How to Open a Scott Trade
Since its founding in 1980, Rodger Riney's discount brokerage Scottrade has grown considerably from its original branch in Scottsdale, Arizona. It now has hundred of branches across the country. Not only is the firm consistently ranked at the top of J. D. Power and Associates' customer satisfaction surveys, it also appeared in FORTUNE's "100 Best Companies to Work For" list in 2008. The company is now headquartered in St. Louis.
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Things You'll Need
- Social Security number or Employer Identification number (EIN)
- Employer's name, address and phone
- Beneficiary's Social Security number and address (for IRAs)
Instructions
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Go to the Scottrade.com to open an account. You will subsequently manage your account from this website (see Resources). Nearly the entire application process, which only takes about 10 minutes, can be completed online.
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Enter primary information and select account type. On the first page of the application process, you must provide basic information about yourself including your full name, address, phone number and email address. You must also select the type of account you want to open, individual, joint, IRA, or other (corporate or trust).
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Provide employer information. Scottrade asks some basic information about your employment status and employer. The contact information can be used to verify information in your account or to locate you.
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Enter tax information. Because Scottrade is required to issue you a 1099 and keep important tax records for you, the brokerage asks for your Social Security number, citizenship status, marital status and whether you are subject to backup withholding.
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Verify identity. Based on the information provided, Scottrade performs an automated credit check to see if you qualify for margin trading. Also, to verify your identity, the automated process will ask you questions taken from your credit history, such as names of creditors or previous addresses.
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Fund your account. When your account is created, the last step is to fund it. You can mail a check or money order, or set up an electronic deposit through your bank account.
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Tips & Warnings
If you're referred by another Scottrade customer, you can that customer special incentives by giving their name as your referrer.
