Larry from WA posted over 10 years ago:

Be careful when using Scottrade for foreign securities. For such transactions, Scottrade actively views themselves as a discount broker and does not provide services one might take for granted. For example, the Tax Treaty with France allows for a reduced withholding rate for US investors (in ADRs, for example) if certain forms are filled out. I purchased TOT (TOTAL, the French integrated oil company). Subsequently I realized that Scottrade was showing the maximum withholding had occurred on dividends payable to my account. When I inquired about what Scottrade could do to assist in getting the lower tax treaty rate, they respond as follows. I have no problem in this regard with Vanguard. "Some full-service brokerage firms may withhold foreign tax amounts at a lesser or more favorable rate and subsequently file for tax reclaim with the foreign country. By doing this, a small percentage of foreign tax can be reclaimed on behalf of the client. The reclaim process is time-consuming, costly and requires submitting paperwork and proof of residency for each entitled client. Additionally, each country typically requires submission of their unique, individual paperwork and forms.   We do not currently offer these reclaim services to our clients. However, the possibility for a client to take a foreign tax credit on his or her taxes does exist. In order to pursue reclaiming part of this foreign withholding tax you would need to consult with a licensed tax advisor for additional information regarding this process.   We are required to withhold tax on foreign dividends for all account types, including IRAs and Coverdell Education Savings Accounts (ESAs) in certain situations.  … Thank you for choosing Scottrade. Please let us know if we may be of further assistance."

John from California posted over 10 years ago:

Very disappointed with Scottrade recently. Have been a customer for years with perhaps 50 trades per year. Tried to buy a stock online that passed one of AAII's screens and was told that I had to call a Scottrade broker (I was buying with a LIMIT order -- and already had some of the same stock in my Scottrade account which I had purchased online several months earlier). So I called the broker, placed the LIMIT order (a time consuming process). Thirty minutes later, without a fill, I decided to change the LIMIT price. Could not do it online!!! Had to call the broker again in order to do it. (But I found that I could CANCEL the order online.) I also have a Schwab account and had no trouble with the same stock placing a LIMIT order online. I am moving my Scottrade account to another brokerage within the next few weeks.

Jackie McClellan from IL posted over 10 years ago:

Excellent!! Keep the comments coming. The more information I get, the more I can accumulate into the write up. It's difficult to find all the little problems that slip through the cracks just by researching them online and using a Scottrade account. I can add these comments into the complaints section! Thank you for letting us know. Larry, I find it very interesting that they pretty much said it's too time consuming and a lot of paperwork therefore they don't do it!! Not a good explanation. I'm glad Vanguard doesn't give you a hard time with this. John, I have heard they were difficult with limit orders sometimes with stocks that are priced low. I don't understand why you can't place these types of trades online? How inconvenient.

Janice McKeague from FL posted over 10 years ago:

I like that there is a Scottrade office near where I live and the people there are very nice and helpful. I dislike that dividends cannot be sent to a non-Scottrade checking account by ACH. Scottrade mails me a paper check with my dividends!

Jackie McClellan from IL posted over 10 years ago:

What an inconvenience. I wonder why they would do that considering many people probably share your frustration. I will keep that in mind when going through the other brokers, maybe eventually we can compile a list of dividend-friendly brokers.

richard sherman from tx posted over 10 years ago:

No story will be complete without including their data breach and what it means to everyone who trusted them with their social security number etc. I will close my account but the horse is out the barn door.