The Final, Definitive Thread on Brokerage Transfer Bonuses

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.
*3!4!/5!
Posts: 1256
Joined: Fri Sep 02, 2016 1:47 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by *3!4!/5! » Mon Oct 10, 2016 4:29 pm

What are people's experiences with regard to being able to process transfers online as opposed to by paper form? Is the latter processes slower and more error-prone? What is it that might make the paper form required? Any insights as to which sending or receiving firms may be more inclined to require slower non-online steps?

blueberry
Posts: 212
Joined: Thu Dec 03, 2015 11:37 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by blueberry » Mon Oct 10, 2016 4:41 pm

*3!4!/5! wrote:What are people's experiences with regard to being able to process transfers online as opposed to by paper form? Is the latter processes slower and more error-prone? What is it that might make the paper form required? Any insights as to which sending or receiving firms may be more inclined to require slower non-online steps?


I recently transferred money to tdameritrade and was required to print sign scan and email something, and I called and asked about that and support thought it was because I was doing a partial transfer and wouldn't need to do that if it was a full transfer.

I just today did another partial transfer to Merrill Edge and that was all fully online and done in less than 5 minutes, no scan etc.

The tdameritrade transfer happened fast 6-7 days, but did take more of my time. The email I received from Merrill said all should be done in 5-8 business days, same as the email stated from TDA.

bb

blueberry
Posts: 212
Joined: Thu Dec 03, 2015 11:37 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by blueberry » Mon Oct 10, 2016 4:43 pm

I just transferred money to Merrill edge and it went great. I looked info over and do not see huge benefit to the associated preferred rewards available from bank america. What features of that are giving people the best return?

Thx,
bb

User avatar
Earl Lemongrab
Posts: 2448
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Mon Oct 10, 2016 5:12 pm

*3!4!/5! wrote:What are people's experiences with regard to being able to process transfers online as opposed to by paper form? Is the latter processes slower and more error-prone? What is it that might make the paper form required? Any insights as to which sending or receiving firms may be more inclined to require slower non-online steps?

Depends on what you mean by "paper". The most I have had to do is fax the documents. I have never had to mail them or anything like that. Some will accept scanned documents through their secure message system.

Obviously, all online through web forms is easier.

Earl
This week's fortune cookie: "The stock market may be your ticket to success." I sure hope so!

User avatar
Earl Lemongrab
Posts: 2448
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Mon Oct 10, 2016 5:17 pm

blueberry wrote:I recently transferred money to tdameritrade and was required to print sign scan and email something, and I called and asked about that and support thought it was because I was doing a partial transfer and wouldn't need to do that if it was a full transfer.

How recently? I mentioned in another message that my most recent transfer to TDA was all online. It consisted of partial transfers from two custodians. Being able to do it online was a step up in convenience.

Earl
This week's fortune cookie: "The stock market may be your ticket to success." I sure hope so!

User avatar
Earl Lemongrab
Posts: 2448
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Mon Oct 10, 2016 5:19 pm

blueberry wrote:I just transferred money to Merrill edge and it went great. I looked info over and do not see huge benefit to the associated preferred rewards available from bank america. What features of that are giving people the best return?

1. Free equity transactions.

2. Bank of America rewards card with a boost to the reward categories (75% at my level).

Earl
This week's fortune cookie: "The stock market may be your ticket to success." I sure hope so!

blueberry
Posts: 212
Joined: Thu Dec 03, 2015 11:37 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by blueberry » Mon Oct 10, 2016 5:22 pm

Earl Lemongrab wrote:
blueberry wrote:I just transferred money to Merrill edge and it went great. I looked info over and do not see huge benefit to the associated preferred rewards available from bank america. What features of that are giving people the best return?

1. Free equity transactions.

2. Bank of America rewards card with a boost to the reward categories (75% at my level).

Earl


That is a good deal if I switched to their card.

