The Final, Definitive Thread on Brokerage Transfer Bonuses

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

Post by GeraniumLover »

MikeG62 wrote: Tue Sep 01, 2020 8:00 am
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
I notice the link says one of the steps to earn this bonus is that you need to "upgrade" your Chase account to Chase Private Client. Does anyone know whether, if one does not already have a Chase savings/investment account, you can just open a new Private Client account and still qualify for this offer?
BuddyJet
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

GeraniumLover wrote: Tue Sep 01, 2020 8:43 am
MikeG62 wrote: Tue Sep 01, 2020 8:00 am
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
I notice the link says one of the steps to earn this bonus is that you need to "upgrade" your Chase account to Chase Private Client. Does anyone know whether, if one does not already have a Chase savings/investment account, you can just open a new Private Client account and still qualify for this offer?
As a practical matter, since you have to meet with a banker anyway, you can open a new regular account that they then upgrade to private at the same meeting. Same account number and no new paperwork.
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MikeG62
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 »

BuddyJet wrote: Tue Sep 01, 2020 9:05 am
GeraniumLover wrote: Tue Sep 01, 2020 8:43 am
MikeG62 wrote: Tue Sep 01, 2020 8:00 am
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
I notice the link says one of the steps to earn this bonus is that you need to "upgrade" your Chase account to Chase Private Client. Does anyone know whether, if one does not already have a Chase savings/investment account, you can just open a new Private Client account and still qualify for this offer?
As a practical matter, since you have to meet with a banker anyway, you can open a new regular account that they then upgrade to private at the same meeting. Same account number and no new paperwork.
+1.

BTW, I did this all over the phone. No face-to-face meeting. Told them I was not comfortable going into a branch for a sit down. They said that was fine. This was in late June
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BuddyJet
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

BTW, for the Chase private client bonus, a checking account is required but you don’t need to keep more than a token balance in checking.

From the T&C:

To receive this bonus, enrolled checking account must be open and in good standing at the time of payout.
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MikeG62
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 »

BuddyJet wrote: Tue Sep 01, 2020 9:16 am BTW, for the Chase private client bonus, a checking account is required but you don’t need to keep more than a token balance in checking.

From the T&C:

To receive this bonus, enrolled checking account must be open and in good standing at the time of payout.
I moved $100 into the new checking account back in June. Have not had another transactions in it since that one transfer.
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sc9182
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

MikeG62 wrote: Tue Sep 01, 2020 9:19 am
BuddyJet wrote: Tue Sep 01, 2020 9:16 am BTW, for the Chase private client bonus, a checking account is required but you don’t need to keep more than a token balance in checking.

From the T&C:

To receive this bonus, enrolled checking account must be open and in good standing at the time of payout. :!:
I moved $100 into the new checking account back in June. Have not had another transactions in it since that one transfer.
Ayup -- with Chase (and Citi) too -- keep the account with some positive balance until the Bonus drops-in (and time requirement met). Zero balance accounts gets closed aggressively, and NO Bonus !!
rich126
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by rich126 »

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
In this case I'm probably looking at more like $100K. I know previously there was a location in my TD web interface that listed various bonuses. I'll check again. Or maybe I can call Friday. Thanks.
hmw
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hmw »

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
I called Fido today asking about a retention bonus. The answer was no.
Anon E. Moose
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Anon E. Moose »

For Chase Private Client offer, has anyone been able to find what the fees are for transferring out? Either partial or full transfers?
BuddyJet
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

Anon E. Moose wrote: Fri Sep 04, 2020 8:03 pm For Chase Private Client offer, has anyone been able to find what the fees are for transferring out? Either partial or full transfers?
A full is $75. Don’t know about partial.
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Anon E. Moose
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Anon E. Moose »

BuddyJet wrote: Fri Sep 04, 2020 8:07 pm
Anon E. Moose wrote: Fri Sep 04, 2020 8:03 pm For Chase Private Client offer, has anyone been able to find what the fees are for transferring out? Either partial or full transfers?
A full is $75. Don’t know about partial.
Thanks!
BuddyJet
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

Anon E. Moose wrote: Fri Sep 04, 2020 8:12 pm
BuddyJet wrote: Fri Sep 04, 2020 8:07 pm
Anon E. Moose wrote: Fri Sep 04, 2020 8:03 pm For Chase Private Client offer, has anyone been able to find what the fees are for transferring out? Either partial or full transfers?
A full is $75. Don’t know about partial.
Thanks!
Found that partial is $75 also.

