Advice on moving ETFs out of TradeKing

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Advice on moving ETFs out of TradeKing

Postby money » Sun Feb 10, 2013 1:37 am

A few years ago I bought several Vanguard ETFs through free trades at a brokerage that offered 10 free trades and the brokerage subsequently got bought by TradeKing. What would be the best way to move these ETFs to avoid account closing fees and capital gains? I would like to add to these positions again in the near future with a brokerage that offers free ETF trades.

Edit: I also have accounts at TD Ameritrade and Vanguard

Another related issue: If someone has a low/no fee brokerage to recommend to transfer some funds I have in an IRA such as POAGX, DODGX, DODFX, I would appreciate hearing about it. Thanks!
Last edited by money on Sun Feb 10, 2013 8:12 pm, edited 1 time in total.
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Re: Advice on moving ETFs out of TradeKing

Postby sweep the leg » Sun Feb 10, 2013 1:42 am

You should be able to initiate the transfer through the site you're transferring to. I followed some links for transferring funds on the Vanguard website -- I had to print and mail some forms, but the process was overall painless. (Note that I transferred from Zecco before they became TradeKing.)
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Re: Advice on moving ETFs out of TradeKing

Postby money » Sun Feb 10, 2013 3:03 am

Vanguard could be one option, however, I would probably get hit with a $50 account closing fee by TradeKing... I am wondering if there is another option.
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Re: Advice on moving ETFs out of TradeKing

Postby skibbi9 » Sun Feb 10, 2013 3:35 pm

money wrote:Vanguard could be one option, however, I would probably get hit with a $50 account closing fee by TradeKing... I am wondering if there is another option.

schwab is 'refunding' relocation fees with $$ and free trades for the next few months... its a option.
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Re: Advice on moving ETFs out of TradeKing

Postby cjackson0 » Sun Feb 10, 2013 6:00 pm

skibbi9 wrote:
money wrote:Vanguard could be one option, however, I would probably get hit with a $50 account closing fee by TradeKing... I am wondering if there is another option.

schwab is 'refunding' relocation fees with $$ and free trades for the next few months... its a option.


Most discount brokerages will reimburse account closing fees if you transfer your account to them, especially if you open up an IRA with them around tax time.

I have my IRA at Scottrade.
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Re: Advice on moving ETFs out of TradeKing

Postby Default User BR » Sun Feb 10, 2013 10:11 pm

Depending on the size of the account, you might be able to get a bonus to move your assets. Possibly some introductory free trades too.

You might want to review this:
http://thefinancebuff.com/huge-bonus-offers-from-brokers-fidelity-schwab-td-ameritrade-etrade-merrill-edge.html


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Re: Advice on moving ETFs out of TradeKing

Postby money » Mon Feb 11, 2013 2:42 am

Thanks for the link, some good info there...

I also have accounts at TD Ameritrade and Vanguard (edited initial post). TD Ameritrade offers free trades for the Vanguard ETFs I am holding, so that could be an option, but I do not see an offer for reimbursement, and I already have an account there, so they might not anyway (amount is ~$6K). If I transfer to Vanguard, that would also help contribute to Voyager status since I am in the process of consolidating my IRA/401K accounts to Vanguard. I guess if TD Ameritrade would reimburse an ACAT, I could do a partial ACAT later on to Vanguard if I felt the need. Otherwise, maybe I should just eat the $50 and move the ETFs directly to Vanguard.
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Re: Advice on moving ETFs out of TradeKing

Postby Default User BR » Mon Feb 11, 2013 3:38 am

money wrote:Thanks for the link, some good info there...

I also have accounts at TD Ameritrade and Vanguard (edited initial post). TD Ameritrade offers free trades for the Vanguard ETFs I am holding, so that could be an option, but I do not see an offer for reimbursement, and I already have an account there, so they might not anyway (amount is ~$6K).

The best way to find out is to ask. Call them, tell them you have some money to move with a closing fee and you would move it somewhere that covers the fee. They might or might not.


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Re: Advice on moving ETFs out of TradeKing

Postby money » Mon Feb 11, 2013 4:47 pm

I spoke with TD Ameritrade and they said they would cover the fee if I send in a request for them to reimburse the fee after the transfer is completed. It looks like later, I have the option to do a free partial transfer for the Vanguard ETFs if I feel like I want to have the funds at Vanguard. I will at least cut down one account by doing this transfer.
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