Thx

lemonPepper
Posts: 88
Joined: Wed Feb 18, 2015 7:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by lemonPepper » Mon Oct 10, 2016 5:25 pm

Earl Lemongrab wrote:
lemonPepper wrote:For a 100k portfolio, seems like the fidelity 50k American air miles is the best deal right now? I"m thinking about doing that deal and then moving to merrill edge when it is live again

I couldn't say, because I don't get into the miles offers. I have no way to evaluate that. TD Ameritrade, Merrill Edge, and Etrade would give $500 cash right now.

Earl


yes, I find 50k American air miles more valuable than $500 cash. We have used miles successfully to visit our families or have them visit us.

*3!4!/5!
Posts: 1256
Joined: Fri Sep 02, 2016 1:47 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by *3!4!/5! » Mon Oct 10, 2016 6:41 pm

If you do a full transfer, rather than a partial transfer, what happens to the account being transferred from?

User avatar
dodecahedron
Posts: 3177
Joined: Tue Nov 12, 2013 12:28 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by dodecahedron » Mon Oct 10, 2016 6:53 pm

Earl Lemongrab wrote:
blueberry wrote:I just transferred money to Merrill edge and it went great. I looked info over and do not see huge benefit to the associated preferred rewards available from bank america. What features of that are giving people the best return?

1. Free equity transactions.

2. Bank of America rewards card with a boost to the reward categories (75% at my level).

Earl


Also, totally free ATM withdrawals at any ATM, free safe deposit box, free wire transfers, free checks, no minimum balance for fee-free checking.

User avatar
dodecahedron
Posts: 3177
Joined: Tue Nov 12, 2013 12:28 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by dodecahedron » Mon Oct 10, 2016 6:54 pm

*3!4!/5! wrote:If you do a full transfer, rather than a partial transfer, what happens to the account being transferred from?


Presumably the account being transferred from will be closed,and many institutions will charge a fee for closing an account. (You may be able to get your new brokerage to reimburse that account closure fee, however.)

User avatar
Earl Lemongrab
Posts: 2448
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Mon Oct 10, 2016 6:55 pm

*3!4!/5! wrote:If you do a full transfer, rather than a partial transfer, what happens to the account being transferred from?

I rarely do that, but I think it varies. TD Ameritrade and Scottrade in the past have closed the account. I usually leave a few bucks cash in to keep it open. That way access to documents and history is readily available. Some custodians might leave the account open but empty, but I don't know for sure. More and more custodians charge no transfer fee on partials, so that's another good reason to complete transfer.

Earl
This week's fortune cookie: "The stock market may be your ticket to success." I sure hope so!

*3!4!/5!
Posts: 1256
Joined: Fri Sep 02, 2016 1:47 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by *3!4!/5! » Mon Oct 10, 2016 7:29 pm

Ugh, Catch-22.

To transfer from A to B (depending on A and B) a full transfer can be done easily online, while partial transfer requires a paper form to mail/fax/scan&email, which seems more likely to involve errors and delays.

But a full transfer may kill the old account, which I definitely don't want.

User avatar
Earl Lemongrab
Posts: 2448
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Tue Oct 11, 2016 9:43 am

As I mentioned, I recently did partial transfers into TD Ameritrade all online (two different source custodians, one destination). Reviewing my previous message that was an electronic signature to the form with a verification step, like a code sent to the email or record or something. Now it was the case that this was an existing TDA account, so that might make a difference.

Even if you can't for some reason do that, it's not a huge deal. I did many transfers with the "print->sign->scan->secure message" method.

Earl
This week's fortune cookie: "The stock market may be your ticket to success." I sure hope so!

*3!4!/5!
Posts: 1256
Joined: Fri Sep 02, 2016 1:47 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by *3!4!/5! » Tue Oct 11, 2016 1:03 pm

Earl Lemongrab wrote:As I mentioned, I recently did partial transfers into TD Ameritrade all online (two different source custodians, one destination). Reviewing my previous message that was an electronic signature to the form with a verification step, like a code sent to the email or record or something. Now it was the case that this was an existing TDA account, so that might make a difference.

