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pennies for your thoughts

Posted: Mon Feb 03, 2020 7:39 pm
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.

Re: pennies for your thoughts

Posted: Mon Feb 03, 2020 7:44 pm
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.

Re: pennies for your thoughts

Posted: Mon Feb 03, 2020 8:48 pm
by Eagle33
EJ is still trying to get every last penny of your money. :wink:

Re: pennies for your thoughts

Posted: Mon Feb 03, 2020 9:04 pm
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.

Re: pennies for your thoughts

Posted: Mon Feb 03, 2020 9:05 pm
by TallBoy29er
Let it ride, and then answer your own question so we can learn, and share back in a few months.

Re: pennies for your thoughts

Posted: Mon Feb 03, 2020 9:29 pm
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?

Re: pennies for your thoughts

Posted: Mon Feb 03, 2020 11:30 pm
by Cubicle
Astronomical returns. Spend 2¢, save $95. Is that 4,750%?

Re: pennies for your thoughts

Posted: Mon Feb 03, 2020 11:43 pm
by Financologist
Will Edward Jones allow you to purchase a fractional share of Tesla with your two cents?

Re: pennies for your thoughts

Posted: Tue Feb 04, 2020 2:49 am
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.

Re: pennies for your thoughts

Posted: Tue Feb 04, 2020 9:10 am
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

Re: pennies for your thoughts

Posted: Tue Feb 04, 2020 9:37 am
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.

Re: pennies for your thoughts

Posted: Tue Feb 04, 2020 11:35 am
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