MrJones wrote: ↑Sat Aug 27, 2022 4:35 am
Hello all,
A friend is looking to transfer a bit over $200k in taxable. Etrade offers $600 for it, and Fidelity, $100.
Q1: would Fidelity be willing to match Etrade? Older posts in this thread transferring IRA accounts seem to say so, but I was wondering if anyone has recent experience.
Q2: Relatively recently (Aug 2021), ETrade offered $1000 for transferring $200k. So would you all recommend waiting? The current $600 offer from Etrade expires 8/31, so I'm wondering if a new, better offer might show up after that.
Fidelity generally does not match offers, and has no worthwhile offers for <$1m transfers. This is my experience, and also what my Fido rep said.
Schwab does match lower offers. I would go with Schwab.
MrJones wrote: ↑Sat Aug 27, 2022 4:35 am
Hello all,
A friend is looking to transfer a bit over $200k in taxable. Etrade offers $600 for it, and Fidelity, $100.
Q1: would Fidelity be willing to match Etrade? Older posts in this thread transferring IRA accounts seem to say so, but I was wondering if anyone has recent experience.
Q2: Relatively recently (Aug 2021), ETrade offered $1000 for transferring $200k. So would you all recommend waiting? The current $600 offer from Etrade expires 8/31, so I'm wondering if a new, better offer might show up after that.
The CPC type offers have always felt like taking the discounted vacation in return for sitting through a timeshare presentation. I know people who have no problems doing that, walking in with no intent to buy, but I choose not to do that.
calwatch wrote: ↑Sun Aug 28, 2022 6:40 pm
The CPC type offers have always felt like taking the discounted vacation in return for sitting through a timeshare presentation. I know people who have no problems doing that, walking in with no intent to buy, but I choose not to do that.
if you and your spouse each open own CPC accounts (don’t be joint) — each of you can get $2000 bonus ; make sure to get each of your own bonus coupon-code;
Now - sitting thru this time-share preso for a Total of $4000 within 3-4 months may be worth it !?
Just mention you need self-directed/managed account and you may have/plan-to-have leveraged-ETFs in your portfolio; they will let you off the hook faster than you think ..
Just thought I’d share my Schwab experience. With the help of the E*Trade ad, S gave me $3500 bonus. Very nice. Made the transfer from VG today.
But, wait, I have another account I might transfer. E*trade ad offering $600 for a $200-250k account. Asked Schwab. They say only one promo bonus per 12 months. Hmmm.
So, I’m torn. Moving the second account to S puts everything under one roof and simplifies things. I’m old. That’s my goal. Yet, there’s that $600 if I move it to E*Trade.
^^^ You have what's known as "buyers remorse". Not doing the trade means you'll always wonder "could have, would have, should have" made my life simpler.
Instead use a different approach, known as "Mental accounting". So, you got two accounts for $3500 instead of one.
You still have $3500 more than you would have gotten without any transfer bonus.
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.
Swimmer wrote: ↑Mon Aug 29, 2022 12:43 pm
Just thought I’d share my Schwab experience. With the help of the E*Trade ad, S gave me $3500 bonus. Very nice. Made the transfer from VG today.
But, wait, I have another account I might transfer. E*trade ad offering $600 for a $200-250k account. Asked Schwab. They say only one promo bonus per 12 months. Hmmm.
So, I’m torn. Moving the second account to S puts everything under one roof and simplifies things. I’m old. That’s my goal. Yet, there’s that $600 if I move it to E*Trade.
What would you do?
Move it to eTrade, collect their bonus, and in 12 months consolidate it at Schwab and collect their bonus.
Thanks. I think this is what I’ll do. I thought S would cut me a break since the taxable account is held under the trust, but they wouldn’t.
I have no experience with E*trade except for one phone call. I did get to speak with a human. He was very polite but not too knowledgeable. Anyone have comments—positive or negative—with respect to E*trade customer service?
Swimmer wrote: ↑Wed Aug 31, 2022 9:23 am
Thanks. I think this is what I’ll do. I thought S would cut me a break since the taxable account is held under the trust, but they wouldn’t.