Even if you can't for some reason do that, it's not a huge deal. I did many transfers with the "print->sign->scan->secure message" method.

Earl


Some bonuses are $2500+. But some are $100 or $50 or just some free trades. These are not purely free money, and you have to take into account any hoops/restrictions/hassles/risk. At the low end of bonuses, an extra obstacle can tip it towards just not bothering with it.

I've had bad experiences with paper forms in general, and I dread making any financial transaction that involves giving instructions in a non-digital form.

User avatar
Earl Lemongrab
Posts: 2448
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Tue Oct 11, 2016 1:33 pm

I really don't agree. Even if the extra made the total amount of work one hour (which I don't think likely) $100/hour is still very good pay. I would not transfer for just free trades of course, unless I wanted to go to that custodian for some reason.

Earl
This week's fortune cookie: "The stock market may be your ticket to success." I sure hope so!

*3!4!/5!
Posts: 1256
Joined: Fri Sep 02, 2016 1:47 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by *3!4!/5! » Tue Oct 11, 2016 2:08 pm

Earl Lemongrab wrote:I really don't agree. Even if the extra made the total amount of work one hour (which I don't think likely) $100/hour is still very good pay. I would not transfer for just free trades of course, unless I wanted to go to that custodian for some reason.

Earl


Various requirements and restrictions could reduce the value of a bonus and may even make it negative. But also, if things go awry in the process it could take many hours spread over many weeks, with requests for more documents, information, medallion signatures, phone calls, dead ends and so on. People sometimes enter into a process expecting it to be straightforward, and find they're opening a can of worms.

User avatar
Earl Lemongrab
Posts: 2448
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Tue Oct 11, 2016 2:52 pm

*3!4!/5! wrote:Various requirements and restrictions could reduce the value of a bonus and may even make it negative. But also, if things go awry in the process it could take many hours spread over many weeks, with requests for more documents, information, medallion signatures, phone calls, dead ends and so on. People sometimes enter into a process expecting it to be straightforward, and find they're opening a can of worms.

Understand that I have done a lot of these over the past several years. Most of what you say does not happen. Remember that the custodians are eager to get your money.

You can see my message upstream about some difficulty with Etrade. Note that there was no trouble getting the transfer done, only in getting the account properly coded for the bonus. I think it probably added up to an extra fifteen minutes or so of sending messages/emails. In general, the process has been getting easier as time goes on.

If you did get a request for a signature guarantee or anything else then you can just stop there. No one forces you to go to the bitter end. The requirement to do a bit of paperwork does not fall into that category. The typical "hiccups" that I have experienced in transfers have been things like me making a typo in the account number of the sending institution, or Scottrade not allowing a partial transfer unless at least $2500 worth is left behind, things like that. All resolved quickly and easily.

You are worrying unnecessarily about highly unlikely events.

Earl
This week's fortune cookie: "The stock market may be your ticket to success." I sure hope so!

penumbra
Posts: 253
Joined: Thu Mar 29, 2007 2:42 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by penumbra » Wed Oct 12, 2016 1:19 am

"Various requirements and restrictions could reduce the value of a bonus and may even make it negative. But also, if things go awry in the process it could take many hours spread over many weeks, with requests for more documents, information, medallion signatures, phone calls, dead ends and so on. People sometimes enter into a process expecting it to be straightforward, and find they're opening a can of worms.[/quote]"


Sorry, this concern is largely bogus. I have done this many, many times, with bonuses from Fidelity, Wells Fargo, TDA, Merrill Edge and etrade. Move it one way, then back again. Read the instructions, pay attention, and follow through. It goes surprisingly easily. It's almost fun!

