The Final, Definitive Thread on Brokerage Transfer Bonuses

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The Big Apple
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by The Big Apple »

jeffyscott wrote: Thu Jan 06, 2022 6:13 am
itispossible wrote: Wed Jan 05, 2022 10:47 pm Thanks for the response. When I convert 401(k) to IRA, will I incur fees/expenses? Also, the Vanguard transaction fee that you referred to -- is that related to transferring from 401(k) at Vanguard to say E-trade/Schwab (and invest in same Vanguard funds)? Finally, what is NTF? Thanks very much.
I have never heard of being charged a fee to rollover a 401(K) to an IRA, but you can ask the 401(K) administrators to be sure.
You will want to check the 401(k) plan documents (or as mentioned, ask the plan administrator). I have seen 401(k) plans charge a processing fee to participants for processing a withdrawal. It generally depends on whether or not the employer (1) cares about inactive employees still having accounts and (2) whether the employer is paying a maintenance fee for those accounts. At my firm, participants are charged a quarterly recordkeeping fee, so the firm probably doesn't really care too much about people staying in the plan and no processing fee is charged for withdrawals.
sycamore
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sycamore »

itispossible wrote: Wed Jan 05, 2022 10:39 pm ...
Thanks. This will be my first conversion of past employer 401k into an IRA (I am assuming this is called Rollover IRA). I have three employer 401-k accounts -- two with past employers and one with current. I have a Roth IRA account but no other traditional IRA. I also have a brokerage account where I invest in certain mutual funds. Will the rollover of past 401-k accounts be into a traditional IRA?
Note: Rollover IRA is a figure of speech. You can rollover your 401k funds to an existing Traditional IRA.

Or you could roll it over to a new IRA account and label that new one a "rollover IRA".

You do want to roll your 401k accounts into the same kind of IRA: tax-deferred a.k.a. Traditional versus post-tax a.k.a. Roth. It sounds like your 401k accounts are Traditional, so you would want to roll them into a Traditional IRA.

It may be unlikely, but did you ever make "after-tax" 401k contributions? These are different from post-tax/Roth contributions.
itispossible wrote: Wed Jan 05, 2022 10:39 pm And what is the pro rata rule for backdoor Roth and will it apply for me? Thanks.
The BH wiki has information about the pro rate rule. As noted, it's relevant if you want to consider a Backdoor Roth. Hard to know if it will apply to you or not without more information. Suggest you read through those articles first, and let us know if you have any questions.
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jjunk
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jjunk »

FYI you may want to confirm the holding period with Etrade transfers. When I was working with them, they said it was 6mos but all the offer information said 12mos. The rep finally confirmed it was 12mos and was due to changes from finalizing the Morgan Stanley acquisition. I ended up with going with Schwab in the end.
SlowMovingInvestor
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

whodidntante wrote: Wed Jan 05, 2022 8:57 pm
need403bhelp wrote: Wed Jan 05, 2022 5:06 pm M1 finance new ACATS bonus:

https://www.m1finance.com/earn-up-to-5000/

$50,000 – $499,999.99 for $500
$500,000 – $999,999.99 for $1,000
$1,000,000 – $1,999,999.99 for $2,500
$2,000,000 – $4,999,999.99 for $4,000
$5,000,000 +for $5,000

Holding period ~6 months.

Still trying to decide on this one. I opened an account for their cash bonus, the $500 beats other offers (and I'm guessing $5k for $5m too).
That offer is pretty meh for the higher tiers, but I will gladly accept their $500 added into my Roth. Thanks!
They don't add to the IRA. They require you to also open a brokerage account and add the bonus there. So you do get a bonus for an IRA account, but not in the IRA.
itispossible
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by itispossible »

Thank you to everyone who replied to me. This is such a wonderful forum -- so glad to have found this helpful community.
ee22bee
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by ee22bee »

itispossible wrote: Thu Jan 06, 2022 8:30 pm Thank you to everyone who replied to me. This is such a wonderful forum -- so glad to have found this helpful community.
Be sure to ask the receiving brokerage to reimburse your rollover transfer-out fees, if any. Schwab seems to agree to this consistently. E*Trade seems to depend on who you get. (FYI, some employer plans have hefty fees. My Ascensus 403b charged $75 for roll-out, plus $15 for a second check to transfer out residual dividends that posted two days later. Good thing Schwab said they'd reimburse.)

Regarding Rollover IRA vs Traditional IRA, here are reasons one might consider the former:
https://obliviousinvestor.com/what-is-a-rollover-ira/

Those factors may or may not be applicable for you. Do consider that in the future there's possibility that you might roll your rollover IRA into a future employer 401k if you need/want to do the Backdoor Roth.
Slick8503
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Slick8503 »

SlowMovingInvestor wrote: Thu Jan 06, 2022 3:22 pm
whodidntante wrote: Wed Jan 05, 2022 8:57 pm
need403bhelp wrote: Wed Jan 05, 2022 5:06 pm M1 finance new ACATS bonus:

https://www.m1finance.com/earn-up-to-5000/

$50,000 – $499,999.99 for $500
$500,000 – $999,999.99 for $1,000
$1,000,000 – $1,999,999.99 for $2,500
$2,000,000 – $4,999,999.99 for $4,000
$5,000,000 +for $5,000

Holding period ~6 months.