I have no experience with E*trade except for one phone call. I did get to speak with a human. He was very polite but not too knowledgeable. Anyone have comments—positive or negative—with respect to E*trade customer service?
I've had good experiences with both E*trade bonuses and E*trade customer service. Excellent really.
Swimmer wrote: ↑Wed Aug 31, 2022 9:23 am
Thanks. I think this is what I’ll do. I thought S would cut me a break since the taxable account is held under the trust, but they wouldn’t.
I have no experience with E*trade except for one phone call. I did get to speak with a human. He was very polite but not too knowledgeable. Anyone have comments—positive or negative—with respect to E*trade customer service?
I was able to receive more than one bonus in less than 12 months. More like 4-5months.
I simply honestly told my Schwab rep that I was planning to try out multiple brokerages to ultimately consolidate assets from VG. They got the first transfer after agreeing to match ETrade. When I was ready to move additional assets about 4 months later, I planned to move to either ETrade or Fidelity for additional bonus. I was very happy with Schwab and told my rep that rather than giving me the opportunity to test out their competitor, if they matched the second bonus I would continue to consolidate with Schwab and not try out ETrade. They went for it and paid second bonuses (me and DW assets).
“Doing nothing is better than being busy doing nothing.” – Lao Tzu
Swimmer wrote: ↑Wed Aug 31, 2022 9:23 am
Thanks. I think this is what I’ll do. I thought S would cut me a break since the taxable account is held under the trust, but they wouldn’t.
I have no experience with E*trade except for one phone call. I did get to speak with a human. He was very polite but not too knowledgeable. Anyone have comments—positive or negative—with respect to E*trade customer service?
I recently transferred account from Merrill to Etrade for bonus.I like their website seems easier to navigate than Merrill,Ameritrade and Fidelity so far in my limited use.Their customer service wait time can be very long.I was assigned a local rep but it made it clear I was self directed before she called.She has been very helpful and not pushed me in any way to any products and encourages me to call or email her instead of the general 800 number for questions acknowledging the wait times can be brutal.I had/have self directed accounts at Fidelity,Ameritrade,Merrill and now Etrade and by far IMHO the best overall customer service is Fidelity - usually only a few minutes to talk with someone at general customer service line.The others can be agonizing long waits times.
nalor511 wrote: ↑Sat Aug 27, 2022 12:55 pm
Fidelity generally does not match offers, and has no worthwhile offers for <$1m transfers. This is my experience, and also what my Fido rep said.
Schwab does match lower offers. I would go with Schwab.
Swimmer wrote: ↑Wed Aug 31, 2022 9:23 am
Thanks. I think this is what I’ll do. I thought S would cut me a break since the taxable account is held under the trust, but they wouldn’t.
I have no experience with E*trade except for one phone call. I did get to speak with a human. He was very polite but not too knowledgeable. Anyone have comments—positive or negative—with respect to E*trade customer service?
I was able to receive more than one bonus in less than 12 months. More like 4-5months.
I simply honestly told my Schwab rep that I was planning to try out multiple brokerages to ultimately consolidate assets from VG. They got the first transfer after agreeing to match ETrade. When I was ready to move additional assets about 4 months later, I planned to move to either ETrade or Fidelity for additional bonus. I was very happy with Schwab and told my rep that rather than giving me the opportunity to test out their competitor, if they matched the second bonus I would continue to consolidate with Schwab and not try out ETrade. They went for it and paid second bonuses (me and DW assets).
Thank you. My Schwab guy wouldn’t budge despite the fact that my IRA accounts transferred totaled well over the upper limit. I just talked to E*Trade and they extended their bonus offer deadline from today to October 31. (For everyone—not just me. Lol.)
This gives me time to think this through. Also, I don’t want to confuse things where VG is concerned since the Schwab transfer is still in progress.
I’m spending way too much time on this. My new hobby.
nalor511 wrote: ↑Sat Aug 27, 2022 12:55 pm
Fidelity generally does not match offers, and has no worthwhile offers for <$1m transfers. This is my experience, and also what my Fido rep said.
Schwab does match lower offers. I would go with Schwab.
