The Final, Definitive Thread on Brokerage Transfer Bonuses
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
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Last edited by BogleFan510 on Fri Jul 09, 2021 6:39 pm, edited 1 time in total.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
In confirming with the ME Rep, he mentioned that it would be deposited to the Roth. I hear what you're saying but I hope he's right. I just initiated the transfer of my Roths already since they just made it over $200k to get the $1000 bonus. I'm slated to a get a bonus into my CMA earlier than that. I suppose, I could just transfer that account out so there wouldn't be an account to deposit the bonus into aside from the Roth account.
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
I don't have any taxable investment accounts, all of my bonuses have been in IRAs. Not once did I get 1099 from any broker, and that includes 4 or 5 bonuses at ME. If ME really does that, then it seems the solution is not to have CMA there.BogleFan510 wrote: ↑Mon Feb 08, 2021 12:50 pmI was told the money could not be added to the retirement account (which seems correct as that would violate conrribution limits). My bonus went into taxible CMA.stilllurking wrote: ↑Mon Jan 11, 2021 9:32 amThanks for confirming snowman.snowman wrote: ↑Mon Jan 11, 2021 9:23 amIt's just earnings, and there is no 1099, so it's like it never happened. You get free money deposited into your account that will never be taxed. It's a great deal!stilllurking wrote: ↑Sun Jan 10, 2021 7:05 pm For Merrill Edge bonuses, are bonuses credited to a Roth IRA if that was the account transferred? I also have a CMA there. Also, will the bonus be counted as a contribution or earnings? Their site stated that it could be either in the eyes of the IRS.
I have a note into my Rep but wanted to get first hand responses.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
Not true most of the main ones put it in the ira and it's marked as earnings or interest.BogleFan510 wrote: ↑Mon Feb 08, 2021 12:50 pm I was told the money could not be added to the retirement account (which seems correct as that would violate conrribution limits). My bonus went into taxible CMA.
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
IRA bonuses are definitely not considered contributions, at least I've never heard of a brokerage reporting it that way.
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
When I did a transfer bonus into Merrill, I got a bigger bonus by combining a CMA and a Roth for me, and then a Roth for my wife. My bonus was split, they put some of it into the CMA and some into the Roth. I was only sent a 1099 for the part that went into the CMA.
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
The bonus is per account, not aggregated. You probably just transferred enough to trigger both bonuses.ras4250 wrote: ↑Tue Feb 09, 2021 5:39 pm When I did a transfer bonus into Merrill, I got a bigger bonus by combining a CMA and a Roth for me, and then a Roth for my wife. My bonus was split, they put some of it into the CMA and some into the Roth. I was only sent a 1099 for the part that went into the CMA.
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
Is Merrill offering any deals for $500k right now?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
Saw the following Etrade promo posted on another site
https://us.etrade.com/promo/choose-your ... 4k?em=4490
https://us.etrade.com/promo/choose-your ... 4k?em=4490
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
Clicking How it works:indexfundfan wrote: ↑Wed Feb 10, 2021 6:55 am Saw the following Etrade promo posted on another site
https://us.etrade.com/promo/choose-your ... 4k?em=4490
I suppose one could call to see if eligible.You must be the original recipient of this offer to enroll.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
FWIW, I actually clicked to enroll and they sent me an email confirmation of the enrollment.lazyday wrote: ↑Wed Feb 10, 2021 7:20 amClicking How it works:indexfundfan wrote: ↑Wed Feb 10, 2021 6:55 am Saw the following Etrade promo posted on another site
https://us.etrade.com/promo/choose-your ... 4k?em=4490
I suppose one could call to see if eligible.You must be the original recipient of this offer to enroll.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
Do you, or anyone, know how soon Etrade pays the bonus? Doesn't say in small print. Also, is there minimum holding period before transferring out and losing the bonus?indexfundfan wrote: ↑Wed Feb 10, 2021 6:55 am Saw the following Etrade promo posted on another site
https://us.etrade.com/promo/choose-your ... 4k?em=4490
Thanks.
