The Final, Definitive Thread on Brokerage Transfer Bonuses

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Pu239
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Pu239 »

WONFIRE wrote: Fri Mar 03, 2023 9:29 am Has anyone confirmed if IRA or Roth accounts work for the wells fargo bonus? The terms explicitly state FDIC-insured IRAs, but don't include/exclude IRAs other than that.

I'd love to take advantage of the deal, but only have IRAs I'd feel comfortable moving at the moment. I'd prefer to keep my after-tax at my other brokerage to keep a nice margin cushion
I met with a Wells Premier banker and Wells Fargo Advisor in branch last week and they confirmed that regular IRAs and Roth IRAs qualify for the deal.

Edit: WellsTrade self directed accounts also work.
Between the idea And the reality...Between the motion And the act...Falls the Shadow - T. S. Eliot
hmw
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hmw »

Morik wrote: Sat Mar 04, 2023 9:58 am [
For Chase it looks like I'd have to open a non-self-directed account managed by one of their advisors.

My main draw to Merrill is I'm already in that system and bank with Bofa already. Low hassle, pick up an extra $1k for moving it over.
I assume I can open a new cash management account and just transfer my existing Merrill assets over to it, in addition to xferring the $250k of 'new' money.
I did the Chase bonus a few years ago. I was able to open self directed no-fee brokerage account during my branch visit. Branch visit was mandatory.
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pre
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre »

Pu239 wrote: Sat Mar 04, 2023 4:00 pm
WONFIRE wrote: Fri Mar 03, 2023 9:29 am Has anyone confirmed if IRA or Roth accounts work for the wells fargo bonus? The terms explicitly state FDIC-insured IRAs, but don't include/exclude IRAs other than that.

I'd love to take advantage of the deal, but only have IRAs I'd feel comfortable moving at the moment. I'd prefer to keep my after-tax at my other brokerage to keep a nice margin cushion
I met with a Wells Premier banker and Wells Fargo Advisor in branch last week and they confirmed that regular IRAs and Roth IRAs qualify for the deal.

Edit: WellsTrade self directed accounts also work.
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
Pu239
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Pu239 »

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.
Between the idea And the reality...Between the motion And the act...Falls the Shadow - T. S. Eliot
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jjunk »

veggivet wrote: Thu Mar 02, 2023 2:18 pm I have a few accounts with TDA, but I don't like Schwab's interface and am looking to move to another brokerage before Schwab transitions my accounts over to their side later this year. Does anybody have recommendations for maximizing a bonus when transferring between 3 and 4 mil? Thanks
We're currently Schwab customers and I agree with you about the interface, its not my favorite either. I also have employer based accounts at Fidelity and I dislike their UI changes even more. Schwab gave us a very nice bonus ($8500) for moving a similar amount to what you are talking about because they were matching ETrade. If you want to maximize the bonus, I'd give ETrade a call and see if they can offer you something similar.

We considered leaving Schwab given the 12mo holding period for our account bonus is now up but the reason we're likely to stay is their customer service. Its been excellent. When I've needed to work with Fidelity in the last two years, their service has taken a dramatic turn for the worse IMO. They're still better than places like Merrill and Vanguard, but not on Schwab's level IMO. ETrade's initial account rep was very helpful when they were trying to get out money but all my follow-up questions went unanswered and their hold times to get to a rep were crazy long. So, if customer service matters to you, I'd get comfortable at Schwab. Ive also heard they will offer retention bonuses, so its something you could ask about once your account moves.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

veggivet wrote: Thu Mar 02, 2023 2:18 pm I have a few accounts with TDA, but I don't like Schwab's interface and am looking to move to another brokerage before Schwab transitions my accounts over to their side later this year. Does anybody have recommendations for maximizing a bonus when transferring between 3 and 4 mil? Thanks
At that level I'd suggest reaching out to get some offers from target brokerages.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

Regarding the wells fargo offer I looked online and there aren't any banks in my area just investment offices so I might try contacting them to see if they'd allow me to do the meet a banker over the phone or something or whether I'm just not eligible.
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pre
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre »

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
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by veggivet »

Just as one data point, I was offered a bonus of 6k for moving any amount over 3 mil to eTrade. Fido rep offered 3500, but when I said I had reached out to eTrade, he said he may be able to secure a 'special, back pocket' bonus of 6k as well.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Rajsx »

Same has happened to me with Fidelity, they are very stingy with bonuses. Unless you show them the transfer bonus from a competing brokererge they will not offer you a bonus.