Still trying to decide on this one. I opened an account for their cash bonus, the $500 beats other offers (and I'm guessing $5k for $5m too).
That offer is pretty meh for the higher tiers, but I will gladly accept their $500 added into my Roth. Thanks!
They don't add to the IRA. They require you to also open a brokerage account and add the bonus there. So you do get a bonus for an IRA account, but not in the IRA.
Again, the way I read the terms, IRA accounts are not eligible. Is that incorrect?
SlowMovingInvestor
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

Slick8503 wrote: Fri Jan 07, 2022 11:38 am
SlowMovingInvestor wrote: Thu Jan 06, 2022 3:22 pm
whodidntante wrote: Wed Jan 05, 2022 8:57 pm
need403bhelp wrote: Wed Jan 05, 2022 5:06 pm M1 finance new ACATS bonus:

https://www.m1finance.com/earn-up-to-5000/
...

Still trying to decide on this one. I opened an account for their cash bonus, the $500 beats other offers (and I'm guessing $5k for $5m too).
That offer is pretty meh for the higher tiers, but I will gladly accept their $500 added into my Roth. Thanks!
They don't add to the IRA. They require you to also open a brokerage account and add the bonus there. So you do get a bonus for an IRA account, but not in the IRA.
Again, the way I read the terms, IRA accounts are not eligible. Is that incorrect?
I got a bonus from them last year for an IRA transfer. They required me to open a regular account first, and put the bonus there. I don't know if they have the same T&C now, but I think they do.
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pre
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre »

I'm interested in doing the transfer bonus with M1 Finance. Have any folks done a promotion spanning multiple accounts ( individual, IRA, etc )?

In reviewing the M1 terms of the transfer promotion, it suggests the aggregate assets transferred would count toward the asset tier. Have any folks tried doing a multi account transfer such that the aggregate total spanning multiple accounts counted towards the total transfer?

I sent them a support email to clarify, so we'll see. But just wanted to see if any folks might have first-hand experience

Thanks
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whodidntante
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

SlowMovingInvestor wrote: Fri Jan 07, 2022 1:46 pm
Slick8503 wrote: Fri Jan 07, 2022 11:38 am
SlowMovingInvestor wrote: Thu Jan 06, 2022 3:22 pm
whodidntante wrote: Wed Jan 05, 2022 8:57 pm
need403bhelp wrote: Wed Jan 05, 2022 5:06 pm M1 finance new ACATS bonus:

https://www.m1finance.com/earn-up-to-5000/
...

Still trying to decide on this one. I opened an account for their cash bonus, the $500 beats other offers (and I'm guessing $5k for $5m too).
That offer is pretty meh for the higher tiers, but I will gladly accept their $500 added into my Roth. Thanks!
They don't add to the IRA. They require you to also open a brokerage account and add the bonus there. So you do get a bonus for an IRA account, but not in the IRA.
Again, the way I read the terms, IRA accounts are not eligible. Is that incorrect?
I got a bonus from them last year for an IRA transfer. They required me to open a regular account first, and put the bonus there. I don't know if they have the same T&C now, but I think they do.
Yeah, that makes the bonus less tasty. Still, it's a good offer.
deltaneutral83
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by deltaneutral83 »

jjunk wrote: Thu Jan 06, 2022 2:19 pm FYI you may want to confirm the holding period with Etrade transfers. When I was working with them, they said it was 6mos but all the offer information said 12mos. The rep finally confirmed it was 12mos and was due to changes from finalizing the Morgan Stanley acquisition. I ended up with going with Schwab in the end.
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.

Also, just so I can clear the legalese up, I assume if I have RSU's at Etrade and that that doesn't preclude me from the "new customer, new account bonus" lingo in that I'm a "new customer." I assume the bonus is per account regardless of prior account type status. AS I type this, I see Etrade opened a taxable form as a result of having RSU's so I'm hoping that doesn't cause a problem either?
nalor511
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

deltaneutral83 wrote: Sun Jan 09, 2022 4:13 pm
jjunk wrote: Thu Jan 06, 2022 2:19 pm FYI you may want to confirm the holding period with Etrade transfers. When I was working with them, they said it was 6mos but all the offer information said 12mos. The rep finally confirmed it was 12mos and was due to changes from finalizing the Morgan Stanley acquisition. I ended up with going with Schwab in the end.
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.

