The Final, Definitive Thread on Brokerage Transfer Bonuses

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by mggray17 »

I successfully initiated the rollover of my 457 plan from Prudential to Schwab IRA's. I have both traditional 457(b) funds and Roth 457(b) funds.
The traditional 457(b) funds are in excess of $500K, so they agreed to match the e-trade $1,800 bonus. I tried to get a bonus for the Roth transfer also, but as usual they stated they would only match one bonus. I could have moved the Roth portion to e-trade for the required time for the bonus, but my main interest was successfully getting separated from Prudential, so I accepted the single bonus and moved both accounts.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drk »

gas_balloon wrote: Thu Jan 13, 2022 10:24 am My transfer completed yesterday, and now Vanguard shows a $3-4 balance in each of my accounts as it sold the fractional share positions. Wondering if that will stay as-is or automatically get taken care of in few days.
Not LadyGeek, but that's normal. Transfers usually take two passes, and the residual cash should be picked up within a week or so of the first transfer.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LadyGeek »

The transfer from Vanguard completed today, 5 days ahead of schedule. My IRAs (Roth and Traditional) are alive and kicking in Fidelity. :)
drk wrote: Thu Jan 13, 2022 10:36 am
gas_balloon wrote: Thu Jan 13, 2022 10:24 am My transfer completed yesterday, and now Vanguard shows a $3-4 balance in each of my accounts as it sold the fractional share positions. Wondering if that will stay as-is or automatically get taken care of in few days.
Not LadyGeek, but that's normal. Transfers usually take two passes, and the residual cash should be picked up within a week or so of the first transfer.
Thank you! I was wondering the same thing. Only whole ETF shares were transferred. Perhaps that extra 5 days in the schedule will be used to settle the cash transactions.

Vanguard's website is at least a day behind, as I'm still showing assets. The only hints of activity are the cash sweep (out) transactions for the settlement funds. Everything else looks the same as it was before the transfer. Fidelity is showing the cash positions as pending.

Fidelity is showing the incoming transactions as ACATS.

My new Fidelity accounts are showing in Quicken (add new account first) with zero transactions. I'll wait a few days for everything to catch up.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by The Big Apple »

LadyGeek wrote: Thu Jan 13, 2022 1:17 pm My new Fidelity accounts are showing in Quicken (add new account first) with zero transactions. I'll wait a few days for everything to catch up.
Probably starting to veer a bit off topic, but I have found issues with Quicken downloading Fidelity transactions (sometimes).

If you do Quicken updates (One Step Updates) late at night after 8PM, when Fidelity starts to post the current day's activities, Quicken will not pull in current day activities. However, if you run an update the following day, it also doesn't get pulled in. I think there is a delay between when it posts to Fidelity vs. when it is available to Quicken, and if you run an update during it think it already sent you the transaction, even though it hasn't.

So personally, I have learned that with Fidelity and Quicken, to only do One Step Updates prior to 8PM Eastern to avoid this issue (and not before 7AM in the morning). It does seem to be something Quicken (and not Fidelity) related, because if you delete the account entirely in Quicken and readd it, the transactions WILL download.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drzzzzz »

gas_balloon wrote: Thu Jan 13, 2022 10:24 am
LadyGeek wrote: Mon Jan 10, 2022 8:06 pm I was impressed by the level of effort to ensure that all my questions were answered - clearly and with insight. The rep who handled the transfer put me on hold a few times while she did some research. She returned to the phone call with the answers I needed.

Not mentioned in my previous post was that the local advisor also helped me fix my HSA account. It had a $0.05 balance that I couldn't withdraw from. (The ACH minimum is $10.) A few secure messages later, he came up with an idea to simply transfer the $0.05 to my taxable account. It worked. The details are in this post.

I'm not expecting Fidelity to be perfect, but my experience so far has been excellent. The transfers (Roth and traditional IRA) are expected to complete 1/18/22.

To be clear, I have POA for my Mom's account at Vanguard. That account will stay at Vanguard, as I have no reason to move the account.
Hi LadyGeek, one question based on your experience. For the fractional shares that were sold in your Vanguard account as part of ACATS process - did they automatically transfer to Fidelity as CASH few days later? My transfer completed yesterday, and now Vanguard shows a $3-4 balance in each of my accounts as it sold the fractional share positions. Wondering if that will stay as-is or automatically get taken care of in few days.
Our experience previously with a complete ACATS account transfer is that the small dollar amounts or pending interest/dividends will get transferred as well in a few days or at the end of the month.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drk »

