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I have an account with Scottrade is it safe ?

Any chance they can go under ?

Best Answer

alanj answered a question in Financial Services.
2082 points

alanj answered one year ago …

It doesn't matter whether the institution where you have your funds is safe or not. As long as your funds are within the insured limits your funds are safe. Even if the firm (banks, brokerages, insurance companies) goes under. Your stock holdings are insured through SIPC. At a bank. your cash bank deposits (checking, savings, CD's, money markets) are insured through FDIC.

I'm not sure how Money Markets are insured through a brokerage firm if at all (although I believe they are). I know it's not through FDIC. Maybe, someone else can answer that.

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Answers

Dusty answered a question in Financial Services.
356 points

Dusty answered one year ago …

That is my question, too. It may have been Weiss Research- no promises from my memory- recently published a rating of banks nationwide, and from the goodness of their souls also mentioned some brokerages. Scottrade is, according to their estimates and criteria, doing as well as any and a lot better than most.

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