And the saga continues

[susandennis]

So.... Today I log on to Ameritrade to see how everything is going and I discover that the money I had transferred was now debited from my Ameritrade account with a nice note saying it was rejected.

Their test transaction went through fine. But, when we're talking real money, apparently, they are a little hesitant to commit.

So I called Ameritrade to learn that it was the credit union's fault and I'd better get them their money pronto or they will sell my stocks. (This was after I waited on hold listening to some yahoo tell me how easy and wonderful and rewarding electronic funds transfer is.)

So I called the credit union to learn that my account number was incomplete - curious since the test went without a hitch with the same 'incomplete' account number. I asked the credit union about how I could get the money to Ameritrade now and they said my only option was to wire it. This would cost me $10, involve at least 2 faxes and a laundry list of other requirements.

I opted to start all over again. I set up a new eletronic trade thingie at Ameritrade. They will do another test. I will try once more to transfer money to pay for the stocks I already bought.

They might well sell my stocks and close my account before the money gets there. If they do, I'll raise hell about their testing process and probably get nowhere. What. Ever. The whole adventure is losing it's glow as far as I'm concerned.

Comments

[tbone.livejournal.com]

You know, a few months ago I was all gung-ho and wanting to try this online trading thing... but now I'm not so sure. It still sounds a bit buggy to me. At least you are being a lesson to others!

[susandennis]

Well, let me get the kinks worked out first. I think it's a good idea if everyone does right.

[pheon.livejournal.com]

Interesting that you are having problems with the exact two players that I had problems with. Except in my case, the money was going the other way and via a wire transfer. [N.B.: If you do use a wire transfer from Ameritrade to the credit union, it will cost you $45, not $10.]

Both players made mistakes, even though Ameritrade kept insisting the problems were all caused by the credit union.

[victory-rose.livejournal.com]

I've been meaning to ask for some time - what's a credit union? I'm assuming it's something else than a regular bank.

From what you've written in the past, it seems to me that this credit union is a fairly cumbersome thing, but I'm also assuming it must have its good points.

[susandennis]

In the olden days, credit unions were formed by employee groups - they joined together and created a bank for handling their finances more cheaply than commercial banks. You had to be an employee of Boeing, for instance, to use the services (be a member of) the Boeing Credit Union.

Credit unions are non-profit and most everything is cheaper, banking fees, lending rates, etc. And they are small and generally far easier to deal with. (For a giggle, I just called the local Bank of America branch here and asked, if I had an account there how much it would cost to wire funds to a broker... Yesterday the credit union told me $10 and a lot of faxing. Bank of America told me that I had to go there in person - they wouldn't do fax - and it would cost $45 plus 1% of the amount being wired. So... THANKS for giving me the excuse to do research. I now feel much better about the $10!)

My credit union started out as a credit union for Microsoft and Xerox employees. Now, I think pretty much anyone can 'join' (open up an account).

So, with my credit union, I get free checking, free ATM, free online banking and free bill paying services. Around here, commercial banks charge for most if not all of these services and are generally way more difficult to deal with.

Good question!