The Final, Definitive Thread on Brokerage Transfer Bonuses

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xerxes101
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by xerxes101 »

whodidntante wrote: Sat Aug 22, 2020 10:54 am I think we could use a final, definitive thread on margin loans. :happy
Got sidetracked with the enticing Tesla on margin talk... :) ...BTW, any opinions on this Citi wealth management brokerage transfer offer?
https://www.hustlermoneyblog.com/citi-w ... age_Bonus
sycamore
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sycamore »

xerxes101 wrote: Sat Aug 22, 2020 10:36 pm
whodidntante wrote: Sat Aug 22, 2020 10:54 am I think we could use a final, definitive thread on margin loans. :happy
Got sidetracked with the enticing Tesla on margin talk... :) ...BTW, any opinions on this Citi wealth management brokerage transfer offer?
https://www.hustlermoneyblog.com/citi-w ... age_Bonus
Xerxes101, there was some discussion of it earlier in this thread starting at viewtopic.php?p=5441248#p5441248
xerxes101
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by xerxes101 »

sycamore wrote: Sun Aug 23, 2020 6:24 am
xerxes101 wrote: Sat Aug 22, 2020 10:36 pm
whodidntante wrote: Sat Aug 22, 2020 10:54 am I think we could use a final, definitive thread on margin loans. :happy
Got sidetracked with the enticing Tesla on margin talk... :) ...BTW, any opinions on this Citi wealth management brokerage transfer offer?
https://www.hustlermoneyblog.com/citi-w ... age_Bonus
Xerxes101, there was some discussion of it earlier in this thread starting at viewtopic.php?p=5441248#p5441248
Thank you Sycamore, I was hoping someone would talk more about whether it is a good idea for an IRA account transfer...I am looking for more datapoints :)
Leesbro63
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 »

I, also, am wondering about the Citi offer. Any catches or gotchyas? Will I have to "consult" with one of their "wealth advisors"?
MikeG62
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 »

SlowMovingInvestor wrote: Wed Aug 19, 2020 7:43 am
whodidntante wrote: Tue Aug 18, 2020 7:48 pm
SlowMovingInvestor wrote: Tue Aug 18, 2020 5:47 pm Pretty good bonus from Citi Wealth Management

https://www.doctorofcredit.com/citi-wea ... 500-bonus/


$500 for $50K transfer looks like the sweet spot. And you only have to keep it there 3-4 months (not completely clear).

Apparently you can do a self directed account too, but the process is cumbersome.

If it were someone other than Citi, I'd be tempted but I know nothing about their wealth management or brokerage.
For those who are not familiar with Citi, start by assuming you are dealing with the worst bank on the planet. Then you'll find your interactions with them easy to understand. :happy

It's a good offer. I like money. I'll let the data points hatch for a bit, and then take the challenge.
Well there is the possibility that Citi could deposit $900 million by mistake in your bank account, as they did to Revlon.

I'm a little concerned about whether one can really signup for wealth management, and then deposit money in a self managed account (I prefer an IRA), so like you, I'll let someone else be the guinea pig :happy
From reading the offer, it appears at a minimum a discussion with a Citi Wealth Advisor is necessary.

https://banking.citi.com/cbol/investmen ... CFAA6B9966

Having been through this recently with Chase it’s a bit of a pain in the you know what. Not sure I’m up for this a second time within the last two months.

Would like to hear more from someone who has done this.
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sc9182
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

Leesbro63 wrote: Sun Aug 23, 2020 4:22 pm I, also, am wondering about the Citi offer. Any catches or gotchyas? Will I have to "consult" with one of their "wealth advisors"?
MikeG62 wrote:...
Do you have/buy 1 share of UPRO OR URTY in your portfolio prior to transfer, The advisor sure to run away from you !!

I've noticed Chase guy gave up real fast - when mentioned "need to have leveraged ETFs" in portfolio. Those may possibility their Kryptonite !
Last edited by sc9182 on Sun Aug 23, 2020 5:13 pm, edited 1 time in total.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

MikeG62 wrote: Sun Aug 23, 2020 5:01 pm From reading the offer, it appears at a minimum a discussion with a Citi Wealth Advisor is necessary.

https://banking.citi.com/cbol/investmen ... CFAA6B9966

Having been through this recently with Chase it’s a bit of a pain in the you know what. Not sure I’m up for this a second time within the last two months.

Would like to hear more from someone who has done this.
I don't mind talking to people. I know a few jokes. But there is no branch near me. I wonder if their esteemed wealth advisors are available by telephone?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 »

whodidntante wrote: Sun Aug 23, 2020 5:10 pm
MikeG62 wrote: Sun Aug 23, 2020 5:01 pm From reading the offer, it appears at a minimum a discussion with a Citi Wealth Advisor is necessary.

https://banking.citi.com/cbol/investmen ... CFAA6B9966

Having been through this recently with Chase it’s a bit of a pain in the you know what. Not sure I’m up for this a second time within the last two months.