*3!4!/5!
Posts: 1256
Joined: Fri Sep 02, 2016 1:47 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by *3!4!/5! » Wed Oct 12, 2016 2:01 am

I can think of several reasons not to bother with this particular bonus, but I couldn't be bothered spelling them all out. But one is simply that I realized that I might need to spend the funds before the holding/qualifying period ends, and would forfeit the bonus anyway. It's really pointless going through with it.

blueberry
Posts: 212
Joined: Thu Dec 03, 2015 11:37 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by blueberry » Wed Oct 12, 2016 8:45 am

Yesterday I received a phone call from my assigned Fidelity advisor who said they would have matched the transfer bonuses I received from moving some of my money out of them to ME and tdameritrade. I received some good bonuses, better than fidelity typically offers, so I'm a little doubtful, but next time I move money, I will ask about that first. If anyone does get their existing brokerage to give them a bonus for leaving their money with them, I'd like to hear about that and which brokerage.

Thx,
bb

User avatar
Earl Lemongrab
Posts: 2448
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Wed Oct 12, 2016 10:21 am

*3!4!/5! wrote:I can think of several reasons not to bother with this particular bonus, but I couldn't be bothered spelling them all out. But one is simply that I realized that I might need to spend the funds before the holding/qualifying period ends, and would forfeit the bonus anyway. It's really pointless going through with it.

I would never encourage anyone to do a transfer that didn't fit their needs. Certainly you should plan to leave the funds in for the holding period.

I do think that you're overblowing the potential problems. If you don't want to use a particular bonus, that's up to you.

Earl
This week's fortune cookie: "The stock market may be your ticket to success." I sure hope so!

User avatar
Earl Lemongrab
Posts: 2448
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Wed Oct 12, 2016 10:24 am

blueberry wrote:If anyone does get their existing brokerage to give them a bonus for leaving their money with them, I'd like to hear about that and which brokerage.

I generally don't ask. When I had the problem transfer due to making a typo in the sending institution account number, I had to call them to find out the problem. While talking to the rep there, I did ask if they'd just match it so I could stop, but they declined.

Earl
This week's fortune cookie: "The stock market may be your ticket to success." I sure hope so!

snowman
Posts: 596
Joined: Thu Jan 31, 2013 12:59 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by snowman » Tue Oct 18, 2016 1:16 pm

Earl Lemongrab wrote:
snowman wrote:
Earl Lemongrab wrote:All in all, Merrill Edge is the best deal when that offer is available because of the extras you mention, plus slightly lower required amounts with shorter holding periods. Things can and likely will change.

How often does the $1K offer come online? Is it fairly regular, or only once a year?

As reported here:

https://www.bogleheads.org/forum/viewtopic.php?f=2&t=150033&start=100#p3078972

The Merrill Edge $1000 deal is back on, but for a very limited time. If you've been thinking of taking advantage, now's the time.

Earl

Thanks! If I want to come back to TDA in the future (and collect signing bonus), does it make any difference whether I move entire account from TDA to ME, or whether I leave the account at TDA open with small amount of cash in it? My guess is it's better to close the account and collect the bonus as new customer later, but figured I would ask the experts here.

Also, it says the account needs to be open by Friday and funded within 45 days. Does that mean it's a 2 step process where I can open the account today and initiate transfer in 2 weeks? Or do I need to initiate transfer right away?

Finally, how do I trust ME that they will deposit 1K in 180 days? Do I get a confirmation somewhere along the way that I can use with CS in 180 days in case bonus does not show up?

Thank you all for help. I have never done this before as you can tell.

User avatar
Earl Lemongrab
Posts: 2448
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Tue Oct 18, 2016 3:02 pm

snowman wrote:Thanks! If I want to come back to TDA in the future (and collect signing bonus), does it make any difference whether I move entire account from TDA to ME, or whether I leave the account at TDA open with small amount of cash in it? My guess is it's better to close the account and collect the bonus as new customer later, but figured I would ask the experts here.

With TDA, at least in the past, a full transfer closed the account and made it inaccessible online. If you think you might want to access statements or tax documents, be aware of that. You can always close it later or open a new one. You might get a targeted offer if you have an open account.

Also, it says the account needs to be open by Friday and funded within 45 days. Does that mean it's a 2 step process where I can open the account today and initiate transfer in 2 weeks? Or do I need to initiate transfer right away?

