Moving VTSAX out of Merrill Edge and converting to VTI

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sarabayo
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Moving VTSAX out of Merrill Edge and converting to VTI

Post by sarabayo »

I have some VTSAX at Merrill Edge, some VTSAX at Vanguard, and some VTI at Fidelity. (VTSAX is the Admiral share class of the Vanguard Total Stock Market Index fund, and VTI is the ETF share class of the same fund.)

Going forward I'd like to consolidate all that into VTI at Fidelity for simplicity. I'm thinking the natural way to do this would be to first transfer the VTSAX from Merrill Edge to Vanguard, so that all my VTSAX is at Vanguard. Then, I'd ask Vanguard to convert my VTSAX to the VTI share class, as a non-taxable event. Finally, I'd transfer all my VTI shares from Vanguard to Fidelity.

Does that sound like the right strategy, or is there a better way to do this?

Also, I've seen some posts online from 2019 suggesting that Merrill Edge is likely to screw up my cost basis when I transfer VTSAX out. (They did in fact screw up my cost basis when I originally transferred VTSAX in, and I'm now trying to get that sorted out in preparation for the transfer out again...) Should I still be worried about that, or have they improved on that front in the last couple of years?
stan1
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by stan1 »

Yes, that sounds right.

Make sure the cost basis is correct at every step before you start the next step. If a next step is done before the cost basis is correct it may be hard to fix.

I think cost basis transfer is better now and more automated between brokerages than it was a few years ago.

This is one where is it better to give it a few days or even several weeks to settle at each step.

There is no downside to being patient; there is potentially a lot of extra hours for you working with customer support if you try to rush it and errors propagate from one step to the next.
placeholder
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by placeholder »

To preserve your cost basis at edge:

Open your account on the web page
There should be a link labeled View Tax Lot Details so click that
This should take you to a view with a little arrow to the left of each holding pointing right
Click all the arrows and this should open up the cost basis details for each holding
Use the Export link to get a spreadsheet or plain text downloaded with all this
tomsense76
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by tomsense76 »

Something worth noting is Merrill Edge charges a full account transfer fee (more details on fees). Normally one would ask the receiving broker to cover the fee, which they typically will, but Vanguard AIUI won't.

However IIUC Merrill Edge doesn't charge for partial transfers (though others should feel free to correct me). Given this, it might be worth buying a small amount of something that is unlikely to appreciate much like a short term treasury ETF (VGSH should work). After doing this, one could transfer out the VTSAX shares to Vanguard (only a partial transfer as other ETFs remain). Do the VTSAX to VTI conversion at Vanguard. Transfer those shares to Fidelity. Then sell out the remaining shares at Merrill Edge and transfer the proceeds out (possibly doing that from the Fidelity side to avoid ACH fees).
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
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sarabayo
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by sarabayo »

stan1 wrote: Mon Aug 30, 2021 10:35 pm Yes, that sounds right.

Make sure the cost basis is correct at every step before you start the next step. If a next step is done before the cost basis is correct it may be hard to fix.

I think cost basis transfer is better now and more automated between brokerages than it was a few years ago.

This is one where is it better to give it a few days or even several weeks to settle at each step.

There is no downside to being patient; there is potentially a lot of extra hours for you working with customer support if you try to rush it and errors propagate from one step to the next.
Thanks for the info, and good advice. I'll let the assets "rest" for a couple weeks at each point along the way, just in case... I'm also making sure to screenshot the cost basis information in between steps as well.
placeholder wrote: Tue Aug 31, 2021 1:20 am To preserve your cost basis at edge:

Open your account on the web page
There should be a link labeled View Tax Lot Details so click that
This should take you to a view with a little arrow to the left of each holding pointing right
Click all the arrows and this should open up the cost basis details for each holding
Use the Export link to get a spreadsheet or plain text downloaded with all this
Thanks. I knew about that page, but didn't know I could export it as a spreadsheet. I have "only" a few dozen tax lots so they all fit in a single screenshot :)
tomsense76 wrote: Tue Aug 31, 2021 1:46 am Something worth noting is Merrill Edge charges a full account transfer fee (more details on fees). Normally one would ask the receiving broker to cover the fee, which they typically will, but Vanguard AIUI won't.