Would like to hear more from someone who has done this.
I don't mind talking to people. I know a few jokes. But there is no branch near me. I wonder if their esteemed wealth advisors are available by telephone?
The JPM Chase advisor was. Told them I was not going into any branch due to the Pandemic and they said no problem we can do everything by phone and email. Still was painful. That bonus is $2,000 for transferring $250K. This (Citi bonus) is only 50% of that amount (for $200K).
Last edited by MikeG62 on Sun Aug 23, 2020 5:34 pm, edited 1 time in total.
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whodidntante
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

MikeG62 wrote: Sun Aug 23, 2020 5:23 pm
whodidntante wrote: Sun Aug 23, 2020 5:10 pm
MikeG62 wrote: Sun Aug 23, 2020 5:01 pm From reading the offer, it appears at a minimum a discussion with a Citi Wealth Advisor is necessary.

https://banking.citi.com/cbol/investmen ... CFAA6B9966

Having been through this recently with Chase it’s a bit of a pain in the you know what. Not sure I’m up for this a second time within the last two months.

Would like to hear more from someone who has done this.
I don't mind talking to people. I know a few jokes. But there is no branch near me. I wonder if their esteemed wealth advisors are available by telephone?
The JPM Chase advisor was. Told them I was not going into any branch due to the Pandemic and they said no problem we can do everything by phone and email. Still was painful. That bonus is $2,000 for transferring $250K. This one is only 50% of that amount (for $200K).
The sweet spot is the $500 for $50k payout for this one, unless you can't do anything more productive by moving the other $150k. But I get the impression that most people here do not have an IB account, and that 1k for 100k bonus offer they have is pretty sweet.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

whodidntante wrote: Sun Aug 23, 2020 5:10 pm
MikeG62 wrote: Sun Aug 23, 2020 5:01 pm From reading the offer, it appears at a minimum a discussion with a Citi Wealth Advisor is necessary.

https://banking.citi.com/cbol/investmen ... CFAA6B9966

Having been through this recently with Chase it’s a bit of a pain in the you know what. Not sure I’m up for this a second time within the last two months.

Would like to hear more from someone who has done this.
I don't mind talking to people. I know a few jokes. But there is no branch near me. I wonder if their esteemed wealth advisors are available by telephone?
I did this a year or so ago from a state with no Citi branch. Did have to call manager to discuss but was clear about buy and hold self directed preferences. Took a bit but not horrid. May depend on the advisor you draw.
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sgboggle
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sgboggle »

Anyone know if WeBull charges an outgoing transfer fee for partial transfers? (They mention a $75 fee, but I don't know if that applies to partial transfers.)

Does Citi Wealth Management reimburse transfer fees charged by the sending brokerage?
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

sgboggle wrote: Sun Aug 23, 2020 10:38 pm Anyone know if WeBull charges an outgoing transfer fee for partial transfers? (They mention a $75 fee, but I don't know if that applies to partial transfers.)

Does Citi Wealth Management reimburse transfer fees charged by the sending brokerage?
I transferred cash from Webull to Ally for free.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

BuddyJet wrote: Sun Aug 23, 2020 5:46 pm
whodidntante wrote: Sun Aug 23, 2020 5:10 pm
MikeG62 wrote: Sun Aug 23, 2020 5:01 pm From reading the offer, it appears at a minimum a discussion with a Citi Wealth Advisor is necessary.

https://banking.citi.com/cbol/investmen ... CFAA6B9966

Having been through this recently with Chase it’s a bit of a pain in the you know what. Not sure I’m up for this a second time within the last two months.

Would like to hear more from someone who has done this.
I don't mind talking to people. I know a few jokes. But there is no branch near me. I wonder if their esteemed wealth advisors are available by telephone?
I did this a year or so ago from a state with no Citi branch. Did have to call manager to discuss but was clear about buy and hold self directed preferences. Took a bit but not horrid. May depend on the advisor you draw.
Thanks for sharing! Because it's Citi, I assumed this would take more time than the average brokerage bonus. Looks like your experience confirms my assumption.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by xerxes101 »

whodidntante wrote: Sun Aug 23, 2020 5:29 pm
The sweet spot is the $500 for $50k payout for this one, unless you can't do anything more productive by moving the other $150k. But I get the impression that most people here do not have an IB account, and that 1k for 100k bonus offer they have is pretty sweet.
I have been eyeing IBKR and I think this is a sweet deal also. Is this offer really through a referral only?...kinda odd, especially since they don't offer the referring party anything... :?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by grp2c »

I opened 4 accounts at citi's brokerage to get a bonus and to take advantage of a relationship discount when refinancing. I've had accounts at Vanguard, Fidelity, ME, and etrade. Their platform is the worst by far. Bank accounts would not link with the brokerage accounts at first. Website is extremely slow. Account openings required multiple paper forms. I tried to tax loss harvest etfs. The sale order went through but the website failed when I placed the immediate buy order. It took 10 mins to log back in to place the trade. Totally lost confidence when this happened. And I think I remember seeing a $75 account transfer fee and maybe a $200 account closing fee.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

grp2c wrote: Mon Aug 24, 2020 11:20 am I opened 4 accounts at citi's brokerage to get a bonus and to take advantage of a relationship discount when refinancing. I've had accounts at Vanguard, Fidelity, ME, and etrade. Their platform is the worst by far. Bank accounts would not link with the brokerage accounts at first. Website is extremely slow. Account openings required multiple paper forms. I tried to tax loss harvest etfs. The sale order went through but the website failed when I placed the immediate buy order. It took 10 mins to log back in to place the trade. Totally lost confidence when this happened. And I think I remember seeing a $75 account transfer fee and maybe a $200 account closing fee.
Agreed. The best use is to ACAT in a "core" holding, do no trading, wait for bonus to post, ACAT out to a new home with bonus. Rinse and repeat.
With all the houses that offer bonuses, it's fairly easy to set up a route where you don't go back to any house until over a year from account close.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 »