Fee Schedule – You InvestSM Trade and Portfolios
PLEASE READ CAREFULLY
This schedule contains information about the fees and charges that apply to your account and your transactions. Please note that fees and other information are subject to change.
$75 – applies when any securities are transferred out of the account
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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?
A poster over at DoC just transferred in some Vanguard MFs. Just not able to purchase more shares, but transferred without issue
BuddyJet
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

pre wrote: Fri Sep 04, 2020 11:58 pm
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?
A poster over at DoC just transferred in some Vanguard MFs. Just not able to purchase more shares, but transferred without issue
Same for Fidelity MF. I transferred FSKAX from Fidelity to Merrill with no issue. Can’t buy more but can reinvest.
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whodidntante
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

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:
Their lifetime or mine? :P
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

Apparently TDA still has an offer despite the Schwab acquisition:

https://www.tdameritrade.com/offer/2500/index.html

The offer is valid for one new Individual, Joint, or IRA TD Ameritrade account opened by 12/31/20 and funded within 60 calendar days of account opening. To receive $350 bonus, account must be funded with $250,000-$499,999. To receive $700 bonus, account must be funded with $500,000-$999,999. To receive $1,500 bonus, account must be funded with $1,000,000-$1,999,999. To receive $2,500 bonus, account must be funded with $2,000,000 or more.
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

whodidntante wrote: Sat Sep 05, 2020 8:05 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:
Their lifetime or mine? :P
Yours, but their's would also be applicable.
JustinR
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JustinR »

Does Citi reimburse ACAT transfer fees from your outgoing brokerage?
Leesbro63
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 »

I just did a TD Ameritrade transfer (in) and the fine print says the transferred amount must remain in the account for 12 months. But it doesn't say when the bonus posts. Anyone know?
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whodidntante
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

Leesbro63 wrote: Thu Sep 10, 2020 5:46 am I just did a TD Ameritrade transfer (in) and the fine print says the transferred amount must remain in the account for 12 months. But it doesn't say when the bonus posts. Anyone know?
It posts immediately.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot »

Leesbro63 wrote: Thu Sep 10, 2020 5:46 am I just did a TD Ameritrade transfer (in) and the fine print says the transferred amount must remain in the account for 12 months. But it doesn't say when the bonus posts. Anyone know?
I’ve received several bonuses with TDA and they typically appeared in 1-2 weeks.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by grp2c »

JustinR wrote: Thu Sep 10, 2020 2:17 am Does Citi reimburse ACAT transfer fees from your outgoing brokerage?
Yes
pre
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre »

grp2c wrote: Thu Sep 10, 2020 12:32 pm
JustinR wrote: Thu Sep 10, 2020 2:17 am Does Citi reimburse ACAT transfer fees from your outgoing brokerage?
Yes
May I ask what was your process for obtaining a reimbursement? I called in to request the transfer form for my newly opened account and the service center rep said she didn't know about reimbursements, that "it would be up to management"
grp2c
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by grp2c »

I was given a Citi Priority Advisor. So I emailed him.
SlowMovingInvestor
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

tj wrote: Sat Sep 05, 2020 10:40 am Apparently TDA still has an offer despite the Schwab acquisition:

https://www.tdameritrade.com/offer/2500/index.html

The offer is valid for one new Individual, Joint, or IRA TD Ameritrade account opened by 12/31/20 and funded within 60 calendar days of account opening. To receive $350 bonus, account must be funded with $250,000-$499,999. To receive $700 bonus, account must be funded with $500,000-$999,999. To receive $1,500 bonus, account must be funded with $1,000,000-$1,999,999. To receive $2,500 bonus, account must be funded with $2,000,000 or more.
A little skimpy. For 1M, one should get 2.5K.
pre
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre »

Doing the Chase CPC offer, wanted to share some tidbits with the current offer ending October 1st -- although of note, it has been refreshed/extended a few times over the past year.

