A friend of mine purchased his first stock in the year 2000 for $6200.00 using a renowned brokerage firm. As most all stocks did, his stock plummeted and, and were worth $2027.00. He therefore sold the stock and, after $19.99 for their commission fee and $3.00 for miscellaneous fees, and his balance was $2004.00. Customer service told him to wait for three days and then to request a check from them for the amount aforementioned.

He is getting married soon and he sold the stock with the intention of paying for the rental of a facility costing $2000. Both he and his fiancée were happy that the rental cost would be covered since they are paying for the wedding ourselves. Six days later he called to request a check from his brokerage firm and he was told that his balance was $1771.00. He asked customer service where the $230.00 went and they told him that any customer that has less than $5000 dollars is charged $25 quarterly and hence he owed them this money for maintaining the account.

When he first bought stock through the brokerage firm he did not know about the brokerage fees,. Even after arguing for hours with brokerage firm he was not able to get the fees waived of. It is therefore essential you choose accounts who do not charge maintenance fees. TradeMonster and TradeKing are known for their great customer service as well as not charging deceptive maintenance fees from their clients. Find the best stock broker at Special Offers page