BuddyJet wrote: Mon Aug 24, 2020 11:29 am
grp2c wrote: Mon Aug 24, 2020 11:20 am I opened 4 accounts at citi's brokerage to get a bonus and to take advantage of a relationship discount when refinancing. I've had accounts at Vanguard, Fidelity, ME, and etrade. Their platform is the worst by far. Bank accounts would not link with the brokerage accounts at first. Website is extremely slow. Account openings required multiple paper forms. I tried to tax loss harvest etfs. The sale order went through but the website failed when I placed the immediate buy order. It took 10 mins to log back in to place the trade. Totally lost confidence when this happened. And I think I remember seeing a $75 account transfer fee and maybe a $200 account closing fee.
Agreed. The best use is to ACAT in a "core" holding, do no trading, wait for bonus to post, ACAT out to a new home with bonus. Rinse and repeat.
With all the houses that offer bonuses, it's fairly easy to set up a route where you don't go back to any house until over a year from account close.
It feels to me that brokers are starting to catch on to this churning in the way that banks caught on with credit cards a decade or more ago. Reason I say this is that more brokers seem to be looking for new customers to meet with (talk to) an advisor as a condition of qualifying the bonus as they try to get their hooks more deeply into these new prospects. The Citi offer seems this way and the Chase Private Client bonus is most certainly this way. Being in the middle of the Chase bonus I can say they make the process a lot more painful for those who aren’t interested in the advisor discussion(s) and are really just in it for the bonus. I did the Merrill Edge bonus (x2) earlier this year and it was smooth, easy and painless. No advisor discussion required. Those I don’t mind doing. The ones requiring meetings and/or discussions with advisors not so much.
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BuddyJet
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

MikeG62 wrote: Mon Aug 24, 2020 3:34 pm ....

It feels to me that brokers are starting to catch on to this churning in the way that banks caught on with credit cards a decade or more ago. Reason I say this is that more brokers seem to be looking for new customers to meet with (talk to) an advisor as a condition of qualifying the bonus as they try to get their hooks more deeply into these new prospects. The Citi offer seems this way and the Chase Private Client bonus is most certainly this way. Being in the middle of the Chase bonus I can say they make the process a lot more painful for those who aren’t interested in the advisor discussion(s) and are really just in it for the bonus. I did the Merrill Edge bonus (x2) earlier this year and it was smooth, easy and painless. No advisor discussion required. Those I don’t mind doing. The ones requiring meetings and/or discussions with advisors not so much.
I agree that the bonus train will probably come to a stop soon.

However, given Citi and Chase past behavior, I'm willing to put in extra time and bother to take their bonus offers. Fidelity has treated me very well so I have passed on their past offers to avoid taking advantage.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

BuddyJet wrote: Mon Aug 24, 2020 11:29 am Agreed. The best use is to ACAT in a "core" holding, do no trading, wait for bonus to post, ACAT out to a new home with bonus. Rinse and repeat.
With all the houses that offer bonuses, it's fairly easy to set up a route where you don't go back to any house until over a year from account close.
It's still a little headache to deal with multiple 1099s (if only for DIVs), make sure cost basis transfers properly etc. That's why I prefer transferring IRAs. Roth IRAs are best, but not all brokers seem to be willing to deposit into an IRA without marking it as a contribution (the big discount brokers are fine, but not sure about Citi and the like).
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

Charles Schwab local office agreed to match $3500 transfer-in bonus offer on $1MM (after they spoke to their promotions team). Assets need to be kept/held for 1 year. Will be off M1finance, moving Rollover-IRA to Schwab in coming 3 weeks. Sure they can honor bonus for Brokerage accounts too - but don't move Fido brokerage much due to maintaining Cost-Basis, or accidental Sell/trade, and/or 1099 issues; except in cases when the bonus is good-chunk.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sgboggle »

sc9182 wrote: Mon Aug 24, 2020 4:12 pm Charles Schwab local office agreed to match $3500 transfer-in bonus offer on $1MM (after they spoke to their promotions team).
Whose offer did they match? Citi?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

sgboggle wrote: Mon Aug 24, 2020 5:18 pm
sc9182 wrote: Mon Aug 24, 2020 4:12 pm Charles Schwab local office agreed to match $3500 transfer-in bonus offer on $1MM (after they spoke to their promotions team).
Whose offer did they match? Citi?
Etrade has a $3500/1M offer, I believe
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

SlowMovingInvestor wrote: Mon Aug 24, 2020 5:26 pm Whose offer did they match? Citi?
..

