I am working at a BB this summer, and I have a checking account with a different BB.
Is this looked down upon? I don't want to set up a direct deposit with them and have them scoff at me because my bank account is with a competing firm
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Some places require you to set up with them, so lame. HSBC tried this crap with me, I happily had 5% sent to the bank and then closed the account the next week. Such a BS, antiquated practice.
..
Main purpose is simply to keep everything in house. Great way to keep deposits at the bank, probably a good way to monitor also. You usually get the loaded accounts with no fees so it is a nice perks.
A lot of places wont care, this was just my experience. Either way just do what they want and close the account later.
Somewhat unrelated, you typically have to transfer your brokerage account to your BB.
Are you serious???? So if you have a scottrade/e-trade account you have to transfer it to your bank??
They need to monitor your trading accounts. How else do they prevent people from trading on inside information, forthcoming research, or pending transactions?
HSBC is gay. But yes, all BB's require you to transfer your brokerage to them and you're restricted from buying/selling certain securities to prevent insider trading charges. For your own good.
So I'm guessing GS/MS/JPM don't make all that money by offering $7 trades. What are the fees like on a BB personal account?
Side question - does anybody care about summer analysts trading? Given that they are sometimes exposed to the same information FT analysts are.
My firm charges $55 a trade, so $110 round trip. It's complete bullshit.
that's ridiculous. what are some of you other guys paying for a trade? i am hoping elijah's firm is an outlier.
My firm is $40 each way. I don't even bother with trading anymore.
...I don't think this applies if you're working for a satellite BB office
That's dumb as hell....I'm actually thinking about getting rid of my checking account. I made ONE cash withdrawal in the past 4 months. One.
Barnone, I was going to post this same exact question. Anyone else have input on this? Thanks
No, you don't have to do this as a SA, though technically they ask for you to let them know before you enact any trade during the summer.
For FT however, every firm I know of makes you switch to their brokerage or a designated broker. I think my firm its TD or Schwab, which I guess is pretty good compared to people paying $110 RT.
The firm doesn't care where you have your checking account, people! Especially if this is for a SA.
would be pretty baller to have a UBS card. Do they have retail in US? Ive only seen branches in switzerland...
No. They don't have retail in US. Also, DB has retail in Germany, but not in the US.
hmm that kind of blows, thanks
$40 or $55 per trade? Can other people verify this? Doesn't make any sense.
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