If, like me, you’ve opened a Scottrade brokerage account, you may be wondering how to more easily fund it than sending a check each month to your local office. In fact, that’s just one of the four options you have at your disposal to fund your account. By far, their Money Direct® program is the easiest and, since it makes your money available for trading much more quickly, your cash goes to work sooner.
There’s still time to make your 2010 IRA contribution — simply fund your account up to the maximum contribution limit before the April 18 tax deadline. It’s a great way to keep your retirement planning on track and Money Direct® is ideal for those who procrastinate!
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 very easy. ACH stands for automatic clearing house and is a secure network used to connect banks to each other.
If your bank participates in the ACH network and you bank online, you can usually set up Money Direct and deposit funds the same day. Other customers may have to wait up to three 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, including those made on bank holidays, are processed on the following business day around 6 a.m. (ET).
To use Money Direct:
- Log into your account and click the My Account tab.
- Select “Deposits” from the left-hand menu, then click “Use Money Direct.”
- Agree to the Money Direct Terms and Conditions, then enter your bank account and routing numbers.
Please note: Money Direct funds cannot be used to purchase stocks under $4, non-marginable stock, unlisted stock or any options until the third business day after the deposit.
2. Wire transfer
Transfers are usually same-day, but may take up to 24 hours.
Provide the following information to your bank:
- US Bank.
- 721 Locust Street, St. Louis, MO 63101.
- ABA Number 081000210 (international institutions use SWIFT code USBKUS44IMT).
- Scottrade Account 1001086162.
- Scottrade Address: P.O. Box 31759, St. Louis, MO 63131-0759.
- Further credit to: provide your Scottrade account number and the name on the account.
3. Transfer an existing account from a different brokerage
Submit an Account Transfer Form (found on Scottrade’s site) and a copy of your most recent account statement to your local branch office. Most account transfers are completed in three to five business days.
4. Send a check to your local branch office
Check deposits are usually same-day, but may take up to 24 hours. For initial account funding, you can use the following:
- Account holder’s personal 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)
Some trading restrictions and funds acceptance restrictions apply for each of these methods so be sure to know what you’re getting in to BEFORE you initiate the transfer of funds.