That helps, thank you!
Fidelity did match an ETrade bonus offered last year for me. LadyGeek, also went into some detail on her getting a bonus from Fidelity earlier in this thread. If your interested in Fidelity you should check with them. But you will probably need 1 million.
-Schwab to td ameritrade full account transfers and those from td to Schwab both result in no transfer fee charged
- ACATS transfer from td ameritrade leaving $5 in account does not result in transfer fee being charged
Regarding second point above, anyone tried transferring out of td ameritrade and leaving less than $5 in the account? Trying to figure out lowest amount to leave there as it is ira account so cannot easily withdraw otherwise
need403bhelp wrote: ↑Sat Sep 03, 2022 2:28 pm
So, I can now confirm from personal experience:
-Schwab to td ameritrade full account transfers and those from td to Schwab both result in no transfer fee charged
- ACATS transfer from td ameritrade leaving $5 in account does not result in transfer fee being charged
Regarding second point above, anyone tried transferring out of td ameritrade and leaving less than $5 in the account? Trying to figure out lowest amount to leave there as it is ira account so cannot easily withdraw otherwise
Thanks!
Depending on whether or not you want the money out and to close the account. If you do, you might consider just taking early withdrawal.
I had left about $5 in a Merrill Edge IRA after an ACATS transfer out. Got tired of it being there. Decided to take early distribution withdrawal (and pay tax penalty at tax time, $1.xx) just so I could get rid of the account. Come tax time, no 1099-R was actually issued since the distribution was below $10. You're supposed to still report it though. For me, it was worth it to feel clean that I didn't have an account just sitting there.
So ee22bb it sounds like whatever place it’s better just to leave chump change there, transfer out, and then take an early distribution versus paying the transfer fee, right?
placeholder wrote: ↑Sat Sep 03, 2022 8:42 pm
If you don't mind using it you have your one per rolling 12 months indirect rollover.
Good call, placeholder. I didn't think of this. Will definitely consider this for next time. Thanks!
bbrock wrote: ↑Sat Sep 03, 2022 7:18 pm
So ee22bb it sounds like whatever place it’s better just to leave chump change there, transfer out, and then take an early distribution versus paying the transfer fee, right?
Yeah I took the chump-change early distribution route because the receiving brokerage wouldn't reimburse the transfer fee. I would've done a full account transfer had the receiving brokerage agreed to reimburse the fee.
placeholder wrote: ↑Sat Sep 03, 2022 8:42 pm
If you don't mind using it you have your one per rolling 12 months indirect rollover.
How does one do that? Do you have to follow some special process, or can you just withdraw funds and then work on some process to get it to receiving firm? Thanks!
placeholder wrote: ↑Sat Sep 03, 2022 8:42 pm
If you don't mind using it you have your one per rolling 12 months indirect rollover.
How does one do that? Do you have to follow some special process, or can you just withdraw funds and then work on some process to get it to receiving firm? Thanks!
The exact method would vary somewhat but basically you fund a rollover contribution from a cash transfer or personal check and use the 1099r you received from the original custodian at tax time to report the rollover.
placeholder wrote: ↑Sat Sep 03, 2022 8:42 pm
If you don't mind using it you have your one per rolling 12 months indirect rollover.
How does one do that? Do you have to follow some special process, or can you just withdraw funds and then work on some process to get it to receiving firm? Thanks!
The exact method would vary somewhat but basically you fund a rollover contribution from a cash transfer or personal check and use the 1099r you received from the original custodian at tax time to report the rollover.
Thanks. Looks like td ameritrade allows to request an early distribution with exception and vanguard allows to mobile deposit check as incoming rollover .
sc9182 wrote: ↑Mon Aug 29, 2022 7:11 am... Just mention you need self-directed/managed account and you may have/plan-to-have leveraged-ETFs in your portfolio; they will let you off the hook faster than you think ..