Generally it's two steps, one getting the account set up and coded for the offer, then the funding period.

Finally, how do I trust ME that they will deposit 1K in 180 days? Do I get a confirmation somewhere along the way that I can use with CS in 180 days in case bonus does not show up?

You should check that your account is properly coded for the offer. Then keep that secure message.

It varies by custodian and offer. The ME $1000 doesn't pay out until the end of the holding period. Most do it at the end of the funding period. TDA pays immediately on deposit. Most will give you a secure message to let you know, but sometimes you need to check the transactions.

Earl
This week's fortune cookie: "The stock market may be your ticket to success." I sure hope so!

User avatar
dual
Posts: 431
Joined: Mon Feb 26, 2007 7:02 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by dual » Fri Oct 21, 2016 12:57 am

All of the transfer bonuses I have received have been in cash and the broker issued a 1099 on the amount. I am thinking of doing one of the Fidelity transfer for airline miles offers. Does Fidelity issue a 1099 on the miles? If so, how do they value them?

dbr
Posts: 22870
Joined: Sun Mar 04, 2007 9:50 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by dbr » Fri Oct 21, 2016 8:58 am

dual wrote:All of the transfer bonuses I have received have been in cash and the broker issued a 1099 on the amount. I am thinking of doing one of the Fidelity transfer for airline miles offers. Does Fidelity issue a 1099 on the miles? If so, how do they value them?


That is a good point. No, miles awards are not taxed. It is also technically the case that you don't own those miles; the airline does. I don't know what the attitude is at the IRS, but there will be no 1099.

harlan247
Posts: 17
Joined: Mon Feb 03, 2014 4:40 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by harlan247 » Fri Oct 21, 2016 9:47 am

Is Fidelity presently offering a bonus for transfering IRA or brokerage accounts to them?
Thanks.

User avatar
Earl Lemongrab
Posts: 2448
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Fri Oct 21, 2016 10:51 am

harlan247 wrote:Is Fidelity presently offering a bonus for transfering IRA or brokerage accounts to them?
Thanks.

Yes. Fidelity pretty much always has something going. If you look at the message at the start of the thread, I have a link to a good site with bonus offers. Fidelity usually isn't the best, but if you're planning to move there anyway definitely get a bonus.

Earl
This week's fortune cookie: "The stock market may be your ticket to success." I sure hope so!

sc9182
Posts: 52
Joined: Wed Aug 17, 2016 7:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 » Fri Oct 21, 2016 11:32 am

harlan247 wrote:Is Fidelity presently offering a bonus for transfering IRA or brokerage accounts to them?
Thanks.


Could negotiate with Fidelity representative for $3250 bonus match on $1MM net-new monies (compared to Merrill Edge)

viewtopic.php?f=2&t=150033&start=100#p3088309

*3!4!/5!
Posts: 1256
Joined: Fri Sep 02, 2016 1:47 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by *3!4!/5! » Fri Oct 21, 2016 12:47 pm

dbr wrote:
dual wrote:All of the transfer bonuses I have received have been in cash and the broker issued a 1099 on the amount. I am thinking of doing one of the Fidelity transfer for airline miles offers. Does Fidelity issue a 1099 on the miles? If so, how do they value them?


That is a good point. No, miles awards are not taxed. It is also technically the case that you don't own those miles; the airline does. I don't know what the attitude is at the IRS, but there will be no 1099.


There was a case a few years ago where Citi issued 1099s for airmile awards for opening a checking accounts. There is an issue with assigning a $ value to the miles. But the IRS does regard it as taxable income. So you can expect it to be taxable and also expect headaches if there is an argument about the value.

User avatar
cookymonster
Posts: 153
Joined: Wed Nov 05, 2014 12:22 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by cookymonster » Fri Oct 21, 2016 8:17 pm

Don't be an idiot like me and let withdrawing $500 worth of dividends 2 months after the transfer cost you $100 in a bonus :oops:

*3!4!/5!
Posts: 1256
Joined: Fri Sep 02, 2016 1:47 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by *3!4!/5! » Fri Oct 21, 2016 9:12 pm

Earl Lemongrab wrote:
*3!4!/5! wrote:But then it's minus withdrawals, right? So if during the holding period for bonus qualification (e.g. 90 days, 6 mo, 1 yr) they would subtract withdrawals such as dividend distributions sent as cash to your bank account?