Etrade has a $3500/1M offer, I believe
What once was Etrade $3500 promotion now sits at only $2500.

I first checked with ETrade local-office to offer higher than their Web-site listed $2500 promotion. They were about to do it - but Schwab took'up on ETrade thread, and made a faster confirmation, and came with $3500 matching offer for $1MM, but no higher. I intend to stick with Schwab offer.

(Note: Guess the highe ETrade local office promo of $3500/$4000 may be limited to once per life time of customer/SS- I may have used/wasted it the year before. So, unlikely ETrade going to re-offer that life-time promo second time over -- but dunno, did not wait/want to find out from ETrade., as Schwab matched $3500 already)
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by shess »

sc9182 wrote: Mon Aug 24, 2020 5:46 pm
SlowMovingInvestor wrote: Mon Aug 24, 2020 5:26 pm Whose offer did they match? Citi?
..

Etrade has a $3500/1M offer, I believe
What once was Etrade $3500 promotion now sits at only $2500.

I first checked with ETrade local-office to offer higher than their Web-site listed $2500 promotion. They were about to do it - but Schwab took'up on ETrade thread, and made a faster confirmation, and came with $3500 matching offer for $1MM, but no higher. I intend to stick with Schwab offer.

(Note: Guess the highe ETrade local office promo of $3500/$4000 may be limited to once per life time of customer/SS- I may have used/wasted it the year before. So, unlikely ETrade going to re-offer that life-time promo second time over -- but dunno, did not wait/want to find out from ETrade., as Schwab matched $3500 already)
I opened an E-Trade account on Feb 21 with an in-kind transfer of $1M+5% buffer to harvest the $2500 promotion. By the time it landed it was 5% less than $1M, and kept cruising down, bottoming out over 25% down. Now it's up slightly since my transfer. So I didn't get the bonus I wanted, and now I'm scared to do another transfer on the off chance I cause further disruptions in the system.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

shess wrote: Tue Aug 25, 2020 2:45 am
sc9182 wrote: Mon Aug 24, 2020 5:46 pm
SlowMovingInvestor wrote: Mon Aug 24, 2020 5:26 pm Whose offer did they match? Citi?
..
Etrade has a $3500/1M offer, I believe
What once was Etrade $3500 promotion now sits at only $2500.

I first checked with ETrade local-office to offer higher than their Web-site listed $2500 promotion. They were about to do it - but Schwab took'up on ETrade thread, and made a faster confirmation, and came with $3500 matching offer for $1MM, but no higher. I intend to stick with Schwab offer.
..
I opened an E-Trade account on Feb 21 with an in-kind transfer of $1M+5% buffer to harvest the $2500 promotion. By the time it landed it was 5% less than $1M, and kept cruising down, bottoming out over 25% down. Now it's up slightly since my transfer. So I didn't get the bonus I wanted, and now I'm scared to do another transfer on the off chance I cause further disruptions in the system.
HaHa - if your $1.05MM is going to cause trillion dollar moves in Markets, and Fed & Govt Balance sheets -- you sure hold keys to the Kingdom :-)

On Citi question earlier - its nearly 10+ days, account is not open yet even after 2-3 rounds of documents (docusign) back-and-forth, and multiple calls :-( I can only imagine how smooth the life be there. Guessing, I might just accept lower tier (1000 for $200K) - rather than getting-stuck with higher $assets in their system.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre »

shess wrote: Tue Aug 25, 2020 2:45 am I opened an E-Trade account on Feb 21 with an in-kind transfer of $1M+5% buffer to harvest the $2500 promotion. By the time it landed it was 5% less than $1M, and kept cruising down, bottoming out over 25% down. Now it's up slightly since my transfer. So I didn't get the bonus I wanted, and now I'm scared to do another transfer on the off chance I cause further disruptions in the system.
Very unfortunate. Did you contact them about receiving the full $2500 bonus? Market fluctuations shouldn't effect things, as there's usually language in the promotion terms to safeguard against this...
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre »

sc9182 wrote: Wed Aug 19, 2020 8:26 am Thanks "whodidntante" for this Citi bonus post/linkeroo.

CLARIFICATION: When you transfer-out after their retention period ("maintain funds Through" date in Citi lingo), only do partial transfer-out leaving some minimal balance/funds in that account, if you do FULL transfer-out, it will automatically close that account -- thus strictly "ineligible" to receive the bonus into that 'now-closed' account. Better keep the account with minimal balance until bonus money is deposited or thru "Cash Bonus Credited to Account" date.

Do keep that account open thru their "Cash Bonus Credited to Account" date as posted.

