The Final, Definitive Thread on Brokerage Transfer Bonuses

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

Post by SlowMovingInvestor » Thu Oct 05, 2017 7:05 pm

Earl Lemongrab wrote:
Tue Oct 03, 2017 1:37 pm
SlowMovingInvestor wrote:
Tue Oct 03, 2017 1:17 pm
is TDAM giving an cash for transfers to an existing account right now ? I have a small account in another brokerage that I want to transfer over (possibly topped with some cash to reach a threshold). I can only find pages about opening new accounts in TDAM.
I usually just open a new account when it says that. No real problem. You can always contact them and see if they will code the current account for a bonus.

Their standard offer is available:

https://www.tdameritrade.com/specialoffer.page

Their best offer doesn't seem to be active right now, or they haven't updated the offer page, as it says open by 9/30:

https://www.tdameritrade.com/offer/for90days/index.html
The only negative with opening a new account is that they send you another 1099 for that yearly. A very minor hassle, but stll a hassle. I did ask them about coding the current account, but didn't get a good answer. I wonder if it's worth visiting a branch office to see if they'll give a bonus for transfers to an existing account.

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

Post by whodidntante » Thu Oct 05, 2017 7:30 pm

whodidntante wrote:
Mon Oct 02, 2017 5:24 pm
tj wrote:
Sun Oct 01, 2017 10:21 pm
whodidntante wrote:
Sun Oct 01, 2017 10:06 pm
Thanks EL. I just initiated a transfer of 100k to Merrill Edge and I should get $500 and the highest preferred rewards tier out of it. I have another 80k that is waiting for a good offer someplace, mostly likely a 50k offer. Q4 should bring something.
Consider both a $50k and a $25k offer. ETrade offers $200 for $25k which is more lucrative than anyone else.
$200 for 25k is generous, thanks for the tip.
I opened this one today.

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

Post by learning_head » Thu Oct 05, 2017 9:50 pm

SlowMovingInvestor wrote:
Thu Oct 05, 2017 7:05 pm
Earl Lemongrab wrote:
Tue Oct 03, 2017 1:37 pm
SlowMovingInvestor wrote:
Tue Oct 03, 2017 1:17 pm
is TDAM giving an cash for transfers to an existing account right now ? I have a small account in another brokerage that I want to transfer over (possibly topped with some cash to reach a threshold). I can only find pages about opening new accounts in TDAM.
I usually just open a new account when it says that. No real problem. You can always contact them and see if they will code the current account for a bonus.

Their standard offer is available:

https://www.tdameritrade.com/specialoffer.page

Their best offer doesn't seem to be active right now, or they haven't updated the offer page, as it says open by 9/30:

https://www.tdameritrade.com/offer/for90days/index.html
The only negative with opening a new account is that they send you another 1099 for that yearly. A very minor hassle, but stll a hassle. I did ask them about coding the current account, but didn't get a good answer. I wonder if it's worth visiting a branch office to see if they'll give a bonus for transfers to an existing account.
TDAM requires you hold the funds there for a year normally. Else, they claw back the bonus.

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

Post by tj » Fri Oct 06, 2017 12:12 am

whodidntante wrote:
Thu Oct 05, 2017 7:30 pm
whodidntante wrote:
Mon Oct 02, 2017 5:24 pm
tj wrote:
Sun Oct 01, 2017 10:21 pm
whodidntante wrote:
Sun Oct 01, 2017 10:06 pm
Thanks EL. I just initiated a transfer of 100k to Merrill Edge and I should get $500 and the highest preferred rewards tier out of it. I have another 80k that is waiting for a good offer someplace, mostly likely a 50k offer. Q4 should bring something.
Consider both a $50k and a $25k offer. ETrade offers $200 for $25k which is more lucrative than anyone else.
$200 for 25k is generous, thanks for the tip.
I opened this one today.
I did a few weeks ago. It's my 2nd Etrade account. Hopefully it shows up. I don't remember how long it took to post last time around.