However IIUC Merrill Edge doesn't charge for partial transfers (though others should feel free to correct me). Given this, it might be worth buying a small amount of something that is unlikely to appreciate much like a short term treasury ETF (VGSH should work). After doing this, one could transfer out the VTSAX shares to Vanguard (only a partial transfer as other ETFs remain). Do the VTSAX to VTI conversion at Vanguard. Transfer those shares to Fidelity. Then sell out the remaining shares at Merrill Edge and transfer the proceeds out (possibly doing that from the Fidelity side to avoid ACH fees).
Useful info, thanks. I was actually planning to do a partial transfer anyway - I'm retaining some other, fairly static holdings at Merrill Edge so I can continue to qualify for BofA's Preferred Rewards program (which gives me great credit card cash back rewards on select Bank of America credit cards) after I take out the VTSAX.
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by sarabayo »

Update: As a test, I asked Vanguard to convert VTIAX in my Roth IRA to VXUS yesterday. It seems to have gone well, and I see the VXUS in my account now. Turns out I made close to $100 on the conversion since VXUS is trading at a premium over NAV, apparently. Cool, I guess.

Oddly, although the VTIAX never showed any SpecID tax lot information on the website (the shares were considered uncovered because it's in a Roth IRA), after the conversion, I now see a whole bunch of SpecID tax lots for VXUS. The cost basis on them isn't actually accurate to what the price was on each date, though - looks like they took the average cost basis of my VTIAX position and assigned the same price-per-share value to all the VXUS lots.

The Vanguard phone rep did say that for a taxable account this shouldn't happen, i.e. I should get a properly converted cost basis for each new ETF tax lot according to the cost basis of the mutual fund tax lot it came from, when doing an ETF conversion from covered shares of a mutual fund.

There are also some dates with multiple tax lots on them, when I know I only made one mutual fund purchase transaction on that date - I guess maybe under the hood they had to fill the purchase with multiple internal transactions, or something?
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by tomsense76 »

Interesting thanks for the update. Debating converting some of my mutual fund shares to ETFs in taxable. So curious to hear how things go.

Guessing they are just more lax with tracking lots in Roth given there isn't any real tax benefit.
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sycamore
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by sycamore »

sarabayo wrote: Wed Sep 01, 2021 2:16 pm Update: As a test, I asked Vanguard to convert VTIAX in my Roth IRA to VXUS yesterday. It seems to have gone well, and I see the VXUS in my account now. Turns out I made close to $100 on the conversion since VXUS is trading at a premium over NAV, apparently. Cool, I guess.
I thought Vanguard conducted the share conversion after trading hours when they know the net asset value for both classes, and NAV is what you'd get. How can you tell you got made money on the conversion?
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by anon_investor »

sarabayo wrote: Wed Sep 01, 2021 2:16 pm Update: As a test, I asked Vanguard to convert VTIAX in my Roth IRA to VXUS yesterday. It seems to have gone well, and I see the VXUS in my account now. Turns out I made close to $100 on the conversion since VXUS is trading at a premium over NAV, apparently. Cool, I guess.

Oddly, although the VTIAX never showed any SpecID tax lot information on the website (the shares were considered uncovered because it's in a Roth IRA), after the conversion, I now see a whole bunch of SpecID tax lots for VXUS. The cost basis on them isn't actually accurate to what the price was on each date, though - looks like they took the average cost basis of my VTIAX position and assigned the same price-per-share value to all the VXUS lots.

The Vanguard phone rep did say that for a taxable account this shouldn't happen, i.e. I should get a properly converted cost basis for each new ETF tax lot according to the cost basis of the mutual fund tax lot it came from, when doing an ETF conversion from covered shares of a mutual fund.

There are also some dates with multiple tax lots on them, when I know I only made one mutual fund purchase transaction on that date - I guess maybe under the hood they had to fill the purchase with multiple internal transactions, or something?
I have done MF to ETF conversions multiple times at Vanguard in a taxable account with SpecID. I never had any issues with the cost basis converting properly.
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by sarabayo »

sycamore wrote: Wed Sep 01, 2021 3:15 pm
sarabayo wrote: Wed Sep 01, 2021 2:16 pm Update: As a test, I asked Vanguard to convert VTIAX in my Roth IRA to VXUS yesterday. It seems to have gone well, and I see the VXUS in my account now. Turns out I made close to $100 on the conversion since VXUS is trading at a premium over NAV, apparently. Cool, I guess.
I thought Vanguard conducted the share conversion after trading hours when they know the net asset value for both classes, and NAV is what you'd get. How can you tell you got made money on the conversion?
Yes, that's right. What I mean is that I was given a number of VXUS shares corresponding to the NAV of my VTIAX holdings at market close yesterday, but the closing price of VXUS yesterday was slightly higher than its NAV, and hence the market valuation of my new VXUS shares at close of market was about $100 more than the valuation of my VTIAX shares would have shown as, if I still had them.

