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My online broker charged me a fee for the Berkshire re-org?


CassiusKing1
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Was going over/reviewing my online statement and noticed that there was a fee for the Berk B split?  I've contacted customer service and have begun talks with them.

 

I'd be interested to know who else has seen this?  I know it's not widespread and varies from broker to broker.

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Guest dealraker

Most of us won't even look that closely at our statements.....and pay of course.  That may be why today when I got a letter from the Bank of A about "getting a mortgage" I had this desire to call the guy whose name was on the letter and tell him to go to hell. 

 

Love them thar financials!  They perfected fraud!

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Most of us won't even look that closely at our statements.....and pay of course.  That may be why today when I got a letter from the Bank of A about "getting a mortgage" I had this desire to call the guy whose name was on the letter and tell him to go to hell. 

 

Love them thar financials!  They perfected fraud!

Yep.  The customer service rep who replied to me said that: "Due to several journal entries and transactions related to the split, it's an industry standard to charge the fee."  WTF!  Since when is a stock split, hard to process.  Every B share went from 1 to 50 shares.  It's not like I owned BNI and was taking some A shares, the rest in B shares and the remainder in cash!  Time to move my accounts. >:(

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TD Ameritrade charged me a " $20 Mandatory Reorganization Fee" in conjunction with the BRKb split.  I also have a brokerage account at Charles Schwab that DID NOT charge me a fee for the BRKb split.

 

I would much prefer keeping all my business at Charles Schwab (I love their fees and service), but with my HSA account, in order to have a brokerage account I have to use TD Ameritrade.

 

TD Ameritrade zings me $20 mandatory reorganization fees every chance they get.  I recently got cashed out on a stock and the company's proxy statement said the cashing out would most likely be done without fees from my broker, but TD Ameritrade did charge me their "$20 Mandatory Reorganization Fee".  I also held that same stock in my Schwab account, and again, Schwab did not charge me any fee.

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