The Final, Definitive Thread on Brokerage Transfer Bonuses

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.
User avatar
whodidntante
Posts: 1676
Joined: Thu Jan 21, 2016 11:11 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby whodidntante » Mon Nov 07, 2016 7:40 am

I recently transferred 106k to TDA and received a bonus based on 100k deposit. Does this mean I can withdraw 6k without losing my bonus?

User avatar
Earl Lemongrab
Posts: 1984
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Mon Nov 07, 2016 10:24 am

whodidntante wrote:I recently transferred 106k to TDA and received a bonus based on 100k deposit. Does this mean I can withdraw 6k without losing my bonus?

Most likely. Was it a cash transfer or in-kind? As you have 100k in the account, you now qualify for "Apex" status. You can ask about that. You get a little better customer service. TDA is generally very responsive to secure messages so you can send a query about that.

Earl
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.

dbr
Posts: 22163
Joined: Sun Mar 04, 2007 9:50 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby dbr » Mon Nov 07, 2016 10:27 am

Earl Lemongrab wrote:
whodidntante wrote:I recently transferred 106k to TDA and received a bonus based on 100k deposit. Does this mean I can withdraw 6k without losing my bonus?

Most likely. Was it a cash transfer or in-kind? As you have 100k in the account, you now qualify for "Apex" status. You can ask about that. You get a little better customer service. TDA is generally very responsive to secure messages so you can send a query about that.

Earl


I would think so also, but there is nothing like being rock solid that no withdrawals have taken place if some sort of mickey mouse goes on with the offer. I would expect TDA to be straight about these things, but how much can $6000 being invested matter one way or the other?

User avatar
whodidntante
Posts: 1676
Joined: Thu Jan 21, 2016 11:11 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby whodidntante » Mon Nov 07, 2016 10:43 am

Earl Lemongrab wrote:
whodidntante wrote:I recently transferred 106k to TDA and received a bonus based on 100k deposit. Does this mean I can withdraw 6k without losing my bonus?

Most likely. Was it a cash transfer or in-kind? As you have 100k in the account, you now qualify for "Apex" status. You can ask about that. You get a little better customer service. TDA is generally very responsive to secure messages so you can send a query about that.

Earl


50k in cash, 56k in-kind. Thanks for the tips.

*3!4!/5!
Posts: 1061
Joined: Fri Sep 02, 2016 1:47 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby *3!4!/5! » Mon Nov 07, 2016 3:05 pm

whodidntante wrote:I recently transferred 106k to TDA and received a bonus based on 100k deposit. Does this mean I can withdraw 6k without losing my bonus?
If you plan to take dividends as cash, and withdraw them, just take that into account if you want to play it safe.

User avatar
Earl Lemongrab
Posts: 1984
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Mon Nov 07, 2016 3:54 pm

whodidntante wrote:50k in cash, 56k in-kind. Thanks for the tips.

They should be able to tell you the credited value of the in-kind assets. Frequently it's the closing price on the day the assets transfer. TDA usually pays the bonus immediately, which is nice as you can see it in your transaction log. I'd check on the value of the in-kind and you should be able to figure out how much of the cash you can withdraw. Shoot them a secure message and they'll likely be able to tell you that.

Earl
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.

User avatar
whodidntante
Posts: 1676
Joined: Thu Jan 21, 2016 11:11 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby whodidntante » Wed Nov 09, 2016 9:02 pm

Earl Lemongrab wrote:
whodidntante wrote:50k in cash, 56k in-kind. Thanks for the tips.

They should be able to tell you the credited value of the in-kind assets. Frequently it's the closing price on the day the assets transfer. TDA usually pays the bonus immediately, which is nice as you can see it in your transaction log. I'd check on the value of the in-kind and you should be able to figure out how much of the cash you can withdraw. Shoot them a secure message and they'll likely be able to tell you that.

Earl


I asked via a secure message and got this reply:

Code: Select all

So if you were to make any withdrawals in the next 12 months that would bring your account below $100,000.00 your $300.00 award would be returned and if you were to make any withdrawals in the next 12 months that would bring your account below $25,000.00 your $100.00 award would be returned.  Any free trades that you used are yours to keep, we would not return the commission dollar amount on any used free trades.