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
Please click offer details in-page expander link:snowman wrote: ↑Wed Feb 10, 2021 5:08 pmDo you, or anyone, know how soon Etrade pays the bonus? Doesn't say in small print. Also, is there minimum holding period before transferring out and losing the bonus?indexfundfan wrote: ↑Wed Feb 10, 2021 6:55 am Saw the following Etrade promo posted on another site
https://us.etrade.com/promo/choose-your ... 4k?em=4490
Thanks.
Account to open by 02/28/2021 ; account transfer-ins should finish within 60 days afterwards.
6-month holding period after transfer finishes, is what I see there ..
Usually pays in 2-3 months, but they are fairly happy to hold/claw-back bonus if account transfers out or funds-withdrawn within the required 6 months holding period!
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
Thanks. I read the fine print before I posted, and saw 60 day funding and 6 months holding period. What I didn't see is when they actually pay the bonus. Both ME and TDA are very specific about when the bonus gets paid, didn't see it with Etrade.sc9182 wrote: ↑Wed Feb 10, 2021 5:59 pmPlease click offer details in-page expander link:snowman wrote: ↑Wed Feb 10, 2021 5:08 pmDo you, or anyone, know how soon Etrade pays the bonus? Doesn't say in small print. Also, is there minimum holding period before transferring out and losing the bonus?indexfundfan wrote: ↑Wed Feb 10, 2021 6:55 am Saw the following Etrade promo posted on another site
https://us.etrade.com/promo/choose-your ... 4k?em=4490
Thanks.
Account to open by 02/28/2021 ; account transfer-ins should finish within 60 days afterwards.
6-month holding period after transfer finishes, is what I see there ..
Usually pays in 2-3 months, but they are fairly happy to hold/claw-back bonus if account transfers out or funds-withdrawn within the required 6 months holding period!
So basically open and initiate transfer same day, ACAT complete in roughly 10 days, bonus posts 2-3 months later, wait 4 more months to satisfy 6 month minimum period, transfer out. Did I get it about right?
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
02/1/19 transfer-in started, finished in a week.snowman wrote: ↑Wed Feb 10, 2021 6:16 pmThanks. I read the fine print before I posted, and saw 60 day funding and 6 months holding period. What I didn't see is when they actually pay the bonus. Both ME and TDA are very specific about when the bonus gets paid, didn't see it with Etrade.sc9182 wrote: ↑Wed Feb 10, 2021 5:59 pmPlease click offer details in-page expander link:snowman wrote: ↑Wed Feb 10, 2021 5:08 pmDo you, or anyone, know how soon Etrade pays the bonus? Doesn't say in small print. Also, is there minimum holding period before transferring out and losing the bonus?indexfundfan wrote: ↑Wed Feb 10, 2021 6:55 am Saw the following Etrade promo posted on another site
https://us.etrade.com/promo/choose-your ... 4k?em=4490
Thanks.
Account to open by 02/28/2021 ; account transfer-ins should finish within 60 days afterwards.
6-month holding period after transfer finishes, is what I see there ..
Usually pays in 2-3 months, but they are fairly happy to hold/claw-back bonus if account transfers out or funds-withdrawn within the required 6 months holding period!
So basically open and initiate transfer same day, ACAT complete in roughly 10 days, bonus posts 2-3 months later, wait 4 more months to satisfy 6 month minimum period, transfer out. Did I get it about right?
03/29/19 Credit Customer Promotion REFID:P8-CSR-15529950xxxx $2,000
Not necessarily mentioned the “bonus” pay date, but got bonus just in 2 months .. if it helps! But eTrade pretty strict about bonus claw-back if you miss their holding period (even if you fully transfer-out the account, they sure will call back bonus $$ and put account restriction that you can’t use/transfer/trade that clawed-back bonus amount!!)
Believe the 6 month window starts after your last transfer finished within that 60 days window (but no way for me to validate— if I were you, I would keep account open and transfer-on date pretty close ..)
