The Final, Definitive Thread on Brokerage Transfer Bonuses

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sc9182
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

spammagnet wrote: Wed Feb 09, 2022 8:35 am
spammagnet wrote: Tue Feb 08, 2022 3:24 pm
yobery wrote: Tue Feb 08, 2022 3:07 pmSchwab should be happy to match. Your experience Fidelity not matching fits with mine.
I appreciate knowing that but I'm tiring of the bonus game. We'll transfer some to Merrill Edge to qualify for their current bonus and to maintain our PH status, and leave it there. Other than that, the rest is going back to Fidelity.
The E-Trade rep just called after being notified that I transferred everything back to Fidelity. He hinted broadly at offering more bonuses. I declined. My interest in bilking investment banks out of bonus money may be renewed in the future but for now, I'm done.

Other than Fidelity, we each have an IRA at Merrill to maintain PH status. We also have two new small accounts at TastyWorks, opened a couple of weeks ago. Those, too, will be closed after the 90 day requirement.
Such a honest Petty-Bilker !
While at it develop good relationship with brokerage reps - lest, they might do good relationship based margin at 1% ish on your brokerage amounts - which could help pay off that pesky car loan at 4% or HELOC balance at 3.99% ..

As much as we all hate to jump around a bit - your large “account” balances could help Reps at other brokerages too - while you share your love transferring accounts to them - do allow them to reward some Bonus to you in-return :-)

Don’t churn just for the sake - but do build good relationships (and don’t forget to get Bonus rewarded along the way) - while at it.

Not one time ever - Fidelity offered us much of any discount on Margin — until, we jumped out - then, wanted to bring back the monies - we could negotiate not only some bonus., but also, margin at 1.24% rate (btw - we hardly use margin., but good to have it handy in limited circumstances). Now our Fidelity new rep values our relationship lot more.

Have you ever gotten deserved 20-30% raise or two without switching jobs !? Did you always have great bosses :-)
Last edited by sc9182 on Wed Feb 09, 2022 9:44 am, edited 4 times in total.
Escapevelocity
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Escapevelocity »

yobery wrote: Thu Feb 03, 2022 11:55 pm
Kookaburra wrote: Thu Feb 03, 2022 11:53 pm
Barefootgirl wrote: Wed Feb 02, 2022 10:07 am Today is the expiration of my 90th day holding period for the Tastyworks $500 bonus.

I am ready to move the money out, but still keep the account. I don't see any account minimums or maintenance fees on the fee list.

If anyone has recently done similar, would you mind sharing any details of your experience? THANKS
How many days after funding the 10K into your account was the $500 bonus posted? I haven’t seen mine post yet.
Within 24h
I opened a Tasty account last week. They are being super annoying approving my account. I scanned a hi-res JPG of my drivers license and they keep saying that it's a photocopy. [Expletive removed by admin LadyGeek]
spammagnet
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by spammagnet »

Escapevelocity wrote: Wed Feb 09, 2022 8:52 am
yobery wrote: Thu Feb 03, 2022 11:55 pm
Kookaburra wrote: Thu Feb 03, 2022 11:53 pm
Barefootgirl wrote: Wed Feb 02, 2022 10:07 am Today is the expiration of my 90th day holding period for the Tastyworks $500 bonus.

I am ready to move the money out, but still keep the account. I don't see any account minimums or maintenance fees on the fee list.

If anyone has recently done similar, would you mind sharing any details of your experience? THANKS
How many days after funding the 10K into your account was the $500 bonus posted? I haven’t seen mine post yet.
Within 24h
I opened a Tasty account last week. They are being super annoying approving my account. I scanned a hi-res JPG of my drivers license and they keep saying that it's a photocopy. [Expletive removed by admin LadyGeek]
They've dropped the ball a number of times on ACAT paperwork. The first was rejected because it was a transfer from a joint account to an individual account. IMO that shouldn't be a problem since the name on the receiving account matched a name on the joint account, but whatever. My problem with that is that they didn't notify me that it was rejected. Then, after uploading the requested signed and scanned documents to their web site, the transactions failed again without notice. A couple of emails to customer support (who, I will say, are responsive) resulted in one transfer being completed and the other being restarted.

Overall, I'm not impressed, but I'm not their target market. Their web site strikes me that they're trying to win young new customers by exciting them with the fun and thrill of investing. No, thanks. I'll take their bonus money and leave quietly.
veggivet
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by veggivet »

spammagnet wrote: Wed Feb 09, 2022 9:34 am Overall, I'm not impressed, but I'm not their target market. Their web site strikes me that they're trying to win young new customers by exciting them with the fun and thrill of investing. No, thanks. I'll take their bonus money and leave quietly.
[ quote fixed by admin LadyGeek]

My take as well. Fwiw, I had no snags opening my account, and the bonus was credited quickly. My 90 days expires next week...
Escapevelocity
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Escapevelocity »

veggivet wrote: Wed Feb 09, 2022 10:09 am
spammagnet wrote: Wed Feb 09, 2022 9:34 am Overall, I'm not impressed, but I'm not their target market. Their web site strikes me that they're trying to win young new customers by exciting them with the fun and thrill of investing. No, thanks. I'll take their bonus money and leave quietly.
[ quote fixed by admin LadyGeek]

My take as well. Fwiw, I had no snags opening my account, and the bonus was credited quickly. My 90 days expires next week...
I'm considering using the difficulties with reading my high-res license JPEG as a sign that it wasn't meant to be and will probably just drop the whole idea.
yobery
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by yobery »

Escapevelocity wrote: Wed Feb 09, 2022 10:26 am
veggivet wrote: Wed Feb 09, 2022 10:09 am
spammagnet wrote: Wed Feb 09, 2022 9:34 am Overall, I'm not impressed, but I'm not their target market. Their web site strikes me that they're trying to win young new customers by exciting them with the fun and thrill of investing. No, thanks. I'll take their bonus money and leave quietly.
[ quote fixed by admin LadyGeek]

My take as well. Fwiw, I had no snags opening my account, and the bonus was credited quickly. My 90 days expires next week...
I'm considering using the difficulties with reading my high-res license JPEG as a sign that it wasn't meant to be and will probably just drop the whole idea.
Once you get your license approved (they actually did not ask for mine) they are really quick with the bonus. The quickest I've ever experienced. But yes, I will not continue with them as a broker
Luckywon
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Luckywon »

Barefootgirl wrote: Wed Feb 02, 2022 10:07 am Today is the expiration of my 90th day holding period for the Tastyworks $500 bonus.