I think that if you left the original shares, then removing dividends probably would not count against you. One could certainly check with the custodian to make sure.

cookymonster wrote:Don't be an idiot like me and let withdrawing $500 worth of dividends 2 months after the transfer cost you $100 in a bonus :oops:

I was wondering about this. So it does look like it's deposits minus withdrawals. Market value changes don't matter. Dividends that stay in the brokerage account should not change anything, but once you take them out, it counts as a withdrawal, apparently. This would make sense. They don't track that some cash came from dividends, just track total deposits minus withdrawals.

I was wary of this possibility, so I transferred enough over the cutoff to cover the dividends I plan to withdraw in cash.

User avatar
cookymonster
Posts: 153
Joined: Wed Nov 05, 2014 12:22 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by cookymonster » Fri Oct 21, 2016 9:28 pm

Yeah I withdrew the dividends and transferred them to a broker that didn't charge $6.99 for a trade. Guess that was penny wise and pound foolish.

I'm begging for forgiveness.

The good news is Merrill Edge is letting me recycle my bonus for an extra $1000, even though I got $600 from them last year.

User avatar
Earl Lemongrab
Posts: 2448
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Sat Oct 22, 2016 10:45 am

A custodian denied the bonus for removing dividends? Which was that? Did you argue it, pointing out that the original assets were there? I wouldn't put up with that.

Earl
This week's fortune cookie: "The stock market may be your ticket to success." I sure hope so!

*3!4!/5!
Posts: 1256
Joined: Fri Sep 02, 2016 1:47 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by *3!4!/5! » Sat Oct 22, 2016 12:28 pm

Earl Lemongrab wrote:A custodian denied the bonus for removing dividends? Which was that? Did you argue it, pointing out that the original assets were there? I wouldn't put up with that.
I have no experience, of course, but my guess is that it is just a hard coded algorithm calculating deposits minus withdrawals.

User avatar
cookymonster
Posts: 153
Joined: Wed Nov 05, 2014 12:22 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by cookymonster » Sat Oct 22, 2016 6:32 pm

Capital One. The representative is checking with her supervisor. We'll see what happens. It is obviously based on total deposits and withdrawals within a 90-day period. I am trying to just ask nicely at this point before resorting to threatening to withdraw my assets.

Lesson learned.

wxl31
Posts: 37
Joined: Sat Jun 15, 2013 6:52 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by wxl31 » Sun Oct 23, 2016 1:01 am

cookymonster wrote:Yeah I withdrew the dividends and transferred them to a broker that didn't charge $6.99 for a trade. Guess that was penny wise and pound foolish.

I'm begging for forgiveness.

The good news is Merrill Edge is letting me recycle my bonus for an extra $1000, even though I got $600 from them last year.


Did you need to close your prior ME account before recycling the bonus? Or did they give you another bonus for an additional $200k deposit?

User avatar
cookymonster
Posts: 153
Joined: Wed Nov 05, 2014 12:22 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by cookymonster » Sun Oct 23, 2016 8:09 am

My prior account was closed in 2015. I haven't funded my account yet (can't transfer funds out of another brokerage for a couple of weeks without violating their bonus agreement). The ME representative told me over the phone it would be OK if I received the last offer over a year ago

*3!4!/5!
Posts: 1256
Joined: Fri Sep 02, 2016 1:47 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by *3!4!/5! » Sun Oct 23, 2016 7:41 pm

TD Ameritrade buying Scottrade?
viewtopic.php?f=10&t=201867

User avatar
cookymonster
Posts: 153
Joined: Wed Nov 05, 2014 12:22 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by cookymonster » Mon Oct 24, 2016 8:18 pm

cookymonster wrote:Capital One. The representative is checking with her supervisor. We'll see what happens. It is obviously based on total deposits and withdrawals within a 90-day period. I am trying to just ask nicely at this point before resorting to threatening to withdraw my assets.