Very straight forward process, I'd recommend folks read through MikeG62's helpful post from a few months ago, and my experience doing the offer last summer, albeit that was only for $1250 rather the present $2000.

I called a local branch and was advised to drop in anytime; I asked about conducting the account opening over the phone like MikeG62, but they didn't seem comfortable with that. Since I already had a Chase Total Checking account, the upgrade to CPC checking was very brief. A CPC banker inputted the coupon code I printed out and I was in and out in 15 minutes. Interestingly, the JP Morgan advisors who handle the investment side are all working from home, so my banker scheduled a phone appointment with her for the following day.

When the JPM advisor called me, we discovered a bit of a hiccup. Because I have a closed brokerage account from last year's bonus offer, my investment profile was bound, and essentially "locked" to the JPM advisor who opened that account, so the new advisor couldn't access my profile, nor open the new account. She asked if I wanted to proceed with opening the new brokerage account with her, or with the former advisor linked to my old account and I responded either way, but I'd prefer her, so she would earn credit/commission for her time. She seemed very pleased with this response, so reached out to the old advisor to, in effect, "release" my profile so she could access it. This took a few hours, so the advisor called me back the following day, emailed me a DocuSign application, and we finished opening the account in less than 15 minutes. I only got a ~two minute sales pitch for JPM's services as the advisor knew I was familiar with/already had an account from last year.

Of note, Chase.com introduced some updates to their web interface since last year, including the ability to link to other brokerages for initiating the ACATS transfer. This was pretty neat, a Plaid-like system where I entered my login/password for ETrade to select which account/securities to transfer; both full and partial transfers are supported, as are most brokers, including Fidelity, Vanguard, TDA, Schwab, etc. I don't know how new this transfer system is, as, unfortunately, I couldn't quite select my ETrade positions, so resorted to submitting a manual transfer form request instead. As they're unlikely to reimburse for the transfer fee assessed by the delivery firm, I'm doing a partial with ETrade, which doesn't charge an outgoing fee for those with >$5000 remaining after the transfer out.

The other big change from last year are fees -- online trades in the JPM brokerage account are now free, as of June 2020. Presumably to match other brokers, as well as their YouInvest platform. Here's the full schedule of fees.
postselect
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by postselect »

MikeG62 wrote: Tue Sep 01, 2020 9:08 am
BuddyJet wrote: Tue Sep 01, 2020 9:05 am
GeraniumLover wrote: Tue Sep 01, 2020 8:43 am
MikeG62 wrote: Tue Sep 01, 2020 8:00 am
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
I notice the link says one of the steps to earn this bonus is that you need to "upgrade" your Chase account to Chase Private Client. Does anyone know whether, if one does not already have a Chase savings/investment account, you can just open a new Private Client account and still qualify for this offer?
As a practical matter, since you have to meet with a banker anyway, you can open a new regular account that they then upgrade to private at the same meeting. Same account number and no new paperwork.
+1.

BTW, I did this all over the phone. No face-to-face meeting. Told them I was not comfortable going into a branch for a sit down. They said that was fine. This was in late June
I contacted with my local Chase bank branch representative about this offer and representative called back and clarified that only cash of 200k+ can be brought in and not existing ETF's or stocks from other brokerages. I already have an YouInvest account with Chase.
pre
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre »

postselect wrote: Sun Sep 13, 2020 8:01 pm contacted with my local Chase bank branch representative about this offer and representative called back and clarified that only cash of 200k+ can be brought in and not existing ETF's or stocks from other brokerages. I already have an YouInvest account with Chase.
Unfortunately you got an uninformed rep. I'd recommend calling/visiting with a CPC banker and advisor.