I am ready to move the money out, but still keep the account. I don't see any account minimums or maintenance fees on the fee list.

If anyone has recently done similar, would you mind sharing any details of your experience? THANKS
Transferred out the balance by ACH and it appeared in my Schwab account on second business day. No fees and no problems. :moneybag
EnjoyIt
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt »

Tastyworks interface is really weird. I have never seen anything like it.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
veggivet
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by veggivet »

EnjoyIt wrote: Wed Feb 09, 2022 3:31 pm Tastyworks interface is really weird. I have never seen anything like it.
So true! And once you see it, it is very difficult to 'unsee' it. :annoyed
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sarabayo
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sarabayo »

People are talking about 90 days for the Tastyworks bonus, but the terms and conditions seem to say "3 months", fwiw:
The initial funding minimum amount of $2,000 USD for the $200 USD Award or $10,000 USD for the $500 USD Award cannot be withdrawn from the Qualified Account for a minimum of three (3) months or the applicable cash credit will be surrendered.
It also doesn't mention when the 3 month clock starts counting down, i.e. is it the date the funds were deposited, the date the account was opened, the date the bonus was posted, or something else? Unclear, IMO. I might just wait an extra couple weeks before withdrawing, just in case.
spammagnet
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by spammagnet »

sarabayo wrote: Wed Feb 09, 2022 6:03 pm People are talking about 90 days for the Tastyworks bonus, but the terms and conditions seem to say "3 months", fwiw:
The initial funding minimum amount of $2,000 USD for the $200 USD Award or $10,000 USD for the $500 USD Award cannot be withdrawn from the Qualified Account for a minimum of three (3) months or the applicable cash credit will be surrendered.
It also doesn't mention when the 3 month clock starts counting down, i.e. is it the date the funds were deposited, the date the account was opened, the date the bonus was posted, or something else? Unclear, IMO. I might just wait an extra couple weeks before withdrawing, just in case.
It seems clear to me that "initial funding minimum" means when sufficient funds are deposited to meet the bonus requirement.
Luckywon
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Luckywon »

spammagnet wrote: Wed Feb 09, 2022 8:32 pm
sarabayo wrote: Wed Feb 09, 2022 6:03 pm People are talking about 90 days for the Tastyworks bonus, but the terms and conditions seem to say "3 months", fwiw:
The initial funding minimum amount of $2,000 USD for the $200 USD Award or $10,000 USD for the $500 USD Award cannot be withdrawn from the Qualified Account for a minimum of three (3) months or the applicable cash credit will be surrendered.
It also doesn't mention when the 3 month clock starts counting down, i.e. is it the date the funds were deposited, the date the account was opened, the date the bonus was posted, or something else? Unclear, IMO. I might just wait an extra couple weeks before withdrawing, just in case.
It seems clear to me that "initial funding minimum" means when sufficient funds are deposited to meet the bonus requirement.
To me that reads that the clock starts when the minimum qualifying deposit is in your account. But I received the bonus the next day so I'd suggest just use the most conservative assumption, i.e. 90 days after the bonus posted.
boxspreads
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by boxspreads »

I'm trying to move to ETrade using the CFC3500 offer ($1800 for 500k+).

I have a brokerage account that's about 300k, and a Roth IRA that's got about 200k in it.
I'd like to maximize the amount of the bonus that is deposited into the Roth account to maximize the value of the bonus. I'm confident ETrade codes the bonus contribution as interest.

1. Has anyone been able to get their ETrade rep to have the entire bonus be directed towards the Roth account when transferring assets into multiple accounts?
2. Do I understand it correctly that there is a benefit to ordering my transfers to maximize the bonus in the Roth account? From the terms that I've quoted below, it appears that by transferring my Roth account first, I'd get a $1000 in the Roth account, and $800 in taxable. If I were to reverse the order of the transfers the larger bonus would go to the brokerage account?

The terms seems a little ambiguous, since it doesn't talk about two accounts both under 500k. However the Etrade rep confirmed to me that they look at total assets transferred.
Offer valid for E*TRADE Securities customers opening one new eligible retirement or brokerage account by 2/28/2022 and funding within 60 days of account opening with $5,000 or more. Reward tiers under $200,000 will be paid within seven business days following the expiration of the 60-day period. However, if you deposit $200,000 or more you will receive your cash credit within seven business days, followed by any additional reward owed based on your fulfillment tier at the expiration of the 60-day period. Deposits of $1,000,000 or more are paid in two cash credits that will total $3,500 within seven business days. Cash credits will be paid to the account where the deposit is made.

If you have deposited at least $200,000 in the new account, and you make subsequent deposits in that account to reach a higher tier, you will receive a second cash credit in two transactions following the close of the 60-day window. For example, if you deposit $200,000, you will receive a cash credit of $1,000 within seven business days, then if you deposit an additional $300,000 into your new account, you will receive an additional cash credit of $800 at the end of the 60-day window for a total reward of $1,800.

