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Conference nyoss1::market_investing

Title:Market Investing
Moderator:2155::michaud
Created:Thu Jan 23 1992
Last Modified:Thu Jun 05 1997
Last Successful Update:Fri Jun 06 1997
Number of topics:1060
Total number of notes:10477

688.0. "National Discount Brokers" by SOLVIT::ENG () Tue Feb 22 1994 20:39

    Has anyone used National Discount Brokers in New York?
    
    They have a $30 flat fee advertised in the WSJ.
    
    Thanks,
    
    Mary
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688.1sounds like AccuTradeASDG::MORINWed Feb 23 1994 14:057
    
      I just sent away for their info kit this morning. It sounds very
      similar to Accu-Trade.Their minium is $48 and .03 for every share
      afterwards. As soon as I get the kit I'll let you know if there 
      terms/conditions are the same or not.
    
                                           
688.2NETRIX::michaudJeff Michaud, PATHWORKS for Win. NTMon Jul 11 1994 20:2417
> They have a $30 flat fee advertised in the WSJ.

	It's actually a $33 flat fee (for non-NASDAQ/OTC securities)
	because the fine print says you'll also incur a $3 postage/handling
	charge.  There is also a 1 cent per share for on the entire order
	if the order is in excess of 5,000 shares (again only for non-NASDAQ
	[or OTC] stocks).

	If it's a NASDAQ/OTC stock then it is a true $25 flat fee.

	I'm sticking with Waterhouse for now until I decide to buy
	in excess of 200 shares of something (using waterhouse touch
	tone system it's cost me only $31.50 for NYSE issues, which
	would cost $33 with national discount).

	It you are trading either large number of shares of non-NASDAQ/OTC
	stock, or making NASDAQ/OTC trades, then this broker is cheap.
688.3Price reduction by National Discount?UCROW::PEARSONTue Jul 12 1994 00:197
    In the July 11, 1994 issue of Baron's, there is a National Discount
    Brokers ad which says that you can trade for $25.  There's no mention
    of a postage/handling charge.  It also says that they have a 24 hour
    touch tone trading system with a 20% discount on the transaction fee.
    It does not state that the quoted $25 fee assumes that you use the
    touch tone trading system.  They only reference NASDAQ/OTC prices in
    the ad.
688.4NETRIX::michaudJeff Michaud, PATHWORKS for Win. NTTue Jul 12 1994 04:0814
Re: .3

	I don't know what it says in the ad, but I called their 800
	number and got this info package (with the fee schedule)
	and application.

	Like I said, the $3 S&H charge is on top of the $30 transaction
	fee for non-NASDAQ/OTC trades.

	Also their touch tone system only gives 15 minute delayed quotes
	(not real-time quotes like Waterhouses TradeDirect).  One nice
	thing about National's touch tone system is that it seems to
	accept either touch tones or voice recognition for command
	selection!
688.5How about E*TRADE?UCROW::PEARSONTue Jul 12 1994 19:528
    I've seen references to the $3 S&H fee in previous ads, but it wasn't
    in this one so I thought that perhaps they had dropped it.  That was
    why I mentioned it.

    The E*TRADE ad in today's Investor's Business Daily claims to offer
    $25 trades for stocks.  They offer Touchtone and PC quotes and trading,
    24 Hr. access, real time news with alerts, no "per order", "handling",
    or "maintenance" fees.
688.6NETRIX::michaudJeff Michaud, PATHWORKS for Win. NTFri Aug 05 1994 19:4913
	I was just looking at this broker house again, and just found
	another hidden cost in the fee schedule that I didn't spot
	before.  If you want to place a non-market (ie. limit, such
	as "good til canceled") order, they also charge you 2 cents/share
	if/when the order is executed (and extra $2 per 100 shares).

	So if you want to trade 500 shares of a $15 stock with a limit
	on the share pricew, NBD will charge you a commision of $30+$3+$10,
	or $43.

	For comparision, Waterhouse will cost you $52.05 - 10% (for using
	their touch tone system), or $46.85, regardless of whether it's
	market or limit.
688.7Any experience with National Discount Broker?38024::VERMAVirendra, HLO2-1/A7, DTN 225-6518Tue Oct 25 1994 20:235
I'm considering opening an account with National Discount Broker for trading
stocks. Their commission seems resaonable. Any opinion or experience? 
Good or bad?

Thanks
688.8Jury is still outMIMS::BEKELE_DWhen indoubt THINK!Wed Oct 26 1994 01:4821
    I have an account with them.  My experience so far is mixed.
    
    On the positive side:  (1) If you trade using their automated system it 
    costs only $20.0 for any number of shares on the NASDAQ upto 5000.  
    (2) the system menu is simple to navigate, accurate, and you can type
    ahead (I also trade with Waterhouse and I had to hangup and restart
    a few times because it was lost to the deep end) (3) If you choose to 
    talk to a human being and you are put on-hold for an extended period
    then any NASDAQ trade you make during that call is free.
    
    On the negative side: (1) You probably do not get the best prices 
    as they direct orders to an affiliate and get back between $.01 and $.02 
    per share (depending on the market traded).  (2) execution is slow
    (3) Be prepared to be 'nickle and dimed' (you will see fees under the 
    "other" colume) for services that are otherwise free with other brokerage 
    firms (4) don't expect to talk to a "pleasant" customer service department 
    if you ever have to call.  
    
    My $.02
    
    Dan
688.11ZENDIA::FERGUSONThe Janitor of CodingThu Oct 27 1994 13:178
re   <<< Note 779.4 by 12368::michaud "Jeff Michaud, PATHWORKS for Win. NT" >>>
>                     -< guess the moderator is on vk :-) >-


hey, sign this guy up for moderator!  
have you been reading carbuffs too long?
or maybe it is all those PW conf's...
:-)
688.12Problem complicated by moderator node moveEVMS::HALLYBFish have no concept of fireThu Oct 27 1994 14:093
    I'm no expert at moving notes, but I think I got most of this string.
    
      John (moderator)
688.13How safe is NDB?AWECIM::VERMAVirendra, HLO2-1/A7, DTN 225-6518Thu Nov 10 1994 18:225
How safe is NDB? For example, if I transfer all my digital stocks to
NDB and they file chapter 11 therafter, will I lose all my stocks? Someone
scared me that brokers make money by using your stocks as collateral. Is 
this true? If certificates are in my name and digital does exist with a value,
my stocks should be safe.
688.14PCBUOA::KRATZFri Nov 11 1994 14:344
    If they're backed by the SDIC, I wouldn't worry.  I think your
    securities are insured up to $500k.  Although a securities
    account isn't supposed to be used as a savings account, it
    is a way to get around the FDIC's $100k limit.  .02 kb