LadyGeek wrote: Thu Jan 13, 2022 1:17 pm Thank you! I was wondering the same thing. Only whole ETF shares were transferred. Perhaps that extra 5 days in the schedule will be used to settle the cash transactions.
No problem. Granted that they're IRAs, but your cost basis info should come over as well in case it hasn't yet.
LadyGeek wrote: Thu Jan 13, 2022 1:17 pm Vanguard's website is at least a day behind, as I'm still showing assets. The only hints of activity are the cash sweep (out) transactions for the settlement funds. Everything else looks the same as it was before the transfer. Fidelity is showing the cash positions as pending.
AFAIK, part of the reason for the second pass is to catch any debits while the transfer is in-progress, so try to resist the wealth effect this week!
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leif »

gas_balloon wrote: Thu Jan 13, 2022 10:24 am Hi LadyGeek, one question based on your experience. For the fractional shares that were sold in your Vanguard account as part of ACATS process - did they automatically transfer to Fidelity as CASH few days later? My transfer completed yesterday, and now Vanguard shows a $3-4 balance in each of my accounts as it sold the fractional share positions. Wondering if that will stay as-is or automatically get taken care of in few days.
In my experience in moving from Vanguard to Fidelity there is a final sweep that collects the remaining amounts and transfers to Fidelity. Everything was moved in 1 week after the initial xfer. My Vanguard access is still there, which is good for gathering tax info for 2021.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LadyGeek »

The final sweep of the fractional shares occurred today.

Vanguard shows this as brokerage orders executing this morning (before market open) and settling today (1/14/2022). Each of my Roth and traditional IRA settlement funds show the cash as available to trade. No way am I touching this.

Nothing is seen on the Fidelity side yet. Since it's the weekend and Monday is a market holiday, I'm guessing everything will show up on Tuesday, 1/18 - the original Fidelity estimate to complete. I suppose they define "transfer complete" as anything over 99.9% transferred. Fidelity is showing these transfers completed on 1/12/22.

Once everything transfers, I'll buy a share of something to take the cash as close to zero as I can.

I'm not transferring my Mom's account, which survived process unscathed (as it should). I'll continue to manage her account at Vanguard as POA.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by GeraniumLover »

LadyGeek wrote: Fri Jan 14, 2022 3:03 pm
Once everything transfers, I'll buy a share of something to take the cash as close to zero as I can.
One nice thing about Fidelity is you can place trades for dollar/cent amounts rather than just whole shares, so you also have that option to bring the cash balance even closer to zero.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Rajsx »

We are looking into graduuuaaallly transferring our long standing Vanguard accounts to Schwab/Fidelity .

The local Schwab Office Rep says , they will match E trade incentives -
Transfer $1 million - The incentive is $3500
Transfer $3 millions all at one time, incentive is $8000..... (Not $3500 x 3 =$10500 )
Maybe transfer $1 million at a time.

The incentive is 0.35% on a $1 million.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by fetch5482 »

GeraniumLover wrote: Fri Jan 14, 2022 3:30 pm
LadyGeek wrote: Fri Jan 14, 2022 3:03 pm
Once everything transfers, I'll buy a share of something to take the cash as close to zero as I can.
One nice thing about Fidelity is you can place trades for dollar/cent amounts rather than just whole shares, so you also have that option to bring the cash balance even closer to zero.
Yeah you can purchase fractional shares with Fidelity either as a market order or a limit order with time-in-force of day. You cannot purchase a limit order of fractional shares with GTC, which is slightly inconvenient, but still better than vanguard.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by fetch5482 »

LadyGeek wrote: Fri Jan 14, 2022 3:03 pm The final sweep of the fractional shares occurred today.

Vanguard shows this as brokerage orders executing this morning (before market open) and settling today (1/14/2022). Each of my Roth and traditional IRA settlement funds show the cash as available to trade. No way am I touching this.

Nothing is seen on the Fidelity side yet. Since it's the weekend and Monday is a market holiday, I'm guessing everything will show up on Tuesday, 1/18 - the original Fidelity estimate to complete. I suppose they define "transfer complete" as anything over 99.9% transferred. Fidelity is showing these transfers completed on 1/12/22.

Once everything transfers, I'll buy a share of something to take the cash as close to zero as I can.

I'm not transferring my Mom's account, which survived process unscathed (as it should). I'll continue to manage her account at Vanguard as POA.
If they are only showing as "available to trade" but not "available to withdraw" - I think they will transfer out on Wednesday, not Tuesday. I am in the same boat as you, except my "Available to trade" balance showed the total of fractional shares that were sold and settled yesterday, while "Available to withdraw" showed $0. Today the "available to withdraw" and "available to trade" both show the same amount. I am guessing on Tuesday they should both go to $0, with an entry for "Transfer-out" on cash in activity history. Either way, I have put myself a calendar reminder to check the Monday after next (that should be enough time for any delays) and make sure Vanguard balance goes to $0.

Also on fidelity.com/toatracker, you will see new line-items in the transferred assets with dates of today/tuesday/wednesday as things transfer-in.
Last edited by fetch5482 on Fri Jan 14, 2022 5:40 pm, edited 1 time in total.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by student »

Rajsx wrote: Fri Jan 14, 2022 4:05 pm We are looking into graduuuaaallly transferring our long standing Vanguard accounts to Schwab/Fidelity .

The local Schwab Office Rep says , they will match E trade incentives -
Transfer $1 million - The incentive is $3500
Transfer $3 millions all at one time, incentive is $8000..... (Not $3500 x 3 =$10500 )
Maybe transfer $1 million at a time.