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Fri Oct 06, 2017 9:55 am

SlowMovingInvestor wrote:
Thu Oct 05, 2017 7:03 pm
Does Fidelity have any bonuses in the third quarter (other than the largely useless 500 trades free bonus) ? I looked on their site, but didn't find anything. I used to particularly like their mileage bonuses, but those vanished at the end of March.
Fidelity seems to be out of the public bonus game at this time. You can always call and see if there is anything they can do, but I haven't heard of anyone successful at that.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Fri Oct 06, 2017 11:33 pm

I just took a look at TD Ameritrade's offer for $1000 on 250k, and they have renewed it to run through the end of the year:

https://www.tdameritrade.com/offer/for90days/index.html
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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

Post by poundwise » Mon Oct 09, 2017 5:19 pm

From the comments, it looks like in many cases brokerages are willing to offer bonuses beyond those that are publicly listed. Has anyone managed to get a bonus beyond the "$2500 for 1M," which is where public offers typically max out?

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

Post by student » Mon Oct 09, 2017 7:23 pm

student wrote:
Thu Aug 03, 2017 7:14 am
student wrote:In an effort to get bonuses, I opened an account with etrade today. However, my experience so far is negative. During the account opening process, I was ask to set up an external account. I set up my checking account. Afterwards, I decided to add my online savings account. It says for new customer, I have to wait 60 days for my protection. I chatted with them and the CS person said this is policy. I complained about there was no warning at the initial page. Well, most of my money is with the online savings account. I guess I need to do a 2-step process to go from online savings to checking to etrade. I wasn't happy but I can tolerate it. Since I was chatting with him, I asked him about the bonuses. He said there was no promotion that I was enrolled in. I complained and he said he would submit the request. I told him that I will wait a week and check back to see whether the promotion is in place before I transfer the money. Not impressed.
Update: I received an email this morning about enrollment of the promotion.
Update: The promotion states a) Deposit cash or securities from any external account. b) Get rewarded based on net deposits made within 45 days of account opening. c) Your cash credit will be posted to your account at the end of the 45-day period.

At the end of the 45-day period, I did not receive the promised bonus. I called to inquire, the representative told me that it takes 60 days and I just reached the threshold, and he said it will be deposited within a week. I told him that this is not what the promotions says but it is ok as long as it is deposited in a week. It was deposited the next day.

So my overall experience is not positive. I will probably close this account and consolidate elsewhere.

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

Post by reallyconfused » Thu Oct 12, 2017 7:19 pm

Am incorrect in that these bonuses do not apply to 401k rollovers? I think the TD Ameritrade offer specifally states that rollovers are not permitted.

Thanks,
RC

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

Post by pre » Thu Oct 12, 2017 7:32 pm

reallyconfused wrote:
Thu Oct 12, 2017 7:19 pm
Am incorrect in that these bonuses do not apply to 401k rollovers? I think the TD Ameritrade offer specifally states that rollovers are not permitted.

Thanks,
RC
Assuming you mean the IRA transfer, not the act of rolling over a 401k to an IRA itself? Sounds strange TDA would not allow it, as it's basically a TIRA... For example, Merrill Edge's offer explicitly says rollover IRAs are allowed.

If want to be safe, maybe just do the rollover at the current 401k custodian to an IRA, then transfer that for the bonus qualification? I did that myself for a Fidelity account, took two days, then transferred it to a TDA TIRA

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

Post by rrppve » Thu Oct 12, 2017 11:27 pm

Earl Lemongrab wrote:
Fri Oct 06, 2017 9:55 am
SlowMovingInvestor wrote:
Thu Oct 05, 2017 7:03 pm
Does Fidelity have any bonuses in the third quarter (other than the largely useless 500 trades free bonus) ? I looked on their site, but didn't find anything. I used to particularly like their mileage bonuses, but those vanished at the end of March.
Fidelity seems to be out of the public bonus game at this time. You can always call and see if there is anything they can do, but I haven't heard of anyone successful at that.
Fidelity will match someone else's transfer bonus once a year as a retention deal. I just did this with a TD Ameritrade match. Just took a phone call. Best deal around as you don't have to move any money.

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

Post by pre » Thu Oct 12, 2017 11:42 pm

rrppve wrote:
Thu Oct 12, 2017 11:27 pm
Earl Lemongrab wrote:
Fri Oct 06, 2017 9:55 am
SlowMovingInvestor wrote:
Thu Oct 05, 2017 7:03 pm
Does Fidelity have any bonuses in the third quarter (other than the largely useless 500 trades free bonus) ? I looked on their site, but didn't find anything. I used to particularly like their mileage bonuses, but those vanished at the end of March.
Fidelity seems to be out of the public bonus game at this time. You can always call and see if there is anything they can do, but I haven't heard of anyone successful at that.
Fidelity will match someone else's transfer bonus once a year as a retention deal. I just did this with a TD Ameritrade match. Just took a phone call. Best deal around as you don't have to move any money.
Great to hear, mind sharing what tiers/buckets they match for? For example, $500 for $100k / $1k for $250k? Or the standard $600 for $250k / $1200 for $500k / $2.5k for $1M?