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
I have done Etrade transfer bonuses recently (not this promo though). In general, they paid me within a day or two once I met the highest tier. If I did not meet the highest tier, they will wait for the 60 days before paying out. This is because they don't know how much you are transferring and which tier you fall into until the 60 days are over.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
Good to know! Thanks for posting details on their most-likely bonus payment schedule.indexfundfan wrote: ↑Wed Feb 10, 2021 6:51 pm I have done Etrade transfer bonuses recently. In general, they paid me within a day or two once I met the highest tier. If I did not meet the highest tier, they will wait for the 60 days before paying out. This is because they don't know how much you are transferring and which tier you fall into until the 60 days are over.
Mine possibly wasn’t highest bonus tier back in 2019 — hence the possible 2-months wait from eTrade to post the bonus for my tier ..
Question: when is the clock starts on holding period (6 months in this case). Me guessing 6 months from last transfer-in. Or would it be 6-months from/after bonus amount paid !?
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
Are you planning to keep the funds at E-Trade? Cuz if not, they have a $75 account total transfer out fee (or $25 for partial transfer out fee except if you leave $5000 in there). Seems to reduce the value of the bonus.snowman wrote: ↑Wed Feb 10, 2021 6:16 pmThanks. I read the fine print before I posted, and saw 60 day funding and 6 months holding period. What I didn't see is when they actually pay the bonus. Both ME and TDA are very specific about when the bonus gets paid, didn't see it with Etrade.sc9182 wrote: ↑Wed Feb 10, 2021 5:59 pmPlease click offer details in-page expander link:snowman wrote: ↑Wed Feb 10, 2021 5:08 pmDo you, or anyone, know how soon Etrade pays the bonus? Doesn't say in small print. Also, is there minimum holding period before transferring out and losing the bonus?indexfundfan wrote: ↑Wed Feb 10, 2021 6:55 am Saw the following Etrade promo posted on another site
https://us.etrade.com/promo/choose-your ... 4k?em=4490
Thanks.
Account to open by 02/28/2021 ; account transfer-ins should finish within 60 days afterwards.
6-month holding period after transfer finishes, is what I see there ..
Usually pays in 2-3 months, but they are fairly happy to hold/claw-back bonus if account transfers out or funds-withdrawn within the required 6 months holding period!
So basically open and initiate transfer same day, ACAT complete in roughly 10 days, bonus posts 2-3 months later, wait 4 more months to satisfy 6 month minimum period, transfer out. Did I get it about right?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
Good question. Actually I didn't find out because I planned to be there for a least a year after the last transfer.sc9182 wrote: ↑Wed Feb 10, 2021 6:58 pmGood to know! Thanks for posting details on their most-likely bonus payment schedule.indexfundfan wrote: ↑Wed Feb 10, 2021 6:51 pm I have done Etrade transfer bonuses recently. In general, they paid me within a day or two once I met the highest tier. If I did not meet the highest tier, they will wait for the 60 days before paying out. This is because they don't know how much you are transferring and which tier you fall into until the 60 days are over.
Mine possibly wasn’t highest bonus tier back in 2019 — hence the possible 2-months wait from eTrade to post the bonus for my tier ..
Question: when is the clock starts on holding period (6 months in this case). Me guessing 6 months from last transfer-in. Or would it be 6-months from/after bonus amount paid !?
By the way, on the advice from my rep, I was able to qualify for more than one bonus by transferring in stages. Basically what the rep told me was that once a bonus was paid out, he can apply a different promo code to the account for a second bonus. My rep was pretty helpful.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
Thank you guys, that's exactly the kind of info I was looking for! So when it comes to this specific offer, is it safe enough to open the account from provided link, or should I call Etrade and have the rep send me an offer since technically I am not a "recipient" and therefore do not qualify? Any experience with that?
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
No, not really. This money will go back to TDA or ME. I never had issue with receiving brokerage covering transfer out fee. $75 is fairly standard across industry.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
I think it's always safer to have a rep do it and confirm for you.snowman wrote: ↑Wed Feb 10, 2021 7:40 pm Thank you guys, that's exactly the kind of info I was looking for! So when it comes to this specific offer, is it safe enough to open the account from provided link, or should I call Etrade and have the rep send me an offer since technically I am not a "recipient" and therefore do not qualify? Any experience with that?