If you deposit $500,000 or more into your new account, then deposits made in eligible linked accounts during the 60 day period will be aggregated for purposes of the reward and the credits will be paid pro-rata to all accounts where deposits were made during the 60 day period. For example, if you have deposited $500,000 in your new account during the 60 day period, and during the same period you deposited $500,000 into another eligible account you have linked to the account you will receive $1,000 in your new account and $800 in the other eligible account.
HomeStretch
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by HomeStretch »

boxspreads wrote: Thu Feb 10, 2022 6:08 pm I'm trying to move to ETrade using the CFC3500 offer ($1800 for 500k+).

I have a brokerage account that's about 300k, and a Roth IRA that's got about 200k in it.
I'd like to maximize the amount of the bonus that is deposited into the Roth account to maximize the value of the bonus. I'm confident ETrade codes the bonus contribution as interest.

1. Has anyone been able to get their ETrade rep to have the entire bonus be directed towards the Roth account when transferring assets into multiple accounts?
2. Do I understand it correctly that there is a benefit to ordering my transfers to maximize the bonus in the Roth account? From the terms that I've quoted below, it appears that by transferring my Roth account first, I'd get a $1000 in the Roth account, and $800 in taxable. If I were to reverse the order of the transfers the larger bonus would go to the brokerage account?

The terms seems a little ambiguous, since it doesn't talk about two accounts both under 500k. However the Etrade rep confirmed to me that they look at total assets transferred. …
I did the late 2021 ETrade bonus promo. The bonus was coded as interest and was pro-rated across the accounts I transferred in. All accounts transferred in during the transfer period using your social security # will be included in the bonus level computation.

If your bonus offer is $1,800 for $500k+, the $1,800 bonus will be allocated $1,080 (= $300k/$500k x $1,800) to your $300k Taxable account and $720 to your $200k Roth IRA regardless of which account is transferred in first. My assigned ETrade rep said there was no flexibility to allocate the bonus any differently.
spammagnet
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by spammagnet »

HomeStretch wrote: Thu Feb 10, 2022 7:18 pm
boxspreads wrote: Thu Feb 10, 2022 6:08 pm I'm trying to move to ETrade using the CFC3500 offer ($1800 for 500k+).

I have a brokerage account that's about 300k, and a Roth IRA that's got about 200k in it.
I'd like to maximize the amount of the bonus that is deposited into the Roth account to maximize the value of the bonus. I'm confident ETrade codes the bonus contribution as interest.

1. Has anyone been able to get their ETrade rep to have the entire bonus be directed towards the Roth account when transferring assets into multiple accounts?
2. Do I understand it correctly that there is a benefit to ordering my transfers to maximize the bonus in the Roth account? From the terms that I've quoted below, it appears that by transferring my Roth account first, I'd get a $1000 in the Roth account, and $800 in taxable. If I were to reverse the order of the transfers the larger bonus would go to the brokerage account?

The terms seems a little ambiguous, since it doesn't talk about two accounts both under 500k. However the Etrade rep confirmed to me that they look at total assets transferred. …
I did the late 2021 ETrade bonus promo. The bonus was coded as interest and was pro-rated across the accounts I transferred in. All accounts transferred in during the transfer period using your social security # will be included in the bonus level computation.

If your bonus offer is $1,800 for $500k+, the $1,800 bonus will be allocated $1,080 (= $300k/$500k x $1,800) to your $300k Taxable account and $720 to your $200k Roth IRA regardless of which account is transferred in first. My assigned ETrade rep said there was no flexibility to allocate the bonus any differently.
Ask the broker if they can do better than $1,800. We were offered an additional $500 each. When that was granted they opened taxable accounts to deposit that additional bonus. (Ours were IRAs.) I don't know why and don't care but it's taxable income.
ras4250
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by ras4250 »

HomeStretch wrote: Thu Feb 10, 2022 7:18 pm I did the late 2021 ETrade bonus promo. The bonus was coded as interest and was pro-rated across the accounts I transferred in. All accounts transferred in during the transfer period using your social security # will be included in the bonus level computation.

If your bonus offer is $1,800 for $500k+, the $1,800 bonus will be allocated $1,080 (= $300k/$500k x $1,800) to your $300k Taxable account and $720 to your $200k Roth IRA regardless of which account is transferred in first. My assigned ETrade rep said there was no flexibility to allocate the bonus any differently.
Is it correct to assume that the bonus can be calculated across multiple accounts? i.e., if you transfer in a $400,000 brokerage and a $100,000 Roth IRa, you are eligible for the $500,000 bonus level of $1,800?

Wanted to double check because I don't see in the terms where it said that it could be done that way (may be missing it). All I saw was "If you deposit $500,000 or more into your new account, then deposits made in eligible linked accounts during the 60 day period will be aggregated for purposes of the reward and the credits will be paid pro-rata to all accounts where deposits were made during the 60 day period."

So does that mean you can only aggregate if one account has at least $500k?
HomeStretch
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by HomeStretch »

ras4250 wrote: Fri Feb 11, 2022 5:08 pm
HomeStretch wrote: Thu Feb 10, 2022 7:18 pm I did the late 2021 ETrade bonus promo. The bonus was coded as interest and was pro-rated across the accounts I transferred in. All accounts transferred in during the transfer period using your social security # will be included in the bonus level computation.

If your bonus offer is $1,800 for $500k+, the $1,800 bonus will be allocated $1,080 (= $300k/$500k x $1,800) to your $300k Taxable account and $720 to your $200k Roth IRA regardless of which account is transferred in first. My assigned ETrade rep said there was no flexibility to allocate the bonus any differently.
Is it correct to assume that the bonus can be calculated across multiple accounts? i.e., if you transfer in a $400,000 brokerage and a $100,000 Roth IRa, you are eligible for the $500,000 bonus level of $1,800?

Wanted to double check because I don't see in the terms where it said that it could be done that way (may be missing it). All I saw was "If you deposit $500,000 or more into your new account, then deposits made in eligible linked accounts during the 60 day period will be aggregated for purposes of the reward and the credits will be paid pro-rata to all accounts where deposits were made during the 60 day period."

