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Robot_Teacher
Joined: 18 Feb 2009
Location: Robotting Around the World
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 Posted: Tue Mar 17, 2009 6:57 pm Post subject: Americans, how do you set up funding for your stock account? |
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I've opened my new TradeKing account and wish to xfer dollars from my home account, but am having a hangup. To do an ACH xfer, I need to fax a copy of a voided check on the bank account.
I have 2 accounts, one savings, and one checking, but due to paper checks being an obsolete thing of the past like cassette players, I only have a check card; not paper checks as I gave them up 5 years ago for security and convenience reasons. The brokerages seem to be using antiquated ways of moving money in and out of accounts.
Any ideas how I can get funding going on? I know one thing, don't call them and tell them you can't visit your bank for help due to living over seas since TradeKing states on their site they're not supposed to open accounts for potential customers living overseas. It's OK for me to since I have an American residential address, citizenship, and bank accounts.
Thanks in advance for your help or advice. |
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mole
Joined: 06 Feb 2003
Location: Act III
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| Posted: Tue Mar 17, 2009 7:09 pm Post subject: |
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| Man, you guys have balls of steel, to even consider investing in the markets now. |
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Robot_Teacher
Joined: 18 Feb 2009
Location: Robotting Around the World
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| Posted: Tue Mar 17, 2009 8:03 pm Post subject: |
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| mole wrote: |
| Man, you guys have balls of steel, to even consider investing in the markets now. |
Not balls of steel, but I see opportunity in getting in when prices are low, the markets down, and many companies are under priced. Of course, this involves taking on higher risk, because it is very possible the banks and brokerages may collapse. It's also very possible entire country systems may be on their way to collapsing, especially when China cuts Americas credit line. Things are very dicey right now, but if the markets and capitalism survive, those buying assets now that survive will be winners. |
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mole
Joined: 06 Feb 2003
Location: Act III
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| Posted: Tue Mar 17, 2009 8:12 pm Post subject: |
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I was complimenting your fortitude.
Be sure to get the actual stock certificates. Otherwise it's just a very vulnerable digital cyberbyte transaction.
BTW, are you calling a bottom?? |
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Robot_Teacher
Joined: 18 Feb 2009
Location: Robotting Around the World
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| Posted: Tue Mar 17, 2009 9:01 pm Post subject: |
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| mole wrote: |
I was complimenting your fortitude.
Be sure to get the actual stock certificates. Otherwise it's just a very vulnerable digital cyberbyte transaction.
BTW, are you calling a bottom?? |
Thank you. I'm not qualified to give investing advice, but I'll share some of my ideas. No, I don't think we've hit bottom yet, not even close, but I'm researching and preparing for when I've a hunch it is, though, I'm focused on researching for under valued stocks with volitility which many do have now. All this volitility is making some people the big bucks while others are forced out of trading. Even though we're not at bottom, there are many under valued stocks, especially in the less than $5 range, but it's risky. I have an Investopedia stock trading simulation game going on using real market info and it's pulling a whopping 2990% estimated annual return where $10,000 is earning $200 to $500 per day trading penny stocks! It's unrealistic to expect to win this big and you can lose just as easily, but it's possible and I think I've got the mojo in my head to win. Buy low;sell high to build an egg. Traditional long term long position just doesn't do it for me like it does for the rich old people living on a 3% to 5% ROI from a diversified fund they don't touch. A few million dollars in a diversified fund would be the easy gravy train to live on where you'd get $50,000 to $100,000 a year in dividends for doing nothing. My inlaws are all set up like this from father in law being a retired bank president who did very well in his career, but this wealth is kept separate from my family as it's not blood relation, except my sister will get some and be well taken care of into her older years.
Since I'm small, don't have an inheritance coming, and needing wealth, I need to take on risks and attempt to build something in a more timely manner, but know not to risk the only money I have. Just a $2000 starter.
I know most stock trades today don't have paper certificates as it's all went digital. In the old days, they'd visit brokers in an office, buy/sell, and actually trade the paper certificates in xchange for paper currency or checks. Today, it's all computerized. Only the big wheels go visit a brokerage or advisors office in person today. I'm not even wanting an advisor as I'm educated and resourceful in my intellect so a simple cheap online trading platform like Tradeking is all I need. |
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aquaponics08
Joined: 22 Dec 2008
Location: Korea
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| Posted: Wed Mar 18, 2009 12:05 am Post subject: |
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| Quote: |
| I've opened my new TradeKing account and wish to xfer dollars from my home account, but am having a hangup. To do an ACH xfer, I need to fax a copy of a voided check on the bank account. |
If you have to have them for for your Trade King account, it doesn't sound like checks are quite an antiquated thing as you seem to think.  Why don't you have some printed up and a couple mailed to you? |
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losing_touch
Joined: 26 Jun 2008
Location: Ulsan - I think!
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| Posted: Wed Mar 18, 2009 3:56 am Post subject: |
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| I have Charles Schwab. I have a brokerage account that is also linked to an interest bearing checking account. There are no fees for wire transfers or ATMs. Switching funds between the accounts is simple. I wire money to that account because of the lack of fees. However, I am in no position to trade at the moment, so I am unaware of the brokerage fees. It has been a long time ..... |
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