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WellsTrade

Wells Fargo Brokerage Service

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WellsTrade...works most of the time.

May 7, 2009

by rjweber21

Rating:

-3

These guys sucked me over to WellsTrade with their "100 free trades a year" offer over a year ago. I liked the idea of the free trades, but more important for me was that my checking account, savings account, and trading account would all be linked through a Wells "prime" account. I also thought Etrade had a shot of going belly up, so I felt much better about having my money at Wells.

The Good:
- Wells is a solid financial institution (only required + 13.7 billion after stress test).
- Easy to digest monthly statements, all accounts are linked, and can easily transfer funds quickly between accounts.

The Bad:
- Understaffed, atrocious customer service. When they have issues with their website, and you have to call in to place a trade, you will be on hold a minimum of 20 minutes (today it took me 35 minutes to get a broker on the phone).
- Unstable website. The clown on the phone told me this was the first time the website had been down in 6 months. REALLY? Technically, he may be right, but he's clearly not counting the times the website has been so slow at the opening and closing of trading, that my browser times out.

WellsTrade / Prime account is fine if you only make a few trades a year, and you just accept the apathy of the big banks, but if you expect customer service, or actually want to be able to execute a trade within 30 minutes, you should probably stick with an online brokerage.

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devora May 21, 2009

Oh no, a slow stock trading site is no bueno! Thanks for sharing your experience. The only brokerage company that I've ever dealt with is Charles Schwab. I've always had great customer service there, plus they're a solid financial institution as well, and their website is awesome. Of course, they do take commission on trades, but considering all those perks, that's not too bad!

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About the reviewer

Ross Weber (rjweber21)
Ranked #324

I like to surf, ski, golf, play volleyball - basically anything outdoors. I don't like playing pool, golden tee, or shuffleboard (during the day) in dank bars.

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About this topic

Wiki

Rated a Top 3 Online Brokerage Service –
Kiplinger's, July 2006

Investment products include:

Stocks
Bonds
Mutual Funds including more than 800 No-Load, No-Transaction Fee Funds
Exchange-Traded Funds
Options

Minimum initial investment: $1,000

Account Resources:

Margin borrowing privileges
Use Mutual Fund, Stock, Exchange-Traded Fund and Bond Centers with powerful online tools to find investments that meet your criteria
View Morningstar^® mutual fund ratings
Access leading independent research and education to make well-informed decisions — market commentaries, profiles and S&P Stock Reports
Set up portfolio monitoring tools to track your account's gains or losses
Online statements, trade confirmations, and tax documents — less paperwork, less filing, less hassle

Pricing:

100 commission-free² trades online when linked to a PMA account. Named Best Online Brokerage Deals – Kiplinger’s, April 2006
$19.95³ WellsTrade^® Standard online equity trades when not linked to a PMA

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rjweber21
"WellsTrade...works most of the time."

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