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Fri Oct 13, 2017 12:02 am

reallyconfused wrote:
Thu Oct 12, 2017 7:19 pm
Am incorrect in that these bonuses do not apply to 401k rollovers? I think the TD Ameritrade offer specifally states that rollovers are not permitted.
You'll need to provide the specific language you want clarification on. In general, rollovers from 401(k) to IRAs are eligible for bonuses, although some except ones from plans that they administer.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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

Post by BashDash » Fri Oct 13, 2017 1:24 pm

Is the Merril Edge bonus a "one time" bonus? I have been happy there but was thinking of bringing 100k to tdameritrade for their 500 bonus to take advantage of their commission free ETF trades. Was wondering if I can keep switching back and forth from Merril to TD?

I emailed my Merril rep for a retention bonus and heard nothing although I was not surprised.


Thanks!

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Fri Oct 13, 2017 1:55 pm

BashDash wrote:
Fri Oct 13, 2017 1:24 pm
Is the Merril Edge bonus a "one time" bonus? I have been happy there but was thinking of bringing 100k to tdameritrade for their 500 bonus to take advantage of their commission free ETF trades. Was wondering if I can keep switching back and forth from Merril to TD?

I emailed my Merril rep for a retention bonus and heard nothing although I was not surprised.
I have had multiple bonuses from Merrill Edge.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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

Post by rrppve » Fri Oct 13, 2017 2:55 pm

pre wrote:
Thu Oct 12, 2017 11:42 pm
rrppve wrote:
Thu Oct 12, 2017 11:27 pm
Earl Lemongrab wrote:
Fri Oct 06, 2017 9:55 am
SlowMovingInvestor wrote:
Thu Oct 05, 2017 7:03 pm
Does Fidelity have any bonuses in the third quarter (other than the largely useless 500 trades free bonus) ? I looked on their site, but didn't find anything. I used to particularly like their mileage bonuses, but those vanished at the end of March.
Fidelity seems to be out of the public bonus game at this time. You can always call and see if there is anything they can do, but I haven't heard of anyone successful at that.
Fidelity will match someone else's transfer bonus once a year as a retention deal. I just did this with a TD Ameritrade match. Just took a phone call. Best deal around as you don't have to move any money.
Great to hear, mind sharing what tiers/buckets they match for? For example, $500 for $100k / $1k for $250k? Or the standard $600 for $250k / $1200 for $500k / $2.5k for $1M?
They match whichever level you qualify for in the current version of the competitive promotion. You may need to send a link or copy of the competitive offer. They will not count 401(k) but do count IRAs.
I've found Fidelity customer service to be very good. Vastly superior to Vanguard.

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

Post by SlowMovingInvestor » Fri Oct 13, 2017 4:03 pm

FYI, I poked around a little bit at Fido and one rep said to me that there was a bonus available for bringing in $1M+ of new funds.

I didn't try asking around for retention bonuses.

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

Post by SlowMovingInvestor » Fri Oct 13, 2017 4:05 pm

So far, I've done the bonus game with IRAs only.

I'm a little reluctant to transfer taxable accounts because I'm concerned the tax basis may not transfer over properly. Am I just being paranoid ?