Also, just so I can clear the legalese up, I assume if I have RSU's at Etrade and that that doesn't preclude me from the "new customer, new account bonus" lingo in that I'm a "new customer." I assume the bonus is per account regardless of prior account type status. AS I type this, I see Etrade opened a taxable form as a result of having RSU's so I'm hoping that doesn't cause a problem either?
You're assuming a lot. Ask E-Trade.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by student »

Tastyworks bonus is back and it is actually somewhat better as there is $200 bonus for $2000 deposit option. https://info.tastyworks.com/opennow?utm ... lsrc=aw.ds
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LadyGeek
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LadyGeek »

I just pulled the trigger on the move to Fidelity - the process is started. Here's how to get the transfer bonus:

1. Call 800-343-3548
Say "Guidance" or "Promotions" at the bot prompt. Answer Yes to "Do you want to speak with an Advisor?" (I'm not sure on the exact question, but I answered "Yes" to proceed.)

This gets you to the Investment Solutions team, which is the right group to handle incentives. (You can't do this by chat.)

2. Speak with the rep
The rep will register your account to receive the cash award.

3. Do the transfer
Follow Fidelity's instructions. You'll need to create a new Fidelity account to receive the transfer. I created a Roth and Traditional IRA account for my transfer. Done online in under 10 minutes. No paperwork, no Medallion signature needed.

All Fidelity needed was the account number and a PDF of the latest statement. I believe I saw a statement that ETF fractional shares will be liquidated and converted to a cash position. It doesn't matter to me.

4. Get the cash
Once the transfer is complete, the cash will show up in your account after a 60 day waiting period.

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.)

===============
Note: I got the contact info via chat. If you don't get to the right person, that person will always point you in the right direction. My chat contact understood what I wanted, but couldn't do the incentive. S/he knew where to send me.

The same for the secure message I just received. In this case, they were going to call me within 48 hours to discuss. I called them instead.

Update: Revised to show transfer step complete.
Update 1: Revised to show a 60 day waiting period for the cash to appear.
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RubyTuesday
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by RubyTuesday »

sycamore wrote: Thu Jan 06, 2022 12:18 pm Note: Rollover IRA is a figure of speech. You can rollover your 401k funds to an existing Traditional IRA.

Or you could roll it over to a new IRA account and label that new one a "rollover IRA".
NOTE See bottom of post for additional conflicting info.

To my knowledge that’s not quite accurate, or perhaps misleading on one aspect.

A rollover IRA that consists only of funds rolled over from a qualified plan (and their earnings), can be rolled back into another employer’s qualified plan if the plan allows it.

If you have co-mingled rollover from previous employer and other contributions in a tIRA it cannot be rolled into another qualified plan whether you label it “rollover” or not.

Edited to add
Per the IRS Rollover Chart, it is allowable to roll traditional IRA into pre-tax qualified (e.g. 401(k)) plan.

I’ve read it is not allowed, for example here:
Rollover IRA vs Traditional IRA

Apparently it’s likely an employer plan specific limitation per here:
Oblivious Investor-What is a Rollover IRA
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Leif
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leif »

LadyGeek wrote: Mon Jan 10, 2022 9:03 am 3. Do the transfer
Follow Fidelity's instructions. You'll need to create a new Fidelity account to receive the transfer. I created a Roth and Traditional IRA account for my transfer. Done online in under 10 minutes. No paperwork, no Medallion signature needed.
That was not my experience. I asked if I could transfer into existing Fidelity accounts. I was told yes, and that was how it was handled.
LadyGeek wrote: Mon Jan 10, 2022 9:03 am 4. Get the cash
Once the transfer is complete, the cash will show up in your account within a week.

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.)

===============
Note: I got the contact info via chat. If you don't get to the right person, that person will always point you in the right direction. My chat contact understood what I wanted, but couldn't do the incentive. S/he knew where to send me.

The same for the secure message I just received. In this case, they were going to call me within 48 hours to discuss. I called them instead.

Update: Revised to show transfer step complete.
Different for me. I had a 60 day qualification period. Made no transactions in those accounts for the 60 days, to be safe. If you are transferring into an existing account I suggest you withdraw any cash you may need for 60 days out of the account before the transfer.

According to their terms they have 2-4 weeks after the qualification period to post the bonus. In my case it was within 1 week. The cash was prorated based on the amount transferred to each account.

Finally, their terms mention a clawback of the bonus if you do not maintain the "minimum balance" (not sure what that is), excluding market changes, for 1 year. I presume that is to lessen churning between brokerages.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LadyGeek »

Thanks for the confirmation. I just corrected my post to say that you'll get the cash after a 60 day period.

After I made the post, a Fidelity advisor (local to me) called to discuss the transfer. Part of the call was to correct what I was told in my initial phone contact. You will get the cash award after a 60 day window - not within a week as I was told earlier.

He reviewed my account and said everything looked good. Once I made it clear that I was a DIY investor, we had a nice discussion about investing. He also gave me a few suggestions on configuring my website account layout.

Overall, it was not a hard-core sales pitch and I was made to feel welcome. I highly doubt he'll be contacting me again. If needed, I know where to reach him.
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nalor511
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

LadyGeek wrote: Mon Jan 10, 2022 9:03 am I just pulled the trigger on the move to Fidelity - the process is started. Here's how to get the transfer bonus:

1. Call 800-343-3548
Say "Guidance" or "Promotions" at the bot prompt. Answer Yes to "Do you want to speak with an Advisor?" (I'm not sure on the exact question, but I answered "Yes" to proceed.)