So does that mean you can only aggregate if one account has at least $500k?
You are doing a different promotion than I did so you should talk with an ETrade rep to be sure.

The Q4 2021 ETrade promotion I used allowed multiple accounts (I transferred in two) to count towards the deposit amount required to earn the bonus level. The accounts need to have a common SS#. The bonus I earned was pro-rated across the two accounts.
ras4250
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by ras4250 »

HomeStretch wrote: Fri Feb 11, 2022 5:14 pm You are doing a different promotion than I did so you should talk with an ETrade rep to be sure.

The Q4 2021 ETrade promotion I used allowed multiple accounts (I transferred in two) to count towards the deposit amount required to earn the bonus level. The accounts need to have a common SS#. The bonus I earned was pro-rated across the two accounts.
ah, thanks. good to know. I will call and see what they say.
compddd
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by compddd »

Has anyone looked at their E-Trade 1099 for 2021 yet? There are multiple lines with a transaction date of 12/31/2021 that say "CAPITAL MORTGAGE PLUS LIMITED" under the 1099−MISC section. Is that how they label the promotion payments now? My E-Trade account has been closed since August 2021. Call me crazy but I also don't remember E-Trade reporting promotions on 1099s in years past.
Leesbro63
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 »

compddd wrote: Sat Feb 12, 2022 1:53 pm Has anyone looked at their E-Trade 1099 for 2021 yet? There are multiple lines with a transaction date of 12/31/2021 that say "CAPITAL MORTGAGE PLUS LIMITED" under the 1099−MISC section. Is that how they label the promotion payments now? My E-Trade account has been closed since August 2021. Call me crazy but I also don't remember E-Trade reporting promotions on 1099s in years past.
Yes, that's exactly how my ETrade promotion was reported. But that "Capital Mortgage Plus Limited" part is in the detail, not the part reported to the IRS. The part to the IRS is 1099-Misc, line 3 "Other Income".

I got a promotion from them in 2020 also and checked. Again the bonus is reported on 1099-Misc Line 3, "Other Income", but the detail says "Miscellaneous 2020". Might just be the way the internally memo the various promotions.

I've gotten other ETrade promotion bonuses as well as from other brokers. I think Schwab once reported it as interest, but they almost always report as "Other Income" on line 3 of Form 1099-Misc. I can't imagine ETrade ever paying a bonus (for a taxable account) without reporting it.
compddd
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by compddd »

Thank you very much this is helpful information!
spammagnet
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by spammagnet »

compddd wrote: Sat Feb 12, 2022 1:53 pm Has anyone looked at their E-Trade 1099 for 2021 yet? There are multiple lines with a transaction date of 12/31/2021 that say "CAPITAL MORTGAGE PLUS LIMITED" under the 1099−MISC section. Is that how they label the promotion payments now? My E-Trade account has been closed since August 2021. Call me crazy but I also don't remember E-Trade reporting promotions on 1099s in years past.
I haven't gotten one yet, or I'm not getting one. I can't be sure until the 15th, when they're supposed to be finalized.

I got a $500 bonus deposited in a taxable account that ETrade required me to open for the purpose of depositing it. It was an extra bonus from new IRA and Roth accounts opened this year. (Bonuses in those are non-taxable, of course.) I already got a 1099-R for a Roth conversion done with those accounts later in the year but there is no 1099 for the taxable account, at all. I don't know if they're not going to report it or if they just haven't done that, yet. I guess I'll find out Tuesday.
compddd
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by compddd »

Under $600 I believe they don't report or aren't required to report so you might not get a 1099-MISC for it. Some brokerages like Chase are sticklers and report everything above $10.
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sarabayo
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sarabayo »

Did anyone get a 1099 for their Tastyworks $500 bonus yet? I haven't yet.

Their help page says:
YOU WILL RECEIVE A CONSOLIDATED 1099 IF YOUR ACCOUNT:
  • Had a closing transaction
  • Had an option expire worthless
  • Participated in a corporate action, such as a tender offer
  • Earned at least $10 in interest (1099-INT)
  • Earned at least $10 in dividends (10990-DIV)
  • Had an Original Issue Discount (OID) that was valued at least $10 (1099-OID)
  • Earned at least $10 in miscellaneous income
I'm not sure how they categorize things, but I'd like to assume that "miscellaneous income" is broad enough to include the $500 bonus, even if it doesn't fit under "interest" or "dividends"...
sycamore
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sycamore »

sarabayo wrote: Mon Feb 14, 2022 4:18 am Did anyone get a 1099 for their Tastyworks $500 bonus yet? I haven't yet.

Their help page says:
YOU WILL RECEIVE A CONSOLIDATED 1099 IF YOUR ACCOUNT:
  • Had a closing transaction
  • Had an option expire worthless
  • Participated in a corporate action, such as a tender offer
  • Earned at least $10 in interest (1099-INT)
  • Earned at least $10 in dividends (10990-DIV)
  • Had an Original Issue Discount (OID) that was valued at least $10 (1099-OID)
  • Earned at least $10 in miscellaneous income
I'm not sure how they categorize things, but I'd like to assume that "miscellaneous income" is broad enough to include the $500 bonus, even if it doesn't fit under "interest" or "dividends"...
Haven't gotten one. I didn't get a form for the Fidelity $100 bonus either. Or for a Capital One $250 bonus.

If I don't get a particular form, my plan is to enter the income in TurboTax > Less Common Income > Miscellaneous Income > Other reportable income. It'll end up on Schedule 1.
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jeffyscott
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jeffyscott »

sycamore wrote: Mon Feb 14, 2022 7:25 am
sarabayo wrote: Mon Feb 14, 2022 4:18 am Did anyone get a 1099 for their Tastyworks $500 bonus yet? I haven't yet.