The incentive is 0.35% on a $1 million.
Since you said Schwab/Fidelity, how about 1 million to each of Schwab, Fidelity and Etrade and test drive all three. Find the best one and consolidate in 1-2 years for another bonus.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LadyGeek »

GeraniumLover wrote: Fri Jan 14, 2022 3:30 pm
LadyGeek wrote: Fri Jan 14, 2022 3:03 pm
Once everything transfers, I'll buy a share of something to take the cash as close to zero as I can.
One nice thing about Fidelity is you can place trades for dollar/cent amounts rather than just whole shares, so you also have that option to bring the cash balance even closer to zero.
Good reminder, thanks. I've done this with my Fidelity taxable account. I'll leave enough room to make sure I don't risk execution beyond what I have available. The software seems to stop that, but I'm not sure. (I have no experience on what might happen, but it can't be good.)
gas_balloon wrote: Fri Jan 14, 2022 4:50 pm If they are only showing as "available to trade" but not "available to withdraw" - I think they will transfer out on Wednesday, not Tuesday. I am in the same boat as you, except my "Available to trade" balance showed the total of fractional shares that were sold and settled yesterday, while "Available to withdraw" showed $0. Today the "available to withdraw" and "available to trade" both show the same amount. I am guessing on Tuesday they should both go to $0, with an entry for "Transfer-out" on cash in activity history. Either way, I have put myself a calendar reminder to check the Monday after next (that should be enough time for any delays) and make sure Vanguard balance goes to $0.

Also on fidelity.com/toatracker, you will see new line-items in the transferred assets with dates of today/tuesday/wednesday as things transfer-in.
Yes, I see "available to trade" but not "available to withdraw".

I haven't received any notification from Fidelity on the conditions I must meet to receive the bonus. I assume I'm not allowed to transfer funds out, for example. If needed, I can ask Fidelity for details.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by fetch5482 »

LadyGeek wrote: Fri Jan 14, 2022 6:11 pm
I haven't received any notification from Fidelity on the conditions I must meet to receive the bonus. I assume I'm not allowed to transfer funds out, for example. If needed, I can ask Fidelity for details.
You should have received an email with the conditions. The subject line was "A follow-up to our conversation", and it basically took me to https://www.fidelity.com/bin-public/060 ... -terms.pdf

The T&C has a line in there that accounts owned by Trust are not eligible for bonus, which concerned me. My representative clarified to me that if 60 days after I reach 1.5 million dollars in the account I have not received my bonus, I can send him a message and he will create a manual override. I have put a calendar reminder for March-end to check on it as well. There is a 1 year clause if not withdrawing (iirc) the money, otherwise they can ask to return the bonus.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LadyGeek »

Thanks! No, I never received a follow-up email. I'll have to contact the advisor. In any case, that PDF answers all of my questions.

- I'll get my money 2 - 4 weeks after the 60-day qualifying period.

- I need to keep a minimum account balance for 12 months (minus market and trade losses) or they'll clawback the bonus. I'm wondering if that applies to IRA distributions.

There are quite a number of restrictions. Inherited IRAs are not part of the cash award calculation (doesn't apply to me).
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by robbierob03 »

SlowMovingInvestor wrote: Sat Jan 15, 2022 9:16 am Better ME Bonus, finally

https://www.doctorofcredit.com/merrill- ... vestments/
If anyone has churned the ME bonus before, I'd appreciate any insight on if it would be preferable to simply open another account or call and request the promo for an existing account? My gut says to just open a new CMA account online just so it's a bit cleaner even if the terms say existing accounts are eligible.

Also a more generic question for anyone who has more experience in transferring securities. Are people using the ACAT system to transfer entire positions (which is all I've ever done), or is it normal to only transfer say half of my VTI position from the existing broker since I intend to keep that account open? I'm just curious if transferring partial positions is normal enough that I can reasonably assume the cost basis info will transfer normally, or if partial transfers are so exotic that I should stick with whole positions so I can easily reconcile to the new brokers info.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

robbierob03 wrote: Sun Jan 16, 2022 4:31 pm
SlowMovingInvestor wrote: Sat Jan 15, 2022 9:16 am Better ME Bonus, finally

https://www.doctorofcredit.com/merrill- ... vestments/
If anyone has churned the ME bonus before, I'd appreciate any insight on if it would be preferable to simply open another account or call and request the promo for an existing account? My gut says to just open a new CMA account online just so it's a bit cleaner even if the terms say existing accounts are eligible.

Also a more generic question for anyone who has more experience in transferring securities. Are people using the ACAT system to transfer entire positions (which is all I've ever done), or is it normal to only transfer say half of my VTI position from the existing broker since I intend to keep that account open? I'm just curious if transferring partial positions is normal enough that I can reasonably assume the cost basis info will transfer normally, or if partial transfers are so exotic that I should stick with whole positions so I can easily reconcile to the new brokers info.
Partial ACAT is fine but you can’t pick the tax lot of the transferred shares. If that matters to you, there is a way around the problem if you have another account of the same type at the existing VTI brokerage without VTI in it to temporarily transfer the shares into.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

BuddyJet wrote: Sun Jan 16, 2022 7:06 pm
robbierob03 wrote: Sun Jan 16, 2022 4:31 pm Also a more generic question for anyone who has more experience in transferring securities. Are people using the ACAT system to transfer entire positions (which is all I've ever done), or is it normal to only transfer say half of my VTI position from the existing broker since I intend to keep that account open? I'm just curious if transferring partial positions is normal enough that I can reasonably assume the cost basis info will transfer normally, or if partial transfers are so exotic that I should stick with whole positions so I can easily reconcile to the new brokers info.
Partial ACAT is fine but you can’t pick the tax lot of the transferred shares. If that matters to you, there is a way around the problem if you have another account of the same type at the existing VTI brokerage without VTI in it to temporarily transfer the shares into.
But you'd need to be able to specify the tax lots in the internal transfer at the sending broker. I'm not sure many brokers allow that.