What's the relevance of leveraged ETFs? Too scary for them to be directly involved?
need403bhelp wrote: ↑Sat Sep 03, 2022 2:28 pm
So, I can now confirm from personal experience:
-Schwab to td ameritrade full account transfers and those from td to Schwab both result in no transfer fee charged
- ACATS transfer from td ameritrade leaving $5 in account does not result in transfer fee being charged
Regarding second point above, anyone tried transferring out of td ameritrade and leaving less than $5 in the account? Trying to figure out lowest amount to leave there as it is ira account so cannot easily withdraw otherwise
Thanks!
I was able to ACAT all securities leaving less than $1 cash in the TD Ameritrade account. Took an early withdrawal of the pennies and closed the IRA without any fees.
After filling most of the application, I can see the offer code applied:
"You've applied for offer code NC1000. We'll confirm your eligibility after your account is open."
However, the offer terms within the application has an expiry date not previously shown on the offer page:
"Offer valid for one new Individual, Joint or IRA TD Ameritrade account opened by 6/30/22 and funded within 45 calendar days of account opening with $25,000 or more."
Has anybody opened a TD Ameritrade account after June 30 and received the bonus?
Does anyone have experience investing through Public.com? They're currently offering a generous account transfer bonus with a six-month hold. I was preparing to open accounts at Citi but the Public bonus is significantly better for the $500K level. Public's is a $5K bonus w/ 6 month hold where Citi is offering a $2K bonus w/ 3 month hold. It's attractive but I've never heard of them and don't want to wind up a victim.
spammagnet wrote: ↑Wed Sep 07, 2022 11:36 am
Does anyone have experience investing through Public.com? They're currently offering a generous account transfer bonus with a six-month hold. I was preparing to open accounts at Citi but the Public bonus is significantly better for the $500K level. Public's is a $5K bonus w/ 6 month hold where Citi is offering a $2K bonus w/ 3 month hold. It's attractive but I've never heard of them and don't want to wind up a victim.
LadyGeek wrote: ↑Wed Sep 07, 2022 12:01 pmI don't have any experience, but be sure to do your due diligence. ...
Upon further research, I learned they don't support IRAs. That leaves me out. I have no interest in them as a trading platform. It's a social network like Tastyworks. Both are the equivalent of crack dealers for newbie investors.
They did give me $300$3 worth of VOO for opening a new account with $25. I don't know what the conditions are for keeping it, though.
Tempting bonuses. Caught my interest. Checked out webpage.instantly lost interest if they are flaunting a picture of Will Smith as one of their investors.
Last edited by bbrock on Wed Sep 07, 2022 3:07 pm, edited 1 time in total.
spammagnet wrote: ↑Wed Sep 07, 2022 11:36 am
Does anyone have experience investing through Public.com? They're currently offering a generous account transfer bonus with a six-month hold. I was preparing to open accounts at Citi but the Public bonus is significantly better for the $500K level. Public's is a $5K bonus w/ 6 month hold where Citi is offering a $2K bonus w/ 3 month hold. It's attractive but I've never heard of them and don't want to wind up a victim.
LadyGeek wrote: ↑Wed Sep 07, 2022 12:01 pmI don't have any experience, but be sure to do your due diligence. ...
Upon further research, I learned they don't support IRAs. That leaves me out. I have no interest in them as a trading platform. It's a social network like Tastyworks. Both are the equivalent of crack dealers for newbie investors.
They did give me $300$3 worth of VOO for opening a new account with $25. I don't know what the conditions are for keeping it, though.
Google search says no joint accounts also? Pretty restrictive….
LadyGeek wrote: ↑Wed Sep 07, 2022 12:01 pmI don't have any experience, but be sure to do your due diligence. ...
Upon further research, I learned they don't support IRAs. That leaves me out. I have no interest in them as a trading platform. It's a social network like Tastyworks. Both are the equivalent of crack dealers for newbie investors.
They did give me $300$3 worth of VOO for opening a new account with $25. I don't know what the conditions are for keeping it, though.
Google search says no joint accounts also? Pretty restrictive….
