linked to a Grandfathered PMA Package, you are
assessed a $8.95 commission fee thereafter for any stocks priced at
$1.00 or more per share or ETFs. In addition, there is a $35.00
transaction fee for no-load transaction fee mutual funds.

Question?:

I :oops: was talking about NO load,NO transaction Fee Funds.


I would consider other brokerage options for my ETF account. An ETF account with Vanguard has no fees if the shareholder buys shares in Vanguard offered ETF's.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + REITs
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Re: Wells Fargo Brokerage Fees??

Postby Default User BR » Fri May 03, 2013 4:35 pm

The legacy WellsTrade PMA is a much better deal. You can buy any ETF or stock (should you be inclined) and most mutual funds, without transaction fees. WF has a number of Signal share class Vanguard funds that are equivalent to Admiral class in ER.


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Re: Wells Fargo Brokerage Fees??

Postby BrandonBogle » Fri May 03, 2013 4:52 pm

The Op and I talked over a PM. This was a case that the MF was NTF when originally bought, but no longer is. Confusing part is that some other duds from this family are still NTF.

This isn't exactly the easiest info to find at WF. I personally had to use a "Custom Screener" to find out if it was NTF or just No-Load. This should be something WF makes much easier to find!
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