That 'too good to be true' broker bonus finally bit me in Tulsa

Signed up for a $500 cash bonus with an online broker last spring, thought I was slick. Turns out the fine print had a 12-month holding requirement and I needed the money in October for a car repair. Has anyone else gotten burned by those promo offers, or am I just reading terms too late?

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rosel833d ago

Ugh, that 12-month holding requirement is brutal. My buddy Dave got hit with something similar, not a cash bonus but a zero commission trades promo that locked his account for six months. He tried to pull some money out early for a surprise vet bill and they hit him with a $150 early closure fee plus clawed back all the commission savings. He said it was like the broker was holding his money hostage. Now he screenshots every promo page and saves it to a folder before he even clicks agree.