That's not the response I expected, but at least I have it in writing in case they attempt a clawback that doesn't match the above.

*3!4!/5!
Posts: 1061
Joined: Fri Sep 02, 2016 1:47 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby *3!4!/5! » Wed Nov 09, 2016 9:28 pm

whodidntante wrote:
Earl Lemongrab wrote:
whodidntante wrote:50k in cash, 56k in-kind. Thanks for the tips.

They should be able to tell you the credited value of the in-kind assets. Frequently it's the closing price on the day the assets transfer. TDA usually pays the bonus immediately, which is nice as you can see it in your transaction log. I'd check on the value of the in-kind and you should be able to figure out how much of the cash you can withdraw. Shoot them a secure message and they'll likely be able to tell you that.

Earl


I asked via a secure message and got this reply:

Code: Select all

So if you were to make any withdrawals in the next 12 months that would bring your account below $100,000.00 your $300.00 award would be returned and if you were to make any withdrawals in the next 12 months that would bring your account below $25,000.00 your $100.00 award would be returned.  Any free trades that you used are yours to keep, we would not return the commission dollar amount on any used free trades.


That's not the response I expected, but at least I have it in writing in case they attempt a clawback that doesn't match the above.


Hmmm, so what happens if you deposit $106k, it grows to $108k, then you withdraw $7k?

What happens if you deposit $106k, it falls to $104k, then you withdraw $5k?

Different rules interpretations could give different (and opposite) outcomes in these cases. I'm not sure I'd rely on that answer.

Personally I prefer things to happen automatically without having to get into a debate with someone to try to get a bonus honored. That's less hassle and more chance of success. Also, when you are getting the better of banks' generosity, it's better to avoid human eyes.

dbr
Posts: 22163
Joined: Sun Mar 04, 2007 9:50 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby dbr » Thu Nov 10, 2016 9:17 am

I strongly suggest putting the money in and leaving it there rather than trying to play games with the rules. Reading in various boards, etc. would seem to show that the examples of bad experiences involve trying to sail close to the wind around the rules rather than just being satisfied with the benefit.

User avatar
Earl Lemongrab
Posts: 1984
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Thu Nov 10, 2016 10:55 am

Generally speaking, I tend to either move enough in in-kind to cover, or find out exactly how much cash I need to "top up" to the level I need. Either way, I don't mess with taking money out until after the holding period. Just makes it easier on me.

Earl
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.

User avatar
whodidntante
Posts: 1676
Joined: Thu Jan 21, 2016 11:11 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby whodidntante » Thu Nov 10, 2016 2:02 pm

Earl Lemongrab wrote:Generally speaking, I tend to either move enough in in-kind to cover, or find out exactly how much cash I need to "top up" to the level I need. Either way, I don't mess with taking money out until after the holding period. Just makes it easier on me.

Earl


I'll do that in the future. Thanks.

User avatar
whodidntante
Posts: 1676
Joined: Thu Jan 21, 2016 11:11 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby whodidntante » Thu Nov 10, 2016 8:39 pm

For whatever it's worth (maybe nothing) I asked again and TDA dug in on their previous response.

I asked:

Code: Select all

I expected bonus retention would be based on net deposits (deposits - withdrawals) and that those must remain above 100k to keep the bonus.  However, what you've written below indicates that market fluctuation is a factor.  Can you confirm that point for me please?  For example, assume my investments appreciate to 130k.  Could I withdraw 30k in that example while retaining my bonus? 


And got this reply:

Code: Select all

Yes, you are correct, if your account appreciates, you are welcome to withdraw any amount above the initial qualifying deposit, in this case $100,000.00, during the first year and you would still retain the cash award.  And on the other end, if your account value were to drop below the initial qualifying deposit, again in this case $100,000.00, due to market fluctuations, you would still retain the cash award, so the market moving against you wouldn't affect your award, only withdrawals.