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

Post by pre » Fri Oct 13, 2017 4:34 pm

rrppve wrote:
Fri Oct 13, 2017 2:55 pm
pre wrote:
Thu Oct 12, 2017 11:42 pm
rrppve wrote:
Thu Oct 12, 2017 11:27 pm
Earl Lemongrab wrote:
Fri Oct 06, 2017 9:55 am
SlowMovingInvestor wrote:
Thu Oct 05, 2017 7:03 pm
Does Fidelity have any bonuses in the third quarter (other than the largely useless 500 trades free bonus) ? I looked on their site, but didn't find anything. I used to particularly like their mileage bonuses, but those vanished at the end of March.
Fidelity seems to be out of the public bonus game at this time. You can always call and see if there is anything they can do, but I haven't heard of anyone successful at that.
Fidelity will match someone else's transfer bonus once a year as a retention deal. I just did this with a TD Ameritrade match. Just took a phone call. Best deal around as you don't have to move any money.
Great to hear, mind sharing what tiers/buckets they match for? For example, $500 for $100k / $1k for $250k? Or the standard $600 for $250k / $1200 for $500k / $2.5k for $1M?
They match whichever level you qualify for in the current version of the competitive promotion. You may need to send a link or copy of the competitive offer. They will not count 401(k) but do count IRAs.
I've found Fidelity customer service to be very good. Vastly superior to Vanguard.
Thanks, good to learn. I've found their service courteous and professional, but they've yet to match an offer for me, whether retention or incoming funds -- I recall for 2-3 years, their marketing/back office didn't even call me back. Even when they had cash offers, they refused to even match TDA/Etrade/whomever

Did you call a specific department? Maybe that's the trick...

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Fri Oct 13, 2017 4:46 pm

SlowMovingInvestor wrote:
Fri Oct 13, 2017 4:05 pm
So far, I've done the bonus game with IRAs only.

I'm a little reluctant to transfer taxable accounts because I'm concerned the tax basis may not transfer over properly. Am I just being paranoid ?
I have never had a problem. It takes a while to catch up, but gets there eventually. If you're worried, there's always an account view for the basis which you can record before transfer.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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

Post by rrppve » Fri Oct 13, 2017 7:38 pm

pre wrote:
Fri Oct 13, 2017 4:34 pm
rrppve wrote:
Fri Oct 13, 2017 2:55 pm
pre wrote:
Thu Oct 12, 2017 11:42 pm
rrppve wrote:
Thu Oct 12, 2017 11:27 pm
Earl Lemongrab wrote:
Fri Oct 06, 2017 9:55 am

Fidelity seems to be out of the public bonus game at this time. You can always call and see if there is anything they can do, but I haven't heard of anyone successful at that.
Fidelity will match someone else's transfer bonus once a year as a retention deal. I just did this with a TD Ameritrade match. Just took a phone call. Best deal around as you don't have to move any money.
Great to hear, mind sharing what tiers/buckets they match for? For example, $500 for $100k / $1k for $250k? Or the standard $600 for $250k / $1200 for $500k / $2.5k for $1M?
They match whichever level you qualify for in the current version of the competitive promotion. You may need to send a link or copy of the competitive offer. They will not count 401(k) but do count IRAs.
I've found Fidelity customer service to be very good. Vastly superior to Vanguard.
Thanks, good to learn. I've found their service courteous and professional, but they've yet to match an offer for me, whether retention or incoming funds -- I recall for 2-3 years, their marketing/back office didn't even call me back. Even when they had cash offers, they refused to even match TDA/Etrade/whomever

Did you call a specific department? Maybe that's the trick...
Probably helps that I'm a "Preferred Client." Have a guy in the local office who looks after me. Either call the Preferred Client guys or the Active Trader Services people. Either should be able to help you out.

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

Post by SlowMovingInvestor » Fri Oct 13, 2017 7:53 pm

rrppve wrote:
Fri Oct 13, 2017 7:38 pm
pre wrote:
Fri Oct 13, 2017 4:34 pm

Thanks, good to learn. I've found their service courteous and professional, but they've yet to match an offer for me, whether retention or incoming funds -- I recall for 2-3 years, their marketing/back office didn't even call me back. Even when they had cash offers, they refused to even match TDA/Etrade/whomever

Did you call a specific department? Maybe that's the trick...
Probably helps that I'm a "Preferred Client." Have a guy in the local office who looks after me. Either call the Preferred Client guys or the Active Trader Services people. Either should be able to help you out.

Do you mean Private or Preferred ? I'm a Fido 'Private Client' (technically executive services, which is supposedly even more rarified than Private Client), but I doubt I make much money for them, since I trade very little, and it's mostly commission free ETFs, and Fido funds/ETFs that I hold are very low cost index. I was told no bonuses available 3 months back, now a $1M transfer was mentioned.

I know that current CRM systems can often be setup to compute 'value' of a customer, so possibly Fidelity uses those to decide whether to offer a bonus.

