On Wed, 27 Jun 2007 08:39:36 -0500, BreadWithSpam[at]fractious.net wrote:

- quote -

I'd be interested to hear what happens when you try to make withdrawals
from the IRA accounts. As I recall, the policy was specific to IRA
accounts.

I finally recalled my other beef with ETrade. They would not allow trades
based on "uncleared" funds in cash accounts. What this meant in IRA's
(which are all cash accounts), is that you would not be able to make
purchases with funds from sales that had not yet cleared.

Other brokerages would allow purchases based on these funds.

The three days between executing a trade, and clearing the trade, was
detrimental to my investment methods.

My reading of the SEC rules in this area led me to believe that this was a
choice the brokerage could make, even on a case-by-case basis, and not a
hard and fast policy mandated by the SEC. I was unable to convince ETrade
of this, however.
--ron


======================================= MODERATOR'S COMMENT:
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Ron Rosenfeld <ronrosenfeld[at]nospam.org> writes:

- quote -

[disliked ETrade IRA withdrawal rules]
- quote -

Maybe things have changed - It looks to me like a distribution
form the IRA may be made using their standard "linked account"
system - whether ETrade internal accounts or external ones
(once they've been verified - I've got an outside checking
accounts linked to my ETrade accounts and regularly make
transfers between the outside account and both my regular
ETrade brokerage account and my ETrade bank accounts, though
I haven't tried to do anything - either contribute or
distribute from the IRA account yet).

- quote -

It looks like you need to submit a paper form for each
withdrawal which is in the form of them mailing you a
check, but electronic transfers to verified accounts
may be done entirely online. Again, I haven't done
it, so I'm only going by what I see by poking at the
site just short of trying to initiate such a transfer.

- quote -

I've been generally very very happy with Fidelity and
recommend them without hesitation.

--
Plain Bread alone for e-mail, thanks. The rest gets trashed.
No HTML in E-Mail! -- http://www.expita.com/nomime.html
Are you posting responses that are easy for others to follow?
http://www.greenend.org.uk/rjk/2000/06/14/quoting

On Mon, 25 Jun 2007 11:22:46 -0500, BreadWithSpam[at]fractious.net wrote:

- quote -

They may have changed their policies. This was about five years ago. At
that time, ETrade required a written, signed form for each withdrawal, and
the withdrawn funds would be *mailed* to me unless I wanted to transfer
them to another ETrade account.

The only way to NOT have to mail in a form for each withdrawal at ETrade
was if I set up to have regular withdrawals (e.g. monthly) of the same
amount. But they still would not transfer the funds electronically to a
non ETrade account. And regular monthly withdrawals was not something I
wanted to do.

Fidelity required an initial written authorization, but once that was in
place the funds could be authorized and withdrawn electronically into any
account -- Fidelity or non-Fidelity. I did not have to submit anything in
writing to Fidelity when I recently changed the account TO which I wanted
funds transferred -- all handled over the Internet.


--ron