User avatar
Earl Lemongrab
Posts: 1984
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Fri Nov 11, 2016 12:13 pm

^^ Good information. I recommend retaining the messages in case there is a question in the future.

Earl
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.

*3!4!/5!
Posts: 1061
Joined: Fri Sep 02, 2016 1:47 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby *3!4!/5! » Fri Nov 11, 2016 12:25 pm

^^ It's still not clear what would happen after a sequence of transactions of various types. It has to be software driven. If you could read the code, you'd know for sure.

dbr
Posts: 22163
Joined: Sun Mar 04, 2007 9:50 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby dbr » Fri Nov 11, 2016 12:26 pm

Earl Lemongrab wrote:^^ Good information. I recommend retaining the messages in case there is a question in the future.

Earl


Assuming they don't say that what the CSR emailed to you was in error and not authorized by policy. However, the explanation seems to be reasonable and does not raise red flags.

User avatar
Earl Lemongrab
Posts: 1984
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Fri Nov 11, 2016 5:56 pm

One bit of anecdotal evidence, years ago I asked about bonuses for accounts I had at TDA. The CSR replied with offers for both the taxable and Roth. When I transferred, only the Roth had a bonus. A query resulted in a statement that only one could be received at that time. When I forwarded the previous message, they then approved the bonus. I am cautiously confident that TDA will stand behind previous statements, but that's not a guarantee.

Earl
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.

User avatar
Earl Lemongrab
Posts: 1984
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Mon Nov 14, 2016 5:06 pm

Earl Lemongrab wrote: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.

It looks like the offer has been extended or renewed through the end of the year.

https://www.merrilledge.com/offers/1000offer

Earl
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.

*3!4!/5!
Posts: 1061
Joined: Fri Sep 02, 2016 1:47 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby *3!4!/5! » Tue Nov 15, 2016 12:12 am

Earl Lemongrab wrote:
Earl Lemongrab wrote: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.
It looks like the offer has been extended or renewed through the end of the year.
https://www.merrilledge.com/offers/1000offer

Hmm I was planning to transfer an IRA next year, after a 2017 contribution would hopefully put the balance above a level. I was thinking the offer would go away and come back early next year. Anyway it seems to come and go, so I'll wait.

User avatar
Earl Lemongrab
Posts: 1984
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Tue Nov 15, 2016 12:48 am

*3!4!/5! wrote:Hmm I was planning to transfer an IRA next year, after a 2017 contribution would hopefully put the balance above a level. I was thinking the offer would go away and come back early next year. Anyway it seems to come and go, so I'll wait.

12/31 is the deadline for opening the account. There's another 45 days to fund it.

Earl
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.

*3!4!/5!
Posts: 1061
Joined: Fri Sep 02, 2016 1:47 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby *3!4!/5! » Tue Nov 15, 2016 2:18 am

Earl Lemongrab wrote:
*3!4!/5! wrote:Hmm I was planning to transfer an IRA next year, after a 2017 contribution would hopefully put the balance above a level. I was thinking the offer would go away and come back early next year. Anyway it seems to come and go, so I'll wait.
12/31 is the deadline for opening the account. There's another 45 days to fund it.

You're absolutely right! Good catch!

blueberry
Posts: 166
Joined: Thu Dec 03, 2015 11:37 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby blueberry » Tue Nov 15, 2016 4:24 pm

I guess this is still in play, extended the date to 3/17, or maybe it did disappear for awhile:

https://www.tdameritrade.com/offer/1000brex/index.html

You need 250k to get the $1000, but 100k will get you $500, not too shabby. This may be for new accounts only. I did like how they almost immediately posted the reward.

-bb

tj
Posts: 1795
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby tj » Tue Nov 15, 2016 9:12 pm

blueberry wrote:I guess this is still in play, extended the date to 3/17, or maybe it did disappear for awhile:

https://www.tdameritrade.com/offer/1000brex/index.html

You need 250k to get the $1000, but 100k will get you $500, not too shabby. This may be for new accounts only. I did like how they almost immediately posted the reward.