Unknowingly, E trade with their openly advertised bonus offers has benefitted many of us.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by PaunchyPirate »

veggivet wrote: Wed Mar 08, 2023 8:12 am Just as one data point, I was offered a bonus of 6k for moving any amount over 3 mil to eTrade. Fido rep offered 3500, but when I said I had reached out to eTrade, he said he may be able to secure a 'special, back pocket' bonus of 6k as well.
These are the same numbers I experienced in January. However Fidelity did not hint at any possible increase in their initial offer. Schwab offered $3000 initially but quickly said they could come up to $6000 to match eTrade's offer (even though I did not even bring up eTrade with them). I never went back to Fidelity to see if they would match, but they probably would have, I'm guessing. I went with Schwab. The Schwab rep wrote up his paperwork based on the eTrade offer, even though I never mentioned it and he didn't make me do any work to document the eTrade offer.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by veggivet »

PaunchyPirate wrote: Wed Mar 08, 2023 10:57 am
veggivet wrote: Wed Mar 08, 2023 8:12 am Just as one data point, I was offered a bonus of 6k for moving any amount over 3 mil to eTrade. Fido rep offered 3500, but when I said I had reached out to eTrade, he said he may be able to secure a 'special, back pocket' bonus of 6k as well.
These are the same numbers I experienced in January. However Fidelity did not hint at any possible increase in their initial offer. Schwab offered $3000 initially but quickly said they could come up to $6000 to match eTrade's offer (even though I did not even bring up eTrade with them). I never went back to Fidelity to see if they would match, but they probably would have, I'm guessing. I went with Schwab. The Schwab rep wrote up his paperwork based on the eTrade offer, even though I never mentioned it and he didn't make me do any work to document the eTrade offer.
Interesting...can I ask what brokerage you were transferring out of?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

Finally took the plunge and opened a ME acct for my Roth IRA. Will qualify for the $400 bonus. Initiated the ACAT for everything besides 1 share in VTI so I can keep the Vanguard Roth open.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by PaunchyPirate »

veggivet wrote: Wed Mar 08, 2023 11:12 am
PaunchyPirate wrote: Wed Mar 08, 2023 10:57 am
veggivet wrote: Wed Mar 08, 2023 8:12 am Just as one data point, I was offered a bonus of 6k for moving any amount over 3 mil to eTrade. Fido rep offered 3500, but when I said I had reached out to eTrade, he said he may be able to secure a 'special, back pocket' bonus of 6k as well.
These are the same numbers I experienced in January. However Fidelity did not hint at any possible increase in their initial offer. Schwab offered $3000 initially but quickly said they could come up to $6000 to match eTrade's offer (even though I did not even bring up eTrade with them). I never went back to Fidelity to see if they would match, but they probably would have, I'm guessing. I went with Schwab. The Schwab rep wrote up his paperwork based on the eTrade offer, even though I never mentioned it and he didn't make me do any work to document the eTrade offer.
Interesting...can I ask what brokerage you were transferring out of?
Vanguard.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by martha »

Do ERISA rules prohibit a brokerage from offering a transfer bonus for moving an Old Employer’s 401k to a Rollover IRA?

My retired husband recently met with a Fidelity rep and inquired about a transfer bonus for moving a 1M 401k to a Fidelity Rollover IRA. The rep replied no bonus allowed because of ERISA rules….something about the brokerage was not permitted to incentivize removing money from a 401k.