Example: for accounts opened prior to Aug 31st, 2020, Funded before "10/31/20", then "maintain funds Through" 11/30/20 (note: you may chose to move most of the assets from this account, but do NOT do full transfer-out so as to prevent automatic account closure before bonus deposit date until final step) -- then the "Cash Bonus Credited to Account" date is: "March 1, 2021" (note: now you could close the account after the bonus deposit)

Again as REPEAT: Do NOT perform FULL transfer-out all assets upon meeting the 60-90 days "maintain funds Through" date., as this full transfer-out step automatically closes that account, ineligible for the Bonus to deposited into closed account! Do keep some assets (thus keeping the account open) through till "Cash Bonus Credited to Account" date (ie, partial transfer-out suggested)
Good tip on the transfer out -- I reckon I'd just keep my positions there until the bonus posts, to be safe. In speaking to the service center, they do charge the full $95 transfer fee for partial and full transfers. Here's a comprehensive listing of their service fees:
https://online.citi.com/JRS/CPWM/CPWMAccountFees.pdf

The IRA termination fee is also $95, but I don't know if that's charged in addition to the transfer fee -- I only inquired about the cash account.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by shess »

pre wrote: Tue Aug 25, 2020 2:30 pm
shess wrote: Tue Aug 25, 2020 2:45 am I opened an E-Trade account on Feb 21 with an in-kind transfer of $1M+5% buffer to harvest the $2500 promotion. By the time it landed it was 5% less than $1M, and kept cruising down, bottoming out over 25% down. Now it's up slightly since my transfer. So I didn't get the bonus I wanted, and now I'm scared to do another transfer on the off chance I cause further disruptions in the system.
Very unfortunate. Did you contact them about receiving the full $2500 bonus? Market fluctuations shouldn't effect things, as there's usually language in the promotion terms to safeguard against this...
To be clear: The market fluctuated between when I opened the account and when the assets transferred. I _could_ call and be an ass about it, but by my reading, they aren't doing anything wrong, here, or even skeevy. It was just poor luck on my part. I could have topped things off, but there were a few months this spring where my main concern wasn't about taking advantage of brokerage transfers!

(In addition, part of why I was doing this transfer was that E-Trade was being acquired by Morgan Stanley, so I assume that I'll never get another chance at a bonus with them that doesn't involve hours of being passed between representatives trying to get me to sign up for "special VIP status" and the like. So I don't want to get myself into a situation where I feel I owe them anything!)
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 »

shess wrote: Tue Aug 25, 2020 3:47 pm
pre wrote: Tue Aug 25, 2020 2:30 pm
shess wrote: Tue Aug 25, 2020 2:45 am I opened an E-Trade account on Feb 21 with an in-kind transfer of $1M+5% buffer to harvest the $2500 promotion. By the time it landed it was 5% less than $1M, and kept cruising down, bottoming out over 25% down. Now it's up slightly since my transfer. So I didn't get the bonus I wanted, and now I'm scared to do another transfer on the off chance I cause further disruptions in the system.
Very unfortunate. Did you contact them about receiving the full $2500 bonus? Market fluctuations shouldn't effect things, as there's usually language in the promotion terms to safeguard against this...
To be clear: The market fluctuated between when I opened the account and when the assets transferred. I _could_ call and be an ass about it, but by my reading, they aren't doing anything wrong, here, or even skeevy. It was just poor luck on my part. I could have topped things off, but there were a few months this spring where my main concern wasn't about taking advantage of brokerage transfers!
I found myself in the same spot with transfers into my newly opened Merrill Edge CMA and IRA accounts in late February of 2020. In both cases I made a second transfer to try and cover the shortfall. For one of the accounts I was still short of the threshold as the second transfer fell in value as well. The CSR I had been speaking with sent me an email stating that I made a good faith effort to get the appropriate amount in and they were going to consider the amounts transferred as meeting the threshold. I retained that email in case there was a problem - thankfully there was not. Both bonuses posted on time.

I think it too late now to have that conversation with them. I suppose you could try and if the funds are still at E-Trade maybe they will be willing to reconsider things.
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BuddyJet
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

shess wrote: Tue Aug 25, 2020 2:45 am

I opened an E-Trade account on Feb 21 with an in-kind transfer of $1M+5% buffer to harvest the $2500 promotion. By the time it landed it was 5% less than $1M, and kept cruising down, bottoming out over 25% down. Now it's up slightly since my transfer. So I didn't get the bonus I wanted, and now I'm scared to do another transfer on the off chance I cause further disruptions in the system.
I had that problem with a couple of bonuses. At E*Trade, my transfer arrived on a Friday. I was over the requirements all that day but the market crashed over the weekend. I emailed to verify I met the requirements and was told that I was 10% short since they value at the next day open. I pushed back that the requirement was met when the stock arrived and they say that market losses don't count against you. Took several rounds and local office intervention to get bonus.

At ally, I was good when I started transfer but short when it arrived. I added cash to make up difference.

My habit is to email to get confirmation that I have met the bonus requirements shortly after the transfer settles. If there is a problem, I have time to fix the shortage or accept the lower bonus
People say nothing is impossible. I do nothing all day.
Mike14
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 »

BuddyJet wrote: Tue Aug 25, 2020 5:20 pm I had that problem with a couple of bonuses. At E*Trade, my transfer arrived on a Friday. I was over the requirements all that day but the market crashed over the weekend. I emailed to verify I met the requirements and was told that I was 10% short since they value at the next day open.
That's strange, because their value assessment happens 1 day PRIOR to the actual transaction date.
You can see the exact number that was used in your transaction history. Look closely, it appears to be random numbers, but it is actual dollar amounts and a bunch of other information. If you do the math, you'll find that the value matches the closing price the day before the transfer (and possibly coincides with the closing price of when you received the alert that assets are on their way).