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

Post by rrppve » Sat Oct 14, 2017 1:31 am

Call your designated contact in the local branch. They want to keep your money there. I've never done it through the nationwide call in lines. The local reps make it happen.

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

Post by whodidntante » Thu Oct 19, 2017 12:43 pm

I have around 60k between Fidelity and TDA that can be rehomed for a bonus. That's what is left after taking advantage of offers at ETrade and Merrill Edge. I was hoping to see a good public offer come up at Q4 but so far it's been pretty dry. Does anyone know of a good bonus for > 50k taxable?

I was looking at the Schwab deal that EL posted, but it appears targeted for "stock plan" participants so I'm not sure it will work. Did anyone try it?

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

Post by SlowMovingInvestor » Thu Oct 19, 2017 5:49 pm

Thinking of transferring some assets out of VG. Most of my asset at Vanguard are in Admiral funds, with some ETFs. So it seems the steps I should follow are

1)Ask Vanguard to convert Admiral funds to ETFs, check cost basis after conversion.
2) Open New account, transfer ETFs there with a partial transfer, check cost basis after transfer.

if there is a cost basis mixup somewhere (especially on step 2 where 2 firms are involved), how hard might be to redress and what proof would I need ? Old cost basis screen dumps ?

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

Post by whodidntante » Fri Oct 20, 2017 5:22 pm

whodidntante wrote:
Thu Oct 19, 2017 12:43 pm
I have around 60k between Fidelity and TDA that can be rehomed for a bonus. That's what is left after taking advantage of offers at ETrade and Merrill Edge. I was hoping to see a good public offer come up at Q4 but so far it's been pretty dry. Does anyone know of a good bonus for > 50k taxable?

I was looking at the Schwab deal that EL posted, but it appears targeted for "stock plan" participants so I'm not sure it will work. Did anyone try it?
I decided to be the data point I want to see. I called Schwab today and it looks this deal is a no go. YMMV. The best offer they made was $100 for a referral bonus, which I believe is available publicly.

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

Post by whodidntante » Fri Oct 20, 2017 5:25 pm

SlowMovingInvestor wrote:
Thu Oct 19, 2017 5:49 pm
Thinking of transferring some assets out of VG. Most of my asset at Vanguard are in Admiral funds, with some ETFs. So it seems the steps I should follow are

1)Ask Vanguard to convert Admiral funds to ETFs, check cost basis after conversion.
2) Open New account, transfer ETFs there with a partial transfer, check cost basis after transfer.

if there is a cost basis mixup somewhere (especially on step 2 where 2 firms are involved), how hard might be to redress and what proof would I need ? Old cost basis screen dumps ?
1) Yes.
2) Yes. Be aware that the cost basis doesn't necessarily transfer right away. Don't be alarmed if it takes a few extra days.

Taking screen dumps and saving trade confirmations is good, but you probably won't need it. I think the trade confirmations would be definitive but I guess it depends on what your IRS auditor thinks.

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Fri Oct 20, 2017 6:42 pm

Now that covered shares are in effect, I think they have to be much more conscientious about correctly transferring the basis for those.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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

Post by SlowMovingInvestor » Fri Oct 20, 2017 7:02 pm

whodidntante wrote:
Fri Oct 20, 2017 5:25 pm
SlowMovingInvestor wrote:
Thu Oct 19, 2017 5:49 pm
Thinking of transferring some assets out of VG. Most of my asset at Vanguard are in Admiral funds, with some ETFs. So it seems the steps I should follow are

1)Ask Vanguard to convert Admiral funds to ETFs, check cost basis after conversion.
2) Open New account, transfer ETFs there with a partial transfer, check cost basis after transfer.

if there is a cost basis mixup somewhere (especially on step 2 where 2 firms are involved), how hard might be to redress and what proof would I need ? Old cost basis screen dumps ?
1) Yes.
2) Yes. Be aware that the cost basis doesn't necessarily transfer right away. Don't be alarmed if it takes a few extra days.

Taking screen dumps and saving trade confirmations is good, but you probably won't need it. I think the trade confirmations would be definitive but I guess it depends on what your IRS auditor thinks.
As it happens, I don't actually have trade confirmations for most of my older VG purchases. I suppose I could resurrect them by going through all old statements, but I am largely going by VG's reported cost basis. I think that should be sufficient for an audit, if that ever happened.