-bb



When did thay offer show up? I gave TDA 100k and only received $300. :(

ved
Posts: 579
Joined: Sat Jan 18, 2014 6:56 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby ved » Tue Nov 15, 2016 9:18 pm

What is the consensus on using emergency fund to reach the next threshold for the bonus?
I plan to leave the emergency fund in cash, but will there be temptation to purchase funds/ stocks?

blueberry
Posts: 166
Joined: Thu Dec 03, 2015 11:37 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby blueberry » Tue Nov 15, 2016 10:34 pm

tj wrote:
blueberry wrote:I guess this is still in play, extended the date to 3/17, or maybe it did disappear for awhile:

https://www.tdameritrade.com/offer/1000brex/index.html

You need 250k to get the $1000, but 100k will get you $500, not too shabby. This may be for new accounts only. I did like how they almost immediately posted the reward.

-bb



When did that offer show up? I gave TDA 100k and only received $300. :(


I just noticed it today because I was looking for a deal. The same link last summer had an end date of something like August (it first came out upon brexit hence the link 1000brex). I called them up today and they first described the $300 deal and I said, 'but I have a link....', and they had me email the link to them. Kinda weird. Possible you could send them the link and retroactively get the better offer, wouldn't hurt to try.

Good luck,
-bb

tj
Posts: 1795
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby tj » Tue Nov 15, 2016 10:39 pm

blueberry wrote:
tj wrote:
blueberry wrote:I guess this is still in play, extended the date to 3/17, or maybe it did disappear for awhile:

https://www.tdameritrade.com/offer/1000brex/index.html

You need 250k to get the $1000, but 100k will get you $500, not too shabby. This may be for new accounts only. I did like how they almost immediately posted the reward.

-bb



When did that offer show up? I gave TDA 100k and only received $300. :(


I just noticed it today because I was looking for a deal. The same link last summer had an end date of something like August (it first came out upon brexit hence the link 1000brex). I called them up today and they first described the $300 deal and I said, 'but I have a link....', and they had me email the link to them. Kinda weird. Possible you could send them the link and retroactively get the better offer, wouldn't hurt to try.

Good luck,
-bb


I did send them the link. We'll see what happens. Not expecting it, but I'll take a free $200 for sending them a secure message if they go for it. =D

blueberry
Posts: 166
Joined: Thu Dec 03, 2015 11:37 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby blueberry » Tue Nov 15, 2016 10:44 pm

I was transferring from scottrade to tdamerica today to get a promo bonus so had to ask them, ahem, are you guys one company yet? Nope you can still get bonuses doing transfers between, for maybe a year more they will view each other as competitors, then will have unified accounts.

User avatar
Earl Lemongrab
Posts: 1984
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Wed Nov 16, 2016 12:14 am

tj wrote:
blueberry wrote:I guess this is still in play, extended the date to 3/17, or maybe it did disappear for awhile:

https://www.tdameritrade.com/offer/1000brex/index.html

You need 250k to get the $1000, but 100k will get you $500, not too shabby. This may be for new accounts only. I did like how they almost immediately posted the reward.

When did thay offer show up? I gave TDA 100k and only received $300. :(

It's been going for some time. However, the other offer is still in effect as well. You have to make sure the right offer code is applied to your account.

Earl
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.

User avatar
sperry8
Posts: 1349
Joined: Sat Mar 29, 2008 9:25 pm
Location: Marina del Rey, CA

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby sperry8 » Wed Nov 16, 2016 12:41 am

lemonPepper wrote:
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.


+1. I've been transferring assets from VG to Fidelity in-kind for years and have earned 50k miles on United (2x), AA and Delta over the years. Great way to get something free since the funds I transfer are buy & hold anyway and I just let them sit there at Fidelity.
Certainty is a requirement of ignorance. | Humbling Contest results: | 2016: #121 of 610 | 2015: #18 of 552 | 2014: #225 of 503 | 2013: #383 of 433 | 2012: #366 of 410 | 2011: #113 of 369 | 2010: #53 of 282

User avatar
whodidntante
Posts: 1676
Joined: Thu Jan 21, 2016 11:11 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby whodidntante » Sat Nov 19, 2016 1:13 am

ved wrote:What is the consensus on using emergency fund to reach the next threshold for the bonus?
I plan to leave the emergency fund in cash, but will there be temptation to purchase funds/ stocks?