I'd be curious whether those numbers bring you over the threshold, and if so, you'll probably get the bonus.
Keep us posted.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 »

grp2c wrote: Mon Aug 24, 2020 11:20 am I opened 4 accounts at citi's brokerage to get a bonus and to take advantage of a relationship discount when refinancing.
Any info whether they'll accept Vanguard mutual funds as part of the transfer?
sc9182 wrote: Tue Aug 25, 2020 9:20 am On Citi question earlier - its nearly 10+ days, account is not open yet even after 2-3 rounds of documents (docusign) back-and-forth, and multiple calls :-( I can only imagine how smooth the life be there. Guessing, I might just accept lower tier (1000 for $200K) - rather than getting-stuck with higher $assets in their system.
Any luck with transferring Vanguard mutual funds?
pre wrote: Tue Aug 25, 2020 2:50 pm Good tip on the transfer out -- I reckon I'd just keep my positions there until the bonus posts, to be safe. In speaking to the service center, they do charge the full $95 transfer fee for partial and full transfers.
By any chance did you ask about transferring Vanguard mutual funds?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

Mike14 wrote: Wed Aug 26, 2020 3:21 pm
BuddyJet wrote: Tue Aug 25, 2020 5:20 pm I had that problem with a couple of bonuses. At E*Trade, my transfer arrived on a Friday. I was over the requirements all that day but the market crashed over the weekend. I emailed to verify I met the requirements and was told that I was 10% short since they value at the next day open.
That's strange, because their value assessment happens 1 day PRIOR to the actual transaction date.
You can see the exact number that was used in your transaction history. Look closely, it appears to be random numbers, but it is actual dollar amounts and a bunch of other information. If you do the math, you'll find that the value matches the closing price the day before the transfer (and possibly coincides with the closing price of when you received the alert that assets are on their way).

I'd be curious whether those numbers bring you over the threshold, and if so, you'll probably get the bonus.
Keep us posted.
I got the bonus after chatting with my account rep and saying that the value was at the level when it got there so I did get the bonus but in two stages. The system gave me the lower threshold bonus and then a supplement.

Reading the REFID on the bonus payment, the string does not appear to be the dollar total. Is the amount the first ??? characters.
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pre
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre »

Mike14 wrote: Wed Aug 26, 2020 3:30 pm
pre wrote: Tue Aug 25, 2020 2:50 pm Good tip on the transfer out -- I reckon I'd just keep my positions there until the bonus posts, to be safe. In speaking to the service center, they do charge the full $95 transfer fee for partial and full transfers.
By any chance did you ask about transferring Vanguard mutual funds?
Afraid not, I'm only transferring ETFs, so didn't ask about specific mutual funds.

Consider giving them a call, both times I called, I encountered no hold time and very professional and knowledgeable reps.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 »

BuddyJet wrote: Wed Aug 26, 2020 4:34 pm Reading the REFID on the bonus payment, the string does not appear to be the dollar total. Is the amount the first ??? characters.
The transaction type is "transfer", when you first transferred in. There are several lines, one is for the quantity, the other one is the value of the transfer.
hmw
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hmw »

Has anyone been able to get Fido to pay a retention bonus?

I have over a million in a taxable account at Fido. I am tempted to get the current E*Trade offer of $3500. But if Fido can match the offer, it will save me the trouble of opening a new account and taking a small risk of losing records of tax basis during the transfer.

Thanks
sc9182
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

hmw wrote: Sun Aug 30, 2020 3:01 pm Has anyone been able to get Fido to pay a retention bonus?

I have over a million in a taxable account at Fido. I am tempted to get the current E*Trade offer of $3500. But if Fido can match the offer, it will save me the trouble of opening a new account and taking a small risk of losing records of tax basis during the transfer.

Thanks
They haven't been doing Transfer or Retention bonuses in almost 2+ years (unless you have $5 MM+ asset level). Doesn't hurt to check with them before you jump ship.
Or you can go via a 90+ days intermediate Hop for extra $2500 via: https://www.m1finance.com/transfer/ (do search this thread for some of their Pie/slice model - and slow ACATS transfer speeds)
Then, transfer to ETrade or Schwab for possible $3500 bonus .. (both, iirc need to keep moneys for about a full year)
hmw
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hmw »

sc9182 wrote: Mon Aug 31, 2020 6:29 am
hmw wrote: Sun Aug 30, 2020 3:01 pm Has anyone been able to get Fido to pay a retention bonus?

I have over a million in a taxable account at Fido. I am tempted to get the current E*Trade offer of $3500. But if Fido can match the offer, it will save me the trouble of opening a new account and taking a small risk of losing records of tax basis during the transfer.

Thanks
They haven't been doing Transfer or Retention bonuses in almost 2+ years (unless you have $5 MM+ asset level). Doesn't hurt to check with them before you jump ship.
Or you can go via a 90+ days intermediate Hop for extra $2500 via: https://www.m1finance.com/transfer/ (do search this thread for some of their Pie/slice model - and slow ACATS transfer speeds)
Then, transfer to ETrade or Schwab for possible $3500 bonus .. (both, iirc need to keep moneys for about a full year)
Thanks for the tip. I had never heard of M1 finance before. With M1 finance, Can I hold my mix of ETF and stocks at M1 Finance without doing their pie/slice model like a traditional brokerage?