Has anyone heard of this? Did we misunderstand?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by ee22bee »

martha wrote: Wed Mar 08, 2023 10:19 pm Do ERISA rules prohibit a brokerage from offering a transfer bonus for moving an Old Employer’s 401k to a Rollover IRA?

My retired husband recently met with a Fidelity rep and inquired about a transfer bonus for moving a 1M 401k to a Fidelity Rollover IRA. The rep replied no bonus allowed because of ERISA rules….something about the brokerage was not permitted to incentivize removing money from a 401k.

Has anyone heard of this? Did we misunderstand?
Not about a bonus, but I was told something similar by a Fidelity rep a couple of years ago when I asked whether they’d reimburse the 401k transfer-out fee. It was more vague, “not allowed because of regulations”. So I rolled it to Schwab instead, who didn’t have problem reimbursing the fee.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by martha »

Ok thanks, ee22bee. Maybe the reps cite the "regulations" selectively...whenever it suits them.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

martha wrote: Wed Mar 08, 2023 10:19 pm Do ERISA rules prohibit a brokerage from offering a transfer bonus for moving an Old Employer’s 401k to a Rollover IRA?
Even if there were such a rule there would be nothing to keep you from rolling into an ira at a different custodian then transferring that to another for a bonus and my mega backdoor roth money has been generating bonuses for me for many years.
My retired husband recently met with a Fidelity rep and inquired about a transfer bonus for moving a 1M 401k to a Fidelity Rollover IRA. The rep replied no bonus allowed because of ERISA rules….something about the brokerage was not permitted to incentivize removing money from a 401k.
Pretty much every bonus program I've seen disallows rollover money from 401ks they manage.
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Re: Tastyworks Bonus - Questions

Post by Rajsx »

Rajsx wrote: Mon Jan 24, 2022 4:14 pm
MrJedi wrote: Sat Jan 22, 2022 2:32 pm There's a $75 outgoing ACATS transfer fee. No fee for ACH out. I just parked $10k from my cash position via ACH to get the $500.

There's no fee for incoming ACATS, and I believe the terms say that transferring $10k of securities will satisfy the bonus as well. To me it was easier to just do the cash. Paying $75 in ACATS out fee vs lost opportunity from holding $10k in dead cash for 90 days washes out for me anyway.
I am looking to transferring ACH $10 k in a new cash account in Tasty Works for the $500 Bonus for 3 months, I plan to transfer ACH out the $10500 after 3 months.

What happens to my Tasty Works account with a 0 balance ?

Did any one get a 1099 from Tasty Works for the $500 Bonus ??
I am getting ready to do our Taxes on TurboTax & I do not see one from Tasty Works (Now Tasty Trade)
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Rajsx »

I just spoke with TastyTrade, no 1099 is issued for anything less than $600 & my bonus was $500, so I wonder how I report that bonus on my taxes.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

Rajsx wrote: Thu Mar 09, 2023 1:57 pm I just spoke with TastyTrade, no 1099 is issued for anything less than $600 & my bonus was $500, so I wonder how I report that bonus on my taxes.
Voluntarily. On the Other Income line. What's your confusion?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Rajsx »

Yes, got it, thanks
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by AmericaRocks »

martha wrote: Wed Mar 08, 2023 10:19 pm My retired husband recently met with a Fidelity rep and inquired about a transfer bonus for moving a 1M 401k to a Fidelity Rollover IRA. The rep replied no bonus allowed because of ERISA rules….something about the brokerage was not permitted to incentivize removing money from a 401k.
I was discussing a similar situation with my Fidelity rep. His advice was to do the rollover to a Fidelity IRA and then AFTER that is done, then request a retention bonus showing other offers from other brokerages that they may be willing to match (only at the $1M plus range).

For now, I decided to stay in my 401k because of the federal protections, it has low ER core funds, and the flexibility of BrokerageLink.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by martha »

Hi AmericaRocks and placeholder,

Thanks for that idea! It's good advice -- asking for a retention bonus after the rollover is completed. The amount is just over 1M, so I'm hoping for a $1,000 reward as described in this thread.

