Opened a brokerage account and got hit with a $75 transfer fee from my bank

I moved $2k from my regular savings to a Schwab brokerage for a higher yield. My credit union charged me $75 for the outgoing wire transfer. Didn't even think about it until I saw the statement. That wiped out like 4 months of interest gains. Anyone else get surprised by bank fees when moving money to a broker?

2 comments

2 Comments

leep331d ago

Yeah that "didn't even think about it until I saw the statement" hit home for me. I used to be the guy who just clicked submit without reading the fine print on fees. Then I moved $3k from my local bank to a Fidelity account and they charged me a $50 outgoing ACH fee. I was pissed but honestly I was mad at myself for not checking first. Now I always call both banks before I move money and ask about every possible fee. That $75 is brutal though, a whole 3.75% of your transfer just gone to nothing.

riley8601d ago

Something else with @leep33 story too, those fees aren't always listed on the main fee schedule page, sometimes they're buried in a PDF nobody reads until it's too late. Did you end up calling your bank and asking if they could reverse the ACH fee or just eat it?