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

Post by Tinkerer-in-Chief »

hmw wrote: Mon Aug 31, 2020 12:29 pm
sc9182 wrote: Mon Aug 31, 2020 6:29 am
hmw wrote: Sun Aug 30, 2020 3:01 pm Has anyone been able to get Fido to pay a retention bonus?

I have over a million in a taxable account at Fido. I am tempted to get the current E*Trade offer of $3500. But if Fido can match the offer, it will save me the trouble of opening a new account and taking a small risk of losing records of tax basis during the transfer.

Thanks
They haven't been doing Transfer or Retention bonuses in almost 2+ years (unless you have $5 MM+ asset level). Doesn't hurt to check with them before you jump ship.
Or you can go via a 90+ days intermediate Hop for extra $2500 via: https://www.m1finance.com/transfer/ (do search this thread for some of their Pie/slice model - and slow ACATS transfer speeds)
Then, transfer to ETrade or Schwab for possible $3500 bonus .. (both, iirc need to keep moneys for about a full year)
Thanks for the tip. I had never heard of M1 finance before. With M1 finance, Can I hold my mix of ETF and stocks at M1 Finance without doing their pie/slice model like a traditional brokerage?

Thanks
No, I don’t believe so. But you can have any portfolio you like as long as it’s a pie.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

Tinkerer-in-Chief wrote: Mon Aug 31, 2020 2:06 pm
hmw wrote: Mon Aug 31, 2020 12:29 pm
Thanks for the tip. I had never heard of M1 finance before. With M1 finance, Can I hold my mix of ETF and stocks at M1 Finance without doing their pie/slice model like a traditional brokerage?

Thanks
No, I don’t believe so. But you can have any portfolio you like as long as it’s a pie.
Can you define your portfolio to be your custom pie ? Then you can hold on to it.

I know M1 was mentioned earlier in this thread, but frankly the thread's so long, I'm not inclined to do that and search isn't that helpful too.
sc9182
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

SlowMovingInvestor wrote: Mon Aug 31, 2020 3:34 pm
Tinkerer-in-Chief wrote: Mon Aug 31, 2020 2:06 pm
hmw wrote: Mon Aug 31, 2020 12:29 pm
Thanks for the tip. I had never heard of M1 finance before. With M1 finance, Can I hold my mix of ETF and stocks at M1 Finance without doing their pie/slice model like a traditional brokerage?

Thanks
No, I don’t believe so. But you can have any portfolio you like as long as it’s a pie.
Can you define your portfolio to be your custom pie ? Then you can hold on to it.

I know M1 was mentioned earlier in this thread, but frankly the thread's so long, I'm not inclined to do that and search isn't that helpful too.
sort of yes, but better engage their support!

If not, dont get mad if they sliced it for you (what a mess if its taxable account !!)
rich126
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by rich126 »

Is TD Ameritrade offering any bonuses for adding to your account? They were not long ago but now I can't find the link in my account that would show the various bonuses. In my quick search I didn't see anything being offered. I'd like to dump my Vanguard account since I find the whole Vanguard experience to be lacking and no longer have much money left there.
BuddyJet
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

Tinkerer-in-Chief wrote: Mon Aug 31, 2020 2:06 pm
hmw wrote: Mon Aug 31, 2020 12:29 pm
sc9182 wrote: Mon Aug 31, 2020 6:29 am
hmw wrote: Sun Aug 30, 2020 3:01 pm Has anyone been able to get Fido to pay a retention bonus?

I have over a million in a taxable account at Fido. I am tempted to get the current E*Trade offer of $3500. But if Fido can match the offer, it will save me the trouble of opening a new account and taking a small risk of losing records of tax basis during the transfer.

Thanks
They haven't been doing Transfer or Retention bonuses in almost 2+ years (unless you have $5 MM+ asset level). Doesn't hurt to check with them before you jump ship.
Or you can go via a 90+ days intermediate Hop for extra $2500 via: https://www.m1finance.com/transfer/ (do search this thread for some of their Pie/slice model - and slow ACATS transfer speeds)
Then, transfer to ETrade or Schwab for possible $3500 bonus .. (both, iirc need to keep moneys for about a full year)
Thanks for the tip. I had never heard of M1 finance before. With M1 finance, Can I hold my mix of ETF and stocks at M1 Finance without doing their pie/slice model like a traditional brokerage?

Thanks
No, I don’t believe so. But you can have any portfolio you like as long as it’s a pie.
True but I’ve been reading their faq while considering the offer and there may be a way to deal with the issue if you are just transferring for the bonus and want to leave your holdings as is.

M1 does not rebalance to the pie model without specific orders and will keep the transferred securities as is.

https://support.m1finance.com/hc/en-us/ ... -Portfolio

I was thinking about setting my pie to 100% VTI (or anything else) so dividends and the bonus will be reinvested in something I want to hold.

