Fennel Fee Schedule

Date Posted: June 25, 2024

Date Effective: July 25, 2024

TLDR: Fennel does not charge commission on trades or participate in payment for order flow or securities lending for revenue. Here are fees we and our partner, Apex Clearing, do charge.

Fennel’s Fees

Subscription Fee: $4.99 per month per account
Failed Subscription Payment: $4.00 per occurrence
Why? This fee is administered so that the firm can recoup Stripe’s fees from failed payments. This fee is deducted from your brokerage account’s cash balance.
Reverse Stock Split: $0.30 per mandatory reverse stock split
Why? The fee is administered so that the firm can recoup a portion of the costs it incurs when processing reverse stock splits. This fee is deducted from your brokerage account’s cash balance approximately 2-5 days after each reverse stock split is processed.

Standard Regulatory Fees on Trades

These fees cover costs associated with supervising and regulating firms, including examinations, financial monitoring, and FINRA’s policy and enforcement activities.

Securities and Exchange Commission (SEC) Fee:
Rate: $5.10 per $1,000,000 in sale proceeds

Calculation: Multiply $0.0000051 by your sale proceeds

Example: For $10,000 in sale proceeds, the SEC fee is $0.051 ($10,000 × $0.0000051)
Financial Industry Regulatory Authority (FINRA) Transaction Fee (TAF):
Rate: $0.000119 per share, charged on all covered stock and ETF sales

Mandatory Custodian Fees

These are mandatory fees administered by our custodian, Apex Clearing, for specific client activities. These fees are automatically deducted by Apex from your brokerage account unless marked with an asterisk (see Additional Disclosures below).

Returned ACH Fee: $30.00 per return
Applies to: Fee for recalled ACH transactions
Paper Trade Confirmation Fee: $2.00 per confirm
Applies to: Accounts not enrolled in e-delivery, for paper documents
Paper Account Statement Fee: $5.00 per statement
Applies to: Accounts not enrolled in e-delivery, for paper documents
Stop Payment on Apex Issued Checks: $30.00 per request
Applies to: When a stop payment is requested on a check issued by Apex
Return Mail Fee: $2.00 per piece*
Applies to: Fee for physical mail returned to Apex sent to customer’s address.
Returned Unauthorized ACH Fee: $30.00 per item
Applies to: Fee if an ACH deposit is recalled by a client

Charges for Optional Custodian Services

These are charges for optional services offered by our custodian, Apex Clearing, that Fennel clients may elect to request. These fees are automatically deducted by Apex from your brokerage account unless marked with an asterisk (see Additional Disclosures below).

