LOYAL3 is closing down
4Anyone have any better options than their new platform?
I only have the free T-Mobile stock which I would love to keep a stock in them. But $5/ month to do other investing or $15/year if all I do is keep it and don’t do anything else on the site, is too much! Not for one stock that doubled in a few months but isn’t even worth $100.
I don’t have a lot of expendable income to drop into stocks. I really liked the LOYAL3 platform of being able to drop$10 in when you feel like it but I didn’t get around to doing it yet. (Kind of a good thing now) anyone have any suggestions on where to move things with less fees (preferably none.)
There is a brief window that users of LOYAL3 can transfer out fee free as they are forcing you to move somewhere, their option doesn’t seem ideal.
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I was sad to see the email on this yesterday.
For buy-and-hold investors, if LOYAL3 had what you were looking for, it was a great deal.
I had been putting $50/month into Berkshire Hathaway there, but after yesterday’s news I am going to transfer everything out and probably use Robinhood (no partial shares there though).
Bummer.
@zachdecker
I think Robinhood has high fees that aren’t obvious.
Sorry to hear this about Loyal3.
PS by the time you could afford a share of Berkshire Hathaway, WB will prob no longer be with us. Will the stock maintain value then, with someone new and lacking the Buffett mystique at the helm?
@f00l LOYAL3 only offered the class B shares of Berkshire Hathaway. I’d continue to invest in them rather than the $245,000/share class A’s.
I’m not worried about Buffet getting older. If he dies, Charlie can just take over.
Oh wait…
Anyone have any experience with Robinhood? Anything to say about them at all???
@sohmageek
Check slickdeals and thinkorswim I think? Lots of opinions there.
I haven’t researched it yet, but it seems like one of the only “free” options.
I see they have fees on sell orders, but I wouldn’t be too concerned about those since I hope to hold the investments for decades.
My biggest concern would them abandoning the free model like LOYAL3.
@sohmageek Robinhood is great, I’ve been using them for more than a year, I think. There is a fee on sales, I think it’s $0.002/share, which is required by the SEC – not Robinhood’s fault. If you’re just holding shares, Robinhood is what you want. I don’t know how it goes transferring shares into Robinhood, however.
@defective So If I was to transfer my share… I’d either Transfer it directly, or do the whole Sale, Buy so that I can try to avoid taxation and it seems like I may get a discount when too many people sell…
Just sold stock with them and tried to deposit the money in the checking account. They denied the request and froze the account. Opening up a support ticket, they needed me to fax a voided check to them. Very weird and now I know why. They are trying keep a hold on the money for as long as possible putting stupid and invalid delays in the process. Didn’t know they were closing.
@cengland0 Not sure this is their requirement.
I’ve used TDAmeritrade for years to hold some stock I ended up with in my divorce. When I wanted to switch to electronic dividend deposits about two years ago, they also insisted on a faxed voided check, and may have stated it was a legal requirement.
A couple of years ago, my TIAA financial adviser suggested that I move the stock from TDAmeritrade to TIAA to make life easier for me (my retirement plan is with TIAA). As I recall, there was no significant financial advantage to me for the move and I never bothered to do it.
Since I see no point in holding onto a share of T-Mobile stock if it is going to cost me anything at all, I guess I’ll see what, if anything, it will cost to keep with TIAA or TDAmeritrade, and maybe I’ll finally move stuff from TDAmeritrade, or perhaps even use the account for more than merely holding some stock.
@baqui63 But when I setup the account, they asked for routing numbers and checking account number for direct deposits and withdrawals. What the hell did they ask that for if they demand me to send them a voided check anyway? What a waste of my time. Lucky I’m not going to have to do business with them in the future.
I transact with several companies that I transferred well over $100,000 in one transaction simply by giving them my routing number and checking number. They confirm it is me by making two small deposits less than a dollar each. I look at the account, confirm the deposit amounts, then they lock in the data I gave them for all future transactions. Has worked like a charm for many companies.
I’m one of the weird people that happen to have a fax machine. I shutter to think what would all the other LOYAL3 customers need to go through – Kinkos or something?
@cengland0 Same with TDAmeritrade: they already had my routing and account numbers and have teken money from me via that method, but insisted on a fax (or photo) of a voided check to set up the automated deposits of dividend payments.
I’ve also transferred large amounts to/from companies verified via the two deposits of a few cents verification scheme, though I’ll note that all of those accounts were set up and verified more than a few years ago. Perhaps the rules have changed? Or perhaps they really are money-hungry scum. Or both.
@baqui63 One thing I found funny is that I transferred a large sum of money to Goldman Sacks (was originally GE but they sold all their accounts to Goldman Sacks
) due to the high interest rate they offered. But when I needed to take some money back, my bank wouldn’t let me transfer more than $5,000 per day. Absolutely ridiculous. Would take me over a month of transfers to get it all back that way.
I like pulling money versus pushing money. So if I want to move money from account “A” to account “B” (A ->
, I will sign into account “B” and tell it to get money from account “A”. If I do it the other way, I feel like a mistake could be made by me pushing money into someone else’s account. If something goes wrong and they take money from someone else’s then I’m not impacted as much.
So when I went to my normal checking account to pull from Goldman Sacks, it was denied due to the large amount. I had to do it backwards by logging on to Goldman Sacks and telling it to transfer the funds to my checking. I hate that kind of crap.
The transaction was made anyway so I’m not sure why my checking company couldn’t do it. There obviously isn’t any legal reason why because I was able to transfer it to Goldman in one lump sum.
Acorns. Robinhood.
@connorbush Neither of those two are accepting the T-Mobile stock.
@DrunkCat Stockpile did
Anyone heard anything about stockpile? They have a doc about transferring your LOYAL3 account to them.
I had been thinking of going robinhood but they won’t do the transfer in.
@sohmageek I am in the process of moving mine to stockpile. read too many bad reviews of robinhood.
@formika They (Robinhood) won’t transfer it in either…
Did anyone have success with the loyal3 transfer. They rejected my broker’s request saying it was “incomplete” with no additional info. I’m so over them
@ayamnira mine transferred into stockpile. It took almost a month to complete. I had the paperwork into them quickly. The only issue I had was they wanted me to email them a paper with social in clear text. I refused so they allowed me to upload on their site. (Why that isn’t the first option… I don’t know)