This gets you to the Investment Solutions team, which is the right group to handle incentives. (You can't do this by chat.)

2. Speak with the rep
The rep will register your account to receive the cash award.

3. Do the transfer
Follow Fidelity's instructions. You'll need to create a new Fidelity account to receive the transfer. I created a Roth and Traditional IRA account for my transfer. Done online in under 10 minutes. No paperwork, no Medallion signature needed.

All Fidelity needed was the account number and a PDF of the latest statement. I believe I saw a statement that ETF fractional shares will be liquidated and converted to a cash position. It doesn't matter to me.

4. Get the cash
Once the transfer is complete, the cash will show up in your account after a 60 day waiting period.

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.)

===============
Note: I got the contact info via chat. If you don't get to the right person, that person will always point you in the right direction. My chat contact understood what I wanted, but couldn't do the incentive. S/he knew where to send me.

The same for the secure message I just received. In this case, they were going to call me within 48 hours to discuss. I called them instead.

Update: Revised to show transfer step complete.
Update 1: Revised to show a 60 day waiting period for the cash to appear.
I refused to give them my statement, because I thought it was iffy, and they did it anyway just fine, just FYI
student
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by student »

nalor511 wrote: Mon Jan 10, 2022 11:54 am I refused to give them my statement, because I thought it was iffy, and they did it anyway just fine, just FYI
Are there any information on the statement that are intrusive? They all ask for it. I figure they use it to double check info.
nalor511
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

student wrote: Mon Jan 10, 2022 1:44 pm
nalor511 wrote: Mon Jan 10, 2022 11:54 am I refused to give them my statement, because I thought it was iffy, and they did it anyway just fine, just FYI
Are there any information on the statement that are intrusive? They all ask for it. I figure they use it to double check info.
Don't know, they can always ask, I always say no, never been a problem 👍
student
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by student »

nalor511 wrote: Mon Jan 10, 2022 2:08 pm
student wrote: Mon Jan 10, 2022 1:44 pm
nalor511 wrote: Mon Jan 10, 2022 11:54 am I refused to give them my statement, because I thought it was iffy, and they did it anyway just fine, just FYI
Are there any information on the statement that are intrusive? They all ask for it. I figure they use it to double check info.
Don't know, they can always ask, I always say no, never been a problem 👍
Great.
SlowMovingInvestor
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

student wrote: Sun Jan 09, 2022 5:16 pm Tastyworks bonus is back and it is actually somewhat better as there is $200 bonus for $2000 deposit option. https://info.tastyworks.com/opennow?utm ... lsrc=aw.ds
This could be done with just cash (like a bank account bonus) to avoid the hassle of doing asset transfers and closure/transfer fees. I'm assuming you can just ACH cash in ?
nalor511
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

SlowMovingInvestor wrote: Mon Jan 10, 2022 5:01 pm
student wrote: Sun Jan 09, 2022 5:16 pm Tastyworks bonus is back and it is actually somewhat better as there is $200 bonus for $2000 deposit option. https://info.tastyworks.com/opennow?utm ... lsrc=aw.ds
This could be done with just cash (like a bank account bonus) to avoid the hassle of doing asset transfers and closure/transfer fees. I'm assuming you can just ACH cash in ?
Sadly says new customers
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sarabayo »

student wrote: Sun Jan 09, 2022 5:16 pm Tastyworks bonus is back and it is actually somewhat better as there is $200 bonus for $2000 deposit option. https://info.tastyworks.com/opennow?utm ... lsrc=aw.ds
Nice. The $500 for $10k option is still there, though, and taking the $200 deal will prevent you from taking the $500 later, so I'd probably take the $500 deal since it's a greater payout, despite lower RoI.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by student »

SlowMovingInvestor wrote: Mon Jan 10, 2022 5:01 pm
student wrote: Sun Jan 09, 2022 5:16 pm Tastyworks bonus is back and it is actually somewhat better as there is $200 bonus for $2000 deposit option. https://info.tastyworks.com/opennow?utm ... lsrc=aw.ds
This could be done with just cash (like a bank account bonus) to avoid the hassle of doing asset transfers and closure/transfer fees. I'm assuming you can just ACH cash in ?
That's what I did a couple of months ago. I plan to transfer the money out after about 90 days.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drzzzzz »

LadyGeek wrote: Mon Jan 10, 2022 11:24 am Thanks for the confirmation. I just corrected my post to say that you'll get the cash after a 60 day period.

After I made the post, a Fidelity advisor (local to me) called to discuss the transfer. Part of the call was to correct what I was told in my initial phone contact. You will get the cash award after a 60 day window - not within a week as I was told earlier.

He reviewed my account and said everything looked good. Once I made it clear that I was a DIY investor, we had a nice discussion about investing. He also gave me a few suggestions on configuring my website account layout.