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

Post by SlowMovingInvestor » Fri Oct 20, 2017 7:20 pm

Earl Lemongrab wrote:
Fri Oct 20, 2017 6:42 pm
Now that covered shares are in effect, I think they have to be much more conscientious about correctly transferring the basis for those.
Do they transfer 'non covered' stuff properly too ? My older VG holdings are non-covered. I'm assuming all lots would transfer properly.

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Sat Oct 21, 2017 12:01 am

SlowMovingInvestor wrote:
Fri Oct 20, 2017 7:20 pm
Earl Lemongrab wrote:
Fri Oct 20, 2017 6:42 pm
Now that covered shares are in effect, I think they have to be much more conscientious about correctly transferring the basis for those.
Do they transfer 'non covered' stuff properly too ? My older VG holdings are non-covered. I'm assuming all lots would transfer properly.
I haven't had any problems, but I always take the information first. With non-covered, you're responsible for reporting. Most custodians have an account view for basis information that can be downloaded.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

David Scubadiver
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by David Scubadiver » Sat Oct 21, 2017 7:46 am

Whatever the Merrill Edge bonus, it is worth it just to get the 2.625% cash back on their Travel Rewards card and the free trades if you transfer a large enough balance. Heck, I even get a free small safe deposit box at my local BOA branch.

To earn 1,000 cash back I need to charge $38,095. I need to then have $1,000 of travel expenses to redeem it against and I use my metro card to absorb that easily.

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Mon Oct 23, 2017 5:08 pm

We spend a lot of time on the higher-end bonuses. However, some people aren't at that stage but might want something. Or someone has a small amount that they don't mind having in a separate account. So here's information on bonuses down at 25k or less. Some include introductory free trades, and that's noted where it's on the offer. You can always ask others. Unless noted, the offers don't mention covering transfer fees, but many will. Again, ask. You can also ask to see if they will match a better offer. The retention periods aren't listed here, but they vary significantly, so check the terms.

Capital One. They have lowest minimums that will get bonuses.
$5,000 for a $50 bonus
$15,000 for a $100 bonus.
https://content.capitaloneinvesting.com ... rcomm/odm/

Ally Invest. Known as a discount banking firm, they bought TradeKing to get into the brokerage business.
25k for a $100 bonus OR free trades for 90 days (up to 500).
They will also cover up to $150 in transfer fees, which can be important for smaller transfers.
https://go.ally.com/invest/tradeoffers/

TD Ameritrade. There's been a lot going on about the changes to the commission-free list, but they're still in the bonus game.
4k for 90 days of commission-free trades (up to 300).
25k for a $100 bonus
https://www.tdameritrade.com/offer/for90days/index.html

Merrill Edge. At less than 50k, you won't qualify for the Preferred Rewards free trades unless you have other assets. They tend to have slightly smaller amounts needed for the tiers. The "enhanced" offer doesn't usually affect the lowest tier.
20k for a $100 bonus.
90 days of free trade (up to 300).
https://www.merrilledge.com/cmaoffer

Etrade. They have the best bonus for 25k.
10k for 60 days of free trades (up to 500)
25k for a $200 bonus.
https://us.etrade.com/what-we-offer/our-accounts/

First Trade.
2k for 60 days of free trades (up to 500).
25k for a $100 bonus
https://www.firstrade.com/landing/en-us ... conditions
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SlowMovingInvestor
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Mon Oct 23, 2017 7:18 pm

I'm thinking of signing up for a TDAM bonus, but I'd prefer to defer the bonus (or as much as possible) to next year for tax reasons. Does it take TDAM 60 days to give the bonus, or do they do it immediately once the account is funded ?

Also, if you signup for (say) a $100K+ required balance TDAM bonus, and put in 50K right then, then 50K after 45 days (but within the funding period), do you get the bonus at the end of the 60 day period, or do you get a 50K level bonus immediately, and then the remaining after the other 50K comes in ?

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

Post by pre » Mon Oct 23, 2017 7:39 pm

SlowMovingInvestor wrote:
Mon Oct 23, 2017 7:18 pm
I'm thinking of signing up for a TDAM bonus, but I'd prefer to defer the bonus (or as much as possible) to next year for tax reasons. Does it take TDAM 60 days to give the bonus, or do they do it immediately once the account is funded ?