I haven’t actually tested the plan but it should work.
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worthit
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by worthit »

rich126 wrote: Mon Aug 31, 2020 4:13 pm Is TD Ameritrade offering any bonuses for adding to your account? They were not long ago but now I can't find the link in my account that would show the various bonuses. In my quick search I didn't see anything being offered. I'd like to dump my Vanguard account since I find the whole Vanguard experience to be lacking and no longer have much money left there.
Not sure as I haven't been following off late but wouldnt hurt calling them....the reason is I had luck with Fidelity couple of years ago when they weren't running any promotions. I just called them and asked them about a recently ended promotion they had. The CSR said they still were offering the promotion but unadvertised as they didnt want a lot of folks taking advantage of it. So that got me thinking and since then I have made it a point to call all these custodians once in a while to check with them and have been successful few times to my surprise. Of course, I am moving north of $250k minimum always. My 0.02
BuddyJet
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

worthit wrote: Mon Aug 31, 2020 7:55 pm
rich126 wrote: Mon Aug 31, 2020 4:13 pm Is TD Ameritrade offering any bonuses for adding to your account? They were not long ago but now I can't find the link in my account that would show the various bonuses. In my quick search I didn't see anything being offered. I'd like to dump my Vanguard account since I find the whole Vanguard experience to be lacking and no longer have much money left there.
Not sure as I haven't been following off late but wouldnt hurt calling them....the reason is I had luck with Fidelity couple of years ago when they weren't running any promotions. I just called them and asked them about a recently ended promotion they had. The CSR said they still were offering the promotion but unadvertised as they didnt want a lot of folks taking advantage of it. So that got me thinking and since then I have made it a point to call all these custodians once in a while to check with them and have been successful few times to my surprise. Of course, I am moving north of $250k minimum always. My 0.02
From chatting with my TDA rep, he said that account add bonuses are usually available but they require the rep to add the code to your account before the transfer is started. Don’t know the minimum transfer requirement since the conversation usually starts with about what amount I’m looking to move.
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SlowMovingInvestor
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

With the TDAM Schwab deal closing in a few months, this may be the final chance to get in a TDAM bonus. Schwab does give out bonuses on occasion too, but tends to be stingier, IIRC.

And I wonder if Morgan will keep ETrade bonuses once it finishes acquiring ETrade.
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

SlowMovingInvestor wrote: Mon Aug 31, 2020 8:46 pm With the TDAM Schwab deal closing in a few months, this may be the final chance to get in a TDAM bonus. Schwab does give out bonuses on occasion too, but tends to be stingier, IIRC.

And I wonder if Morgan will keep ETrade bonuses once it finishes acquiring ETrade.
I was specifically told by Schwab only one bonus per lifetime. :oops:
sc9182
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

tj wrote: Mon Aug 31, 2020 10:39 pm
SlowMovingInvestor wrote: Mon Aug 31, 2020 8:46 pm With the TDAM Schwab deal closing in a few months, this may be the final chance to get in a TDAM bonus. Schwab does give out bonuses on occasion too, but tends to be stingier, IIRC.

And I wonder if Morgan will keep ETrade bonuses once it finishes acquiring ETrade.
I was specifically told by Schwab only one bonus per lifetime. :oops:
With these developments - whats gonna happen to Bonuses and this thread !?
Brokerage Bonus future (as the field is shaping up) doesn't appear all that attractive!

Left with m1finance and https://www.tradestation.com/promo/cash-reward/ rewards;
Or pursue smaller rewards from BoA, Chase or Citi (Citi has lots of hoops to jump; laden with many a traps/missteps and Fees) ?
Or talk to local Reps of BoA, or ETrade and such -- to find your luck !?

Hoping for a better Brokerage-transfer deals/days are ahead!
Last edited by sc9182 on Tue Sep 01, 2020 7:38 am, edited 2 times in total.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LadyGeek »

I moved an earlier margin loan discussion into a new thread. See: The Final, Definitive Thread on Margin Loans
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MikeG62
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 »

sc9182 wrote: Tue Sep 01, 2020 7:22 am
tj wrote: Mon Aug 31, 2020 10:39 pm
SlowMovingInvestor wrote: Mon Aug 31, 2020 8:46 pm With the TDAM Schwab deal closing in a few months, this may be the final chance to get in a TDAM bonus. Schwab does give out bonuses on occasion too, but tends to be stingier, IIRC.

And I wonder if Morgan will keep ETrade bonuses once it finishes acquiring ETrade.
I was specifically told by Schwab only one bonus per lifetime. :oops:
With these developments - whats gonna happen to Bonuses and this thread !?
Brokerage Bonus future (as the field is shaping up) doesn't appear all that attractive!

Left with m1finance and https://www.tradestation.com/promo/cash-reward/ rewards;
Or pursue smaller rewards from BoA, Chase or Citi (Citi has lots of hoops to jump; laden with many a traps/missteps and Fees) ?
Or talk to local Reps of BoA, or ETrade and such -- to find your luck !?

Hoping for a better Brokerage-transfer deals/days are ahead!
Chase Private Client $2,000 bonus for $250K transferred in appears to still be available. One of the better values out there.

https://accounts.chase.com/consumer/ban ... =CPCP5ACNM
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