I have done partial transfers, but ONLY in IRAs to avoid the cost basis issue.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

SlowMovingInvestor wrote: Sun Jan 16, 2022 9:04 pm
BuddyJet wrote: Sun Jan 16, 2022 7:06 pm
robbierob03 wrote: Sun Jan 16, 2022 4:31 pm Also a more generic question for anyone who has more experience in transferring securities. Are people using the ACAT system to transfer entire positions (which is all I've ever done), or is it normal to only transfer say half of my VTI position from the existing broker since I intend to keep that account open? I'm just curious if transferring partial positions is normal enough that I can reasonably assume the cost basis info will transfer normally, or if partial transfers are so exotic that I should stick with whole positions so I can easily reconcile to the new brokers info.
Partial ACAT is fine but you can’t pick the tax lot of the transferred shares. If that matters to you, there is a way around the problem if you have another account of the same type at the existing VTI brokerage without VTI in it to temporarily transfer the shares into.
But you'd need to be able to specify the tax lots in the internal transfer at the sending broker. I'm not sure many brokers allow that.

I have done partial transfers, but ONLY in IRAs to avoid the cost basis issue.
Good point. I use Fidelity as my “home base” and they allow specifying tax lots for intra account transfers but I can’t say about others.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Stubbie »

BuddyJet wrote: Sun Jan 16, 2022 7:06 pm
robbierob03 wrote: Sun Jan 16, 2022 4:31 pm
SlowMovingInvestor wrote: Sat Jan 15, 2022 9:16 am Better ME Bonus, finally

https://www.doctorofcredit.com/merrill- ... vestments/
If anyone has churned the ME bonus before, I'd appreciate any insight on if it would be preferable to simply open another account or call and request the promo for an existing account? My gut says to just open a new CMA account online just so it's a bit cleaner even if the terms say existing accounts are eligible.

Also a more generic question for anyone who has more experience in transferring securities. Are people using the ACAT system to transfer entire positions (which is all I've ever done), or is it normal to only transfer say half of my VTI position from the existing broker since I intend to keep that account open? I'm just curious if transferring partial positions is normal enough that I can reasonably assume the cost basis info will transfer normally, or if partial transfers are so exotic that I should stick with whole positions so I can easily reconcile to the new brokers info.
Partial ACAT is fine but you can’t pick the tax lot of the transferred shares. If that matters to you, there is a way around the problem if you have another account of the same type at the existing VTI brokerage without VTI in it to temporarily transfer the shares into.
Partial transfers I have done from Schwab to Fidelity in the past have always been FIFO. I was not able to specify specific tax lots. Don't know if FIFO is standard everywhere when doing partial transfers though.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

Stubbie wrote: Mon Jan 17, 2022 6:22 am
Partial transfers I have done from Schwab to Fidelity in the past have always been FIFO. I was not able to specify specific tax lots. Don't know if FIFO is standard everywhere when doing partial transfers though.
To be clearer, Fidelity allows picking tax lots when transferring securities between Fidelity accounts but not for ACAT transfers out. My process is to transfer the securities to a small, cash account that I keep and then ACAT the securities out from there. This ensures the correct lots are transferred.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by GeraniumLover »

BuddyJet wrote: Mon Jan 17, 2022 6:31 am
Stubbie wrote: Mon Jan 17, 2022 6:22 am
Partial transfers I have done from Schwab to Fidelity in the past have always been FIFO. I was not able to specify specific tax lots. Don't know if FIFO is standard everywhere when doing partial transfers though.
To be clearer, Fidelity allows picking tax lots when transferring securities between Fidelity accounts but not for ACAT transfers out. My process is to transfer the securities to a small, cash account that I keep and then ACAT the securities out from there. This ensures the correct lots are transferred.
I have used this process too and recommend it.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by anon_investor »

Stubbie wrote: Mon Jan 17, 2022 6:22 am
BuddyJet wrote: Sun Jan 16, 2022 7:06 pm
robbierob03 wrote: Sun Jan 16, 2022 4:31 pm
SlowMovingInvestor wrote: Sat Jan 15, 2022 9:16 am Better ME Bonus, finally

https://www.doctorofcredit.com/merrill- ... vestments/
If anyone has churned the ME bonus before, I'd appreciate any insight on if it would be preferable to simply open another account or call and request the promo for an existing account? My gut says to just open a new CMA account online just so it's a bit cleaner even if the terms say existing accounts are eligible.