I think they're trying to appeal to newbie investors.
spammagnet wrote: ↑Wed Sep 07, 2022 11:36 am
Does anyone have experience investing through Public.com? They're currently offering a generous account transfer bonus with a six-month hold. I was preparing to open accounts at Citi but the Public bonus is significantly better for the $500K level. Public's is a $5K bonus w/ 6 month hold where Citi is offering a $2K bonus w/ 3 month hold. It's attractive but I've never heard of them and don't want to wind up a victim.
spammagnet wrote: ↑Wed Sep 07, 2022 11:36 am
Does anyone have experience investing through Public.com? They're currently offering a generous account transfer bonus with a six-month hold. I was preparing to open accounts at Citi but the Public bonus is significantly better for the $500K level. Public's is a $5K bonus w/ 6 month hold where Citi is offering a $2K bonus w/ 3 month hold. It's attractive but I've never heard of them and don't want to wind up a victim.
spammagnet wrote: ↑Wed Sep 07, 2022 11:36 am
Does anyone have experience investing through Public.com? They're currently offering a generous account transfer bonus with a six-month hold. I was preparing to open accounts at Citi but the Public bonus is significantly better for the $500K level. Public's is a $5K bonus w/ 6 month hold where Citi is offering a $2K bonus w/ 3 month hold. It's attractive but I've never heard of them and don't want to wind up a victim.
tj wrote: ↑Wed Sep 07, 2022 3:55 pm
I pulled the trigger. Hope my cost bases don't get jacked up when going to Public or the inevitable transfer from Public to the next place.
Did the app have a more detailed terms and conditions of the offer?
Do they give a code or something to qualify for the promo or is everyone automatically eligible?
Expiration date?
Thanks.
People say nothing is impossible. I do nothing all day.
tj wrote: ↑Wed Sep 07, 2022 3:55 pm
I pulled the trigger. Hope my cost bases don't get jacked up when going to Public or the inevitable transfer from Public to the next place.
Did the app have a more detailed terms and conditions of the offer?
Do they give a code or something to qualify for the promo or is everyone automatically eligible?
Expiration date?
Thanks.
It seems to be for everyone. I didn't notice a more detailed T&C or expiration date.
I removed a post asking for a referral code. As a reminder, see: No Solicitation
Please do not solicit business or website traffic on this forum. Forum officers will determine what constitutes solicitation on a case by case basis, but we offer the following guidelines about commonly encountered issues:
- Members may not post affiliate or referral links, except affiliate links in support of the forum, or ask for referrals.
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.
Some of these bonus offers look tempting, but how long are funds out of the market? If you transfer $500,000 and are out of the market for 10 days you could miss some market gains, or losses.
Excuse my ignorance if you are in fact not out of the market at all with these transfer bonuses.
Fools think their own way is right, but the wise listen to others.
StevieG72 wrote: ↑Wed Sep 07, 2022 7:36 pm
So riddle me this….
Some of these bonus offers look tempting, but how long are funds out of the market? If you transfer $500,000 and are out of the market for 10 days you could miss some market gains, or losses.
Excuse my ignorance if you are in fact not out of the market at all with these transfer bonuses.
That's item one in earl's mini faq in the first post:
1. Won't my money be out of the market during these transfers?
Almost all brokerages support ACATS transfers, so you can move the assets in-kind, and they stay invested the whole time. It does take a week or two complete the process, so you shouldn't trade the assets.
I found a more complete T&C for the Public offer in the help section of the app:
If you have investments with another brokerage, you can easily transfer them over to Public without selling your eligible whole share stock* positions.
Download the Public app and once your account is set up, go to your Settings. In the “Account” section, you’ll see an option to transfer your stocks to Public.
Secure Transfer
This process is called an ACAT and is the industry standard for transferring stocks. Think of it as a wire for stocks.
Seamless And Fast
Submit a request to transfer in less than a minute. Most transfers are completed within a few days (but can take up to 7-10 business days to fully complete). Make sure you are inputting all information correctly (name, account numbers, etc.) so the transfer can happen smoothly.
Transfer From Any Broker
Whether you're leaving Robinhood, M1 Finance, WeBull, Charles Schwab, TD Ameritrade, or any other US-based broker that offers ACAT-eligible transfer, we can help.
No Transfer Fees (and we cover yours)
Public charges no fees for incoming transfers. If your current brokerage charges you on the way out, we’ll even cover the fee if your incoming account value is over $500.