My banker was just barely familiar with the offer last year, but this time around, both the banker and advisor had seen it _many_ times
JustinR
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JustinR »

Does Interactive Brokers reimburse transfer fees?
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whodidntante
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

JustinR wrote: Mon Sep 14, 2020 5:07 am Does Interactive Brokers reimburse transfer fees?
Not to my knowledge. They don't charge for incoming or outgoing ACATS though.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by arf30 »

postselect wrote: Sun Sep 13, 2020 8:01 pm I contacted with my local Chase bank branch representative about this offer and representative called back and clarified that only cash of 200k+ can be brought in and not existing ETF's or stocks from other brokerages. I already have an YouInvest account with Chase.
This is common with Chase, you may have to call a few times to get a knowledgable rep. If you get someone who seems confused just hang up and call again.
JustinR
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JustinR »

Is leaving a few bucks in your TDA account enough for it to count as a partial transfer and not a full one (to avoid the full transfer ACAT fee)?
postselect
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by postselect »

pre wrote: Sun Sep 13, 2020 9:31 pm
postselect wrote: Sun Sep 13, 2020 8:01 pm contacted with my local Chase bank branch representative about this offer and representative called back and clarified that only cash of 200k+ can be brought in and not existing ETF's or stocks from other brokerages. I already have an YouInvest account with Chase.
Unfortunately you got an uninformed rep. I'd recommend calling/visiting with a CPC banker and advisor.

My banker was just barely familiar with the offer last year, but this time around, both the banker and advisor had seen it _many_ times
Thanks. I have send the local Chase representative email last night attaching the offer details. I will seek out to someone else if they dont help.
postselect
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by postselect »

arf30 wrote: Mon Sep 14, 2020 7:37 am
postselect wrote: Sun Sep 13, 2020 8:01 pm I contacted with my local Chase bank branch representative about this offer and representative called back and clarified that only cash of 200k+ can be brought in and not existing ETF's or stocks from other brokerages. I already have an YouInvest account with Chase.
This is common with Chase, you may have to call a few times to get a knowledgable rep. If you get someone who seems confused just hang up and call again.
Thanks. Will do
sgboggle
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sgboggle »

BuddyJet wrote: Fri Sep 04, 2020 8:22 pm Found that partial is $75 also.

Fee Schedule – You InvestSM Trade and Portfolios
PLEASE READ CAREFULLY
This schedule contains information about the fees and charges that apply to your account and your transactions. Please note that fees and other information are subject to change.
$75 – applies when any securities are transferred out of the account
I did a partial ACAT transfer out of You Invest into ETRADE, and You Invest didn't charge me $75 (at least, not yet; the transfer happened 5 days ago, and I assume the fee would've posted by now). I transferred several ETFs and some cash, and left a little more than $1000 cash at You Invest.

But, this discussion was about CPC, and the CPC bonus excludes You Invest (at least, the terms of the current bonus; I don't know if anyone has tried it, and maybe some people had CPC for reasons other than the bonus). So the question I'd want to know the answer to is whether Chase's full service self-directed brokerage charges a fee for partial transfers.
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4eaxfm
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 4eaxfm »

tj wrote: Sat Sep 05, 2020 10:40 am Apparently TDA still has an offer despite the Schwab acquisition:

https://www.tdameritrade.com/offer/2500/index.html

The offer is valid for one new Individual, Joint, or IRA TD Ameritrade account opened by 12/31/20 and funded within 60 calendar days of account opening. To receive $350 bonus, account must be funded with $250,000-$499,999. To receive $700 bonus, account must be funded with $500,000-$999,999. To receive $1,500 bonus, account must be funded with $1,000,000-$1,999,999. To receive $2,500 bonus, account must be funded with $2,000,000 or more.
I'm interested in rolling over an old 401k for this bonus, but have a tax concern. From the TDA offer link, fine print states: "Taxes related to TD Ameritrade offers are your responsibility. All Promotional items and cash received during the calendar year will be included on your consolidated Form 1099."

