Got charged 3 brokerage fees for one sell transaction is that normal ?

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Greenbacks
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Got charged 3 brokerage fees for one sell transaction is that normal ?

Post by Greenbacks » Wed Oct 24, 2018 9:49 pm

Newbie here …. I sold a stock monday and liquidated my entire holdings of some 360 shares in that particular stock and was told there would be only one simple brokerage liquidation fee. When I received the selling confirmation order via mail today it shows they charged me 3 separate selling brokerage fees … apparently instead of liquidating off the entire holdings in shares as one transaction they sold off 3 separate augmented segments of the total shares and charged me fees for each one of the 3 segments they liquidated which in total equaled my 360 shares holdings. The confirmation order indicated the sell execution was done at the same precious time for each one segment yet I got charged 3 separate sell fees ….. So anybody know is that standard course or is there something a foot here …. One would think that 1- liquidation selling fee would suffice unless there are complications I am not aware of …… Any input …. Thanks in advance

AlohaJoe
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Re: Got charged 3 brokerage fees for one sell transaction is that normal ?

Post by AlohaJoe » Wed Oct 24, 2018 10:18 pm

My transactions almost never sell in a single lot. That's why brokers have an "all or none" button you can click of it is important enough.

As for whether it is fair to be charged brokerage fees for each one of those....I don't think fair has much to do with it and I'm sure their documents and disclaimers explain that they will do this.

I don't think anything is afoot.

You could switch to another broker, I suppose.

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whodidntante
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Re: Got charged 3 brokerage fees for one sell transaction is that normal ?

Post by whodidntante » Wed Oct 24, 2018 10:23 pm

You shouldn't be paying commissions for orders that vanilla and small.

Greenbacks
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Re: Got charged 3 brokerage fees for one sell transaction is that normal ?

Post by Greenbacks » Wed Oct 24, 2018 10:39 pm

… yeah I hear you yet the fees total around $ 620 bucks via the 3 separate selling's to liquidate my holdings …. Oh btw it was Edward Jones … and I know all about their tactics but according to my paper work they indicate selling fees via amount sold … not the effort of splitting my holding into 3 separate sell orders so they can charge 3 separate fees for the same transaction … kinda seems a little afoot to me so that why I am asking for some seasoned opinions here … I have sold stock holdings before ( not with E.J.) but was only charged a single fee and they did not split up the sale so as to be able to charge additional fees …. But if that is what is normal and customary please explain that to me as I could not determine that conclusion by reviewing their conditions, assumptions and limiting conditions regarding brokerage fees and selling of stock holdings … I realize they are "up front " loaders but that is for the mutual funds they peddle not individual stocks you buy or sell through them ….

bzargarcia
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Re: Got charged 3 brokerage fees for one sell transaction is that normal ?

Post by bzargarcia » Wed Oct 24, 2018 10:42 pm

Add up the three commissions and compare that number to that brokerage commission rate for that trade. My bet is the commission is split between the three lots.
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Greenbacks
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Re: Got charged 3 brokerage fees for one sell transaction is that normal ?

Post by Greenbacks » Wed Oct 24, 2018 11:00 pm

Well O.K. that makes more sense … and If that is the case …. then should of made a ' like kind " transfer to Vanguard then sold my holdings at their $ 25 fee per transaction instead of getting dry honed n' reamed for $ 620 for the 3 lots at EJ ….. :annoyed

22twain
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Re: Got charged 3 brokerage fees for one sell transaction is that normal ?

Post by 22twain » Wed Oct 24, 2018 11:44 pm

Greenbacks wrote:
Wed Oct 24, 2018 10:39 pm
the fees total around $ 620 bucks via the 3 separate selling's
:shock:
Greenbacks wrote:
Wed Oct 24, 2018 10:39 pm
Oh btw it was Edward Jones
Aha. :oops:
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sixty40
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Re: Got charged 3 brokerage fees for one sell transaction is that normal ?

Post by sixty40 » Thu Oct 25, 2018 12:13 am

Am I reading this correctly? It cost $620 in commissions for 3 trades? There must be some mistake, or a decimal missing.

rgs92
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Re: Got charged 3 brokerage fees for one sell transaction is that normal ?

Post by rgs92 » Thu Oct 25, 2018 1:45 am

$620 for a stock trade? OMG. That almost sounds fraudulent to me.

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vineviz
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Re: Got charged 3 brokerage fees for one sell transaction is that normal ?