*Important Information You Should Know
Before requesting the transfer, you should review and consider all fees charged by the delivering brokerage firm and tax consequences that may result from potential liquidations required before the delivering firm
completes the transfer.
Cash bonus will be applied to qualifying accounts one (1) month after the
transfer initiation date. Transferred funds must stay in your Public account
for at least 6 months or the bonus will be revoked.
Please note that the assets that cannot be transferred via ACAT to Public
may include: fractional shares, crypto assets, alternative investments, options, and OTC traded securities. Most U.S. listed equities are eligible for ACAT transfer.
The name and type of the delivering account must be the same as the receiving account’s name and type. The transfer may be rejected or delayed if the information is not identical.
This promotion is not valid with any other offers and is non-transferable. Offer available only to individuals who are 18 years or older and are U.S. residents residing within the United States. Public reserves the right to terminate this offer at any time, to limit or modify the amount of bonuses you are eligible to receive, and/or to refuse or recover any promotion award if Public determines it was the result of wrongful, incomplete, inaccurate, or fraudulent circumstances or if terms and conditions of this promotion were violated.
By participating in this promotion, you agree to release, discharge, indemnify, and hold harmless, Public, its affiliates, and all of their respective officers, directors, partners, and employees from any liability or damages that may result out of participation in this promotion.
This offer is for a limited time only. Public reserves the right to cancel this promotion at any time in its sole discretion. Other restrictions may apply as determined by Public from time to time in its sole discretion.
People say nothing is impossible. I do nothing all day.
SlowMovingInvestor wrote: ↑Thu Sep 08, 2022 4:03 pm
Note that Public only has SIPC coverage of 500K. I wouldn't move more than that to them in any case.
Also, no IRAs. If they screw up cost basis on a taxable account, it could well offset any bonus.
I always save cost-basis information. Trust no one.
I have been in contact with my Fidelity rep over the last few days, as I have been looking into transferring all my family's Vanguard mutual funds from the Vanguard mutual fund platform to our existing Fidelity brokerage platform. I had been under the impression that at least some of Vanguard's largest mutual funds (like VTSAX) would be NTF at Fidelity. I was wrong. I was told that all Vanguard mutual funds will be TF (transaction fee) at Fidelity. That means that every purchase of additional shares will incur a $75 fee (excluding reinvestment of dividends and capital gains). I am having second thoughts about this move. Any comments?
dcnut wrote: ↑Thu Sep 08, 2022 4:17 pm
I have been in contact with my Fidelity rep over the last few days, as I have been looking into transferring all my family's Vanguard mutual funds from the Vanguard mutual fund platform to our existing Fidelity brokerage platform. I had been under the impression that at least some of Vanguard's largest mutual funds (like VTSAX) would be NTF at Fidelity. I was wrong. I was told that all Vanguard mutual funds will be TF (transaction fee) at Fidelity. That means that every purchase of additional shares will incur a $75 fee (excluding reinvestment of dividends and capital gains). I am having second thoughts about this move. Any comments?
You might consider converting your MF at Vanguard to ETF and then transferring. The conversion does not affect your basis.
People say nothing is impossible. I do nothing all day.
dcnut wrote: ↑Thu Sep 08, 2022 4:17 pm
I have been in contact with my Fidelity rep over the last few days, as I have been looking into transferring all my family's Vanguard mutual funds from the Vanguard mutual fund platform to our existing Fidelity brokerage platform. I had been under the impression that at least some of Vanguard's largest mutual funds (like VTSAX) would be NTF at Fidelity. I was wrong. I was told that all Vanguard mutual funds will be TF (transaction fee) at Fidelity. That means that every purchase of additional shares will incur a $75 fee (excluding reinvestment of dividends and capital gains). I am having second thoughts about this move. Any comments?
1) You can convert VG's mutual funds to ETFs (if there is a corresponding ETF) before transferring). For VTSAX, that would be VTI
2) You can keep your old VG funds as is, but make new purchases of either ETF or corresponding NTFs at Fido.
Note that sales of VG mutual funds incur no fee at Fido, which is great.