Pu239 wrote: ↑Sun Mar 05, 2023 2:22 pm
pre wrote: ↑Sat Mar 04, 2023 11:08 pm
Thanks for sharing this. Is there anything one needs to do to link the IRA/brokerage account to the Premier checking? Reading the terms of the offer, it repeatedly refers to the "qualifying linked accounts"
I'll likely just open the IRA myself, but wonder if I need to do anything via an advisor or banker to make sure it's properly recognized for the purposes of the offer
Can't answer your question because I haven't opened the account yet. I was planning to do this in-branch and have the banker arrange/confirm the link after transferring to WellsTrade.
Opened my Premier checking this morning and the banker said she's had quite a few folks doing this offer the past week. Very smooth process as I've had previous personal accounts at WF, so she just used my existing profile with everything taking <30 minutes. She was a Premier banker, so was somewhat familiar with what accounts qualified towards the balance requirements, stating the WellsTrade accounts did.
I opened a WellsTrade tIRA at home afterwards and called about linking the account to my checking. Customer service stated WellsTrade accounts should automatically link in a day or so, as she couldn't manually link them at the moment as it was likely too new. We can verify the linking under Account summary > View benefits > Managed linked accounts. Rep also mentioned WellsTrade IRA/brokerage balances do qualify towards Premier balance requirements; she had a table/matrix of some sort showing what accounts are ineligible, so she reiterated my IRA was fine. 64 day grace period to get the balance up before any checking fees.
I then called WF Advisors to inquire about transfer of assets. Pretty straight forward for common delivery firms, all online. For lesser known firms, there's a PDF/Docusign. No reimbursement for outgoing fees by the delivery firm. $95 for full outgoing, free for partial -- first rep said minimum remaining balance of $100, but he didn't sound confident. I wanted to verify, so called again and the rep contacted his "team lead" who said minimum is $125.
Hopefully all goes smoothly!
Edit:
Quick addendum, one day after opening my accounts.
Under "Managed your linked accounts", my IRA now appears alongside my Premier checking, but it was _not_ automatically linked to my checking. I clicked the "link" option and it showed a confirmation page.
"Link more accounts to help reach or maintain the statement-ending qualifying linked balances to avoid the monthly service fee. Delink accounts you no longer want included in your relationship balance."
So for folks opening a WellsTrade account, you'll want to log back on the next day to ensure it's linked to your checking account