Zecco logo
|  
  
Content Name: AdCommunityTopBanner
Revision #: 1
Edit Content

Here are the non-dtc stocks, big fees if you sell.

 

26
Jun, 2011
Original Post
Thumbs Up Thumbs Down +4
Here are the non dtc stocks, penson will charge you huge fees to sell them.

www.tradingdirect.com/Static/StandAlone/non_dtcc_list.pdf#zoom=80%
6 vote(s)

31 Replies

  • Jun 26, 2011 at 11:05PM
    Thumbs Up Thumbs Down -2

    Member log  nanettedoll Member participation ranking in the ZeccoShare community

    www.mastertrader.com/TradingResources/dtcc.aspx

    This site above that I am sending you actually listed RYUN as DTCC eligible. Wierd.
    2 vote(s)
  • Jun 27, 2011 at 1:04PM
    Thumbs Up Thumbs Down +3

    Member log  MaddRamm Member participation ranking in the ZeccoShare community sMember is sharing their portfolio

    Each brokerage can set their own list of whats DTC eligible. So it might trade electronically at other brokerages, but Zecco (and to some extent Penson) determine what they will allow for DTC list. Seems fairly arbitrary.
    7 vote(s)
  • Jun 27, 2011 at 2:09PM
    Thumbs Up Thumbs Down 0

    Member log  jdctrader Member participation ranking in the ZeccoShare community

    So I checked the list and it shows CWRNDZ on the list. This symbol did not come up in the search box. Does that make it the same as CWRN (which I own) and am I effed to try and sell it?
  • Jun 27, 2011 at 6:29PM
    Thumbs Up Thumbs Down -1

    Member log  nanettedoll Member participation ranking in the ZeccoShare community

    MaddRamm: How'd you get so smart? Oh. P.S. Pandora is actually climbing. I know I know not your favorite stock BUT I actually listen to Pandora at the gym on my BlBerry... AND good ol' Netflix, which I LOVE to watch. I'm trying to think of stocks that I use and believe in...
    3 vote(s)
  • Jun 28, 2011 at 8:29AM
    Thumbs Up Thumbs Down +2

    Member log  Uncle Billy Member participation ranking in the ZeccoShare community

    MaddRamm,

    Each broker does not determine DTC eligibility. DTC eligibility is determined by DTC. This is a factual issue. Plain and simple.

    The problem that has arisen stems from two sources:

    DTC has taken a lot different stance on maintaining DTC eligibility when capital structure changes occur to a company. It used to be that continuing DTC eligibility was a given. That is no longer the case.

    Some of these marginal companies are none too good at doing the administrative tasks to ensure continued DTC eligibility.
    4 vote(s)
  • Jun 28, 2011 at 8:50AM
    Thumbs Up Thumbs Down -1

    Member log  MaddRamm Member participation ranking in the ZeccoShare community sMember is sharing their portfolio

    Thanks for the correction Uncle Billy. So that would explain why some aren't DTC eligible here but can be traded at other firms? It just takes awhile for everyone to get on the same page?

    Oh and Nanette, I'm not that smart...just muddling through, trying to keep my head above water like everyone else.
    1 vote(s)
  • Jun 28, 2011 at 9:19AM
    Thumbs Up Thumbs Down +2

    Member log  Uncle Billy Member participation ranking in the ZeccoShare community

    Nobody wants to be responsible if they end up trading something that can't be easily cleared or that might be interpreted as violating some aspect of the securities laws. Therefore, if they have a hard time determining whether DTC eligibility extends to a particular security which has gone through some form of capital structure change they err on the side of caution.

    You would think that the whole process works like a well oiled machine. It doesn't. I have seen these types of problems first hand and sometimes you just scratch your head and say WTF.
    2 vote(s)
  • Jun 28, 2011 at 11:02AM
    Thumbs Up Thumbs Down +7

    Member log  fsunole78 Member participation ranking in the ZeccoShare community

    Funny, I don't see RYUN on the list so why can't I trade that!!!!!!??????? ZECCO SUCKS!!!!!!!! Leave while you can folks I know I pretty much have!!!!
    15 vote(s)
  • Jun 30, 2011 at 10:30AM
    Thumbs Up Thumbs Down +10