Their help page says:
YOU WILL RECEIVE A CONSOLIDATED 1099 IF YOUR ACCOUNT:
  • Had a closing transaction
  • Had an option expire worthless
  • Participated in a corporate action, such as a tender offer
  • Earned at least $10 in interest (1099-INT)
  • Earned at least $10 in dividends (10990-DIV)
  • Had an Original Issue Discount (OID) that was valued at least $10 (1099-OID)
  • Earned at least $10 in miscellaneous income
I'm not sure how they categorize things, but I'd like to assume that "miscellaneous income" is broad enough to include the $500 bonus, even if it doesn't fit under "interest" or "dividends"...
Haven't gotten one. I didn't get a form for the Fidelity $100 bonus either. Or for a Capital One $250 bonus.

If I don't get a particular form, my plan is to enter the income in TurboTax > Less Common Income > Miscellaneous Income > Other reportable income. It'll end up on Schedule 1.
When I got a $200 promo from Fidelity and wondered why there was no 1099, they told me (via chat) that...if the amount of the promotion was $600 or more, it would be reported on the 1099 as a taxable event....

I don't know how they would categorize it, but there must be a category of 1099 that has a $600 reporting limit.
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

jeffyscott wrote: Mon Feb 14, 2022 8:37 am
sycamore wrote: Mon Feb 14, 2022 7:25 am
sarabayo wrote: Mon Feb 14, 2022 4:18 am Did anyone get a 1099 for their Tastyworks $500 bonus yet? I haven't yet.

Their help page says:
YOU WILL RECEIVE A CONSOLIDATED 1099 IF YOUR ACCOUNT:
  • Had a closing transaction
  • Had an option expire worthless
  • Participated in a corporate action, such as a tender offer
  • Earned at least $10 in interest (1099-INT)
  • Earned at least $10 in dividends (10990-DIV)
  • Had an Original Issue Discount (OID) that was valued at least $10 (1099-OID)
  • Earned at least $10 in miscellaneous income
I'm not sure how they categorize things, but I'd like to assume that "miscellaneous income" is broad enough to include the $500 bonus, even if it doesn't fit under "interest" or "dividends"...
Haven't gotten one. I didn't get a form for the Fidelity $100 bonus either. Or for a Capital One $250 bonus.

If I don't get a particular form, my plan is to enter the income in TurboTax > Less Common Income > Miscellaneous Income > Other reportable income. It'll end up on Schedule 1.
When I got a $200 promo from Fidelity and wondered why there was no 1099, they told me (via chat) that...if the amount of the promotion was $600 or more, it would be reported on the 1099 as a taxable event....

I don't know how they would categorize it, but there must be a category of 1099 that has a $600 reporting limit.

That would be the 1099-Misc. A lot of the brokerages still issue them anyway. Perhaps Tastyworks doesn't.
eMonkey
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by eMonkey »

tj wrote: Mon Feb 14, 2022 8:59 am
jeffyscott wrote: Mon Feb 14, 2022 8:37 am
sycamore wrote: Mon Feb 14, 2022 7:25 am
sarabayo wrote: Mon Feb 14, 2022 4:18 am Did anyone get a 1099 for their Tastyworks $500 bonus yet? I haven't yet.

Their help page says:
YOU WILL RECEIVE A CONSOLIDATED 1099 IF YOUR ACCOUNT:
  • Had a closing transaction
  • Had an option expire worthless
  • Participated in a corporate action, such as a tender offer
  • Earned at least $10 in interest (1099-INT)
  • Earned at least $10 in dividends (10990-DIV)
  • Had an Original Issue Discount (OID) that was valued at least $10 (1099-OID)
  • Earned at least $10 in miscellaneous income
I'm not sure how they categorize things, but I'd like to assume that "miscellaneous income" is broad enough to include the $500 bonus, even if it doesn't fit under "interest" or "dividends"...
Haven't gotten one. I didn't get a form for the Fidelity $100 bonus either. Or for a Capital One $250 bonus.

If I don't get a particular form, my plan is to enter the income in TurboTax > Less Common Income > Miscellaneous Income > Other reportable income. It'll end up on Schedule 1.
When I got a $200 promo from Fidelity and wondered why there was no 1099, they told me (via chat) that...if the amount of the promotion was $600 or more, it would be reported on the 1099 as a taxable event....

I don't know how they would categorize it, but there must be a category of 1099 that has a $600 reporting limit.

That would be the 1099-Misc. A lot of the brokerages still issue them anyway. Perhaps Tastyworks doesn't.
When I log on to my account tastyworks account and choose My Accounts > Tax Center, the Dates to Know section on the right says:
Consolidated 1099 2nd Run Available online between 2/17/22 through 2/21/22
A consolidated tax document containing forms 1099-B, 1099-DIV, 1099-INT and 1099-MISC
I was assuming the promo bonus would be included in that 1099-Misc so am waiting to see if it shows up. I didn't have any existing documents to download yet so not sure what was included in the 1st run.
tj
Posts: 9366
Joined: Wed Dec 23, 2009 11:10 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

eMonkey wrote: Mon Feb 14, 2022 11:27 am
tj wrote: Mon Feb 14, 2022 8:59 am
jeffyscott wrote: Mon Feb 14, 2022 8:37 am
sycamore wrote: Mon Feb 14, 2022 7:25 am
sarabayo wrote: Mon Feb 14, 2022 4:18 am Did anyone get a 1099 for their Tastyworks $500 bonus yet? I haven't yet.

Their help page says:



I'm not sure how they categorize things, but I'd like to assume that "miscellaneous income" is broad enough to include the $500 bonus, even if it doesn't fit under "interest" or "dividends"...
Haven't gotten one. I didn't get a form for the Fidelity $100 bonus either. Or for a Capital One $250 bonus.