Also a more generic question for anyone who has more experience in transferring securities. Are people using the ACAT system to transfer entire positions (which is all I've ever done), or is it normal to only transfer say half of my VTI position from the existing broker since I intend to keep that account open? I'm just curious if transferring partial positions is normal enough that I can reasonably assume the cost basis info will transfer normally, or if partial transfers are so exotic that I should stick with whole positions so I can easily reconcile to the new brokers info.
Partial ACAT is fine but you can’t pick the tax lot of the transferred shares. If that matters to you, there is a way around the problem if you have another account of the same type at the existing VTI brokerage without VTI in it to temporarily transfer the shares into.
Partial transfers I have done from Schwab to Fidelity in the past have always been FIFO. I was not able to specify specific tax lots. Don't know if FIFO is standard everywhere when doing partial transfers though.
Transferring out of Vanguard is FIFO.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Admiral Fun »

I"d like to move my IRA from ME to Fidelity, and also move $250k from Vanguard to ME brokerage to get the the $1k bonus.

If I transfer $ out of my Merrill Edge IRA, will that reduce my bonus? It looks like it will not affect the bonus, but it depends what they mean by "account":

"For purposes of this offer, qualifying net new assets are calculated by adding total incoming assets or transfers (including cash, securities and/or margin debit balance transfers) from external accounts, and subtracting assets withdrawn or transferred out of the account within the preceding 52 weeks."
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by robbierob03 »

BuddyJet wrote: Sun Jan 16, 2022 9:56 pm
SlowMovingInvestor wrote: Sun Jan 16, 2022 9:04 pm
BuddyJet wrote: Sun Jan 16, 2022 7:06 pm
robbierob03 wrote: Sun Jan 16, 2022 4:31 pm Also a more generic question for anyone who has more experience in transferring securities. Are people using the ACAT system to transfer entire positions (which is all I've ever done), or is it normal to only transfer say half of my VTI position from the existing broker since I intend to keep that account open? I'm just curious if transferring partial positions is normal enough that I can reasonably assume the cost basis info will transfer normally, or if partial transfers are so exotic that I should stick with whole positions so I can easily reconcile to the new brokers info.
Partial ACAT is fine but you can’t pick the tax lot of the transferred shares. If that matters to you, there is a way around the problem if you have another account of the same type at the existing VTI brokerage without VTI in it to temporarily transfer the shares into.
But you'd need to be able to specify the tax lots in the internal transfer at the sending broker. I'm not sure many brokers allow that.

I have done partial transfers, but ONLY in IRAs to avoid the cost basis issue.
Good point. I use Fidelity as my “home base” and they allow specifying tax lots for intra account transfers but I can’t say about others.
Thank you both for the clear explanations! Coincidentally I also use Fidelity as my "home base", and I'm using these various brokerage bonuses as an excuse to eventually consolidate as much as possible into Fidelity. So while I won't be selling any of these positions I didn't want to take on any unnecessary administrative risks.

The IRA angle is actually an interesting idea I haven't explored, but realistically I need a little more in contributions and/or market gains before my Roth is large enough to make transfers worthwhile.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sarabayo »

Admiral Fun wrote: Mon Jan 17, 2022 7:43 am I"d like to move my IRA from ME to Fidelity, and also move $250k from Vanguard to ME brokerage to get the the $1k bonus.

If I transfer $ out of my Merrill Edge IRA, will that reduce my bonus? It looks like it will not affect the bonus, but it depends what they mean by "account":

"For purposes of this offer, qualifying net new assets are calculated by adding total incoming assets or transfers (including cash, securities and/or margin debit balance transfers) from external accounts, and subtracting assets withdrawn or transferred out of the account within the preceding 52 weeks."
Note that the offer page actually says 24 weeks, not 52 weeks ― I think the verbiage on doctorofcredit is outdated (perhaps from the last time this $1k offer was available, when it had a six month rather than three month lockup period).
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by spammagnet »

sarabayo wrote: Mon Jan 17, 2022 3:44 pmNote that the offer page actually says 24 weeks, not 52 weeks ― I think the verbiage on doctorofcredit is outdated (perhaps from the last time this $1k offer was available, when it had a six month rather than three month lockup period).
Can you provide a link to that? I looked earlier today and found the 52 week language.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 02nz »

deltaneutral83 wrote: Sun Jan 09, 2022 4:13 pm For those who follow E trade regularly, I noticed they had better bonuses at the end of 2021 than they do now at the beginning of 2022. Wondering if they have a normal schedule where the bonuses are better toward the end of the calendar year? E trade seems to offer the best bonuses.
From the last few years it does seem they run the best public promos at the end of the year. Probably helps somebody juice his bonus. :moneybag

But I've also found that your rep can probably match the best publicly available promos from late last year.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by spammagnet »

spammagnet wrote: Mon Jan 17, 2022 7:25 pm
sarabayo wrote: Mon Jan 17, 2022 3:44 pmNote that the offer page actually says 24 weeks, not 52 weeks ― I think the verbiage on doctorofcredit is outdated (perhaps from the last time this $1k offer was available, when it had a six month rather than three month lockup period).
Can you provide a link to that? I looked earlier today and found the 52 week language.
Never mind. Found it:
https://www.merrilledge.com/offers/pr1000

"How it Works:
...
4. ... For purposes of this offer, qualifying net new assets are calculated by adding total incoming assets or transfers (including cash, securities and/or margin debit balance transfers) from external accounts, and subtracting assets withdrawn or transferred out of the account within the preceding 24 weeks.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

robbierob03 wrote: Sun Jan 16, 2022 4:31 pm
SlowMovingInvestor wrote: Sat Jan 15, 2022 9:16 am Better ME Bonus, finally

https://www.doctorofcredit.com/merrill- ... vestments/
If anyone has churned the ME bonus before, I'd appreciate any insight on if it would be preferable to simply open another account or call and request the promo for an existing account? My gut says to just open a new CMA account online just so it's a bit cleaner even if the terms say existing accounts are eligible.

