A lawsuit against the major brokerage firms has been filed allegeding that they illegally forced clients into lower paying deposit accounts so that the firms could reap billions in extra profits. This is something I’ve been reporting on for some time, even the so-called “good guys” like Schwab and TDAmeritrade (my custodian) have attempted to implement a similar scheme and it reaks.
Keep an eye out for a letter stating that your money market account is about to go through changes. I’ve seen yields drop by 80% in some cases.
Scott Dauenhauer, CFP, MSFP, AIF