5 Ways to Fund Your New Scottrade Account

by Ron Haynes

If you’ve recently opened a Scottrade brokerage account, you might be wondering how you can more quickly transfer funds to it than sending a check each month to your local office. In reality, that’s just one of choices you have at your disposal to fund your new investment account. Without a doubt, their Money Direct® program is the simplest and, because it makes your cash readily available for trading much more quickly, your cash goes to work for you much sooner.

How To Fund Your Scottrade Account:

1. Use Money Direct® for same-day online deposits

Money Direct (ACH) make secure fund transfers from your bank into your Scottrade individual, joint, IRA, or ESA account really simple. ACH means automatic clearing house and is a secure network used to connect banks to each other.

You can usually set up Money Direct and deposit funds the same day if your bank takes part in the ACH network and you bank online. Other customers may need to wait up to 3 business days to establish this service.

Deposit requests made prior to 8:45 p.m. (ET) Monday through Friday are credited to your Scottrade account same-day. All other requests, consisting of those made on bank holidays, are processed on the following company day around 6 a.m. (ET).

To use Money Direct:

  1. Log into your account and click the My Account tab.
  2. Select “Deposits” from the left-hand menu, then click “Use Money Direct.”.
  3. Accept the Money Direct Conditions and terms, then enter your checking account and routing numbers.
  4. Please note: Money Direct funds can not be made use of to buy stocks under $4, non-marginable stock, unlisted stock or any Options Contracts until the 3rd business day after the deposit.

Scottrade

2. Wire transfer.

Transfers are generally same-day, however might take up to 24 hours.

Give the following information to your bank:

United States Bank
721 Locust Street, St. Louis, MO 63101
ABA Number 081000210 (international institutions utilize SWIFT code USBKUS44IMT).
Scottrade Account 1001086162.
Scottrade Address: P.O. Box 31759, St. Louis, MO 63131-0759.
Further credit to: offer your Scottrade account number and the name on the account.

3. Transfer an existing account from a different brokerage.

Send an Account Transfer Form (available on Scottrade’s site) and a copy of your latest account statement to your local branch office. A lot of account transfers are finished in 3 to five business days.

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4. Send a check to your local Scottrade branch office.

Check deposits are normally same-day, however may take up to 24 hours. For initial account funding, you can make use of the following:.

  • Account holder’s individual check
  • Cashier’s check
  • Certified bank check
  • Money Order
  • Money market check
  • Foreign check (payable in U.S. dollars and cleared though a U.S. Bank)

5. Deposit Stock Certificates

Scottrade will accept most physical stock certificates. Simply deliver a signed stock certificate to your local Scottrade office. You’ll need to contat that office anyway to obtain and fill out the appropriate paperwork.

Some trading constraints and limitations may apply for each of these approaches so make sure you understand exactly what you’re getting in to BEFORE you initiate the transfer of funds.

About the author

Ron Haynes has written 1003 articles on The Wisdom Journal.


The founder and editor of The Wisdom Journal in 2007, Ron has worked in banking, distribution, retail, and upper management for companies ranging in size from small startups to multi-billion dollar corporations. He graduated Suma Cum Laude from a top MBA program and currently is a Human Resources and Management consultant, helping companies know how employees will behave in varying situations and what motivates them to action, assisting firms in identifying top talent, and coaching managers and employees on how to better communicate and make the workplace MUCH more enjoyable. If you'd like help in these areas, contact Ron using the contact form at the top of this page or at 870-761-7881.


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