TradeKing Bank

Big D posted on 08/07/12 at 11:05 AM


Many Brokerages are competing with banks these days by offering cash accounts. in these accounts the owner can pay bills online, write checks, use a debit card, and even get withdraws from almost any ATM.

My question is for all TradeKing users: Wouldn't it be nice if TradeKing offered this account? or some other type of banking service?

I wanna hear your opinions; thanks guys.
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Posted by Big D on 08/07/12 at 11:05 AM

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Lake_moraine_thumb Brokerage Account

Elias posted August 07, 2012 (04:38PM)

Sure, it sounds like it would be a good idea. I don't know all that would be involved, but it is nice to have plenty of options to be able to do things.
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Nophotosm Brokerage Account

TheDarkKnight posted August 07, 2012 (10:20PM)

The more options the better.  But, I like the fact Tradeking is all about trading and can keep their costs (commissions) low.  I would not want to sacrifice their low cost just to add banking.
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Rocco4_thumb TradeKing Staff Member

TK Frisbee Guy posted August 08, 2012 (09:36AM)

Hi TradeKingers,


This is one of the possible points of expansion that we keep in continual review, should the time ever become right. TheDarkKnight is correct that it can be cost prohibitive to start, and we'd only want to introduce it in such a way that it'd only improve the brokerage experience, and higher costs are something we're going to avoid whenever possible. We appreciate the feedback, and invite you to keep any suggestions coming anytime you have one at Service@TradeKing.com. Hearing from you all is a crucial in making sure that we stay on course to our goal: being the best brokerage firm on the planet.


Best regards,

Rocco Sabino
TradeKing
Trading and Customer Support
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Arnold_classic_thumb Brokerage Account

Big D posted August 08, 2012 (03:52PM)


That Is a great point about the cost. However I believe that with a cost/benefit analysis the benefit would outweigh the costs. From TradeKing's side, yes, they would incur more expenses up front, but when you look at the fact that traders could potentially be adding 25%-50% more cash in their accounts, they could potentially be seeing an increase in trading, and so would the cash pool for TradeKing. Also if a sort of debit/credit card were to emerge, thats just easy marketing in my opinion; I can definitely see the allure from a business perspective. From a customer's perspective the added benefits are there.

Thanks guys for the feedback! keep thinking
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