What I did was apply for the account but didn't fund it. The local rep called a few days later asking if I needed help.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
Outstanding! Will give it a shot. Thanks for quick reply!indexfundfan wrote: ↑Wed Feb 10, 2021 7:45 pmI think it's always safer to have a rep do it and confirm for you.snowman wrote: ↑Wed Feb 10, 2021 7:40 pm Thank you guys, that's exactly the kind of info I was looking for! So when it comes to this specific offer, is it safe enough to open the account from provided link, or should I call Etrade and have the rep send me an offer since technically I am not a "recipient" and therefore do not qualify? Any experience with that?
What I did was apply for the account but didn't fund it. The local rep called a few days later asking if I needed help.
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
My experience is they do not claw back if you transfer out cash. Last time I did an e trade bonus, I bought Vanguard Ultra Short Term Bond. I held it long enough to avoid the short term trading fee, sold it, transferred it all out. If you transfer out securities, they most likely will charge a fee and possibly claw back.sc9182 wrote: ↑Wed Feb 10, 2021 6:39 pm02/1/19 transfer-in started, finished in a week.snowman wrote: ↑Wed Feb 10, 2021 6:16 pmThanks. I read the fine print before I posted, and saw 60 day funding and 6 months holding period. What I didn't see is when they actually pay the bonus. Both ME and TDA are very specific about when the bonus gets paid, didn't see it with Etrade.sc9182 wrote: ↑Wed Feb 10, 2021 5:59 pmPlease click offer details in-page expander link:snowman wrote: ↑Wed Feb 10, 2021 5:08 pmDo you, or anyone, know how soon Etrade pays the bonus? Doesn't say in small print. Also, is there minimum holding period before transferring out and losing the bonus?indexfundfan wrote: ↑Wed Feb 10, 2021 6:55 am Saw the following Etrade promo posted on another site
https://us.etrade.com/promo/choose-your ... 4k?em=4490
Thanks.
Account to open by 02/28/2021 ; account transfer-ins should finish within 60 days afterwards.
6-month holding period after transfer finishes, is what I see there ..
Usually pays in 2-3 months, but they are fairly happy to hold/claw-back bonus if account transfers out or funds-withdrawn within the required 6 months holding period!
So basically open and initiate transfer same day, ACAT complete in roughly 10 days, bonus posts 2-3 months later, wait 4 more months to satisfy 6 month minimum period, transfer out. Did I get it about right?
03/29/19 Credit Customer Promotion REFID:P8-CSR-15529950xxxx $2,000
Not necessarily mentioned the “bonus” pay date, but got bonus just in 2 months .. if it helps! But eTrade pretty strict about bonus claw-back if you miss their holding period (even if you fully transfer-out the account, they sure will call back bonus $$ and put account restriction that you can’t use/transfer/trade that clawed-back bonus amount!!)
Believe the 6 month window starts after your last transfer finished within that 60 days window (but no way for me to validate— if I were you, I would keep account open and transfer-on date pretty close ..)
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
Does anyone know if Fidelity will reimburse ACAT/transfer out fees? I'm thinking of moving a Roth IRA from ML. Thanks!
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
In my experience they will. But you'll need to ask and provide them with evidence of the fees hitting in your ML account.investor997 wrote: ↑Thu Feb 11, 2021 1:56 pm Does anyone know if Fidelity will reimburse ACAT/transfer out fees? I'm thinking of moving a Roth IRA from ML. Thanks!
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
I believe their latest policy is that they will reimburse only if the asset value is at least $25k. The asset value threshold used to be lower (or non-existent) in the past.investor997 wrote: ↑Thu Feb 11, 2021 1:56 pm Does anyone know if Fidelity will reimburse ACAT/transfer out fees? I'm thinking of moving a Roth IRA from ML. Thanks!
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
rakuten is offering 127.50 $ bonus for a funded Betterment Checking, Cash Reserve or Investing account
Exclusions: Cash Back is only earned for a funded Betterment Checking, Cash Reserve or Investing account of at least $1.00 for checking products and $10.00 for Cash Reserve and investing products, and is not available for other Betterment products or current Betterment customers.
