pennies for your thoughts

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
Post Reply
Topic Author
Westwing
Posts: 42
Joined: Sun Nov 18, 2018 9:43 pm

pennies for your thoughts

Post by Westwing »

Recently moved out of an Edward Jones taxable account. A blessing getting that money into Vanguard. I was aware of a potential $95 fee for closing the account. After the smoke cleared and money was received, I noticed that there was 2 cents left in the account and no closing fee was charged. Just got my latest statement that still shows the 2 cent balance. Will they at some point just shutter this account? Are there any obligations on my part to maintain this account? Seems like a lot of work on EJ's side each month for the pennies.
dharrythomas
Posts: 1072
Joined: Tue Jun 19, 2007 4:46 pm

Re: pennies for your thoughts

Post by dharrythomas »

My mother had an account with UBS. They charged a fee once a year. When I closed the account after her death, there was less than $1 left (interest for the partial last month). It sat in the account until annual fee time and they swept it up.
User avatar
Eagle33
Posts: 940
Joined: Wed Aug 30, 2017 3:20 pm

Re: pennies for your thoughts

Post by Eagle33 »

EJ is still trying to get every last penny of your money. :wink:
Rocket science is not “rocket science” to a rocket scientist, just as personal finance is not “rocket science” to a Boglehead.
Billionaire
Posts: 339
Joined: Sat Jan 04, 2014 3:05 pm

Re: pennies for your thoughts

Post by Billionaire »

How was the money transferred? It's possible that Vanguard will sweep the EJ account periodically and bring over any addition funds, such a dividend that was due, but not paid until after the initial transfer.
TallBoy29er
Posts: 1007
Joined: Thu Jul 18, 2013 9:06 pm

Re: pennies for your thoughts

Post by TallBoy29er »

Let it ride, and then answer your own question so we can learn, and share back in a few months.
User avatar
ruralavalon
Posts: 19463
Joined: Sat Feb 02, 2008 10:29 am
Location: Illinois

Re: pennies for your thoughts

Post by ruralavalon »

Westwing wrote: Mon Feb 03, 2020 7:39 pm Recently moved out of an Edward Jones taxable account. A blessing getting that money into Vanguard. I was aware of a potential $95 fee for closing the account. After the smoke cleared and money was received, I noticed that there was 2 cents left in the account and no closing fee was charged. Just got my latest statement that still shows the 2 cent balance. Will they at some point just shutter this account? Are there any obligations on my part to maintain this account? Seems like a lot of work on EJ's side each month for the pennies.
Congratulations on escaping from Edward Jones :) .

I have no idea what will happen to your 2¢. Somebody did you a $95 favor by not closing the account?
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started
User avatar
Cubicle
Posts: 939
Joined: Sun Sep 22, 2019 1:43 am

Re: pennies for your thoughts

Post by Cubicle »

Astronomical returns. Spend 2¢, save $95. Is that 4,750%?
"Oh look another bajillion point declin-Ooooh!!! A coupon for pizza!!!!" <--- This is what everyone's IPS should be. ✓✓✓
Financologist
Posts: 235
Joined: Wed Jan 01, 2020 11:16 pm

Re: pennies for your thoughts

Post by Financologist »

Will Edward Jones allow you to purchase a fractional share of Tesla with your two cents?
User avatar
VeganBH
Posts: 99
Joined: Mon Mar 11, 2019 12:53 am
Location: No. California

Re: pennies for your thoughts

Post by VeganBH »

Careful that there aren't quarterly "account maintenance fees (AMF)" or similar non-sense. We're still trying to extricate ourselves ($$) from Ameriprise - but need to hold off and leave some funds there, since they were placed in "proprietary" funds by our former adviser - which requires selling them before bringing $$ over to VG (waiting to do this when we're in a more favorable tax bracket).
But of course....we get a quarterly AMF of $25 to have our money sitting there. Aarg.
"Until we extend our circle of compassion to all living things, humanity will not find peace."​ ~ Albert Sc​hweitzer
BeerTooth
Posts: 321
Joined: Wed Nov 24, 2010 3:07 pm

Re: pennies for your thoughts

Post by BeerTooth »

I had a similar experience in getting away from MorganStanley about 10 years ago. It took a couple years and several phone calls. I would talk to my advisor's secretary and instruct her to "sell everything, send me a check, and close the account" - the next January I would receive a 1099 for $0.03 of earned interest or some trivial amount. Call the office again...same instructions...took a couple rounds but eventually got the account closed out
Dottie57
Posts: 9195
Joined: Thu May 19, 2016 5:43 pm
Location: Earth Northern Hemisphere

Re: pennies for your thoughts

Post by Dottie57 »

VeganBH wrote: Tue Feb 04, 2020 2:49 am Careful that there aren't quarterly "account maintenance fees (AMF)" or similar non-sense. We're still trying to extricate ourselves ($$) from Ameriprise - but need to hold off and leave some funds there, since they were placed in "proprietary" funds by our former adviser - which requires selling them before bringing $$ over to VG (waiting to do this when we're in a more favorable tax bracket).
But of course....we get a quarterly AMF of $25 to have our money sitting there. Aarg.
This. Really check this out.
Topic Author
Westwing
Posts: 42
Joined: Sun Nov 18, 2018 9:43 pm

Re: pennies for your thoughts

Post by Westwing »

Many thanks for the responses and guidance. I will continue to look at all angles and report back on the resolution. The Tesla stock just didn't pan out. Ha. :happy
Post Reply