Zecco.com has been getting a lot of press lately for offering free stock trades. I have a small, but growing IRA and would like to diversify amongst more ETFs. In the past, commissions for each trade have prevented me having the allocation I would prefer. Zecco would be the perfect answer to that.
Upon investigation it looks like IRAs have no annual fee or closing fee despite being listed under “other charges.” Yogi Berra might say that you can’t keep people away by not charging for a free product. So everything looks in order, I decide it’s time to open up my IRA account. I spend a 10 minutes going through the forms and get the final review and realize they’ve never asked me if I wanted an IRA account. Time for more research. Hidden in the “Trading Reference” and the “FAQ” sub-menus there’s a question about IRAs and it says that it’s coming soon. I wish they’d offer to e-mail me when it’s available, but now going to have to check back every couple of weeks.
I was looking forward to reporting how my relationship with Zecco is going, but that will have to wait.