Lesson learned.


Update: Capital One gave me back the bonus and remains in good graces

Capital One wrote:From Capital One Investing℠ Customer Service
Hi cookymonster,

I'm following up with you after a recent email concerning your account and a cash bonus recently received. First off, there is no need to transfer funds back into your account. It's just a glitch in our system that cut your bonus in half because of these recent withdrawals. I've taken steps to get the additional $100 posted to your cash balance. It should arrive later today or tomorrow.


Barefootgirl
Posts: 2145
Joined: Tue Oct 06, 2009 7:05 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Barefootgirl » Sun Oct 30, 2016 10:09 am


Brokerage bonus program use is the second greatest thing that I have read on this forum.


Wow, no one took you up on this statement.

And the first greatest thing you have read on this forum is...?

Thanks
How many retired people does it take to screw in a lightbulb? Only one, but he takes all day.

User avatar
Earl Lemongrab
Posts: 2448
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Sun Oct 30, 2016 12:05 pm

Barefootgirl wrote:And the first greatest thing you have read on this forum is...?

https://www.bogleheads.org/wiki/After-tax_401(k)

This not only allows me to boost my Roth IRA, but gives me more fuel for (you guessed it) Transfer Bonuses!

Earl
This week's fortune cookie: "The stock market may be your ticket to success." I sure hope so!

tj
Posts: 1898
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj » Sun Nov 06, 2016 2:10 pm

Earl Lemongrab wrote:
harlan247 wrote:Is Fidelity presently offering a bonus for transfering IRA or brokerage accounts to them?
Thanks.

Yes. Fidelity pretty much always has something going. If you look at the message at the start of the thread, I have a link to a good site with bonus offers. Fidelity usually isn't the best, but if you're planning to move there anyway definitely get a bonus.

Earl


Not only does Fidelity always offer something, but they even offer it to add new money to your existing account. I had $150k to invest a few months ago so I did TDA's 100k for $300 and Fidelity's 50k for $200. I had already done Merrill Edge's $500 for $100k and E*Trades $200 for $25k last year. The funny part is that I wanted to just keep my accoutn at Merrill, but I couldn't buy the mutual fund that I wanted at Merrill...so then I started looking around at my options and magically had $500. TDA pays out the bonus almost instantaneously, Fidelity I had to bug them but it came eventually.

I ended up with another $25k to invest a few months after that and figured I might as well open the Scottrade account for the free $100. A warning about Scottrade: they don't let you have dividends automatically swept to a linked checking account. You actually have to go into a branch and request a check to be mailed to your primary address, but reinvesting is free and easy of course. They tell me they will be adding ACH out in 1st Q 2017. The Scottrade bonus posts instantly (I was able to invest the extra $100 with the $25k I ach'd in). I believe the acquisition is going to take some time to complete.

Ron Ronnerson
Posts: 730
Joined: Sat Oct 26, 2013 6:53 pm
Location: Bay Area

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Ron Ronnerson » Sun Nov 06, 2016 3:58 pm

I've got some accounts at Scottrade. Does anyone know if I can transfer them over to TD Ameritrade to collect the bonus prior to the merge? If my accounts are going to be transferred to them eventually anyhow, it would be nice to collect a bonus for it by initiating the transfer myself.

tj
Posts: 1898
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj » Sun Nov 06, 2016 4:55 pm

Ron Ronnerson wrote:I've got some accounts at Scottrade. Does anyone know if I can transfer them over to TD Ameritrade to collect the bonus prior to the merge? If my accounts are going to be transferred to them eventually anyhow, it would be nice to collect a bonus for it by initiating the transfer myself.


Sure, why not? TDA doesn't care where your $$ comes from and as of today, they are still separate and independent companies.