    Member log  pennyannie Member participation ranking in the ZeccoShare community

    I don't really have a problem with them not allowing a buy on a DTC stock, what I have a problem with is Zecco allowing you to buy and then not allowing you to sell without a HUGE fee. I have two stocks that I can't sell because the fee is worth more than the stock. Time for a new broker!
    14 vote(s)
  • Jun 30, 2011 at 5:20PM
    Thumbs Up Thumbs Down -1

    Member log  nanettedoll Member participation ranking in the ZeccoShare community

    penny: what are the stocks do you mind disclosing? curious.
    3 vote(s)
  • Jun 30, 2011 at 5:43PM
    Thumbs Up Thumbs Down -3

    Member log  nanettedoll Member participation ranking in the ZeccoShare community

    RYUN has "OTC" labled next to it on zecco. I suppose one should AVOID "OTC" stocks here or leave it in for years adn forget about it for awhile...growth? if its a winner.
    3 vote(s)
  • Jul 01, 2011 at 6:34AM
    Thumbs Up Thumbs Down 0

    Member log  MaddRamm Member participation ranking in the ZeccoShare community sMember is sharing their portfolio

    OTC means over the counter, which means that its not traded on an actual exchange like NYSE.
  • Jul 03, 2011 at 6:12AM
    Thumbs Up Thumbs Down 0

    Member log  Santiago86 Member participation ranking in the ZeccoShare community

    What is DTC?
  • Jul 03, 2011 at 3:40PM
    Thumbs Up Thumbs Down 0

    Member log  Uncle Billy Member participation ranking in the ZeccoShare community

    DTC is the Depository Trust Company. They handle the clearing of securities and hold shares in the name of their nominee which is Cede & Co..
  • Jul 22, 2011 at 11:48AM
    Thumbs Up Thumbs Down +3

    Member log  Rell Member participation ranking in the ZeccoShare community

    Just found out I'm in the same boat. Tried to sell a stock, but the fee is worth more than my position.

    Pretty upset I was allowed to purchase the stock and wasn't given any warning about this.

    Definitely about to switch brokers in the near future. Spread the word about this. Don't want anyone else to be stuck in this trap.
    5 vote(s)
  • Aug 10, 2011 at 8:22AM
    Thumbs Up Thumbs Down -2

    Member log  dizdoti Member participation ranking in the ZeccoShare community

    same here. Zecco let me buy a stock like this without any warning of its DTC status and than come time to sell it i was told i would be charged high fee's... kinda shady if you ask me. I'm done with penny stocks now i recommend people look into dynamic option trading!!
    4 vote(s)
  • Aug 10, 2011 at 8:47AM
    Thumbs Up Thumbs Down +3

    Member log  earthkins Member participation ranking in the ZeccoShare community

    I have two different stocks I purchased through Zecco and without notice they are not considered DTC. Zecco will not sell the stocks without a huge fee - but I have found several other brokers that will sell and not charge the huge (Sharebuilders, Option House, and USAA brokerage. Like a large percentage of Zecco clients I am thinking of transferring my account to a different brokerage with less restrictions (since there clearing house sets the standards they will continue to lose business).
    5 vote(s)
  • Aug 17, 2011 at 11:37AM
    Thumbs Up Thumbs Down 0

    Member log  Leighcr Member participation ranking in the ZeccoShare community sMember is sharing their portfolio

    THE PROBLEM HERE IS THAT EACH TRADING COMPANY KEEPS ITS OWN LIST OF WHICH STOCKS ARE NON-DTC ELIGIBLE. THE SITE LISTED ABOVE IS NOT ACCURATE BECUASE ZECCO/PENSON CONSIDER DIFFERENT STOCKS TO BE NON-DTC ELIGIBLE.
    4 vote(s)
  • Aug 21, 2011 at 4:59PM
    Thumbs Up Thumbs Down -2

    Member log  taylora13 Member participation ranking in the ZeccoShare community

    Zecco is crapping on its customers, plain and simple. This practice of allowing one to buy and changing the pricing when you sell is unethical. Since the same symbols can be traded elsewhere are standard commisions should tell you something. And don't make excuses for Zecco or try telling people what they should and should not be trading either. That is BS
    4 vote(s)
  • Aug 21, 2011 at 8:33PM
    Thumbs Up Thumbs Down -2

