This is just a follow-up my previous post on Scottrade enabling electronic deposits, but not withdrawals. You can get withdrawals too if you (a) can get $5,000 in total account equity (stock holdings + cash), and (b) use an online bank account that allows external links (ING, Emigrant, HSBC, etc.).
No tricks here, if you satisfy (a) Scottrade will give you check writing capability upon request. You can then either use the checks themselves or the account and routing numbers on them to link with other accounts. If you use a CashEdge-based system like with HSBC Direct, it’s even built in; Here’s a screenshot. They say that if you go below $5,000 later you may lose checkwriting privileges, but I’ve been under for about a month now with no consequences.
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I got the check book from Scottrade once when my balance were over $5000. Then, my balance dropped down to below $5000 for about 6 months and I can still use a check without any problem.
it’s easy to be under when ur stocks goes down 😉
Good to know, Jom. Thanks!
Can you do transfers with a CashEdge-based system like HSBC Direct even if you do not have checkwriting? The screenshot seems to suggest you can (?)
I only use Scottrade to immediately sell shares from my employer’s ESPP, so I rarely have much of a balance there. Certainly it’s usually less than $5,000.
Matt – Well, you do still need the account and routing numbers on the checks. Your regular account number won’t work (although it is similar). The account number is like 9844000XXXXXXXXX, where XXXXXXXXX is your Scottrade account number.