Also a more generic question for anyone who has more experience in transferring securities. Are people using the ACAT system to transfer entire positions (which is all I've ever done), or is it normal to only transfer say half of my VTI position from the existing broker since I intend to keep that account open? I'm just curious if transferring partial positions is normal enough that I can reasonably assume the cost basis info will transfer normally, or if partial transfers are so exotic that I should stick with whole positions so I can easily reconcile to the new brokers info.
I opened another account. I see no reason to call and ask and apg to existing account.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by spammagnet »

tj wrote: Mon Jan 17, 2022 8:07 pmI opened another account. I see no reason to call and ask and apg to existing account.
Perhaps this is relevant?
1 Offer valid for new and existing individual Merrill IRAs or Cash Management Accounts (CMA) opened before May 22, 2022. Cash bonus offers, in the aggregate, are limited to one CMA and one IRA per accountholder.
I don't know if or how that applies to having multiple accounts.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by student »

spammagnet wrote: Mon Jan 17, 2022 9:13 pm
tj wrote: Mon Jan 17, 2022 8:07 pmI opened another account. I see no reason to call and ask and apg to existing account.
Perhaps this is relevant?
1 Offer valid for new and existing individual Merrill IRAs or Cash Management Accounts (CMA) opened before May 22, 2022. Cash bonus offers, in the aggregate, are limited to one CMA and one IRA per accountholder.
I don't know if or how that applies to having multiple accounts.
If they do keep track, perhaps using SSN?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

student wrote: Mon Jan 17, 2022 9:14 pm
spammagnet wrote: Mon Jan 17, 2022 9:13 pm
tj wrote: Mon Jan 17, 2022 8:07 pmI opened another account. I see no reason to call and ask and apg to existing account.
Perhaps this is relevant?
1 Offer valid for new and existing individual Merrill IRAs or Cash Management Accounts (CMA) opened before May 22, 2022. Cash bonus offers, in the aggregate, are limited to one CMA and one IRA per accountholder.
I don't know if or how that applies to having multiple accounts.
If they do keep track, perhaps using SSN?
It's not relevant. They don't. Unless they've changed the rules. Anyway, if they did have that rule, I can't imagine why calling and asking would circumvent it.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by student »

tj wrote: Tue Jan 18, 2022 7:43 am
student wrote: Mon Jan 17, 2022 9:14 pm
spammagnet wrote: Mon Jan 17, 2022 9:13 pm
tj wrote: Mon Jan 17, 2022 8:07 pmI opened another account. I see no reason to call and ask and apg to existing account.
Perhaps this is relevant?
1 Offer valid for new and existing individual Merrill IRAs or Cash Management Accounts (CMA) opened before May 22, 2022. Cash bonus offers, in the aggregate, are limited to one CMA and one IRA per accountholder.
I don't know if or how that applies to having multiple accounts.
If they do keep track, perhaps using SSN?
It's not relevant. They don't. Unless they've changed the rules. Anyway, if they did have that rule, I can't imagine why calling and asking would circumvent it.
Calling will not circumvent it but if they do have this rule, then one may not want to open an account if such a rule prevents a bonus.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by spammagnet »

tj wrote: Tue Jan 18, 2022 7:43 amIt's not relevant. They don't. Unless they've changed the rules. Anyway, if they did have that rule, I can't imagine why calling and asking would circumvent it.
It would not circumvent it. It could result in your new money being added to an existing account, thereby not exceeding their specified maximum number of accounts. The bonus is for new money, not for new accounts.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MandyLuna »

I also saw the new ME bonus offer recently on Doctor of Credit. It seems quite generous.

I've never done business with Merrill before - tips? tricks? difficult to deal with?

Can anyone speak to how fast they typically pay out after meeting requirements?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by indexfundfan »

MandyLuna wrote: Tue Jan 18, 2022 9:00 am I also saw the new ME bonus offer recently on Doctor of Credit. It seems quite generous.

I've never done business with Merrill before - tips? tricks? difficult to deal with?