    Member log  mchernoff Member participation ranking in the ZeccoShare community

    How do I know how much in fees I will be charged to sell the 3 million shares of HTDS I own? Glad we were made aware of these regulations and their ramifications prior to them being enacted.
    2 vote(s)
  • Aug 21, 2011 at 10:31PM
    Thumbs Up Thumbs Down -5

    Member log  *brwtrpilot Member participation ranking in the ZeccoShare community sMember is sharing their portfolio

    Well as I read the post I am glad I am have passed this along to several folks and boards.. Zecco built this firm on the back and trades of penny players and now they feel they can do what ever. Shame on them.. I will not trade for a couple of weeks until i can get my positions moved to another house.. But the real story to me is the question Why the changes..
    We see in the Email from this house it was regulations. Well what or what government section added new regulations? and why.. What it the Goal?
    I this yet another shot from big government at the free economic system?
    How many small firms that don't have the capital or experts to remain on the DTC will just not even happen? How many great ideas will not ever get off the ground?? Yeah. See it that way, would gates been able in the start with his penny stock been able to be DTC? I doubt it..
    So there you go the root of it.. Your Government is anti business.. they want to control everything. and guess what penny stocks don't have enough pull to pay of the pigs.. Oink Oink.. and shame again on Zecco for falling in line with this..
    5 vote(s)
  • Aug 22, 2011 at 12:01AM
    Thumbs Up Thumbs Down -3

    Member log  *brwtrpilot Member participation ranking in the ZeccoShare community sMember is sharing their portfolio

    Anyway beyond my ranting at zecco here is the website of DTCC
    OTC contact info..
    www.dtcc.com/contact/derivserv/
    What I feel is missing is a public search directory that is published by
    DTCC that anyone can access and type in the tic of a stock they want to trade to see if it is on good to go with DTCC..
    It is up to us and good DD to check that status while we are holding a stock... I think it is important that Zecco really dig into this and see if they
    can produce some sort of application on the trading platform for their customers so when we go to buy a stock it will say it is DTCC good or warning this is going to cost you big time. yada yada. Also in reading I have not seen much info on what a firm can or can not do to make sure they do not end up on the wrong side of DTCC. I saw one firm post that they got a chill letter and got booted and they had no idea why and could not get info from this firm. hummph will dig around some more.
    3 vote(s)
  • Aug 22, 2011 at 2:51PM
    Thumbs Up Thumbs Down -1

    Member log  monkeybusiness Member participation ranking in the ZeccoShare community sMember is sharing their portfolio

    This to me is a totally " grey area " in the markets and it appears that investors contact the SEC about these what appear to be " new issues " with DTC or NON-DTC stocks. Way too many loop holes are showing up and someone in authority needs to make the FINAL DECISION as to what list of DTC to follow or not follow, etc.

    I for one did send an email off to the SEC about a security I have with Zecco. Possibly if enough investors with Zecco did the same thing, they might just drop Zecco a line and have them go into M
    ORE DETAILS as to the bogus charges they seem to have lined up for their investors without providing any " fee schedule " , etc. on their charges. A 3 week waiting period and not being able to access my funds is also totally not acceptable to me.

    This is not what I signed up for 3 years ago and will not put up with this for very long without a " concrete " statememt from Zecco rather than a " possible or up to $700 " number from them. Really not a very business like action I would say.
    3 vote(s)
  • Aug 22, 2011 at 4:11PM
    Thumbs Up Thumbs Down +1

    Member log  PartTimer Member participation ranking in the ZeccoShare community

    One rep told me to make sure before trading that positions are DTC eligible and that's all I have to do, I printed and saved that Zecco response. So I did just that and sold. Later another one says I'm not "out of the woods" until the trade settles.

    Everyone write the SEC, this is unethical and perhaps unlawful. I will be contacting my legal team should after following their rules they ding me for high commission.

    Is Zecco trying to lose customers because this is an outrage!
    5 vote(s)
  • Aug 23, 2011 at 9:52AM
    Thumbs Up Thumbs Down -2

    Member log  mchernoff Member participation ranking in the ZeccoShare community

    PartTimer, you should share your SEC letter as I'm sure plenty will be happy to send the same. I am transfering my assets to Fidelity as they have assured me that this bullcrap does not go on there.
    2 vote(s)
1 2

Content Name: AdCommunityBottomBanner
Revision #: 1
Edit Content