Special Terms: Checking accounts and the Betterment Visa Debit Card provided and issued by nbkc bank, Member FDIC. Funds deposited into Checking will be eligible for up to $250,000 of FDIC insurance. Betterment Checking made available through Betterment Financial LLC. Neither Betterment Financial LLC, nor any of their affiliates, is a bank. Betterment Financial LLC reimburses ATM fees and the Visa 1% foreign transaction fee worldwide, everywhere Visa is accepted. Void where prohibited or restricted by law. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through the clients’ brokerage accounts at Betterment Securities. Investing involves risk and performance not guaranteed.
Posting Time: Cash Back will be automatically added to your Rakuten account tomorrow.
https://www.rakuten.com/betterment.com
Exclusions: Cash Back is only earned for a funded Betterment Checking, Cash Reserve or Investing account of at least $1.00 for checking products and $10.00 for Cash Reserve and investing products, and is not available for other Betterment products or current Betterment customers.
Special Terms: Checking accounts and the Betterment Visa Debit Card provided and issued by nbkc bank, Member FDIC. Funds deposited into Checking will be eligible for up to $250,000 of FDIC insurance. Betterment Checking made available through Betterment Financial LLC. Neither Betterment Financial LLC, nor any of their affiliates, is a bank. Betterment Financial LLC reimburses ATM fees and the Visa 1% foreign transaction fee worldwide, everywhere Visa is accepted. Void where prohibited or restricted by law. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through the clients’ brokerage accounts at Betterment Securities. Investing involves risk and performance not guaranteed.
Posting Time: Cash Back will be automatically added to your Rakuten account tomorrow.
https://www.rakuten.com/betterment.com
Thanks!
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
To answer my own question, the answer (as of today) is YES, but the reimbursement won't happen automatically. It must be requested via phone/chat after the fact. I also read reports that the transfer must be at least $25K.investor997 wrote: ↑Thu Feb 11, 2021 1:56 pm Does anyone know if Fidelity will reimburse ACAT/transfer out fees? I'm thinking of moving a Roth IRA from ML. Thanks!
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
I checked the link but didn't see any specific minimums that were mentioned. Can we just open up a checking account with a few bucks and pull in the $127.50?manuvns wrote: ↑Fri Feb 12, 2021 10:02 am rakuten is offering 127.50 $ bonus for a funded Betterment Checking, Cash Reserve or Investing account
Exclusions: Cash Back is only earned for a funded Betterment Checking, Cash Reserve or Investing account of at least $1.00 for checking products and $10.00 for Cash Reserve and investing products, and is not available for other Betterment products or current Betterment customers.
Special Terms: Checking accounts and the Betterment Visa Debit Card provided and issued by nbkc bank, Member FDIC. Funds deposited into Checking will be eligible for up to $250,000 of FDIC insurance. Betterment Checking made available through Betterment Financial LLC. Neither Betterment Financial LLC, nor any of their affiliates, is a bank. Betterment Financial LLC reimburses ATM fees and the Visa 1% foreign transaction fee worldwide, everywhere Visa is accepted. Void where prohibited or restricted by law. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through the clients’ brokerage accounts at Betterment Securities. Investing involves risk and performance not guaranteed.
Posting Time: Cash Back will be automatically added to your Rakuten account tomorrow.
https://www.rakuten.com/betterment.com
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
For those that have done a transfer to Merrill Edge, does anyone know if the -$50 cash balance that is the account accrues interest charges or will that just be "on them" until you come up with the $50 to pay them back. This $50 amount is what Schwab charged for the full ACAT transfer to ME. I've emailed my Rep at ME and he said to call CS. When I called CS he didn't know either and then will ask his manager to see if he can waive the $50 fee for me.
I've just liquidated the remaining mutual fund and partial ETF shares today and that will settle mid-next week. So the -$50 will get paid from those proceeds.
Does anyone know if I need to contact Schwab about sweeping the remaining cash to ME or will it be done automatically?
I've just liquidated the remaining mutual fund and partial ETF shares today and that will settle mid-next week. So the -$50 will get paid from those proceeds.
Does anyone know if I need to contact Schwab about sweeping the remaining cash to ME or will it be done automatically?