The thing that puzzles me is the Fidelity rep's statement that ERISA rules prohibit an incentive on a 401k to Rollover IRA transfer. We will be moving a VOYA 401k to a Fidelity Rollover IRA -- so two different custodians.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jeffyscott »

martha wrote: Thu Mar 09, 2023 8:44 pmWe will be moving a VOYA 401k to a Fidelity Rollover IRA -- so two different custodians.
You might want to check into doing the rollover at Voya and then transferring the IRA to Fidelity. Doing it that way, you may be able to avoid being out of the market (and also avoid the mailing around of checks).

My spouse did that with T. Rowe and Schwab. Rolled to IRA at T. Rowe and then as soon as that was done, she transferred the IRA in-kind to Schwab (with a bonus).
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

martha wrote: Thu Mar 09, 2023 8:44 pm Thanks for that idea! It's good advice -- asking for a retention bonus after the rollover is completed. The amount is just over 1M, so I'm hoping for a $1,000 reward as described in this thread.
I would looking for a lot more than 1000 for that much.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

placeholder wrote: Fri Mar 10, 2023 1:36 am
martha wrote: Thu Mar 09, 2023 8:44 pm Thanks for that idea! It's good advice -- asking for a retention bonus after the rollover is completed. The amount is just over 1M, so I'm hoping for a $1,000 reward as described in this thread.
I would looking for a lot more than 1000 for that much.
$1k is what Fidelity has offered me as a bonus when I've already transferred the funds in (without a bonus). Yes, you can get more attached beforehand
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

nalor511 wrote: Fri Mar 10, 2023 1:58 am
placeholder wrote: Fri Mar 10, 2023 1:36 am
martha wrote: Thu Mar 09, 2023 8:44 pm Thanks for that idea! It's good advice -- asking for a retention bonus after the rollover is completed. The amount is just over 1M, so I'm hoping for a $1,000 reward as described in this thread.
I would looking for a lot more than 1000 for that much.
$1k is what Fidelity has offered me as a bonus when I've already transferred the funds in (without a bonus). Yes, you can get more attached beforehand
Etrade is offering 3500 for that level of assets so I'd send the link to fidelity and if they don't match send it somewhere else. https://us.etrade.com/what-we-offer/how ... ra-cfc3500
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by curious george »

For larger transfer bonuses - for some have to call in or is the information available online ? I was looking to transfer to Schwab and wanted to get a matching bonus.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by martha »

jeffyscott wrote: Thu Mar 09, 2023 9:08 pm You might want to check into doing the rollover at Voya and then transferring the IRA to Fidelity. Doing it that way, you may be able to avoid being out of the market (and also avoid the mailing around of checks).

My spouse did that with T. Rowe and Schwab. Rolled to IRA at T. Rowe and then as soon as that was done, she transferred the IRA in-kind to Schwab (with a bonus).
Thanks jeffyscott. I didn't realize that Voya offers IRAs, but then again I didn't do any research. Duh! We went ahead with the Voya 401k to Fidelity Rollover...but now we're enduring the mailing around of checks, which IS a bit harrowing. If I could do it again, I'd use your strategy: Voya 401k to Voya IRA to Fidelity IRA.
nalor511 wrote: Fri Mar 10, 2023 1:58 am $1k is what Fidelity has offered me as a bonus when I've already transferred the funds in (without a bonus). Yes, you can get more attached beforehand
placeholder wrote: Fri Mar 10, 2023 2:07 am Etrade is offering 3500 for that level of assets so I'd send the link to fidelity and if they don't match send it somewhere else. https://us.etrade.com/what-we-offer/how
Thanks nalor and placeholder. Ok, we'll request a retention bonus after the money makes it to Fidelity. Guess it won't hurt to ask. Will do some research on bonuses from other brokerages and see what's available at that time.