Also, if you signup for (say) a $100K+ required balance TDAM bonus, and put in 50K right then, then 50K after 45 days (but within the funding period), do you get the bonus at the end of the 60 day period, or do you get a 50K level bonus immediately, and then the remaining after the other 50K comes in ?
From my experience with three TDA transfers this year, they credited the bonus within a day or two of the new funds' arrival.

Two of those three were consolidations of multiple external accounts that, cumulatively, bumped me up into a higher bonus tier -- the first account, my two transfers were about two weeks apart and they only rewarded one bonus, but didn't credit the rest. About a month later, I contacted my local office and they fixed it within a few days. My second account, the funds transferred in about a week apart, and the bonus was credited a day after each transfer.

I'd just take a screenshot of the offer code/application, just in case. I've been very pleased with TDA's service

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Mon Oct 23, 2017 8:03 pm

Right. TDA does it differently than most o the others, which wait until the end of the funding period to credit the bonus. With TDA, the bonus will post almost immediately. You'll need to wait until after January 1 to make sure. You can sign up before that of course.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante » Mon Oct 23, 2017 9:54 pm

Earl Lemongrab wrote:
Mon Oct 23, 2017 5:08 pm
We spend a lot of time on the higher-end bonuses. However, some people aren't at that stage but might want something. Or someone has a small amount that they don't mind having in a separate account. So here's information on bonuses down at 25k or less.
On the small end, I don't know of anything better than Schwab. $100 for a $1,000 deposit.
http://www.schwab.com/public/schwab/nn/ ... spect.html
Last edited by whodidntante on Mon Oct 23, 2017 11:32 pm, edited 1 time in total.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Mon Oct 23, 2017 11:19 pm

^^ Good info. As I understand it, Schwab is firm on that "new" business, so it isn't just a matter of opening a new account. I don't know if they look back to see if you ever had an account.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Tue Oct 24, 2017 10:08 am

If you open a new Merill Edge account, is it normal/common to get any targeted offers for opening a BoA account too ?

I know that BoA typically has targeted $100/$300 bonuses for new checking accounts, and I figure that if I'm opening a BoA account with a ME account, might as well get a targeted bonus.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by rongos » Tue Oct 24, 2017 6:56 pm

At Merrill Edge, is a Roth IRA different from a Traditional IRA for the purpose of earning the bonus?

In other words, if I already have one type of IRA, will I earn a bonus for opening the other type?

I know I could ask Merrill, but I trust you guys more than a customer service representative. Thanks!

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by beehappy » Tue Oct 24, 2017 7:18 pm

SlowMovingInvestor wrote:
Tue Oct 24, 2017 10:08 am
If you open a new Merill Edge account, is it normal/common to get any targeted offers for opening a BoA account too ?

I know that BoA typically has targeted $100/$300 bonuses for new checking accounts, and I figure that if I'm opening a BoA account with a ME account, might as well get a targeted bonus.
My BofA accounted predated my ME account so I can't speak to targeted offers. But it wouldn't hurt to ask your transfer agent about further incentives. BofA has decent bonuses for their credit cards. The Premium card essentially gives you $500 bonus for $3k spend rewards ranging from 3.5% to 2.625% if you qualify for platinum honors (though it has the $95 annual fee). Do the math, but qualifying for platinum honors may be more valuable to you than waiting around for new account offers

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Tue Oct 24, 2017 7:19 pm

rongos wrote:
Tue Oct 24, 2017 6:56 pm
At Merrill Edge, is a Roth IRA different from a Traditional IRA for the purpose of earning the bonus?

In other words, if I already have one type of IRA, will I earn a bonus for opening the other type?

I know I could ask Merrill, but I trust you guys more than a customer service representative. Thanks!
It should be fine. They seem to be pretty open to bonuses for new money regardless of past history. I'd give it a go.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Wed Oct 25, 2017 9:03 am

beehappy wrote:
Tue Oct 24, 2017 7:18 pm
SlowMovingInvestor wrote:
Tue Oct 24, 2017 10:08 am
If you open a new Merill Edge account, is it normal/common to get any targeted offers for opening a BoA account too ?