Of course, that $100 I "made" is just part of the noise inherent in an ETF's market value. By tomorrow I might have lost that $100 again if VXUS stops trading above its NAV, or I might lose even more than that if VXUS starts trading below its NAV. As I understand it, anyway, with ETFs there's always a bit of a gamble when buying or selling, but in the long run it all shakes out to be about even, considering I'll probably buy VTI hundreds of times by the time I retire, and then sell it hundreds of times in retirement too.
Last edited by sarabayo on Wed Sep 01, 2021 3:44 pm, edited 1 time in total.
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by sarabayo »

anon_investor wrote: Wed Sep 01, 2021 3:18 pm I have done MF to ETF conversions multiple times at Vanguard in a taxable account with SpecID. I never had any issues with the cost basis converting properly.
Thanks, that's good to know :)
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by sycamore »

sarabayo wrote: Wed Sep 01, 2021 3:43 pm
sycamore wrote: Wed Sep 01, 2021 3:15 pm
sarabayo wrote: Wed Sep 01, 2021 2:16 pm Update: As a test, I asked Vanguard to convert VTIAX in my Roth IRA to VXUS yesterday. It seems to have gone well, and I see the VXUS in my account now. Turns out I made close to $100 on the conversion since VXUS is trading at a premium over NAV, apparently. Cool, I guess.
I thought Vanguard conducted the share conversion after trading hours when they know the net asset value for both classes, and NAV is what you'd get. How can you tell you got made money on the conversion?
Yes, that's right. What I mean is that I was given a number of VXUS shares corresponding to the NAV of my VTIAX holdings at market close yesterday, but the closing price of VXUS yesterday was slightly higher than its NAV, and hence the market valuation of my new VXUS shares at close of market was about $100 more than the valuation of my VTIAX shares would have shown as, if I still had them.

Of course, that $100 I "made" is just part of the noise inherent in an ETF's market value. By tomorrow I might have lost that $100 again if VXUS stops trading above its NAV, or I might lose even more than that if VXUS starts trading below its NAV. As I understand it, anyway, with ETFs there's always a bit of a gamble when buying or selling, but in the long run it all shakes out to be about even, considering I'll probably buy VTI hundreds of times by the time I retire, and then sell it hundreds of times in retirement too.
I see what you mean now, thanks for the reply!
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by anon_investor »

sarabayo wrote: Wed Sep 01, 2021 3:44 pm
anon_investor wrote: Wed Sep 01, 2021 3:18 pm I have done MF to ETF conversions multiple times at Vanguard in a taxable account with SpecID. I never had any issues with the cost basis converting properly.
Thanks, that's good to know :)
I actually just did one last month and transfered the shares to Merrill Edge, and the cost basis information traveled properly.
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by sarabayo »

Update: Merrill Edge finally managed to fix my VTSAX cost basis after 4 and a half weeks, after me sending in a PDF form twice, sending several emails, and calling their phone reps no less than six times, twice of which times the rep assured me I wouldn't need to call again because they'd be in touch to keep me updated, which didn't really happen. I guess I'll try initiating a transfer to Vanguard in a week or so.

EDIT: A rep finally did call me back, to let me know that the back end team had approved the request and started working on it, and I should expect it to be done by early next week (i.e. in 2-3 more business days). When I told him I could see on the website that it was already done, he was pretty surprised.
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

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Update: Now I'm trying to transfer my VTSAX from Merrill Edge to Vanguard. I'm flabbergasted to find that Vanguard actually requires me to print out, sign, and snail mail a form to their Texas processing center, just to initiate a simple ACATS transfer! Besides it being a waste of paper and time to snail-mail a paper form, I don't even own a printer, so this would also require me to needlessly go into a print shop somewhere (in a pandemic, mind you).

