Zecco IRA Account

Zecco Sucks- Should you open an IRA with Zecco? Zecco IRA Account review

Zecco IRA:
Traditional IRA with Zecco:

Traditional IRA A traditional IRA allows you to contribute your income up to $5,000 per year (2009). You won't pay tax on your IRA earnings until you make a withdrawal. Your contributions may be tax-deductible in the current tax year depending on your income and other factors.

Zecco Roth IRA

With a Roth IRA, your contributions are never deductible. However, you can enjoy tax-deferred earnings and tax-free qualified distributions. Your contribution limit depends on your marital status and whether your compensation falls within certain requirements

I opened an IRA account with Zecco and had a horrible experience. They have the worst IRA account offering in the nation.

1) It is frustrating to deal with their customer service and their trading policies (As always, there is no free lunch in financial markets LOL).
2) They charge $30 annually for an IRA account.
3) To close out an IRA account you need to pay at least $80. $50 for Account Transfer- which is compulsory They just do not issue you a check for depositing into another IRA account. Plus they will charge $30 in account closing fees.
4) If you have a cash brokerage account instead of margin, you can NOT sell one stock and buy another same day! You have to wait 3 days before you can buy stock or use the fund of your sell trade!!!
5) The day you close your account- you lose access to all your account history, statements, trade confirmations. This is a big issue if you have opted for paperless communication!! You have no record whatsoever or trace once you close your account.
Tip: Before closing your account, make sure you download or print all account records.
6) Most brokers offer free or low cost Mutual funds options for IRA/Retirement accounts but Zecco is most expensive. They charge$10 per trade.

Zecco IRA Account Maintenance Fees

IRA Annual Fee $30.00 annually
IRA Account Closure $30.00
Hard to Borrow Fee At cost ? SEC Section 31 Fee $0.0000192 multiplied by the principal amount on liquidation orders
Options Regulatory Fee 0.0145 per contract on both the buying and selling of options (other exchange fees might apply)
FINRA Trading Activity Fee (TAF) $0.000075 per share up to a maximum of $3.75 on liquidation orders
Securities purchased with Non-Cleared Funds Interest on balance (see margin interest rates) Non-Transferable/Worthless Securities Held in Account $7.50 per month per security Reg. "T" Extension Request $10.00 per request plus interest from settlement date until paid
Research Requests and Requests for Statement Copies $15.00 per hour (1 hour minimum)

Zecco IRA Account Transfer Fees
ACAT Transfer - Incoming Free
ACAT Transfer - Outgoing $50.00 per request
DTC Transfer - Incoming Free
DTC Transfer - Outgoing $25.00 per request
DWAC Transfer - Incoming/Outgoing $30.00 per request
DRS Transfer - Incoming/Outgoing $30.00 per request