What does this mean for a Trad IRA? Does the cash bonus go into the new IRA to be taxed when you withdraw, plus you get a 1099 for it in the current TY? Seems like a setup for double taxation.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 »

4eaxfm wrote: Tue Sep 15, 2020 7:02 am
tj wrote: Sat Sep 05, 2020 10:40 am Apparently TDA still has an offer despite the Schwab acquisition:

https://www.tdameritrade.com/offer/2500/index.html

The offer is valid for one new Individual, Joint, or IRA TD Ameritrade account opened by 12/31/20 and funded within 60 calendar days of account opening. To receive $350 bonus, account must be funded with $250,000-$499,999. To receive $700 bonus, account must be funded with $500,000-$999,999. To receive $1,500 bonus, account must be funded with $1,000,000-$1,999,999. To receive $2,500 bonus, account must be funded with $2,000,000 or more.
I'm interested in rolling over an old 401k for this bonus, but have a tax concern. From the TDA offer link, fine print states: "Taxes related to TD Ameritrade offers are your responsibility. All Promotional items and cash received during the calendar year will be included on your consolidated Form 1099."

What does this mean for a Trad IRA? Does the cash bonus go into the new IRA to be taxed when you withdraw, plus you get a 1099 for it in the current TY? Seems like a setup for double taxation.
A bonus paid into an IRA should not be taxable until the funds come out of the IRA. That language is there to cover the treatment of a bonus paid on funds transferred into an individual or joint taxable account.
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student
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by student »

MikeG62 wrote: Tue Sep 15, 2020 7:48 am
4eaxfm wrote: Tue Sep 15, 2020 7:02 am
tj wrote: Sat Sep 05, 2020 10:40 am Apparently TDA still has an offer despite the Schwab acquisition:

https://www.tdameritrade.com/offer/2500/index.html

The offer is valid for one new Individual, Joint, or IRA TD Ameritrade account opened by 12/31/20 and funded within 60 calendar days of account opening. To receive $350 bonus, account must be funded with $250,000-$499,999. To receive $700 bonus, account must be funded with $500,000-$999,999. To receive $1,500 bonus, account must be funded with $1,000,000-$1,999,999. To receive $2,500 bonus, account must be funded with $2,000,000 or more.
I'm interested in rolling over an old 401k for this bonus, but have a tax concern. From the TDA offer link, fine print states: "Taxes related to TD Ameritrade offers are your responsibility. All Promotional items and cash received during the calendar year will be included on your consolidated Form 1099."

What does this mean for a Trad IRA? Does the cash bonus go into the new IRA to be taxed when you withdraw, plus you get a 1099 for it in the current TY? Seems like a setup for double taxation.
A bonus paid into an IRA should not be taxable until the funds come out of the IRA. That language is there to cover the treatment of a bonus paid on funds transferred into an individual or joint taxable account.
This is also my understanding.
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4eaxfm
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 4eaxfm »

student wrote: Tue Sep 15, 2020 8:52 am
MikeG62 wrote: Tue Sep 15, 2020 7:48 am A bonus paid into an IRA should not be taxable until the funds come out of the IRA. That language is there to cover the treatment of a bonus paid on funds transferred into an individual or joint taxable account.
This is also my understanding.
MikeG62 & student, thank you both.
sc9182
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

Will just throw a kink - M1finance posted IRA transfer-in bonus to regular Brokerage account ! Will see end of year how they treat it (1099 or not). Wish they simply posted into IRA account itself -- which is what major brokerage appear to do .. keeping it simple, Tax-neutral for the filing year ..
neilpilot
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot »

sc9182 wrote: Tue Sep 15, 2020 9:54 am Will just throw a kink - M1finance posted IRA transfer-in bonus to regular Brokerage account ! Will see end of year how they treat it (1099 or not). Wish they simply posted into IRA account itself -- which is what major brokerage appear to do .. keeping it simple, Tax-neutral for the filing year ..
In your case the bonus will almost certainly be included in your brokerage account's year end interest total, reported in the consolidated 1099. I do believe that it's not only unusual but technically incorrect to not credit the bonus to your IRA.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hmw »

I am thinking about doing another brokerage transfer bonuses. I have done it twice in the past. All the basis were transferred without any problem. But I am still a little concerned about losing the basis.