Overall, it was not a hard-core sales pitch and I was made to feel welcome. I highly doubt he'll be contacting me again. If needed, I know where to reach him.
You sound so excited - we have been very happy with our recent move to Fidelity - and everyone loves a promotion bonus.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LadyGeek »

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.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Kookaburra »

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.
Thanks LadyGeek, very helpful! I’m curious- did you ask the advisor at Fidelity if they (Fidelity) would match the (better) promotional terms that other brokerages offer (e.g., e-Trade)?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LadyGeek »

Sorry, no. I'm not actively shopping for the best price, so I didn't think to ask the question. I was clear with the rep that I would be posting the cash award incentives on the internet somewhere and wanted to be sure I got the info correct. That's why my post was so detailed.
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
SlowMovingInvestor
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

student wrote: Mon Jan 10, 2022 6:03 pm
SlowMovingInvestor wrote: Mon Jan 10, 2022 5:01 pm
student wrote: Sun Jan 09, 2022 5:16 pm Tastyworks bonus is back and it is actually somewhat better as there is $200 bonus for $2000 deposit option. https://info.tastyworks.com/opennow?utm ... lsrc=aw.ds
This could be done with just cash (like a bank account bonus) to avoid the hassle of doing asset transfers and closure/transfer fees. I'm assuming you can just ACH cash in ?
That's what I did a couple of months ago. I plan to transfer the money out after about 90 days.
And it seems there is an ACAT outbound fee of $75, but no ACH fee. Certainly ACH seems better for funding the account.
Pessimist55
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Pessimist55 »

Emailed my Schwab agent. (Same guy from 12+mo ago)
He initially came back w a very weak offer. Then I emailed asking if he'd match the recent etrade offer.
He sent the request for approval. Approval came back within 24hrs: 1,000 for 250k!
student
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by student »

SlowMovingInvestor wrote: Mon Jan 10, 2022 11:14 pm
student wrote: Mon Jan 10, 2022 6:03 pm
SlowMovingInvestor wrote: Mon Jan 10, 2022 5:01 pm
student wrote: Sun Jan 09, 2022 5:16 pm Tastyworks bonus is back and it is actually somewhat better as there is $200 bonus for $2000 deposit option. https://info.tastyworks.com/opennow?utm ... lsrc=aw.ds
This could be done with just cash (like a bank account bonus) to avoid the hassle of doing asset transfers and closure/transfer fees. I'm assuming you can just ACH cash in ?
That's what I did a couple of months ago. I plan to transfer the money out after about 90 days.
And it seems there is an ACAT outbound fee of $75, but no ACH fee. Certainly ACH seems better for funding the account.
I think some plan to ACAT out to another brokerage and ask for a reimbursement from the receiving company.
need403bhelp
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by need403bhelp »

I am thinking of doing ACATS OUT of TD Ameritrade. I noticed they list https://www.tdameritrade.com/pricing/br ... -fees.html $75 fee for FULL account transfer but no fee for PARTIAL account transfer. Does anyone know what is considered PARTIAL in context of an IRA? Leave uninvested $1? $10? $100? Leave single share? Thanks!
student
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by student »

need403bhelp wrote: Tue Jan 11, 2022 12:23 pm I am thinking of doing ACATS OUT of TD Ameritrade. I noticed they list https://www.tdameritrade.com/pricing/br ... -fees.html $75 fee for FULL account transfer but no fee for PARTIAL account transfer. Does anyone know what is considered PARTIAL in context of an IRA? Leave uninvested $1? $10? $100? Leave single share? Thanks!
I have heard others leaving a small amount like $10 there. Note that for TD Ameritrade, they terminate your access to your account quickly so you cannot log on. You can ask for temporary access.
nalor511
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

Pessimist55 wrote: Tue Jan 11, 2022 2:25 am Emailed my Schwab agent. (Same guy from 12+mo ago)
He initially came back w a very weak offer. Then I emailed asking if he'd match the recent etrade offer.
He sent the request for approval. Approval came back within 24hrs: 1,000 for 250k!
Did they match an offer for you to bring more new money into Schwab (on top of whatever you brought a year ago) or did they match for you leaving the initial deposit alone for another year?
drzzzzz
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drzzzzz »

need403bhelp wrote: Tue Jan 11, 2022 12:23 pm I am thinking of doing ACATS OUT of TD Ameritrade. I noticed they list https://www.tdameritrade.com/pricing/br ... -fees.html $75 fee for FULL account transfer but no fee for PARTIAL account transfer. Does anyone know what is considered PARTIAL in context of an IRA? Leave uninvested $1? $10? $100? Leave single share? Thanks!
I transferred everything but $5 dollars - no charge. Except for Vanguard, however, I have found the other brokerages are likely to cover the fee if you ask them.
need403bhelp
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by need403bhelp »