Anyone know if there's any way around that requirement? Maybe I can upload the form somewhere on the website? :confused I haven't been able to find any such option, though... :( Before anyone says "just call them and ask", I've been on hold for the last two hours trying to do just that :annoyed
Last edited by sarabayo on Wed Oct 13, 2021 5:43 pm, edited 1 time in total.
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by anon_investor »

sarabayo wrote: Wed Oct 13, 2021 5:37 pm Update: Now I'm trying to transfer my VTSAX from Merrill Edge to Vanguard. I'm flabbergasted to find that they actually require me to print out, sign, and snail mail a form to their Texas processing center, just to initiate a simple ACATS transfer! Besides it being a waste of paper and time to snail-mail a paper form, I don't even own a printer, so this would also require me to needlessly go into a print shop somewhere (in a pandemic, mind you).

Anyone know if there's any way around that requirement? Maybe I can upload the form somewhere on the website? :confused I haven't been able to find any such option, though... :( Before anyone says "just call them and ask", I've been on hold for the last two hours trying to do just that :annoyed
Do you mean Vanguard? That sounds about right, we had to do that back in 2019.
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by sarabayo »

anon_investor wrote: Wed Oct 13, 2021 5:40 pm
sarabayo wrote: Wed Oct 13, 2021 5:37 pm Update: Now I'm trying to transfer my VTSAX from Merrill Edge to Vanguard. I'm flabbergasted to find that they actually require me to print out, sign, and snail mail a form to their Texas processing center, just to initiate a simple ACATS transfer! Besides it being a waste of paper and time to snail-mail a paper form, I don't even own a printer, so this would also require me to needlessly go into a print shop somewhere (in a pandemic, mind you).

Anyone know if there's any way around that requirement? Maybe I can upload the form somewhere on the website? :confused I haven't been able to find any such option, though... :( Before anyone says "just call them and ask", I've been on hold for the last two hours trying to do just that :annoyed
Do you mean Vanguard? That sounds about right, we had to do that back in 2019.
Yes, Vanguard... They must really not want my money :oops:
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by placeholder »

Have you looked at your account online to see if there is a transfer option?
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by sarabayo »

placeholder wrote: Wed Oct 13, 2021 5:53 pm Have you looked at your account online to see if there is a transfer option?
Yes. I clicked through the transfer process, provided all my information etc., and then at the end of the process it just gave a me a pre-filled PDF containing all the info I'd typed into the web forms, and told me all I had to do now was attach a Merrill Edge statement, sign, and snail mail the forms to Vanguard :oops: They obviously have the infrastructure to collect this information digitally, but are choosing not to utilize it for some reason.
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by anon_investor »

sarabayo wrote: Wed Oct 13, 2021 5:44 pm
anon_investor wrote: Wed Oct 13, 2021 5:40 pm
sarabayo wrote: Wed Oct 13, 2021 5:37 pm Update: Now I'm trying to transfer my VTSAX from Merrill Edge to Vanguard. I'm flabbergasted to find that they actually require me to print out, sign, and snail mail a form to their Texas processing center, just to initiate a simple ACATS transfer! Besides it being a waste of paper and time to snail-mail a paper form, I don't even own a printer, so this would also require me to needlessly go into a print shop somewhere (in a pandemic, mind you).

Anyone know if there's any way around that requirement? Maybe I can upload the form somewhere on the website? :confused I haven't been able to find any such option, though... :( Before anyone says "just call them and ask", I've been on hold for the last two hours trying to do just that :annoyed
Do you mean Vanguard? That sounds about right, we had to do that back in 2019.
Yes, Vanguard... They must really not want my money :oops:
I think you might be able to upload a scan of the signed paperwork using secure message, it was 2 years ago and I don't remember if I did that. But you should check with Vanguard. It makes ME seem darn right futuristic!
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by sycamore »

sarabayo wrote: Wed Oct 13, 2021 5:57 pm
placeholder wrote: Wed Oct 13, 2021 5:53 pm Have you looked at your account online to see if there is a transfer option?
Yes. I clicked through the transfer process, provided all my information etc., and then at the end of the process it just gave a me a pre-filled PDF containing all the info I'd typed into the web forms, and told me all I had to do now was attach a Merrill Edge statement, sign, and snail mail the forms to Vanguard :oops: They obviously have the infrastructure to collect this information digitally, but are choosing not to utilize it for some reason.
Perhaps placeholder was suggesting you initiate the transfer FROM Merrill Edge so that they "pull" from Vanguard? That's what I did, and no paper forms were required.
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by sarabayo »