Check Copies: $15.00 per copy
Description: Copy of a check requested by the client issued by Apex
Death Put: $100.00 per bond
Description: Fee for Apex processing the option to sell a deceased bondholder's bond back to the issuer at par
Outgoing Wire Transfers (Domestic): $25.00 per transfer
Description: Fee to process a domestic wire transfer request
Outgoing Wire Transfers (Foreign): $45.00 per transfer
Description: Fee to process an international wire transfer request
Overnight Mail - Domestic: $50.00 per request
Description: Fee to send domestic mail via overnight mail service
Overnight Mail - International/Canada: $100.00 per request
Description: Fee to send international mail via overnight mail courier
Paper Check Draft (Regular Mail - Domestic): $5.00 per check
Description: Fee for Apex to issue a check and send it via regular mail within the U.S.
Paper Check Draft (Regular Mail - International): $10.00 per check
Description: Fee for Apex to issue a check and send it overseas via regular mail
Physical Certificate Request from Electronic Shares: $900.00 per request
Description: Fee to convert electronic shares to a physical certificate
Physical Trade Settlement Fee: $300.00 per settlement
Description: Fee for settling a trade involving physical certificates
Reorganization Activity - Domestic Voluntary/Post-Actionable Reorgs: $50.00 per CUSIP, per account
Description: Fee for changing election after the offer has closed; applies to voluntary reorganizations (not mandatory)
Safekeeping - Lost Certificate Replacement: 3% of certificate value (minimum $250.00)
Description: Fee for replacing a lost physical security certificate at the customer's request
Safekeeping - Withdrawals: $60.00 per withdrawal
Description: Fee for returning a physical security held in Apex vault
Transfers - Accommodation (DRS): $115.00 per security
Description: Fee for transferring shareholdings from Apex to be held in the customer's name by a transfer agent
Transfers - Accommodation T & S: $235.00 per security
Description: Fee for creating a physical share certificate and mailing it to the customer's home address
Transfers - Legal: $150.00 per security
Description: Fee for transferring a holding from one legal name to another (e.g., to/from street name)
Transfers - Restricted: $465.00 per security
Description: Fee for removing restrictions from a security when appropriate
Transfers - Rush T & S Premium: $350.00 per security
Description: Fee for expediting a transfer request to obtain a physical certificate from Apex with priority handling
ACATS - Internal: $75.00 per transfer
Description: Fee for moving an account between two correspondents that clear with Apex
ACATS - Outgoing Non-Retirement: $75.00 per transfer
Description: Fee for transferring a non-retirement account between two clearing firms
ACATS - Outgoing Partial: $75.00 per transfer
Description: Fee for partially transferring an account between two clearing firms
Physical Deposit (Domestic): $300.00 per deposit
Description: Fee for a physical paper deposit related to a U.S. security.
Safekeeping - Monthly: $5.00 per account, per CUSIP
Description: Monthly fee for keeping physical security in the Apex vault
Historical Statements/Confirms: $200.00 per request*
Description: Fee for retrieving statements not available online from Apex archives.
NSCC Illiquidity Charge: $250.00 per charge*
Description: Fee for activities in securities causing NSCC to charge Apex. This most often relates to low priced securities with low trading volume available over the counter (OTC) or otherwise not listed on a registered exchange.
Paper Prospectus Fee (Domestic): $2.50 per document*
Description: Fee for paper prospectus for accounts not enrolled in e-delivery
Paper Prospectus Fee Per Line (Domestic): $2.50 per line*
Description: Additional fee per line for paper prospectus for accounts not enrolled in e-delivery
Paper Tax Statement Fee (Retail Paper Only): $5.00 per statement*
Description: Fee for providing paper tax documents
ACH Notice of Change/Correction: $5.00 per change
Description: Fee for manually updating ACH instructions
Dividend Check: $5.00 per item
Description: Fee for issuing a check for accumulated dividend income upon request
DTC Delivery: $25.00 per security
Description: Fee for moving a security to/from another DTC participant
DWAC: $100.00 per event
Description: Fee for generating a DWAC (Deposit/Withdrawal At Custodian) and handling asset transfer to/from a transfer agent
DWAC/DRS Reject: $125.00 per rejection
Description: Fee for rejected DWAC/DRS (Direct Registration System) requests by the transfer agent
ADR Cancellation/Creation: $200.00 per transaction plus agent cable fees
Description: Fee for converting ADR securities to/from ordinary shares
Data Management Research Requests: $200.00 per hour (2-hour minimum)*
Description: Fee for data team to provide custom reports not part of standard offerings
Third Party Distribution Notification: $2.00 per notification
Description: Fee for sending a paper mailing notice to the customer for third-party payment distributions
Returned Checks/Wires and Recalls: $30.00 per event
Description: Fee if a customer’s check or wire deposit with Apex bounces or is canceled, including amendment repairs
Non-Transferable Stock: $10 per month per security
Description: Securities that Apex holds in a vault due to them not being able to be transferred in street name
Short Forced Buy In Fee: $25 per ticket
Description: If customer becomes short in shares and is unable to cover, fee for buy-in that may be needed

Additional Disclaimers

* These fees are charged by Apex Clearing to Fennel. Fennel will recoup this fee by deducting it from the client’s brokerage account.

Fee Waivers: We may elect to waive certain fees at our discretion.

Multiple Accounts: For clients with multiple accounts, we reserve the right to debit from a separate account if another account incurs a shortfall and the issue is not rectified.

Custodial Fee Changes: Apex may change its fees from time to time. If a fee changes before it is charged to a client, the updated fee will apply. Clients can request the difference if they were not responsible for incurring the fee.

For more detailed information related to the services we provide and your use of those services, please reference our Client Relationship Summary, Terms of Use and Disclosures.