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Hidden Fee #6 – Fees to Transfer Your Account Elsewhere

They may not be giving you the tools or products you want. They may be charging fees or commissions that are too high. They may not even answer the phone when you call.

But discount brokers don't want to lose your business, and many will tack on a fee just to discourage you from going elsewhere.

Schwab, Wells Fargo, Zecco and TD Ameritrade all charge fees to transfer your account elsewhere, to the tune of $50 to $75 for a full account transfer (less for a partial transfer).

But there is a silver lining: Other brokers have seized on this trend as an opportunity to gain more business. Muriel Seibert, SoGoTrade and Scottrade will all reimburse you up to $100 of fees charged by other brokers when you transfer an account to their firms.

Get 5 Simple Steps for Moving Your Brokerage Account here.