As long as you accept you'll lose some/all of your bonus if you pull the funds out, go right ahead. It might be possible to put it in a money market fund and get modest dividends.

dbr
Posts: 22163
Joined: Sun Mar 04, 2007 9:50 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby dbr » Sat Nov 19, 2016 10:20 am

ved wrote:What is the consensus on using emergency fund to reach the next threshold for the bonus?
I plan to leave the emergency fund in cash, but will there be temptation to purchase funds/ stocks?


I would not think there would be much at risk there. But why would you think "there will be" a temptation? Temptation arises inside your own head, so you have control of that. If you mean will someone from Fidelity call you and try to sign you up for fund purchases, etc., then I think that is rare, but if it happens just say no. I think they make more money from you if you leave cash there than if you transfer in a Vanguard ETF and never touch it.

User avatar
cookymonster
Posts: 148
Joined: Wed Nov 05, 2014 12:22 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby cookymonster » Fri Nov 25, 2016 8:27 am

Has anyone gotten fees for transfers out reimbursed by Etrade? They're the first so far to refuse this, which would mean I'd only get $495 net of a $600 bonus :? .

I decided to try Etrade since their terms only required keeping the assets in the account for six months, but this is a minor demerit.

User avatar
Earl Lemongrab
Posts: 1984
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Fri Nov 25, 2016 2:30 pm

cookymonster wrote:Has anyone gotten fees for transfers out reimbursed by Etrade?

I had Etrade refuse to add those on my most recent transfer there, but that was on a targeted offer for $500 on a 100k transfer. I didn't really have any other options at the time as I'd just used a similar one at TDA and Merrill Edge only had their lower offer going.

Your only real play is to find another custodian that will match the transfer bonus and include and fees, then go back to Etrade and see how badly they want you.

Earl
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.

tj
Posts: 1795
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby tj » Mon Nov 28, 2016 8:05 pm

tj wrote:
blueberry wrote:
tj wrote:
blueberry wrote:I guess this is still in play, extended the date to 3/17, or maybe it did disappear for awhile:

https://www.tdameritrade.com/offer/1000brex/index.html

You need 250k to get the $1000, but 100k will get you $500, not too shabby. This may be for new accounts only. I did like how they almost immediately posted the reward.

-bb



When did that offer show up? I gave TDA 100k and only received $300. :(


I just noticed it today because I was looking for a deal. The same link last summer had an end date of something like August (it first came out upon brexit hence the link 1000brex). I called them up today and they first described the $300 deal and I said, 'but I have a link....', and they had me email the link to them. Kinda weird. Possible you could send them the link and retroactively get the better offer, wouldn't hurt to try.

Good luck,
-bb


I did send them the link. We'll see what happens. Not expecting it, but I'll take a free $200 for sending them a secure message if they go for it. =D


They declined to match it, said because it's a new offer. Wish I checked here first. Meh.

User avatar
cookymonster
Posts: 148
Joined: Wed Nov 05, 2014 12:22 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby cookymonster » Tue Nov 29, 2016 5:17 pm

Earl Lemongrab wrote:
cookymonster wrote:Has anyone gotten fees for transfers out reimbursed by Etrade?

I had Etrade refuse to add those on my most recent transfer there, but that was on a targeted offer for $500 on a 100k transfer. I didn't really have any other options at the time as I'd just used a similar one at TDA and Merrill Edge only had their lower offer going.

Your only real play is to find another custodian that will match the transfer bonus and include and fees, then go back to Etrade and see how badly they want you.