drzzzzz wrote: Tue Jan 11, 2022 1:15 pm
need403bhelp wrote: Tue Jan 11, 2022 12:23 pm I am thinking of doing ACATS OUT of TD Ameritrade. I noticed they list https://www.tdameritrade.com/pricing/br ... -fees.html $75 fee for FULL account transfer but no fee for PARTIAL account transfer. Does anyone know what is considered PARTIAL in context of an IRA? Leave uninvested $1? $10? $100? Leave single share? Thanks!
I transferred everything but $5 dollars - no charge. Except for Vanguard, however, I have found the other brokerages are likely to cover the fee if you ask them.
Thanks! Haven’t actually decided where to transfer. Was thinking about m1 but deposit of bonus into taxable plus $100 partial transfer out fee kinda kills appeal for me. I believe Schwab doesn’t give bonus for td ameritrade funds as they own the company. Was actually thinking of transferring to vanguard and then maybe doing Schwab referral if no better deal.
student wrote: Tue Jan 11, 2022 1:03 pm
need403bhelp wrote: Tue Jan 11, 2022 12:23 pm I am thinking of doing ACATS OUT of TD Ameritrade. I noticed they list https://www.tdameritrade.com/pricing/br ... -fees.html $75 fee for FULL account transfer but no fee for PARTIAL account transfer. Does anyone know what is considered PARTIAL in context of an IRA? Leave uninvested $1? $10? $100? Leave single share? Thanks!
I have heard others leaving a small amount like $10 there. Note that for TD Ameritrade, they terminate your access to your account quickly so you cannot log on. You can ask for temporary access.
Do they take away access after a PARTIAL transfer or only doing a full one? Thanks!
student
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by student »

need403bhelp wrote: Tue Jan 11, 2022 1:28 pm
student wrote: Tue Jan 11, 2022 1:03 pm
need403bhelp wrote: Tue Jan 11, 2022 12:23 pm I am thinking of doing ACATS OUT of TD Ameritrade. I noticed they list https://www.tdameritrade.com/pricing/br ... -fees.html $75 fee for FULL account transfer but no fee for PARTIAL account transfer. Does anyone know what is considered PARTIAL in context of an IRA? Leave uninvested $1? $10? $100? Leave single share? Thanks!
I have heard others leaving a small amount like $10 there. Note that for TD Ameritrade, they terminate your access to your account quickly so you cannot log on. You can ask for temporary access.
Do they take away access after a PARTIAL transfer or only doing a full one? Thanks!
Not sure. I guess that as long as it is not $0. You are still a customer and they won't take away the access.
need403bhelp
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by need403bhelp »

student wrote: Tue Jan 11, 2022 2:10 pm
need403bhelp wrote: Tue Jan 11, 2022 1:28 pm
student wrote: Tue Jan 11, 2022 1:03 pm
need403bhelp wrote: Tue Jan 11, 2022 12:23 pm I am thinking of doing ACATS OUT of TD Ameritrade. I noticed they list https://www.tdameritrade.com/pricing/br ... -fees.html $75 fee for FULL account transfer but no fee for PARTIAL account transfer. Does anyone know what is considered PARTIAL in context of an IRA? Leave uninvested $1? $10? $100? Leave single share? Thanks!
I have heard others leaving a small amount like $10 there. Note that for TD Ameritrade, they terminate your access to your account quickly so you cannot log on. You can ask for temporary access.
Do they take away access after a PARTIAL transfer or only doing a full one? Thanks!
Not sure. I guess that as long as it is not $0. You are still a customer and they won't take away the access.
Ok, thanks!
drzzzzz
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drzzzzz »

need403bhelp wrote: Tue Jan 11, 2022 1:28 pm
drzzzzz wrote: Tue Jan 11, 2022 1:15 pm
need403bhelp wrote: Tue Jan 11, 2022 12:23 pm I am thinking of doing ACATS OUT of TD Ameritrade. I noticed they list https://www.tdameritrade.com/pricing/br ... -fees.html $75 fee for FULL account transfer but no fee for PARTIAL account transfer. Does anyone know what is considered PARTIAL in context of an IRA? Leave uninvested $1? $10? $100? Leave single share? Thanks!
I transferred everything but $5 dollars - no charge. Except for Vanguard, however, I have found the other brokerages are likely to cover the fee if you ask them.
Thanks! Haven’t actually decided where to transfer. Was thinking about m1 but deposit of bonus into taxable plus $100 partial transfer out fee kinda kills appeal for me. I believe Schwab doesn’t give bonus for td ameritrade funds as they own the company. Was actually thinking of transferring to vanguard and then maybe doing Schwab referral if no better deal.
student wrote: Tue Jan 11, 2022 1:03 pm
need403bhelp wrote: Tue Jan 11, 2022 12:23 pm I am thinking of doing ACATS OUT of TD Ameritrade. I noticed they list https://www.tdameritrade.com/pricing/br ... -fees.html $75 fee for FULL account transfer but no fee for PARTIAL account transfer. Does anyone know what is considered PARTIAL in context of an IRA? Leave uninvested $1? $10? $100? Leave single share? Thanks!
I have heard others leaving a small amount like $10 there. Note that for TD Ameritrade, they terminate your access to your account quickly so you cannot log on. You can ask for temporary access.
Do they take away access after a PARTIAL transfer or only doing a full one? Thanks!
I can still access the account which will allow me to get any tax forms as well. The account that is open still with $5 is an IRA so maybe they think I will be back to add to it. I would have preferred to have closed the entire thing, but more willing to leave the $5 than pay the transfer fee. After I get tax forms, maybe I will try to transfer $4 through acats and see what happens.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