If I don't get a particular form, my plan is to enter the income in TurboTax > Less Common Income > Miscellaneous Income > Other reportable income. It'll end up on Schedule 1.
When I got a $200 promo from Fidelity and wondered why there was no 1099, they told me (via chat) that...if the amount of the promotion was $600 or more, it would be reported on the 1099 as a taxable event....

I don't know how they would categorize it, but there must be a category of 1099 that has a $600 reporting limit.

That would be the 1099-Misc. A lot of the brokerages still issue them anyway. Perhaps Tastyworks doesn't.
When I log on to my account tastyworks account and choose My Accounts > Tax Center, the Dates to Know section on the right says:
Consolidated 1099 2nd Run Available online between 2/17/22 through 2/21/22
A consolidated tax document containing forms 1099-B, 1099-DIV, 1099-INT and 1099-MISC
I was assuming the promo bonus would be included in that 1099-Misc so am waiting to see if it shows up. I didn't have any existing documents to download yet so not sure what was included in the 1st run.
I checked mine from last year - the offer I did was when they gifted 100 shares of stock for investing $2000 or $2500 or whatever it was. I was 1099-misc'd for $165.50 which was presumably the value of the 100 shares of stock on the day of issuance.
calwatch
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by calwatch »

Yes, I was also 1099'ed for the 100 shares of ultimately worthless stock Tastyworks gave me in 2020.
MrJedi
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MrJedi »

A complication with the tastyworks bonus is that while it posted in my account in 2021, I was not able to withdraw until 2022. In fact, the $500 specifically was marked as not available for withdrawal until a few weeks ago in 2022. What is the proper tax year in that case? Is it taxable in 2021 when there were restrictions on it and it could be clawed back still? Or in 2022 when it was made fully available?
calwatch
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by calwatch »

MrJedi wrote: Mon Feb 14, 2022 5:38 pm A complication with the tastyworks bonus is that while it posted in my account in 2021, I was not able to withdraw until 2022. In fact, the $500 specifically was marked as not available for withdrawal until a few weeks ago in 2022. What is the proper tax year in that case? Is it taxable in 2021 when there were restrictions on it and it could be clawed back still? Or in 2022 when it was made fully available?
If you can't withdraw it, or if it would be clawed back, you don't have constructive receipt of the funds, so the proper disclosure would be in 2022. In practice, if it shows up on the 1099 in 2021, just report it then so the IRS computers won't spit out an error message and make you explain. https://www.law.cornell.edu/cfr/text/26/1.451-2
MrJedi
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MrJedi »

calwatch wrote: Mon Feb 14, 2022 5:43 pm
MrJedi wrote: Mon Feb 14, 2022 5:38 pm A complication with the tastyworks bonus is that while it posted in my account in 2021, I was not able to withdraw until 2022. In fact, the $500 specifically was marked as not available for withdrawal until a few weeks ago in 2022. What is the proper tax year in that case? Is it taxable in 2021 when there were restrictions on it and it could be clawed back still? Or in 2022 when it was made fully available?
If you can't withdraw it, or if it would be clawed back, you don't have constructive receipt of the funds, so the proper disclosure would be in 2022. In practice, if it shows up on the 1099 in 2021, just report it then so the IRS computers won't spit out an error message and make you explain. https://www.law.cornell.edu/cfr/text/26/1.451-2
Thanks. That makes sense to me, though I'm expecting tastyworks would probably put it in 2021 like you are saying. The Fidelity bonus seems similar. It posts quickly to the account but had a claw back provision for 90 days which is in 2022 for me, but Fidelity put it in as 2021 miscellaneous income.
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

If this was the $100 for opening a fidelity CMA, they didn't 1099 me for that.
need403bhelp
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by need403bhelp »

spammagnet wrote: Tue Feb 08, 2022 2:40 pm
need403bhelp wrote: Mon Feb 07, 2022 1:25 pm So I did the ME transfer bonus to transfer IRA funds from my TDA Roth IRA. I checked for all of my VOO to transfer and all but $5 of my cash balance (I specified exact balance). However, it appears that the fractional portion of my VOO shares was sold and is currently in my TDA cash balance, so it is quite a bit higher than $5. Will these funds eventually get transferred over also, or is it just going to stay as cash w/TDA I transfer it again? Thanks!
If you specified transferring all shares, yes, the proceeds from the sale of fractional shares will eventually get there.
I see, thank you.
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sarabayo
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sarabayo »

calwatch wrote: Mon Feb 14, 2022 5:43 pm
MrJedi wrote: Mon Feb 14, 2022 5:38 pm A complication with the tastyworks bonus is that while it posted in my account in 2021, I was not able to withdraw until 2022. In fact, the $500 specifically was marked as not available for withdrawal until a few weeks ago in 2022. What is the proper tax year in that case? Is it taxable in 2021 when there were restrictions on it and it could be clawed back still? Or in 2022 when it was made fully available?
If you can't withdraw it, or if it would be clawed back, you don't have constructive receipt of the funds, so the proper disclosure would be in 2022. In practice, if it shows up on the 1099 in 2021, just report it then so the IRS computers won't spit out an error message and make you explain. https://www.law.cornell.edu/cfr/text/26/1.451-2
Interesting. That could explain my lack (so far) of a Tastyworks 1099, as well as why my Fidelity 1099 didn't mention the $100 bonus I got from them for opening a new account with $50 in December (there's a 90-day clawback period on that, too). Good to know that I can take those extra $600 back out of my 2021 taxable income ― thanks for the tip! :beer
yobery
Posts: 446
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by yobery »