Our major mistake might have been as follows: We met the Fidelity rep at his office, pulled the trigger on the transfer, and then asked for a bonus on the way out. That's probably a violation of Negotiation 101 - arrange the reward before the deal goes down. Duh again.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Rajsx »

I am trying to transfer a million $ in a taxable account (a Revocable Trust) from Vanguard to Fidelity for a $2500 bonus,
Fidelity states that Vanguard is not allowing the transfer out as they state the Trust name does not match.

I opened the accounts at Vanguard & Fidelity with same Trust document & I am SURE the headings & the words are the same. I do not know what else to do ? I guess I am stuck with Vanguard for now.

First the poor Customer Service, & now they will not let the money transfer out to Fidelity. I am totally disappointed with Vanguard.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 »

Rajsx wrote: Mon Mar 13, 2023 6:15 pm I am trying to transfer a million $ in a taxable account (a Revocable Trust) from Vanguard to Fidelity for a $2500 bonus,
Fidelity states that Vanguard is not allowing the transfer out as they state the Trust name does not match.

I opened the accounts at Vanguard & Fidelity with same Trust document & I am SURE the headings & the words are the same. I do not know what else to do ? I guess I am stuck with Vanguard for now.

First the poor Customer Service, & now they will not let the money transfer out to Fidelity. I am totally disappointed with Vanguard.
If you are absolutely sure that the names do match, stay on both Vanguard and Fidelity, even if it requires long holds. Perhaps prepare a document showing screenshots from the new Fido and a statement from the old Vanguard showing the match. Certainly it’s in Fido’s interest to advocate for you.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Freeadvice »

Best IRA transfer bonus to transfer $250,000?
anything beat this $1,000 offer?https://www.merrilledge.com/offers/pr1000
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by aristotelian »

If anyone is interested in a quick and easy one, it is hard to beat $200 for $2,000 at Axos Invest. I just went for this one.

https://www.axos.com/invest/Pages/Bonus-Offer

First purchase was weird. I bought 1 share of an ETF and received confirmation. I logged back in and it was showing as 2 shares. The rep said it was showing as 1 share on the back end but for some reason was showing as 2 shares on my end. They fixed it over the weekend but so far they aren't off to a good start.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by barreg »

Svensk Anga wrote: Thu Mar 02, 2023 7:43 am
whodidntante wrote: Wed Mar 01, 2023 9:37 pm Do y'all think the community needs a thread for bank bonuses and/or credit card bonuses? I'm just raking it in but I don't have anyone to tell. 😂
There is a lengthy thread for credit card rewards.
viewtopic.php?t=192008&start=6200

I don't know of one for bank bonuses.
Doctor of Credit is my go-to site for bank bonuses (and good for Credit Card churning bonuses as well)
https://www.doctorofcredit.com/
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by WONFIRE »

Freeadvice wrote: Wed Mar 15, 2023 8:11 am Best IRA transfer bonus to transfer $250,000?
anything beat this $1,000 offer?https://www.merrilledge.com/offers/pr1000
The Wells Fargo premier offer is $2500 for $250k deposit. People a few posts earlier said that IRA works for the 250k requirement. I plan on trying it later this week as the offer expires April 1
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Freeadvice »

WONFIRE wrote: Wed Mar 15, 2023 9:46 am
Freeadvice wrote: Wed Mar 15, 2023 8:11 am Best IRA transfer bonus to transfer $250,000?
anything beat this $1,000 offer?https://www.merrilledge.com/offers/pr1000
The Wells Fargo premier offer is $2500 for $250k deposit. People a few posts earlier said that IRA works for the 250k requirement. I plan on trying it later this week as the offer expires April 1
Thanks WONFIRE! I didn’t realize it included IRA balances. Great offer!
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

Freeadvice wrote: Wed Mar 15, 2023 10:05 am Thanks WONFIRE! I didn’t realize it included IRA balances. Great offer!
Make sure it's available in your area because it requires an in person meeting with a banker so if you don't have wells fargo bank there apparently you're out of luck.
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Svensk Anga
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Svensk Anga »