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
ACAT will automatically sweep weekly for a few weeks so no need to call. If you can still log into Schwab, I'd check in a few weeks to see if anything has been missed. If there is an issue, call then.stilllurking wrote: ↑Fri Feb 12, 2021 2:53 pm
Does anyone know if I need to contact Schwab about sweeping the remaining cash to ME or will it be done automatically?
People say nothing is impossible. I do nothing all day.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
That's what I see.stilllurking wrote: ↑Fri Feb 12, 2021 2:16 pmI checked the link but didn't see any specific minimums that were mentioned. Can we just open up a checking account with a few bucks and pull in the $127.50?manuvns wrote: ↑Fri Feb 12, 2021 10:02 am rakuten is offering 127.50 $ bonus for a funded Betterment Checking, Cash Reserve or Investing account
Exclusions: Cash Back is only earned for a funded Betterment Checking, Cash Reserve or Investing account of at least $1.00 for checking products and $10.00 for Cash Reserve and investing products, and is not available for other Betterment products or current Betterment customers.
Special Terms: Checking accounts and the Betterment Visa Debit Card provided and issued by nbkc bank, Member FDIC. Funds deposited into Checking will be eligible for up to $250,000 of FDIC insurance. Betterment Checking made available through Betterment Financial LLC. Neither Betterment Financial LLC, nor any of their affiliates, is a bank. Betterment Financial LLC reimburses ATM fees and the Visa 1% foreign transaction fee worldwide, everywhere Visa is accepted. Void where prohibited or restricted by law. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through the clients’ brokerage accounts at Betterment Securities. Investing involves risk and performance not guaranteed.
Posting Time: Cash Back will be automatically added to your Rakuten account tomorrow.
https://www.rakuten.com/betterment.com
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
ME will reimburse the fee. I expect Schwab will pull $50 from ME in a couple of days.stilllurking wrote: ↑Fri Feb 12, 2021 2:53 pm For those that have done a transfer to Merrill Edge, does anyone know if the -$50 cash balance that is the account accrues interest charges or will that just be "on them" until you come up with the $50 to pay them back. This $50 amount is what Schwab charged for the full ACAT transfer to ME. I've emailed my Rep at ME and he said to call CS. When I called CS he didn't know either and then will ask his manager to see if he can waive the $50 fee for me.
I've just liquidated the remaining mutual fund and partial ETF shares today and that will settle mid-next week. So the -$50 will get paid from those proceeds.
Does anyone know if I need to contact Schwab about sweeping the remaining cash to ME or will it be done automatically?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
Thanks BuddyJetBuddyJet wrote: ↑Fri Feb 12, 2021 5:12 pmACAT will automatically sweep weekly for a few weeks so no need to call. If you can still log into Schwab, I'd check in a few weeks to see if anything has been missed. If there is an issue, call then.stilllurking wrote: ↑Fri Feb 12, 2021 2:53 pm
Does anyone know if I need to contact Schwab about sweeping the remaining cash to ME or will it be done automatically?
Thanks whodidntante.
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
ME will reimburse the fee but you have to call and ask. Please let us know if that doesn't happen.stilllurking wrote: ↑Fri Feb 12, 2021 2:53 pm For those that have done a transfer to Merrill Edge, does anyone know if the -$50 cash balance that is the account accrues interest charges or will that just be "on them" until you come up with the $50 to pay them back. This $50 amount is what Schwab charged for the full ACAT transfer to ME. I've emailed my Rep at ME and he said to call CS. When I called CS he didn't know either and then will ask his manager to see if he can waive the $50 fee for me.
I've just liquidated the remaining mutual fund and partial ETF shares today and that will settle mid-next week. So the -$50 will get paid from those proceeds.
Does anyone know if I need to contact Schwab about sweeping the remaining cash to ME or will it be done automatically?