See this announcement:

https://about.scottrade.com/updates/ann ... =964540312

The key words:

For now, nothing changes and no action is needed on your part. It will take 9-12 months for the transactions to close and until then, we will be operating as separate and independent companies.

Ron Ronnerson
Posts: 730
Joined: Sat Oct 26, 2013 6:53 pm
Location: Bay Area

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Ron Ronnerson » Sun Nov 06, 2016 5:18 pm

tj wrote:
Ron Ronnerson wrote:I've got some accounts at Scottrade. Does anyone know if I can transfer them over to TD Ameritrade to collect the bonus prior to the merge? If my accounts are going to be transferred to them eventually anyhow, it would be nice to collect a bonus for it by initiating the transfer myself.


Sure, why not? TDA doesn't care where your $$ comes from and as of today, they are still separate and independent companies.

See this announcement:

https://about.scottrade.com/updates/ann ... =964540312

The key words:

For now, nothing changes and no action is needed on your part. It will take 9-12 months for the transactions to close and until then, we will be operating as separate and independent companies.


Thanks! The info you provided about remaining separate companies for 9-12 months is helpful. I can't transfer for another 4-5 months or I'd lose the bonus Scottrade gave me earlier this year. Looks like I will still have enough time though.

poundwise
Posts: 119
Joined: Wed Apr 06, 2011 1:17 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by poundwise » Sun Nov 06, 2016 5:25 pm

Has anyone had success busting through the $2500 bonus cap for a *single* account? The $3250 referenced before sounds like it crossed several accounts/EINs. Would love to hear which brokerages might do this.

tj
Posts: 1898
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj » Sun Nov 06, 2016 5:25 pm

Ron Ronnerson wrote:
tj wrote:
Ron Ronnerson wrote:I've got some accounts at Scottrade. Does anyone know if I can transfer them over to TD Ameritrade to collect the bonus prior to the merge? If my accounts are going to be transferred to them eventually anyhow, it would be nice to collect a bonus for it by initiating the transfer myself.


Sure, why not? TDA doesn't care where your $$ comes from and as of today, they are still separate and independent companies.

See this announcement:

https://about.scottrade.com/updates/ann ... =964540312

The key words:

For now, nothing changes and no action is needed on your part. It will take 9-12 months for the transactions to close and until then, we will be operating as separate and independent companies.


Thanks! The info you provided about remaining separate companies for 9-12 months is helpful. I can't transfer for another 4-5 months or I'd lose the bonus Scottrade gave me earlier this year. Looks like I will still have enough time though.



No problem! Out of curiosity, did Scottrade have a 12 month holding requirement? I cannot remember! I just opened that one in September, so it sounds like mine will get converted to TDA on it's own before I can do anything with it.

Ron Ronnerson
Posts: 730
Joined: Sat Oct 26, 2013 6:53 pm
Location: Bay Area

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Ron Ronnerson » Sun Nov 06, 2016 5:31 pm

tj wrote:
Ron Ronnerson wrote:
tj wrote:
Ron Ronnerson wrote:I've got some accounts at Scottrade. Does anyone know if I can transfer them over to TD Ameritrade to collect the bonus prior to the merge? If my accounts are going to be transferred to them eventually anyhow, it would be nice to collect a bonus for it by initiating the transfer myself.


Sure, why not? TDA doesn't care where your $$ comes from and as of today, they are still separate and independent companies.

See this announcement:

https://about.scottrade.com/updates/ann ... =964540312

The key words:

For now, nothing changes and no action is needed on your part. It will take 9-12 months for the transactions to close and until then, we will be operating as separate and independent companies.


Thanks! The info you provided about remaining separate companies for 9-12 months is helpful. I can't transfer for another 4-5 months or I'd lose the bonus Scottrade gave me earlier this year. Looks like I will still have enough time though.



No problem! Out of curiosity, did Scottrade have a 12 month holding requirement? I cannot remember! I just opened that one in September, so it sounds like mine will get converted to TDA on it's own before I can do anything with it.


Yes, there was a 12 month holding requirement.

Post Reply