need403bhelp wrote: Tue Jan 11, 2022 1:28 pm
drzzzzz wrote: Tue Jan 11, 2022 1:15 pm
need403bhelp wrote: Tue Jan 11, 2022 12:23 pm I am thinking of doing ACATS OUT of TD Ameritrade. I noticed they list https://www.tdameritrade.com/pricing/br ... -fees.html $75 fee for FULL account transfer but no fee for PARTIAL account transfer. Does anyone know what is considered PARTIAL in context of an IRA? Leave uninvested $1? $10? $100? Leave single share? Thanks!
I transferred everything but $5 dollars - no charge. Except for Vanguard, however, I have found the other brokerages are likely to cover the fee if you ask them.
Thanks! Haven’t actually decided where to transfer. Was thinking about m1 but deposit of bonus into taxable plus $100 partial transfer out fee kinda kills appeal for me. I believe Schwab doesn’t give bonus for td ameritrade funds as they own the company. Was actually thinking of transferring to vanguard and then maybe doing Schwab referral if no better deal.
student wrote: Tue Jan 11, 2022 1:03 pm
need403bhelp wrote: Tue Jan 11, 2022 12:23 pm I am thinking of doing ACATS OUT of TD Ameritrade. I noticed they list https://www.tdameritrade.com/pricing/br ... -fees.html $75 fee for FULL account transfer but no fee for PARTIAL account transfer. Does anyone know what is considered PARTIAL in context of an IRA? Leave uninvested $1? $10? $100? Leave single share? Thanks!
I have heard others leaving a small amount like $10 there. Note that for TD Ameritrade, they terminate your access to your account quickly so you cannot log on. You can ask for temporary access.
Do they take away access after a PARTIAL transfer or only doing a full one? Thanks!

There is absolutely no way that a brokerage would revoke your access when you leave funds in the account.
Luckywon
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Luckywon »

drzzzzz wrote: Tue Jan 11, 2022 3:05 pm The account that is open still with $5 is an IRA so maybe they think I will be back to add to it. I would have preferred to have closed the entire thing, but more willing to leave the $5 than pay the transfer fee. After I get tax forms, maybe I will try to transfer $4 through acats and see what happens.
If you just leave it there it would make it easier to transfer funds back for another round of bonus next year.. :beer
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pre
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre »

drzzzzz wrote: Tue Jan 11, 2022 1:15 pm
need403bhelp wrote: Tue Jan 11, 2022 12:23 pm I am thinking of doing ACATS OUT of TD Ameritrade. I noticed they list https://www.tdameritrade.com/pricing/br ... -fees.html $75 fee for FULL account transfer but no fee for PARTIAL account transfer. Does anyone know what is considered PARTIAL in context of an IRA? Leave uninvested $1? $10? $100? Leave single share? Thanks!
I transferred everything but $5 dollars - no charge. Except for Vanguard, however, I have found the other brokerages are likely to cover the fee if you ask them.
Wow, only $5 for TDA?

ETrade requires $2500 minimum balance remaining to be considered partial. JPM/Chase made me pay full outgoing with a $1000+ balance
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by deltaneutral83 »

I usually have a couple pennies in my trad IRA as I was encouraged by the firm to leave that in there so as to leave the account open for anything I may need it for (401k rollover, Backdoor, etc etc). Not surprised by other institutions requiring thousands. BUT, they do give nice healthy opening bonuses so just factor that in off the top of the bonus.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

deltaneutral83 wrote: Tue Jan 11, 2022 6:18 pm I usually have a couple pennies in my trad IRA as I was encouraged by the firm to leave that in there so as to leave the account open for anything I may need it for (401k rollover, Backdoor, etc etc). Not surprised by other institutions requiring thousands. BUT, they do give nice healthy opening bonuses so just factor that in off the top of the bonus.
Do you say that you gave them your two cents? :P
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fetch5482
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by fetch5482 »

LadyGeek wrote: Mon Jan 10, 2022 9:03 am I just pulled the trigger on the move to Fidelity - the process is started. Here's how to get the transfer bonus:

1. Call 800-343-3548
Say "Guidance" or "Promotions" at the bot prompt. Answer Yes to "Do you want to speak with an Advisor?" (I'm not sure on the exact question, but I answered "Yes" to proceed.)

This gets you to the Investment Solutions team, which is the right group to handle incentives. (You can't do this by chat.)

2. Speak with the rep
The rep will register your account to receive the cash award.

3. Do the transfer
Follow Fidelity's instructions. You'll need to create a new Fidelity account to receive the transfer. I created a Roth and Traditional IRA account for my transfer. Done online in under 10 minutes. No paperwork, no Medallion signature needed.