WONFIRE wrote: Wed Mar 15, 2023 9:46 am
Freeadvice wrote: Wed Mar 15, 2023 8:11 am Best IRA transfer bonus to transfer $250,000?
anything beat this $1,000 offer?https://www.merrilledge.com/offers/pr1000
The Wells Fargo premier offer is $2500 for $250k deposit. People a few posts earlier said that IRA works for the 250k requirement. I plan on trying it later this week as the offer expires April 1
The requirement is not a $250K deposit. It requires maintaining a $250k balance. This is different from most brokerage transfer terms which ignore volatility of your investments. If you are going to hold volatile securities there, it better be more than 250k incoming. Might be best to hold bonds there, but these days, those are volatile too. :oops:

From the offer terms:
Bring $250,000 or more in new deposits to qualifying linked accounts by Day 45 and maintain at least a $250,000 balance through Day 90 after account upgrade or opening.
There appears to be no lower tier, so if your account falls short (for a day?), you might be completely out of the money.
psteinx
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by psteinx »

What are the tax implications of receiving a brokerage bonus?

Specifically, my parents will likely be receiving one, from Schwab (retention bonus - their accounts have been there a long time), spread across a taxable trust and some IRAs.
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Svensk Anga
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Svensk Anga »

psteinx wrote: Thu Mar 16, 2023 2:13 pm What are the tax implications of receiving a brokerage bonus?

Specifically, my parents will likely be receiving one, from Schwab (retention bonus - their accounts have been there a long time), spread across a taxable trust and some IRAs.
Typically, it is treated as interest earned on the assets in the account. So, for a traditional IRA, it would be tax-deferred until withdrawn; for Roth, it would be tax free; for a non-qualified account, it would be taxable interest in the year received. I've seen some brokerages put the bonus into a non-qual account no matter what assets earned the bonus, so taxable that year.

The brokerages often use hedged language on the tax treatment, but the above is my experience/observations.

I have transferred mostly Roth accounts, so tax-free free money. :D
02nz
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 02nz »

So I did 3 transfers to Public for myself and family members, they were great about posting the (very generous) bonuses. However, a couple of months later, I set up accounts on Apex to view cost basis data - and it only transferred for some of the positions in one account; the other two accounts had no data transferred over - everything shows as 100% gains!

I've messaged Public and am waiting to hear, but did others have experience with getting the information corrected? Will I need statements from the previous brokerage?
PizzaEater
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by PizzaEater »

aristotelian wrote: Wed Mar 15, 2023 8:34 am If anyone is interested in a quick and easy one, it is hard to beat $200 for $2,000 at Axos Invest. I just went for this one.

https://www.axos.com/invest/Pages/Bonus-Offer

First purchase was weird. I bought 1 share of an ETF and received confirmation. I logged back in and it was showing as 2 shares. The rep said it was showing as 1 share on the back end but for some reason was showing as 2 shares on my end. They fixed it over the weekend but so far they aren't off to a good start.
It's now $250 bonus for $2,000. Self-Directed Trading account requires 2 trades. Application must be submitted by 3/31/2023 to qualify.

Trying to find information on account closure fees, and so far this is all I've found (https://www.axos.com/invest/support):
Are there fees if I close my account?

We charge nominal fees if you close an IRA, and we charge transfer fees for Automated Customer Account Transfer (ACAT) or non-ACAT transfer when you move funds out of your account.
aristotelian
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by aristotelian »

PizzaEater wrote: Thu Mar 16, 2023 3:01 pm
aristotelian wrote: Wed Mar 15, 2023 8:34 am If anyone is interested in a quick and easy one, it is hard to beat $200 for $2,000 at Axos Invest. I just went for this one.

https://www.axos.com/invest/Pages/Bonus-Offer

First purchase was weird. I bought 1 share of an ETF and received confirmation. I logged back in and it was showing as 2 shares. The rep said it was showing as 1 share on the back end but for some reason was showing as 2 shares on my end. They fixed it over the weekend but so far they aren't off to a good start.
It's now $250 bonus for $2,000. Self-Directed Trading account requires 2 trades. Application must be submitted by 3/31/2023 to qualify.

