Years ago I purchased stock through AG Edwards. Through a series of acquisitions they became part of Wells Fargo. I learned the hard way the Well Fargo charges not only commission fees but also annual fees for their broker service, regardless of whether you buy or sell stock.
I realized (after the fact) that they had sold off several shares of stock to cover their annual brokerage fees. They claim they told me about this in my quarterly statement but I didn’t recall seeing anything notifying me of fees due. I now have the tax hit from the sell off, residual cash.
I have opted to move my holding over to Fidelity which charges no annual fees. Oh... And wouldn’t you know... Yet another fee opportunity for Wells Fargo... They want $95 to process the transfer.
WORD TO THE WISE... DO NOT USE WELLS FARGO FOR brokerage services (unless you want to pay a lot of fees). Also, if you own stock held in Well Fargo Brokerage, consider transferring it to Fidelity unless you just like paying them fees each year.
0 comments