All Fidelity needed was the account number and a PDF of the latest statement. I believe I saw a statement that ETF fractional shares will be liquidated and converted to a cash position. It doesn't matter to me.

4. Get the cash
Once the transfer is complete, the cash will show up in your account after a 60 day waiting period.

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.)

===============
Note: I got the contact info via chat. If you don't get to the right person, that person will always point you in the right direction. My chat contact understood what I wanted, but couldn't do the incentive. S/he knew where to send me.

The same for the secure message I just received. In this case, they were going to call me within 48 hours to discuss. I called them instead.

Update: Revised to show transfer step complete.
Update 1: Revised to show a 60 day waiting period for the cash to appear.
Kookaburra wrote: Mon Jan 10, 2022 8:29 pm
Thanks LadyGeek, very helpful! I’m curious- did you ask the advisor at Fidelity if they (Fidelity) would match the (better) promotional terms that other brokerages offer (e.g., e-Trade)?

I was able to get the rep I spoke to to match E*Trade's current $3000 offer based on my assets size (I think E-Trade has up'd the offer to 3500 now, but it was 3k when I talked to the Fidelity rep, so that's what I have approval for). The toa tracker shows that Fidelity sent the request to vanguard last Friday (Jan 7) with ETA of Jan 14. The vanguard account still hasn't shown any signs that it's transferring out, let's see how long it takes.
(AGE minus 23%) Bonds | 5% REITs | Balance 80% US (75/25 TSM/SCV) + 20% International (80/20 Developed/Emerging)
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yatesd
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by yatesd »

I just transferred my IRA's to Schwab. Painless process (so far) and already better service than Vanguard. I am tentatively going to switch checking accounts as well, it will be nice to have everything in one place.
need403bhelp
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by need403bhelp »

drzzzzz wrote: Tue Jan 11, 2022 3:05 pm
need403bhelp wrote: Tue Jan 11, 2022 1:28 pm
drzzzzz wrote: Tue Jan 11, 2022 1:15 pm
need403bhelp wrote: Tue Jan 11, 2022 12:23 pm I am thinking of doing ACATS OUT of TD Ameritrade. I noticed they list https://www.tdameritrade.com/pricing/br ... -fees.html $75 fee for FULL account transfer but no fee for PARTIAL account transfer. Does anyone know what is considered PARTIAL in context of an IRA? Leave uninvested $1? $10? $100? Leave single share? Thanks!
I transferred everything but $5 dollars - no charge. Except for Vanguard, however, I have found the other brokerages are likely to cover the fee if you ask them.
Thanks! Haven’t actually decided where to transfer. Was thinking about m1 but deposit of bonus into taxable plus $100 partial transfer out fee kinda kills appeal for me. I believe Schwab doesn’t give bonus for td ameritrade funds as they own the company. Was actually thinking of transferring to vanguard and then maybe doing Schwab referral if no better deal.
student wrote: Tue Jan 11, 2022 1:03 pm
need403bhelp wrote: Tue Jan 11, 2022 12:23 pm I am thinking of doing ACATS OUT of TD Ameritrade. I noticed they list https://www.tdameritrade.com/pricing/br ... -fees.html $75 fee for FULL account transfer but no fee for PARTIAL account transfer. Does anyone know what is considered PARTIAL in context of an IRA? Leave uninvested $1? $10? $100? Leave single share? Thanks!
I have heard others leaving a small amount like $10 there. Note that for TD Ameritrade, they terminate your access to your account quickly so you cannot log on. You can ask for temporary access.
Do they take away access after a PARTIAL transfer or only doing a full one? Thanks!
I can still access the account which will allow me to get any tax forms as well. The account that is open still with $5 is an IRA so maybe they think I will be back to add to it. I would have preferred to have closed the entire thing, but more willing to leave the $5 than pay the transfer fee. After I get tax forms, maybe I will try to transfer $4 through acats and see what happens.
I see, thanks for confirming. Thinking more, we may leave things as is for now. We did backdoor Roth IRA contributions there just week or so back. If, for reasons that can’t be discussed here, we are forced to undo them, can’t imagine it’ll be easy if funds are elsewhere- please do correct if I am mistaken.
SlowMovingInvestor
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

Has anyone got one of TradeStation's bonuses? Like this one?

https://www.tradestation.com/pricing/promotions/

I created an IRA account under one of its bonus URLs. They don't payout for 270 days, so wondering about other people's experiences. Any comments on bonuses from TradeStation?

[Their ACAT transfer process made 2 mistakes. One might have cost me lots of money (they didn't enter some holdings they had transferred in my new account) if I hadn't caught it. I don't have a high opinion of their backend processes.]
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fetch5482
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by fetch5482 »

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.
(AGE minus 23%) Bonds | 5% REITs | Balance 80% US (75/25 TSM/SCV) + 20% International (80/20 Developed/Emerging)
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