sycamore wrote: Wed Oct 13, 2021 6:11 pm
sarabayo wrote: Wed Oct 13, 2021 5:57 pm
placeholder wrote: Wed Oct 13, 2021 5:53 pm Have you looked at your account online to see if there is a transfer option?
Yes. I clicked through the transfer process, provided all my information etc., and then at the end of the process it just gave a me a pre-filled PDF containing all the info I'd typed into the web forms, and told me all I had to do now was attach a Merrill Edge statement, sign, and snail mail the forms to Vanguard :oops: They obviously have the infrastructure to collect this information digitally, but are choosing not to utilize it for some reason.
Perhaps placeholder was suggesting you initiate the transfer FROM Merrill Edge so that they "pull" from Vanguard? That's what I did, and no paper forms were required.
I'm trying to move assets from Merrill Edge to Vanguard, not vice versa.
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by Marseille07 »

sarabayo wrote: Wed Oct 13, 2021 6:13 pm
sycamore wrote: Wed Oct 13, 2021 6:11 pm
sarabayo wrote: Wed Oct 13, 2021 5:57 pm
placeholder wrote: Wed Oct 13, 2021 5:53 pm Have you looked at your account online to see if there is a transfer option?
Yes. I clicked through the transfer process, provided all my information etc., and then at the end of the process it just gave a me a pre-filled PDF containing all the info I'd typed into the web forms, and told me all I had to do now was attach a Merrill Edge statement, sign, and snail mail the forms to Vanguard :oops: They obviously have the infrastructure to collect this information digitally, but are choosing not to utilize it for some reason.
Perhaps placeholder was suggesting you initiate the transfer FROM Merrill Edge so that they "pull" from Vanguard? That's what I did, and no paper forms were required.
I'm trying to move assets from Merrill Edge to Vanguard, not vice versa.
You think Platinum Honors will be slashed? I thought you're one of us on the PH bandwagon.
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by sarabayo »

Marseille07 wrote: Wed Oct 13, 2021 6:18 pm
sarabayo wrote: Wed Oct 13, 2021 6:13 pm
sycamore wrote: Wed Oct 13, 2021 6:11 pm
sarabayo wrote: Wed Oct 13, 2021 5:57 pm
placeholder wrote: Wed Oct 13, 2021 5:53 pm Have you looked at your account online to see if there is a transfer option?
Yes. I clicked through the transfer process, provided all my information etc., and then at the end of the process it just gave a me a pre-filled PDF containing all the info I'd typed into the web forms, and told me all I had to do now was attach a Merrill Edge statement, sign, and snail mail the forms to Vanguard :oops: They obviously have the infrastructure to collect this information digitally, but are choosing not to utilize it for some reason.
Perhaps placeholder was suggesting you initiate the transfer FROM Merrill Edge so that they "pull" from Vanguard? That's what I did, and no paper forms were required.
I'm trying to move assets from Merrill Edge to Vanguard, not vice versa.
You think Platinum Honors will be slashed? I thought you're one of us on the PH bandwagon.
Nah, if that were the reason I'd wait until any PH slashing was actually confirmed before leaving.

I opened my ME account with $200k of VTSAX for the $1k signup bonus that was available last year. Now that $200k has grown to almost $300k. I only need $100k to qualify for PH, plus now I realize how inconvenient it is to hold Vanguard mutual funds at other brokerages (they usually charge exorbitant fees for adding money).

I had about $100k of BLV at Fidelity, so I moved that to Merrill Edge as my PH qualifier a couple months ago, and now I'm trying to take the VTSAX back out to Vanguard so I can convert it to VTI and then take that to Fidelity.
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by Marseille07 »

sarabayo wrote: Wed Oct 13, 2021 6:29 pm Nah, if that were the reason I'd wait until any PH slashing was actually confirmed before leaving.

I opened my ME account with $200k of VTSAX for the $1k signup bonus that was available last year. Now that $200k has grown to almost $300k. I only need $100k to qualify for PH, plus now I realize how inconvenient it is to hold Vanguard mutual funds at other brokerages (they usually charge exorbitant fees for adding money).