Has anyone had problem with transferring the basis?

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

Post by sc9182 »

hmw wrote: Tue Sep 15, 2020 3:58 pm I am thinking about doing another brokerage transfer bonuses. I have done it twice in the past. All the basis were transferred without any problem. But I am still a little concerned about losing the basis.

Has anyone had problem with transferring the basis?
By regulation, they have to maintain cost-basis, esp for securities bough post-2011ish (clarify date?). Generally speaking tax-lots have been fairly stable. But, I don't trade much - an infrequent statement saved-up, would sure find cost-basis ..
Hasn't been a big problem for me.

But, most of we are talking Stocks/ETFs with limited Lots. Or for IRA/Rollover-IRA etc - it doesn't matter much -- hence never bothered to maintain tax-basis on those .. (though, they still maintained - nonetheless !)
hmw
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hmw »

sc9182 wrote: Tue Sep 15, 2020 8:42 pm
hmw wrote: Tue Sep 15, 2020 3:58 pm I am thinking about doing another brokerage transfer bonuses. I have done it twice in the past. All the basis were transferred without any problem. But I am still a little concerned about losing the basis.

Has anyone had problem with transferring the basis?
By regulation, they have to maintain cost-basis, esp for securities bough post-2011ish (clarify date?). Generally speaking tax-lots have been fairly stable. But, I don't trade much - an infrequent statement saved-up, would sure find cost-basis ..
Hasn't been a big problem for me.

But, most of we are talking Stocks/ETFs with limited Lots. Or for IRA/Rollover-IRA etc - it doesn't matter much -- hence never bothered to maintain tax-basis on those .. (though, they still maintained - nonetheless !)
I hold MUB in my taxable account with monthly dividend reinvested. All the basis can fill several pages. Maybe I should save them electronically before initiating any transfer.
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whodidntante
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

hmw wrote: Thu Sep 17, 2020 1:46 pm
sc9182 wrote: Tue Sep 15, 2020 8:42 pm
hmw wrote: Tue Sep 15, 2020 3:58 pm I am thinking about doing another brokerage transfer bonuses. I have done it twice in the past. All the basis were transferred without any problem. But I am still a little concerned about losing the basis.

Has anyone had problem with transferring the basis?
By regulation, they have to maintain cost-basis, esp for securities bough post-2011ish (clarify date?). Generally speaking tax-lots have been fairly stable. But, I don't trade much - an infrequent statement saved-up, would sure find cost-basis ..
Hasn't been a big problem for me.

But, most of we are talking Stocks/ETFs with limited Lots. Or for IRA/Rollover-IRA etc - it doesn't matter much -- hence never bothered to maintain tax-basis on those .. (though, they still maintained - nonetheless !)
I hold MUB in my taxable account with monthly dividend reinvested. All the basis can fill several pages. Maybe I should save them electronically before initiating any transfer.
I always take a snapshot of my tax lots before initiating a transfer. I have not ever needed to correct an error or tell the IRS the broker is wrong, but it's cheap insurance.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 »

whodidntante wrote: Thu Sep 17, 2020 2:00 pm
hmw wrote: Thu Sep 17, 2020 1:46 pm
sc9182 wrote: Tue Sep 15, 2020 8:42 pm
hmw wrote: Tue Sep 15, 2020 3:58 pm I am thinking about doing another brokerage transfer bonuses. I have done it twice in the past. All the basis were transferred without any problem. But I am still a little concerned about losing the basis.

Has anyone had problem with transferring the basis?
By regulation, they have to maintain cost-basis, esp for securities bough post-2011ish (clarify date?). Generally speaking tax-lots have been fairly stable. But, I don't trade much - an infrequent statement saved-up, would sure find cost-basis ..
Hasn't been a big problem for me.