Earl

Update: My local Etrade rep contacted me to check in and he said they could reimburse up to $100 in transfer fees without any trouble at all - he said no paperwork even required. :sharebeer

User avatar
Earl Lemongrab
Posts: 1984
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Tue Nov 29, 2016 5:29 pm

cookymonster wrote:Update: My local Etrade rep contacted me to check in and he said they could reimburse up to $100 in transfer fees without any trouble at all - he said no paperwork even required. :sharebeer

Good deal. I should have suggested that you ask the rep assigned to you about that.

Earl
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.

lemonPepper
Posts: 86
Joined: Wed Feb 18, 2015 7:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby lemonPepper » Fri Dec 02, 2016 4:39 pm

I went to open teh fidelity account and the offer is not valid for IRAs. I don't have 100k in taxable. So looks like I will have to open with merrill lynch for the promo.

stlutz
Posts: 3747
Joined: Fri Jan 02, 2009 1:08 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby stlutz » Fri Dec 02, 2016 5:33 pm

I went to open teh fidelity account and the offer is not valid for IRAs. I don't have 100k in taxable. So looks like I will have to open with merrill lynch for the promo.


Are you sure? That's not what they are saying.

https://rewards.fidelity.com/offers/depositbonus

User avatar
Earl Lemongrab
Posts: 1984
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Fri Dec 02, 2016 5:38 pm

lemonPepper wrote:I went to open teh fidelity account and the offer is not valid for IRAs. I don't have 100k in taxable. So looks like I will have to open with merrill lynch for the promo.

That's what I was wondering. Which offer are you looking at? That being said, the Merrill offer is better and I would go for that anyway.

Earl
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.

lemonPepper
Posts: 86
Joined: Wed Feb 18, 2015 7:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby lemonPepper » Sat Dec 03, 2016 12:56 pm

I was looking at this one:

https://rewards.fidelity.com/offers/aa

The promotion is not available for the following account types/products: .... retirement accounts, including, among others, Fidelity IRA, Roth IRA, SEP, and SIMPLE accounts; .....


I'm switching jobs and have about 89k with my current employer. I also have an older USAA Roth IRA. I need to do a backdoor Roth for 2016. I'm guessing I should do the backdoor roth right now and roll over the 401k in early 2017. Is it correct that you should not do a roth conversion in the year that you rollover your 401k to an IRA?

User avatar
Earl Lemongrab
Posts: 1984
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Sat Dec 03, 2016 1:19 pm

Ah, airline miles. Yes, I can see how that wouldn't be applicable to IRAs. Is that really a better deal? I never mess with those, particularly with Roths. I want cash and I want it totally tax-free in the Roth.

Regarding Roth conversion, all IRAs that exist at the end of the year of conversion are included in the pro rata calculation. So yes, a rollover would be included. Get a copy of form 8606 and work through an example.

Earl
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.

User avatar
cookymonster
Posts: 148
Joined: Wed Nov 05, 2014 12:22 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby cookymonster » Sat Dec 03, 2016 2:02 pm

Has anyone messed around with the motif offer?

https://www.motifinvesting.com/offers/offer_150trade?refid=402850FOF2978433522178908

$150 for a $2k deposit, but trading fees eat a lot of it up (since only trades of "motifs" qualify for the bonus). I guess it is a decent excuse to set aside some "play money" for those inclined - though I will probably try to just find an okay "index" motif and buy it five times.

User avatar
Earl Lemongrab
Posts: 1984
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Sat Dec 03, 2016 5:01 pm

I sort of looked at it. As far as I can tell, a motif could consist of one ETF, but I am not certain about that. Definitely when minimum transactions are required you need to subtract off the fees. It can still be a good deal, I took the $200 for 2k offer from Tradeking even though three transactions were required. Still worth it for that low of a transfer.

Earl
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.

tj
Posts: 1795
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby tj » Sat Dec 03, 2016 6:36 pm

Earl Lemongrab wrote:I sort of looked at it. As far as I can tell, a motif could consist of one ETF, but I am not certain about that. Definitely when minimum transactions are required you need to subtract off the fees. It can still be a good deal, I took the $200 for 2k offer from Tradeking even though three transactions were required. Still worth it for that low of a transfer.

Earl



Do you have a link to the tradeking?