I know that BoA typically has targeted $100/$300 bonuses for new checking accounts, and I figure that if I'm opening a BoA account with a ME account, might as well get a targeted bonus.
My BofA accounted predated my ME account so I can't speak to targeted offers. But it wouldn't hurt to ask your transfer agent about further incentives. BofA has decent bonuses for their credit cards. The Premium card essentially gives you $500 bonus for $3k spend rewards ranging from 3.5% to 2.625% if you qualify for platinum honors (though it has the $95 annual fee). Do the math, but qualifying for platinum honors may be more valuable to you than waiting around for new account offers
Thanks, but I've frozen my credit report, so not trivial to get a new credit card. Also, I really prefer points that can be transferred directly to airline/hotels (like Chase or Amex points), because that allows you to use 'Saver' rewards (which work out better for me).

I did get a voice mail from someone in ME when I set the account up, but I didn't call back, and don't remember the name that was left. Would ME normally just designate someone from the nearest office (which could be a BoA branch) to be my contact ?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by mpguy34 » Wed Oct 25, 2017 9:35 am

I have 200k in my tda taxable account . I was considering transferring to Merrill Edge for the 600 bonus . Do you think if I called tda and said I was considering moving the funds they would offer a matching retention bonus ? I’d rather do that than leave if they offer it.
Last edited by mpguy34 on Sat Oct 28, 2017 3:14 pm, edited 1 time in total.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Wed Oct 25, 2017 10:29 am

SlowMovingInvestor wrote:
Wed Oct 25, 2017 9:03 am
I did get a voice mail from someone in ME when I set the account up, but I didn't call back, and don't remember the name that was left. Would ME normally just designate someone from the nearest office (which could be a BoA branch) to be my contact ?
That is common. It's a good resource if you want things like fee reimbursement.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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

Post by SlowMovingInvestor » Thu Oct 26, 2017 1:17 pm

Earl Lemongrab wrote:
Wed Oct 25, 2017 10:29 am
SlowMovingInvestor wrote:
Wed Oct 25, 2017 9:03 am
I did get a voice mail from someone in ME when I set the account up, but I didn't call back, and don't remember the name that was left. Would ME normally just designate someone from the nearest office (which could be a BoA branch) to be my contact ?
That is common. It's a good resource if you want things like fee reimbursement.
I managed to find the voicemail, and the person ME assigned to 'onboard' me is literally at the other end of the country. Seems non optimal to me :)

BTW, it does seem like ME is slower at responding to secure messages on their site than other brokerages (even for simple requests).

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Thu Oct 26, 2017 1:26 pm

SlowMovingInvestor wrote:
Thu Oct 26, 2017 1:17 pm

I managed to find the voicemail, and the person ME assigned to 'onboard' me is literally at the other end of the country. Seems non optimal to me :)
I try to do everything by email, so I don't much care where the person is. For phone contact, someone on the west coast would be better as they'd more likely be in the office when I got home from work.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Mon Oct 30, 2017 10:52 am

I talked to someone at TDAM about bonuses. The person didn't seem to know about this promotion (the best offer that I can find),


https://www.tdameritrade.com/offer/for90days/index.html

Instead he referred to some promotion that would get me Apple Gift Cards (which I was not interested in).

I could still open the promotion above online, but I was hoping I could get TDAM to code an existing account for the bonus. It doesn't seem like their is a way to do that.

Does anyone know if its possible to merge 2 TDAM accounts of the same type and ownership into 1 later on , so as to avoid getting 2 1099-INTs ?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Thu Nov 02, 2017 7:54 pm

What happens to fractional ETFs during an interbrokerage transfer (specifically a transfer out of Vanguard) ? Are we required to sell before, or are the fractional amounts liquidated automatically ? And if so is there an actual market for fractional ETFs (done through VBS) ?

Also, what about shares ? I have some fractional shares at a firm as a result of DRIPs. Is there a market for those (it is a highly traded stock in general).

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Chuffly » Fri Nov 03, 2017 12:51 am

SlowMovingInvestor wrote:
Thu Nov 02, 2017 7:54 pm
What happens to fractional ETFs during an interbrokerage transfer (specifically a transfer out of Vanguard) ? Are we required to sell before, or are the fractional amounts liquidated automatically ? And if so is there an actual market for fractional ETFs (done through VBS) ?

Also, what about shares ? I have some fractional shares at a firm as a result of DRIPs. Is there a market for those (it is a highly traded stock in general).
I can't speak for other brokerages, but I just did a TD to Merrill transfer, and TD automatically liquidated my ETF fractional shares prior to the transfer.

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