I'm coming up on my 60 days of free trades on ETrade and was wondering if there's another good online trade website that allows for free trades?
I noticed TD Ameritrade offers the same kind of package so I was wondering if they were a good broker?
I noticed this in ETrades clause and now I'm a little confused...
"This offer applies only to new E*TRADE accounts opened with a minimum $2,000 deposit from an external bank or brokerage account.
You will receive up to 500 free trade commissions for each stock or options trade executed within 60 days of the deposited funds being made available for investment in the new account (excluding options contract fees). You will pay $9.99 for your first 149 stock or options trades and $7.99 thereafter up to 500 stock or options trades (plus 75¢ per options contract). Your account will be credited for trades within a week. Account must be funded within 60 days of account open.
Credits for cash or securities will be made based on deposits of new funds or securities from external accounts made within 45 days of account open, as follows: $250,000 or more will receive $500; $100,000-$249,999 will receive $250; $50,000-$99,999 will receive $100; $25,000-$49,999 will receive $50. Your account will be credited within one week of the close of the 45-day window.
You will not receive cash compensation for any unused free trade commissions. Excludes current E*TRADE Securities customers (except IRA accounts), E*TRADE Financial Corporation associates, and non-U.S. residents. This offer is not valid for IRAs, other retirement, business, Custodial, Estate, LLC, Sole Proprietorship, Unincorporated Organization or E*TRADE Bank accounts. New funds or securities must remain in the account (minus any trading losses) for a minimum of 6 months or the credit may be surrendered. One promotion per customer. E*TRADE Securities reserves the right to terminate this offer at any time. Accounts must be opened by December 31, 2012, the offer expiration date."
My account is just about 2 months old and I've made $500. I originally put in $4,000 and now I'm up to $4,500.
I've made about 15 trades ($9.99 per trade) so my account's received a total of $149.85 to cover my trades (which are free from the promotion.)
My question is...on Day 61 say I withdrawal everything back into my bank account, all $4,500...am I going to get charged $149.85 for not leaving my money in ETrade for 6 months?