But, most of we are talking Stocks/ETFs with limited Lots. Or for IRA/Rollover-IRA etc - it doesn't matter much -- hence never bothered to maintain tax-basis on those .. (though, they still maintained - nonetheless !)
I hold MUB in my taxable account with monthly dividend reinvested. All the basis can fill several pages. Maybe I should save them electronically before initiating any transfer.
I always take a snapshot of my tax lots before initiating a transfer. I have not ever needed to correct an error or tell the IRS the broker is wrong, but it's cheap insurance.
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BuddyJet
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

whodidntante wrote: Thu Sep 17, 2020 2:00 pm
hmw wrote: Thu Sep 17, 2020 1:46 pm
sc9182 wrote: Tue Sep 15, 2020 8:42 pm
hmw wrote: Tue Sep 15, 2020 3:58 pm I am thinking about doing another brokerage transfer bonuses. I have done it twice in the past. All the basis were transferred without any problem. But I am still a little concerned about losing the basis.

Has anyone had problem with transferring the basis?
By regulation, they have to maintain cost-basis, esp for securities bough post-2011ish (clarify date?). Generally speaking tax-lots have been fairly stable. But, I don't trade much - an infrequent statement saved-up, would sure find cost-basis ..
Hasn't been a big problem for me.

But, most of we are talking Stocks/ETFs with limited Lots. Or for IRA/Rollover-IRA etc - it doesn't matter much -- hence never bothered to maintain tax-basis on those .. (though, they still maintained - nonetheless !)
I hold MUB in my taxable account with monthly dividend reinvested. All the basis can fill several pages. Maybe I should save them electronically before initiating any transfer.
I always take a snapshot of my tax lots before initiating a transfer. I have not ever needed to correct an error or tell the IRS the broker is wrong, but it's cheap insurance.
While not a bonus transfer, i did have a basis issue with an account transfer. The basis for some individual, muni bonds didn’t come through with the transfer. I checked basis at the new account a week or two after arrival, alerted them to the issue and they took it from there with the transferring brokerage.

Not a big problem but shows the need to keep basis records during transfers.
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sc9182
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

This may have been pointed out elsewhere, but to put some focus at the time of brokerage transfers:

Fractional Shares could be liquidated prior to TRANSFER-OUT -- if incoming institution doesn't/doesn't-want-to handle fractional shares.

On stocks such as GOOGL/AMZN ~~ such liquidated fractional-share $ amounts could go into a few thousands (also, capital gains go up too if you got good cap gains on such stocks)
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tooluser »

For taxable accounts, I currently have TD Ameritrade, Merrill Edge, and Vanguard. I intend to keep the latter two, and would like to transfer out of TD, who are not really doing much for me these days. It would be simplifying to choose one of the other two, but I am open to others. I also have a 401k at Fidelity, so that would also be simplifying in a way.

1) What's the best deal right now for moving ~$250k in taxable to some place reputable?
2) Do ME or Vanguard offer anything for transferring new money into existing taxable accounts?
3) Does Fidelity offer anything for adding a new taxable account?

I have it in the back of my mind to wait out the Schwab/TD merger, but I suspect I won't get any perks by waiting out the account consolidation, so I think I might as well move now and come in later as a new customer, if appropriate at the time.

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

Post by whodidntante »

tooluser wrote: Fri Sep 18, 2020 7:34 pm For taxable accounts, I currently have TD Ameritrade, Merrill Edge, and Vanguard. I intend to keep the latter two, and would like to transfer out of TD, who are not really doing much for me these days. It would be simplifying to choose one of the other two, but I am open to others. I also have a 401k at Fidelity, so that would also be simplifying in a way.

1) What's the best deal right now for moving ~$250k in taxable to some place reputable?
2) Do ME or Vanguard offer anything for transferring new money into existing taxable accounts?
3) Does Fidelity offer anything for adding a new taxable account?

I have it in the back of my mind to wait out the Schwab/TD merger, but I suspect I won't get any perks by waiting out the account consolidation, so I think I might as well move now and come in later as a new customer, if appropriate at the time.

Thank you.
1) I suggest reviewing the list at doctor of credit.
2) If it's been a year since your last taxable account bonus at ME, you can get a new bonus. You have to open a new account, so you'll have two accounts. Vanguard does not offer a bonus.
3) Not at the 250k level.
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