User avatar
Earl Lemongrab
Posts: 1984
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Sun Dec 04, 2016 1:47 am

tj wrote:Do you have a link to the tradeking?

Unfortunately, it was a relatively short-time offer. They don't have anything comparable now.
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.

User avatar
cookymonster
Posts: 148
Joined: Wed Nov 05, 2014 12:22 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby cookymonster » Fri Dec 16, 2016 10:41 am

So I just got a bonus (from Merrill Edge) into my Roth IRA. I had already put in my max contribution for the year. Can I get in to trouble because the bonus could also be considered a contribution?

I just called another brokerage to ask about their promotion and they said their bonus was considered a contribution, which was the first time I'd been told that.

User avatar
Earl Lemongrab
Posts: 1984
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Fri Dec 16, 2016 11:06 am

cookymonster wrote:So I just got a bonus (from Merrill Edge) into my Roth IRA. I had already put in my max contribution for the year. Can I get in to trouble because the bonus could also be considered a contribution?

It is not reported as a contribution. Look back to my post from August in this thread as to how Merrill reports the bonus for IRAs.

cookymonster wrote:I just called another brokerage to ask about their promotion and they said their bonus was considered a contribution, which was the first time I'd been told that.

Which one? Remember that first-line customer service doesn't always give the right answer to relatively rare questions.
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.

User avatar
cookymonster
Posts: 148
Joined: Wed Nov 05, 2014 12:22 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby cookymonster » Fri Dec 16, 2016 12:11 pm

Earl Lemongrab wrote:
cookymonster wrote:So I just got a bonus (from Merrill Edge) into my Roth IRA. I had already put in my max contribution for the year. Can I get in to trouble because the bonus could also be considered a contribution?

It is not reported as a contribution. Look back to my post from August in this thread as to how Merrill reports the bonus for IRAs.

cookymonster wrote:I just called another brokerage to ask about their promotion and they said their bonus was considered a contribution, which was the first time I'd been told that.

Which one? Remember that first-line customer service doesn't always give the right answer to relatively rare questions.

https://bank.mtb.com/IRA

I was considering this one because they pay out $400 for a $100k transfer, which is the highest I see, but if they report it as a contribution, I may think twice. However, the phone rep informed me that the account only has to be opened there for six months to get it.

User avatar
Earl Lemongrab
Posts: 1984
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Fri Dec 16, 2016 5:19 pm

cookymonster wrote:https://bank.mtb.com/IRA

I was considering this one because they pay out $400 for a $100k transfer, which is the highest I see, but if they report it as a contribution, I may think twice. However, the phone rep informed me that the account only has to be opened there for six months to get it.

Yeah, they say that on the web page as well. I looked at that one some time back and dismissed it for that reason. You'll have to decide whether it's worth it to you.
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.

David Scubadiver
Posts: 237
Joined: Thu Mar 24, 2016 8:40 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby David Scubadiver » Sun Dec 18, 2016 10:17 am

The first time I did this was before brokerages were required to keep track of the basis. That created such a headache because the account was closed and I didn't have access to statements. And in any case it was a huge pain and left a bad taste in my mouth. Looks like I have e to try it again.

E*TRADE charges me $5 a trade so I don't wish to have that account closed for fear of being unable to continue with that commission schedule.

But maybe fee trades beats $5 trades. Thinking of asking my account rep what can be done for me to leave things as they are rather than move to ME.

User avatar
Earl Lemongrab
Posts: 1984
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Sun Dec 18, 2016 10:42 am

Most custodians allow accounts to stay open with a nominal amount of money, $5 or so. Scottrade required a fairly high amount, like $2500 or so, essentially forcing a total transfer.

I rarely pay any commissions on ETF transactions, so if that is a primary driver and you're making a lot of trades I wouldn't go for $5, but rather free like Merrill Edge or the extensive list at TD Ameritrade.
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.


Return to “Investing - Theory, News & General”

Who is online

Users browsing this forum: Alan S., Baldrekr, HomerJ, hoops777, Salmon and 74 guests