I had about $100k of BLV at Fidelity, so I moved that to Merrill Edge as my PH qualifier a couple months ago, and now I'm trying to take the VTSAX back out to Vanguard so I can convert it to VTI and then take that to Fidelity.
Makes sense, let's hope PH stays :beer
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by placeholder »

sarabayo wrote: Wed Oct 13, 2021 5:57 pm Yes. I clicked through the transfer process, provided all my information etc., and then at the end of the process it just gave a me a pre-filled PDF containing all the info I'd typed into the web forms, and told me all I had to do now was attach a Merrill Edge statement, sign, and snail mail the forms to Vanguard :oops: They obviously have the infrastructure to collect this information digitally, but are choosing not to utilize it for some reason.
Ah well I knew they had some stuff online and I thought that would be one of them.
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by leviathan »

sarabayo wrote: Wed Oct 13, 2021 5:37 pm Update: Now I'm trying to transfer my VTSAX from Merrill Edge to Vanguard. I'm flabbergasted to find that Vanguard actually requires me to print out, sign, and snail mail a form to their Texas processing center, just to initiate a simple ACATS transfer! Besides it being a waste of paper and time to snail-mail a paper form, I don't even own a printer, so this would also require me to needlessly go into a print shop somewhere (in a pandemic, mind you).

Anyone know if there's any way around that requirement? Maybe I can upload the form somewhere on the website? :confused I haven't been able to find any such option, though... :( Before anyone says "just call them and ask", I've been on hold for the last two hours trying to do just that :annoyed
I recently transferred some VTSAX shares from another brokerage (IBKR) to Vanguard. No snail mail was required. I am not sure, but there may have been something that triggered it in your case.
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by sarabayo »

leviathan wrote: Wed Oct 13, 2021 7:00 pm
sarabayo wrote: Wed Oct 13, 2021 5:37 pm Update: Now I'm trying to transfer my VTSAX from Merrill Edge to Vanguard. I'm flabbergasted to find that Vanguard actually requires me to print out, sign, and snail mail a form to their Texas processing center, just to initiate a simple ACATS transfer! Besides it being a waste of paper and time to snail-mail a paper form, I don't even own a printer, so this would also require me to needlessly go into a print shop somewhere (in a pandemic, mind you).

Anyone know if there's any way around that requirement? Maybe I can upload the form somewhere on the website? :confused I haven't been able to find any such option, though... :( Before anyone says "just call them and ask", I've been on hold for the last two hours trying to do just that :annoyed
I recently transferred some VTSAX shares from another brokerage (IBKR) to Vanguard. No snail mail was required. I am not sure, but there may have been something that triggered it in your case.
Was yours a full account transfer, or partial? Mine is partial (I'm leaving the aforementioned BLV position at ME), so I think that might be the reason...
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Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by leviathan »

sarabayo wrote: Wed Oct 13, 2021 7:02 pm
leviathan wrote: Wed Oct 13, 2021 7:00 pm
sarabayo wrote: Wed Oct 13, 2021 5:37 pm Update: Now I'm trying to transfer my VTSAX from Merrill Edge to Vanguard. I'm flabbergasted to find that Vanguard actually requires me to print out, sign, and snail mail a form to their Texas processing center, just to initiate a simple ACATS transfer! Besides it being a waste of paper and time to snail-mail a paper form, I don't even own a printer, so this would also require me to needlessly go into a print shop somewhere (in a pandemic, mind you).

Anyone know if there's any way around that requirement? Maybe I can upload the form somewhere on the website? :confused I haven't been able to find any such option, though... :( Before anyone says "just call them and ask", I've been on hold for the last two hours trying to do just that :annoyed
I recently transferred some VTSAX shares from another brokerage (IBKR) to Vanguard. No snail mail was required. I am not sure, but there may have been something that triggered it in your case.
Was yours a full account transfer, or partial? Mine is partial (I'm leaving the aforementioned BLV position at ME), so I think that might be the reason...
It was a partial transfer (3% of asset). Only (all of my) VTSAX position was transferred. The instruction was a little bit confusing. I needed to enter the estimated value of my whole asset at the brokerage even though it was a partial transfer.
sycamore
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Joined: Tue May 08, 2018 12:06 pm

Re: Moving VTSAX out of Merrill Edge and converting to VTI

Post by sycamore »

sarabayo wrote: Wed Oct 13, 2021 6:13 pm
sycamore wrote: Wed Oct 13, 2021 6:11 pm Perhaps placeholder was suggesting you initiate the transfer FROM Merrill Edge so that they "pull" from Vanguard? That's what I did, and no paper forms were required.
I'm trying to move assets from Merrill Edge to Vanguard, not vice versa.
Doh! Reading comprehension failure on my part :oops:
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