Can anyone speak to how fast they typically pay out after meeting requirements?
I haven't collected a Merrill bonus recently but did so in the past. They are slow with paying out the bonus. They usually only pay out after you have met the required holding period. For example if the promo says you have to keep the assets with them for 6 months, they will only pay out after the 6 months.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by need403bhelp »

spammagnet wrote: Tue Jan 18, 2022 8:36 am
tj wrote: Tue Jan 18, 2022 7:43 amIt's not relevant. They don't. Unless they've changed the rules. Anyway, if they did have that rule, I can't imagine why calling and asking would circumvent it.
It would not circumvent it. It could result in your new money being added to an existing account, thereby not exceeding their specified maximum number of accounts. The bonus is for new money, not for new accounts.
If you already have ME assets, but want to bring new assets for bonus and DO just open new account instead of calling to get applied to existing account, then can you somehow merge the two accounts or transfer securities between them after bonus posts, or will you be stuck with two separate accounts with holdings forever?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by spammagnet »

need403bhelp wrote: Tue Jan 18, 2022 10:21 am
spammagnet wrote: Tue Jan 18, 2022 8:36 am
tj wrote: Tue Jan 18, 2022 7:43 amIt's not relevant. They don't. Unless they've changed the rules. Anyway, if they did have that rule, I can't imagine why calling and asking would circumvent it.
It would not circumvent it. It could result in your new money being added to an existing account, thereby not exceeding their specified maximum number of accounts. The bonus is for new money, not for new accounts.
If you already have ME assets, but want to bring new assets for bonus and DO just open new account instead of calling to get applied to existing account, then can you somehow merge the two accounts or transfer securities between them after bonus posts, or will you be stuck with two separate accounts with holdings forever?
The offer requires keeping the assets at ME for 90 days. After that, you can do whatever you want with the accounts and/or assets without risk of clawback. (That may be 90 days after the bonus award. Confirm details with ME.)
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by stoub »

For the current Merrill Edge offer...
...the Tax Disclaimer section reads:
"The cash reward will be credited as investment earnings to your account. Merrill may issue an Internal Revenue Service Form 1099 (or other appropriate form) to you that reflects the value of the reward. If the cash reward is credited to your IRA, the IRS may view the reward as taxable income or as a contribution to the IRA (if it is an excess contribution, it may be subject to an annual 6% excise tax if not timely distributed). Please consult your tax advisor for more information regarding the proper tax treatment."
I try to keep things simple enough on my taxes to do them myself. I'm trying to figure what this looks like in practice. What type of 1099 or other form might get issued for investment earnings in an IRA account?

I can see how this might be some type of legal word game where what their internal system reports the transaction (investment earnings) is different that how the IRS might interpret (contribution). But I'm not clear how brokerage transfer bonuses get reported by various brokerages and how the IRS thinks these should be reported on my tax return, both for IRAs and non-IRA, if I was to choose to pursue them.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by spammagnet »

stoub wrote: Tue Jan 18, 2022 3:35 pm For the current Merrill Edge offer...
...the Tax Disclaimer section reads:
"The cash reward will be credited as investment earnings to your account. Merrill may issue an Internal Revenue Service Form 1099 (or other appropriate form) to you that reflects the value of the reward. If the cash reward is credited to your IRA, the IRS may view the reward as taxable income or as a contribution to the IRA (if it is an excess contribution, it may be subject to an annual 6% excise tax if not timely distributed). Please consult your tax advisor for more information regarding the proper tax treatment."
I try to keep things simple enough on my taxes to do them myself. I'm trying to figure what this looks like in practice. What type of 1099 or other form might get issued for investment earnings in an IRA account?

I can see how this might be some type of legal word game where what their internal system reports the transaction (investment earnings) is different that how the IRS might interpret (contribution). But I'm not clear how brokerage transfer bonuses get reported by various brokerages and how the IRS thinks these should be reported on my tax return, both for IRAs and non-IRA, if I was to choose to pursue them.
I'd think that any bonus deposited to a non-IRA account would be ordinary income. I'm not a tax expert and defer to more knowledge people than me regarding bonus deposits to IRAs.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by fetch5482 »

spammagnet wrote: Tue Jan 18, 2022 3:54 pm
stoub wrote: Tue Jan 18, 2022 3:35 pm For the current Merrill Edge offer...
...the Tax Disclaimer section reads:
"The cash reward will be credited as investment earnings to your account. Merrill may issue an Internal Revenue Service Form 1099 (or other appropriate form) to you that reflects the value of the reward. If the cash reward is credited to your IRA, the IRS may view the reward as taxable income or as a contribution to the IRA (if it is an excess contribution, it may be subject to an annual 6% excise tax if not timely distributed). Please consult your tax advisor for more information regarding the proper tax treatment."
I try to keep things simple enough on my taxes to do them myself. I'm trying to figure what this looks like in practice. What type of 1099 or other form might get issued for investment earnings in an IRA account?

I can see how this might be some type of legal word game where what their internal system reports the transaction (investment earnings) is different that how the IRS might interpret (contribution). But I'm not clear how brokerage transfer bonuses get reported by various brokerages and how the IRS thinks these should be reported on my tax return, both for IRAs and non-IRA, if I was to choose to pursue them.
I'd think that any bonus deposited to a non-IRA account would be ordinary income. I'm not a tax expert and defer to more knowledge people than me regarding bonus deposits to IRAs.
My experience from the past tells that account opening bonuses usually get classified as 1099-INT income, i.e. taxes as ordinary income.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drk »

stoub wrote: Tue Jan 18, 2022 3:35 pm I try to keep things simple enough on my taxes to do them myself. I'm trying to figure what this looks like in practice. What type of 1099 or other form might get issued for investment earnings in an IRA account?
In my experience: none at all because these are considered earnings, not contributions. See the first post in this thread, for example.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LadyGeek »

I found Terms and Conditions for an offer that's no longer valid: $50 for $100 Cash Offer Terms and Conditions
For individuals who open a Roth or traditional IRA account, in order to be eligible to contribute to the IRA (traditional or Roth) you will need to have earned income at least equal to any IRA contribution made for 2021. Individuals who max out their contribution for the calendar year are also not eligible for the bonus award. If an individual has no earned income, they will not be eligible to make contributions to the Roth or traditional IRA and as a result not eligible for the bonus award.
This is not the same offer as the cash acquisition offer terms stated earlier, but it doesn't bode well for my Roth and traditional IRA account transfer. I'm retired and have no earned income in 2022. (Nothing is planned.)

