Discounted Stock Trades Forever

20 percent discount red roundA few months back I really started brainstorming how I can lower my trading commissions costs. So I came up with a few different ideas like trading less frequently and making larger value purchases. Though, I was already buying once or twice per month and did not want to prolong the fact of researching and reading 10K reports which I weirdly enjoy. So I took a different route and called up my trading broker which is E*Trade and demanded some sort of discount. Perhaps free trading for a month, or even just a few trades would of made me happy which I believe is not a lot to ask. I have been with E*Trade for well over three years, held a sizable chunk of assets and the least they could do is throw me a small bone time to time. So after talking with one representative and being turned down numerous of times, I then called up a week later. The fire within me didn’t burn out and I still felt I was to be discounted one way or another. I explained my case again to another representative and this one said all he could do is submit request to the higher ups.  That is what we did.

A few days later I get a notification on my account that the request has been approved and from now on I will get all my trades for $7.99 plus $30 to spend on trades (free trade money). I am super excited and that goes as a win in my book because that saves me $2 per trade forever, plus the $30 dollars. The 20% discount is much more than I expected to get, but nevertheless grateful to get it.

That truly goes to show that if you truly believe that you want or deserve something in life you must convince yourself to the utmost power. Then it will be much easier convincing others what you truly believe and desire.

Building a solid case is very important so here are some helpful selling points I used.

  • Will bring in more cash to E*Trade.
  • Will have a friend or family member open up E*Trade account.
  • Might roll over your retirement with E*Trade.
  • Will not switch over to another broker.
  • Asking for Veteran discount.
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10 Comments

  1. DivHut on June 15, 2014 at 23:37

    Thanks for sharing this story. Just goes to show if you don’t ask, you don’t receive. This reminds me of my annual or bi-annual call to my dsl provider to lower the monthly rates. Sometimes it works on call #1, sometimes it takes a few calls but a lower rate always comes through.

    • DividendVet on June 16, 2014 at 19:54

      My pleasure. Many people believe fees are set in stone, when in actuality they are far from. Negotiating and demanding it or service will be taken elsewhere is one of the most important leverages many costumers have in their arsenal.

      I too call my internet provider and haggle with them time to time. I enjoy getting a much better deal than the average folk.

      Thanks for sharing.

  2. Paapaa on June 16, 2014 at 04:35

    Good job getting a good discount!

    I use Interactive Brokers and I pay only min. $0.7/trade (depending on the number of shares). But it is veeery cheap. There is a monthly minimum charged. But it is waived if your portfolio is over $100k. There is also no DRIP (doesn’t affect me as I’m not a US citizen).

    • DividendVet on June 16, 2014 at 20:01

      Thank you. You know I never heard of Interactive Brokers. Though, it definitely sounds like you have a great deal with them on your qualifications. I will have to check them out.

      Have a great day.

  3. DGJourney on June 16, 2014 at 08:06

    That’s great. Shows that it is always better to ask. If you get it, well and good. if you don’t get it, nothing is lost.

    • DividendVet on June 16, 2014 at 20:11

      That is correct. I think people these days are too afraid to demand better than mediocre. Nothing will hurt only asking for it once, but if your truly want it you would ask more than once.

      Thanks for stopping by.

  4. My Dividend Pipeline on June 24, 2014 at 15:42

    Good job getting the discounts. I signed up with Sharebuilder earlier this year when they were offering 12 purchases per month for $12. It’s funny how many times loyal customers don’t get the discounts offered to new customers.

    • DividendVet on June 24, 2014 at 20:46

      Thanks, it might seem small, but over time I think it will really add up. You got yourself quite a deal as well, very nice for a bit more active traders. Way to look for a deal, rather than wait till it comes to you.

      Take care.

  5. Dividend Mantra on June 27, 2014 at 15:48

    DV,

    Nice move, my friend. Little moves like this really add up over time. Everything is up for negotiation. 🙂

    I’m pretty happy with Scottrade, and at $7, I find it reasonable. However, I may employ a tactic like this myself at some point. You never know!

    Best wishes.

    • DividendVet on June 27, 2014 at 17:28

      Thanks man. It was worth a shot, two or three and it payed off in the end. Although you already have pretty reasonable trading cost, I would still greatly recommend trying it out and testing the waters yourself. Perhaps you could lower the costs even more.

      Good luck my friend and I hope state of Michigan treating you well.

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