You don't have to call Schwab, all the sweeps will eventually find their way into your new account. It could take a day or two, it could take a month, the most I've seen is 2 months (if new dividends were involved and firm only sweeps out once a month). Broker generally doesn't lock you out of your online access if you still have any assets left in your account, so you should be able to monitor the transfer from both ends.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
Schwab has already put the -$50 into my ME account so I'm assuming ME fronted the money to them. Or maybe I'm reading it wrong.student wrote: ↑Fri Feb 12, 2021 5:22 pmME will reimburse the fee. I expect Schwab will pull $50 from ME in a couple of days.stilllurking wrote: ↑Fri Feb 12, 2021 2:53 pm For those that have done a transfer to Merrill Edge, does anyone know if the -$50 cash balance that is the account accrues interest charges or will that just be "on them" until you come up with the $50 to pay them back. This $50 amount is what Schwab charged for the full ACAT transfer to ME. I've emailed my Rep at ME and he said to call CS. When I called CS he didn't know either and then will ask his manager to see if he can waive the $50 fee for me.
I've just liquidated the remaining mutual fund and partial ETF shares today and that will settle mid-next week. So the -$50 will get paid from those proceeds.
Does anyone know if I need to contact Schwab about sweeping the remaining cash to ME or will it be done automatically?
As long as they don't take the amount from the proceeds of the sales today too, I'm fine.
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
That could be it. When I transfer from TDA to ME, they first transfer the money and they pull the fee. Schwab could be doing in a different order. As others have said, you need ti request them to reimburse you. An account statement will work.stilllurking wrote: ↑Fri Feb 12, 2021 5:31 pmSchwab has already put the -$50 into my ME account so I'm assuming ME fronted the money to them. Or maybe I'm reading it wrong.student wrote: ↑Fri Feb 12, 2021 5:22 pmME will reimburse the fee. I expect Schwab will pull $50 from ME in a couple of days.stilllurking wrote: ↑Fri Feb 12, 2021 2:53 pm For those that have done a transfer to Merrill Edge, does anyone know if the -$50 cash balance that is the account accrues interest charges or will that just be "on them" until you come up with the $50 to pay them back. This $50 amount is what Schwab charged for the full ACAT transfer to ME. I've emailed my Rep at ME and he said to call CS. When I called CS he didn't know either and then will ask his manager to see if he can waive the $50 fee for me.
I've just liquidated the remaining mutual fund and partial ETF shares today and that will settle mid-next week. So the -$50 will get paid from those proceeds.
Does anyone know if I need to contact Schwab about sweeping the remaining cash to ME or will it be done automatically?
As long as they don't take the amount from the proceeds of the sales today too, I'm fine.
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
Has anyone ever gotten a retention bonus out of e-trade?
- cookymonster
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
I contributed $6k to my Traditional IRA at ETrade and was just awarded a $50 bonus. I’d now like to do the Roth conversion.
I was curious about the mechanics of a split rollover (couldn’t find much info in a search). Is it as simple as converting $6k to my Roth IRA as I do every year through the back door Roth, and then moving the remaining $50 to my individual 401k?
I was curious about the mechanics of a split rollover (couldn’t find much info in a search). Is it as simple as converting $6k to my Roth IRA as I do every year through the back door Roth, and then moving the remaining $50 to my individual 401k?
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
Why wouldn't you just convert the entire account?cookymonster wrote: ↑Mon Feb 15, 2021 7:51 am I contributed $6k to my Traditional IRA at ETrade and was just awarded a $50 bonus. I’d now like to do the Roth conversion.
I was curious about the mechanics of a split rollover (couldn’t find much info in a search). Is it as simple as converting $6k to my Roth IRA as I do every year through the back door Roth, and then moving the remaining $50 to my individual 401k?
- cookymonster
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
Because I'd owe taxes on the $50 earnings.tj wrote: ↑Mon Feb 15, 2021 2:31 pmWhy wouldn't you just convert the entire account?cookymonster wrote: ↑Mon Feb 15, 2021 7:51 am I contributed $6k to my Traditional IRA at ETrade and was just awarded a $50 bonus. I’d now like to do the Roth conversion.
I was curious about the mechanics of a split rollover (couldn’t find much info in a search). Is it as simple as converting $6k to my Roth IRA as I do every year through the back door Roth, and then moving the remaining $50 to my individual 401k?