I'll get clarification from Fidelity.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sycamore »

gas_balloon wrote: Tue Jan 18, 2022 4:08 pm
spammagnet wrote: Tue Jan 18, 2022 3:54 pm
stoub wrote: Tue Jan 18, 2022 3:35 pm For the current Merrill Edge offer...
...the Tax Disclaimer section reads:
"The cash reward will be credited as investment earnings to your account. Merrill may issue an Internal Revenue Service Form 1099 (or other appropriate form) to you that reflects the value of the reward. If the cash reward is credited to your IRA, the IRS may view the reward as taxable income or as a contribution to the IRA (if it is an excess contribution, it may be subject to an annual 6% excise tax if not timely distributed). Please consult your tax advisor for more information regarding the proper tax treatment."
I try to keep things simple enough on my taxes to do them myself. I'm trying to figure what this looks like in practice. What type of 1099 or other form might get issued for investment earnings in an IRA account?

I can see how this might be some type of legal word game where what their internal system reports the transaction (investment earnings) is different that how the IRS might interpret (contribution). But I'm not clear how brokerage transfer bonuses get reported by various brokerages and how the IRS thinks these should be reported on my tax return, both for IRAs and non-IRA, if I was to choose to pursue them.
I'd think that any bonus deposited to a non-IRA account would be ordinary income. I'm not a tax expert and defer to more knowledge people than me regarding bonus deposits to IRAs.
My experience from the past tells that account opening bonuses usually get classified as 1099-INT income, i.e. taxes as ordinary income.
In 2020 I acted on a similar offer from Merrill Edge ("900ME") in a taxable account. The bonus was paid in 2020, and ME reported it on a 1099-MISC. Tt was part of a consolidated 1099 statement which also included 1099-DIV and 1099-INT, but -INT section was all zeros. Other brokers may report it differently.

In 2020 I also acted on a another from ME but in a traditional IRA. It didn't pay out until 2021 so I'll be checking my 1099 from them in February to see if the bonus gets reported. I don't think it will based on what I've read elsewhere.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by stoub »

drk wrote: Tue Jan 18, 2022 4:16 pm
stoub wrote: Tue Jan 18, 2022 3:35 pm I try to keep things simple enough on my taxes to do them myself. I'm trying to figure what this looks like in practice. What type of 1099 or other form might get issued for investment earnings in an IRA account?
In my experience: none at all because these are considered earnings, not contributions. See the first post in this thread, for example.
That's what I thought. But why would Merrill Edge say: "If the cash reward is credited to your IRA, the IRS may view the reward as taxable income or as a contribution to the IRA (if it is an excess contribution, it may be subject to an annual 6% excise tax if not timely distributed)"?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drk »

stoub wrote: Tue Jan 18, 2022 4:35 pm That's what I thought. But why would Merrill Edge say: "If the cash reward is credited to your IRA, the IRS may view the reward as taxable income or as a contribution to the IRA (if it is an excess contribution, it may be subject to an annual 6% excise tax if not timely distributed)"?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by orcycle »

LadyGeek wrote: Mon Jan 10, 2022 9:03 am
I discussed details with the rep. First, the bonus is indeed $1,000 per million in assets and is truncated to $1 million steps. For example, $1,999,999.99 counts as $1 million and you get $1,000.

The cash is prorated across your accounts. If you create two accounts (like I'm doing), the money will be split according to the amount in each account. The cash will show up in the cash position of each account. (They can do that in a tax-deferred account? Yes.)
I transferred our taxable accounts from Vanguard to Fidelity and we were offered higher bonuses but with some restrictions:

"$1M – 1.99 = $2500 cash bonus

$2M – 2.99 = $3500

$3M – 3.99 = $4500

$4M – 4.99 = $5500

$5M+ = $10000

HSA, Corporate and trust accounts are not eligible."

The offer was made in July, 2021, and it still applied when we initiated the transfer in October and bonuses showed up in proportionate shares in December, 2021, about sixty days after the transfer was completed. So you may be able to get bigger bonuses, doesn't hurt to ask, right?

I was planning to transfer some or all VG accounts anyway, so this was a nice perk. Apparently we can seek out another bonus for the retirement accounts after a year, not sure we will do that. I didn't convert our VG funds into ETFs prior to the transfer, but maybe these funds will go back to VG later anyway, and the bonuses will defray any fees for purchasing more VG funds instead of ETFs. I like having a local Fidelity branch just a couple miles away to handle some paperwork that I used to mail to VG (which required medallion stamps).
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