Trying to find information on account closure fees, and so far this is all I've found (https://www.axos.com/invest/support):
Are there fees if I close my account?

We charge nominal fees if you close an IRA, and we charge transfer fees for Automated Customer Account Transfer (ACAT) or non-ACAT transfer when you move funds out of your account.
Apologies, yes it is $250. I believe they charge $75 for any ACATS transfer. If the market goes up I will probably cash in the shares and withdraw cash. I have some gains rolling over so it shouldn't cost me anything.
nalor511
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

02nz wrote: Thu Mar 16, 2023 2:56 pm So I did 3 transfers to Public for myself and family members, they were great about posting the (very generous) bonuses. However, a couple of months later, I set up accounts on Apex to view cost basis data - and it only transferred for some of the positions in one account; the other two accounts had no data transferred over - everything shows as 100% gains!

I've messaged Public and am waiting to hear, but did others have experience with getting the information corrected? Will I need statements from the previous brokerage?
Yes you likely need previous statements. I had luck getting my cost basis corrected, then it went bad, and they corrected it again. I have *not* had success getting my 1099 corrected (yet, and it's been about 3 weeks since I notified them)
nalor511
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

aristotelian wrote: Thu Mar 16, 2023 3:41 pm Apologies, yes it is $250. I believe they charge $75 for any ACATS transfer. If the market goes up I will probably cash in the shares and withdraw cash. I have some gains rolling over so it shouldn't cost me anything.
Is there a button to close your account online for Axos? Or live chat? I hate calling these places, and I'm not going to do a $75 acat-out for a $2k account. Thanks for any info
02nz
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 02nz »

nalor511 wrote: Thu Mar 16, 2023 3:53 pm
02nz wrote: Thu Mar 16, 2023 2:56 pm So I did 3 transfers to Public for myself and family members, they were great about posting the (very generous) bonuses. However, a couple of months later, I set up accounts on Apex to view cost basis data - and it only transferred for some of the positions in one account; the other two accounts had no data transferred over - everything shows as 100% gains!

I've messaged Public and am waiting to hear, but did others have experience with getting the information corrected? Will I need statements from the previous brokerage?
Yes you likely need previous statements. I had luck getting my cost basis corrected, then it went bad, and they corrected it again. I have *not* had success getting my 1099 corrected (yet, and it's been about 3 weeks since I notified them)
Ugh. Seems really incompetent on Apex Clearing's part. As the saying goes, "You had one job!" :oops:
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

If Apex doesn't provide the corrected soon, I'll just file without the foreign tax credit. What a mess.
nalor511
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

02nz wrote: Thu Mar 16, 2023 3:56 pm
nalor511 wrote: Thu Mar 16, 2023 3:53 pm
02nz wrote: Thu Mar 16, 2023 2:56 pm So I did 3 transfers to Public for myself and family members, they were great about posting the (very generous) bonuses. However, a couple of months later, I set up accounts on Apex to view cost basis data - and it only transferred for some of the positions in one account; the other two accounts had no data transferred over - everything shows as 100% gains!

I've messaged Public and am waiting to hear, but did others have experience with getting the information corrected? Will I need statements from the previous brokerage?
Yes you likely need previous statements. I had luck getting my cost basis corrected, then it went bad, and they corrected it again. I have *not* had success getting my 1099 corrected (yet, and it's been about 3 weeks since I notified them)
Ugh. Seems really incompetent on Apex Clearing's part. As the saying goes, "You had one job!" :oops:
In my limited experience, every single transaction that has touched Apex has gone wrong in some way - they are the definition of incompetent. I will chase huge bonuses that involve them... maybe... but I will never stay with a broker that uses them.
nalor511
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Joined: Mon Jul 27, 2015 1:00 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

tj wrote: Thu Mar 16, 2023 3:57 pm If Apex doesn't provide the corrected soon, I'll just file without the foreign tax credit. What a mess.
I certainly wouldn't give up my tax credit because my broker made a mistake. Even if I had to file a FINRA/SEC/IRS complaint.
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