Post by vineviz » Thu Oct 25, 2018 5:39 am

rgs92 wrote:
Thu Oct 25, 2018 1:45 am
$620 for a stock trade? OMG. That almost sounds fraudulent to me.
That’s way above their stock commission fee: more likely it was a mutual fund with a back-end load.

It’s be nice if the OP gave us some supporting details.
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Spirit Rider
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Re: Got charged 3 brokerage fees for one sell transaction is that normal ?

Post by Spirit Rider » Thu Oct 25, 2018 6:55 am

vineviz wrote:
Thu Oct 25, 2018 5:39 am
rgs92 wrote:
Thu Oct 25, 2018 1:45 am
$620 for a stock trade? OMG. That almost sounds fraudulent to me.
That’s way above their stock commission fee: more likely it was a mutual fund with a back-end load.

It’s be nice if the OP gave us some supporting details.
I agree. This sounds like a back-end load.

Unless these were Berkshire Hathaway Class A shares, the SEC and FINRA transaction fees would be minimal.

FireProof
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Re: Got charged 3 brokerage fees for one sell transaction is that normal ?

Post by FireProof » Thu Oct 25, 2018 7:01 am

If you're paying more than $7, you're getting taken.

ivk5
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Re: Got charged 3 brokerage fees for one sell transaction is that normal ?

Post by ivk5 » Thu Oct 25, 2018 7:29 am

Greenbacks wrote:
Wed Oct 24, 2018 11:00 pm
should of [sic] made a ' like kind " transfer to Vanguard then sold my holdings
Yup.

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alpenglow
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Re: Got charged 3 brokerage fees for one sell transaction is that normal ?

Post by alpenglow » Thu Oct 25, 2018 8:03 am

I think I just threw up a little.

I know EJ are thieves, but that goes way beyond what I'd expect.

JW-Retired
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Re: Got charged 3 brokerage fees for one sell transaction is that normal ?

Post by JW-Retired » Thu Oct 25, 2018 8:49 am

Greenbacks wrote:
Wed Oct 24, 2018 11:00 pm
Well O.K. that makes more sense … and If that is the case …. then should of made a ' like kind " transfer to Vanguard then sold my holdings at their $ 25 fee per transaction instead of getting dry honed n' reamed for $ 620 for the 3 lots at EJ ….. :annoyed
So how does the $620 compare with their fee schedule? For example, looks like if your stock sale totaled $41K then a $620 fee would be about EJ normal.... i.e., 1% + $205. Does that fit?
https://www.edwardjones.com/images/ETY-1714E-A-MA.pdf

Of course normal at EJ is outrageous compared to Vanguard, Fido, Schwab, and more....... :oops:
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Re: Got charged 3 brokerage fees for one sell transaction is that normal ?

Post by pkcrafter » Thu Oct 25, 2018 8:56 am

vineviz wrote:
Thu Oct 25, 2018 5:39 am
rgs92 wrote:
Thu Oct 25, 2018 1:45 am
$620 for a stock trade? OMG. That almost sounds fraudulent to me.
That’s way above their stock commission fee: more likely it was a mutual fund with a back-end load.

It’s be nice if the OP gave us some supporting details.
OP says it was a single stock.

EJ commission

Maximum Fee
in Range
1
– to $5,999.99
2.50%
$150 max

$6,000.00 to $9,999.99
2.00% + $30.00
$230.00 max

$10,000.00 to $24,999.99
1.50% + $80.00
$455.00 max

$25,000.00 to $99,999.99
1.00% + $205.00
$1,205.00 max

$100,000.00 and above
0.50% + $705.00 Unlimited

https://www.edwardjones.com/images/ETY-1714E-A-MA.pdf





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SlowMovingInvestor
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Re: Got charged 3 brokerage fees for one sell transaction is that normal ?

Post by SlowMovingInvestor » Thu Oct 25, 2018 9:12 am

I think most online brokerages will charge a single fee for all trades done for one order (limit) executed the same day.

You could complain to EJ, but if you're already leaving them, I doubt they'll pay attention.

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indexfundfan
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Re: Got charged 3 brokerage fees for one sell transaction is that normal ?

Post by indexfundfan » Thu Oct 25, 2018 10:18 am

bzargarcia wrote:
Wed Oct 24, 2018 10:42 pm
Add up the three commissions and compare that number to that brokerage commission rate for that trade. My bet is the commission is split between the three lots.
This is the most probable explanation. If I recall correctly, I once executed a commissioned (limit order) trade at Schwab that resulted in multiple lots on the same day. The commission was proportioned into the multiple lots, but they still add up to the cost of one trade.
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