MrJedi wrote: Mon Feb 14, 2022 6:31 pm
calwatch wrote: Mon Feb 14, 2022 5:43 pm
MrJedi wrote: Mon Feb 14, 2022 5:38 pm A complication with the tastyworks bonus is that while it posted in my account in 2021, I was not able to withdraw until 2022. In fact, the $500 specifically was marked as not available for withdrawal until a few weeks ago in 2022. What is the proper tax year in that case? Is it taxable in 2021 when there were restrictions on it and it could be clawed back still? Or in 2022 when it was made fully available?
If you can't withdraw it, or if it would be clawed back, you don't have constructive receipt of the funds, so the proper disclosure would be in 2022. In practice, if it shows up on the 1099 in 2021, just report it then so the IRS computers won't spit out an error message and make you explain. https://www.law.cornell.edu/cfr/text/26/1.451-2
Thanks. That makes sense to me, though I'm expecting tastyworks would probably put it in 2021 like you are saying. The Fidelity bonus seems similar. It posts quickly to the account but had a claw back provision for 90 days which is in 2022 for me, but Fidelity put it in as 2021 miscellaneous income.
Weird, bonuses have always been 1099int for me thus far, what do you do differently for taxes with a 1099misc bonus?
MandyLuna
Posts: 96
Joined: Sat Oct 02, 2021 7:37 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MandyLuna »

Please correct me if I do not understand this correctly, BUT:

For the Merrill Edge - $1K bonus, we need to leave a minimum of $250K in their highest tiered member account
and we're eligible for the bonus if we hold the $250K + with them for at least 90 days, BUT if we would like to start
taking advantage of the credit card rebate maximum boost (75%) = 2.62% and we already have a qualifying BofA credit card, then we would just need to leave the money in there beyond the 90 day minimum, for as long as we want to keep that highest tier credit card rebate?.

Thank you.
sycamore
Posts: 6360
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sycamore »

sarabayo wrote: Mon Feb 14, 2022 10:35 pm
calwatch wrote: Mon Feb 14, 2022 5:43 pm
MrJedi wrote: Mon Feb 14, 2022 5:38 pm A complication with the tastyworks bonus is that while it posted in my account in 2021, I was not able to withdraw until 2022. In fact, the $500 specifically was marked as not available for withdrawal until a few weeks ago in 2022. What is the proper tax year in that case? Is it taxable in 2021 when there were restrictions on it and it could be clawed back still? Or in 2022 when it was made fully available?
If you can't withdraw it, or if it would be clawed back, you don't have constructive receipt of the funds, so the proper disclosure would be in 2022. In practice, if it shows up on the 1099 in 2021, just report it then so the IRS computers won't spit out an error message and make you explain. https://www.law.cornell.edu/cfr/text/26/1.451-2
Interesting. That could explain my lack (so far) of a Tastyworks 1099, as well as why my Fidelity 1099 didn't mention the $100 bonus I got from them for opening a new account with $50 in December (there's a 90-day clawback period on that, too). Good to know that I can take those extra $600 back out of my 2021 taxable income ― thanks for the tip! :beer
Hmm, I'd be careful about making that conclusion.

Clawback is different than actually preventing you from making a withdrawal, no?

With a clawback you can withdraw the money. Seems like you still received the bonus, clawback provision not withstanding.

I've gotten bonuses toward the end of year 1 where the bonus terms required I keep assets for a time (into year 2), and the brokerage gave me a 1099 for year 1. And that's how I reported it.

I'm not a tax lawyer 🙂
SlowMovingInvestor
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

sycamore wrote: Tue Feb 15, 2022 8:23 am
sarabayo wrote: Mon Feb 14, 2022 10:35 pm
calwatch wrote: Mon Feb 14, 2022 5:43 pm
MrJedi wrote: Mon Feb 14, 2022 5:38 pm A complication with the tastyworks bonus is that while it posted in my account in 2021, I was not able to withdraw until 2022. In fact, the $500 specifically was marked as not available for withdrawal until a few weeks ago in 2022. What is the proper tax year in that case? Is it taxable in 2021 when there were restrictions on it and it could be clawed back still? Or in 2022 when it was made fully available?
If you can't withdraw it, or if it would be clawed back, you don't have constructive receipt of the funds, so the proper disclosure would be in 2022. In practice, if it shows up on the 1099 in 2021, just report it then so the IRS computers won't spit out an error message and make you explain. https://www.law.cornell.edu/cfr/text/26/1.451-2
Interesting. That could explain my lack (so far) of a Tastyworks 1099, as well as why my Fidelity 1099 didn't mention the $100 bonus I got from them for opening a new account with $50 in December (there's a 90-day clawback period on that, too). Good to know that I can take those extra $600 back out of my 2021 taxable income ― thanks for the tip! :beer
Hmm, I'd be careful about making that conclusion.

Clawback is different than actually preventing you from making a withdrawal, no?

With a clawback you can withdraw the money. Seems like you still received the bonus, clawback provision not withstanding.

I've gotten bonuses toward the end of year 1 where the bonus terms required I keep assets for a time (into year 2), and the brokerage gave me a 1099 for year 1. And that's how I reported it.

I'm not a tax lawyer 🙂
I agree, I've seen the same thing. Consider a CD > 1 year. You typically get a 1099 (INT or OID) for interest earned that year, even if you would face a penalty if you actually tried to get that interest prematurely.

In one case (Interactive), I received a bonus in shares, but was prevented from withdrawing the shares for a year. I received the 1099 next year, once I could withdraw the shares. That fits perfectly.
yobery
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by yobery »

Can anyone comment on what needs to happen differently tax-wise for a 1099misc $100 bonus as opposed to a 1099int $100 bonus? Obviously 1099int just adds to your taxable interest line. Thank you!
Rajsx
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Rajsx »

Rajsx wrote: Tue Feb 08, 2022 5:03 pm Vanguard is not letting the transfer go thru to Fidelity.

We submitted the Transfer with our local Fidelity Rep. for transfer in our $1.5 mil each from Vanguard Funds and get the bonus.

