Moving Accounts (Schwab to Vanguard)

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centennialstate
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Moving Accounts (Schwab to Vanguard)

Post by centennialstate »

Does anybody have experience moving kids' custodial accounts from Schwab to Vanguard? I looked into this a few years ago and they were going to charge me $50 per account and it seemed like a headache. I'd like to consolidate if possible, but not if I'm going to take an unreasonable hit or if it's going to be a huge pain. Any comments that come from a place of experience would be greatly appreciated. Thanks!
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beyou
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Re: Moving Accounts (Schwab to Vanguard)

Post by beyou »

Most of the work is done by the receiving brokerage. Fill out there forms (online even) and they take care of it. Fees for leaving are common, but if you value consolidation, worth a few bucks.

Now comes the “stay at Schwab” comments (from others, not from me).
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samsoes
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Re: Moving Accounts (Schwab to Vanguard)

Post by samsoes »

beyou wrote: Mon Jul 26, 2021 8:19 pm Now comes the “stay at Schwab” comments (from others, not from me).
I was going to make a comment about going the wrong way down a one-way street, but I'll refrain from doing so. :D
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retired@50
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Re: Moving Accounts (Schwab to Vanguard)

Post by retired@50 »

Of all the account closure fees I've ever heard of, they never seem to come from Vanguard, just all the "better" places.

Regards,
If liberty means anything at all it means the right to tell people what they do not want to hear. -George Orwell
Bama12
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Re: Moving Accounts (Schwab to Vanguard)

Post by Bama12 »

retired@50 wrote: Mon Jul 26, 2021 8:23 pm Of all the account closure fees I've ever heard of, they never seem to come from Vanguard, just all the "better" places.

Regards,
:)
Bama12
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Re: Moving Accounts (Schwab to Vanguard)

Post by Bama12 »

retired@50 wrote: Mon Jul 26, 2021 8:23 pm Of all the account closure fees I've ever heard of, they never seem to come from Vanguard, just all the "better" places.

Regards,
:)
runninginvestor
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Re: Moving Accounts (Schwab to Vanguard)

Post by runninginvestor »

Schwab still charges a $50 fee for a full outbounf account transfer.
https://www.schwab.com/legal/schwab-pri ... -investors

I don't believe Fidelity or Vanguard charge outgoing account transfer fees, so if you end up not liking VG, you can at least move on to another brokerage (if they don't change their fee from $0).
nalor511
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Re: Moving Accounts (Schwab to Vanguard)

Post by nalor511 »

You will not get Schwab to waive the $50/account fee. If you move to Fidelity they may reimburse it. Vanguard will not reimburse it.
bondsr4me
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Re: Moving Accounts (Schwab to Vanguard)

Post by bondsr4me »

nalor511 wrote: Mon Jul 26, 2021 8:44 pm You will not get Schwab to waive the $50/account fee. If you move to Fidelity they may reimburse it. Vanguard will not reimburse it.
Fidelity will reimburse the fees, as long as the account value is at least. $25,000.00.
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