I was interested in this company's claim that for $20 per month, I could set up a brokerage account that would allow me to invest in the stock market.
I set up a brokerage account with BUYandHOLD.com and to fund my account I allowed the company to take the money for my investments directly out of my checking account by means of an "electronic check" (ACH draft). I soon realized that after I "did the math", I calculated that I was paying a $6.75 service charge each month on an investment that gained only a few cents each month!!!
When I tried to close the account I had a problem trying to find any info about how to contact BUYandHOLD.com to have them stop taking money out of my checking account and closing my account.
Bottom Line: Unless you have $100's to invest each month the service charge will always cause always end up losing money on your investments. Once you have set up an account, it's very hard to close your account and so the service charges will continue eating away at the value of your investments!!!
Barry
San Diego, California
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