We have similar Trust Taxable Brokerage accounts at both brokerages. DW’s money came in, Fidelity Rep. stated that Vanguard is stating the Trust Verbiage is not similar.
At Fidelity it shows the transfer as in process.

I hope they work it out, as the same trust papers were sent to both brokerages.

Our Vanguard Flagship Select Rep was not showing up to our scheduled appointments, which we were not happy about.
I hope the Rep is not throwing in the wrench in the transfer process.

We will see……
FYI - The funds finally did transfer over to Fidelity,
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

yobery wrote: Tue Feb 15, 2022 1:07 pm Can anyone comment on what needs to happen differently tax-wise for a 1099misc $100 bonus as opposed to a 1099int $100 bonus? Obviously 1099int just adds to your taxable interest line. Thank you!
put the S100 on the other income line.
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pre
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre »

Any folks have experience with Streetbeat? Seems to be a newer Fintech company

$1k at the $100k tier is pretty attractive, with a 6 month holding period

https://streetbeat.com/deposit-rewards-terms

Saw this offer at DoC: https://www.doctorofcredit.com/streetbe ... age-bonus/

Image
BuddyJet
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

MandyLuna wrote: Tue Feb 15, 2022 8:05 am Please correct me if I do not understand this correctly, BUT:

For the Merrill Edge - $1K bonus, we need to leave a minimum of $250K in their highest tiered member account
and we're eligible for the bonus if we hold the $250K + with them for at least 90 days, BUT if we would like to start
taking advantage of the credit card rebate maximum boost (75%) = 2.62% and we already have a qualifying BofA credit card, then we would just need to leave the money in there beyond the 90 day minimum, for as long as we want to keep that highest tier credit card rebate?.

Thank you.
Platinum honors requires $100k so after the bonus holding period, you could draw down to $100k but I’d leave a bit extra so a market drop wouldn’t put you below the requirement.
People say nothing is impossible. I do nothing all day.
Collectingnuts
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Collectingnuts »

Question for anyone who has completed the ME transfer bonus. When exactly was the bonus deposited? My rep implied at the completion of the 90 day window although I read previously if 1million is transferred the deposit was within several days of completion.
ee22bee
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by ee22bee »

BuddyJet wrote: Tue Feb 15, 2022 7:57 pm
MandyLuna wrote: Tue Feb 15, 2022 8:05 am Please correct me if I do not understand this correctly, BUT:

For the Merrill Edge - $1K bonus, we need to leave a minimum of $250K in their highest tiered member account
and we're eligible for the bonus if we hold the $250K + with them for at least 90 days, BUT if we would like to start
taking advantage of the credit card rebate maximum boost (75%) = 2.62% and we already have a qualifying BofA credit card, then we would just need to leave the money in there beyond the 90 day minimum, for as long as we want to keep that highest tier credit card rebate?.

Thank you.
Platinum honors requires $100k so after the bonus holding period, you could draw down to $100k but I’d leave a bit extra so a market drop wouldn’t put you below the requirement.
Dips are actually fine, as the Preferred Rewards status stays for a year.

From https://www.bankofamerica.com/preferred-rewards/
Once you are a Preferred Rewards member, you'll keep your program benefits for at least a full year, so no need to worry if your balances dip temporarily. In addition, your balances are reviewed monthly to see if you qualify for a higher tier. If so, you'll automatically move to the next level of rewards.
I recently exited Merrill, and can confirm that I still get the credit card cashback booster. (current balance: $1 at Merrill, less than $500 at BofA)
SlowMovingInvestor
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

pre wrote: Tue Feb 15, 2022 7:26 pm Any folks have experience with Streetbeat? Seems to be a newer Fintech company

$1k at the $100k tier is pretty attractive, with a 6 month holding period

https://streetbeat.com/deposit-rewards-terms

Saw this offer at DoC: https://www.doctorofcredit.com/streetbe ... age-bonus/

Image
That seems like a decent offer, but it's only a pdf file. How does one sub to the offer? And streetbeat looks app only. And the terms refer to the account as an advisory account. That may just be a reference to their training models or whatever, but it's unclear.

Also, information about their backers, management etc. on their website is nonexistent. I don't feel like looking at their social media accounts to figure out their funding, tech etc. They need to make their site more professional before I would consider even downloading their app.
Last edited by SlowMovingInvestor on Tue Feb 15, 2022 10:08 pm, edited 1 time in total.
drk
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drk »

SlowMovingInvestor wrote: Tue Feb 15, 2022 9:44 pm Also, information about their backers, management etc. on their website is very sketchy. I don't feel like looking at their social media accounts to figure out their funding, tech etc. They need to make their site more professional before I would consider even downloading their app.
That was also my take. It doesn't help that all their app screenshots look like Robinhood clones. Crunchbase reports that they closed a $10m seed round on February 7th from TTV Capital, an Atlanta VC that also funded SmartAsset, Bill.com, and various B2B fintech companies. It looks like their apps are less than a month old, with the only iOS review apparently from a friend.
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SlowMovingInvestor
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

drk wrote: Tue Feb 15, 2022 10:08 pm
SlowMovingInvestor wrote: Tue Feb 15, 2022 9:44 pm Also, information about their backers, management etc. on their website is very sketchy. I don't feel like looking at their social media accounts to figure out their funding, tech etc. They need to make their site more professional before I would consider even downloading their app.
That was also my take. It doesn't help that all their app screenshots look like Robinhood clones. Crunchbase reports that they closed a $10m seed round on February 7th from TTV Capital, an Atlanta VC that also funded SmartAsset, Bill.com, and various B2B fintech companies. It looks like their apps are less than a month old, with the only iOS review apparently from a friend.
It seems they are using Alpaca as the actual backend. Their app is likely just using the Alpaca API for brokers.

https://alpaca.markets/docs/broker/
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