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
So?cookymonster wrote: ↑Mon Feb 15, 2021 3:06 pmBecause I'd owe taxes on the $50 earnings.tj wrote: ↑Mon Feb 15, 2021 2:31 pmWhy wouldn't you just convert the entire account?cookymonster wrote: ↑Mon Feb 15, 2021 7:51 am I contributed $6k to my Traditional IRA at ETrade and was just awarded a $50 bonus. I’d now like to do the Roth conversion.
I was curious about the mechanics of a split rollover (couldn’t find much info in a search). Is it as simple as converting $6k to my Roth IRA as I do every year through the back door Roth, and then moving the remaining $50 to my individual 401k?
- cookymonster
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
Help me out. Why would I not do a split rollover?tj wrote: ↑Mon Feb 15, 2021 3:24 pmSo?cookymonster wrote: ↑Mon Feb 15, 2021 3:06 pmBecause I'd owe taxes on the $50 earnings.tj wrote: ↑Mon Feb 15, 2021 2:31 pmWhy wouldn't you just convert the entire account?cookymonster wrote: ↑Mon Feb 15, 2021 7:51 am I contributed $6k to my Traditional IRA at ETrade and was just awarded a $50 bonus. I’d now like to do the Roth conversion.
I was curious about the mechanics of a split rollover (couldn’t find much info in a search). Is it as simple as converting $6k to my Roth IRA as I do every year through the back door Roth, and then moving the remaining $50 to my individual 401k?
- BrandonBogle
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
You can do a split rollover, assuming you 401k allows you to do a roll in. However, the nuisance factor isn't worth it. Even if you lost 30% of taxes (just a random number off the top of my head), is deferring $15 really worth your time to fill out the paperwork, monitor and manage the split rollover, and pay postage for any documents you may need to sign and mail?cookymonster wrote: ↑Mon Feb 15, 2021 3:43 pmHelp me out. Why would I not do a split rollover?tj wrote: ↑Mon Feb 15, 2021 3:24 pmSo?cookymonster wrote: ↑Mon Feb 15, 2021 3:06 pmBecause I'd owe taxes on the $50 earnings.tj wrote: ↑Mon Feb 15, 2021 2:31 pmWhy wouldn't you just convert the entire account?cookymonster wrote: ↑Mon Feb 15, 2021 7:51 am I contributed $6k to my Traditional IRA at ETrade and was just awarded a $50 bonus. I’d now like to do the Roth conversion.
I was curious about the mechanics of a split rollover (couldn’t find much info in a search). Is it as simple as converting $6k to my Roth IRA as I do every year through the back door Roth, and then moving the remaining $50 to my individual 401k?
If you got a $500 or $1,000 bonus, that's one thing. But at $50, I would personally go for K.I.S.S. versus maximizing the purely economical value
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
i guess it might work , read the fine print . now it's back to $75whodidntante wrote: ↑Fri Feb 12, 2021 5:20 pmThat's what I see.stilllurking wrote: ↑Fri Feb 12, 2021 2:16 pmI checked the link but didn't see any specific minimums that were mentioned. Can we just open up a checking account with a few bucks and pull in the $127.50?manuvns wrote: ↑Fri Feb 12, 2021 10:02 am rakuten is offering 127.50 $ bonus for a funded Betterment Checking, Cash Reserve or Investing account
Exclusions: Cash Back is only earned for a funded Betterment Checking, Cash Reserve or Investing account of at least $1.00 for checking products and $10.00 for Cash Reserve and investing products, and is not available for other Betterment products or current Betterment customers.
Special Terms: Checking accounts and the Betterment Visa Debit Card provided and issued by nbkc bank, Member FDIC. Funds deposited into Checking will be eligible for up to $250,000 of FDIC insurance. Betterment Checking made available through Betterment Financial LLC. Neither Betterment Financial LLC, nor any of their affiliates, is a bank. Betterment Financial LLC reimburses ATM fees and the Visa 1% foreign transaction fee worldwide, everywhere Visa is accepted. Void where prohibited or restricted by law. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through the clients’ brokerage accounts at Betterment Securities. Investing involves risk and performance not guaranteed.
Posting Time: Cash Back will be automatically added to your Rakuten account tomorrow.
https://www.rakuten.com/betterment.com
Thanks!
- cookymonster
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
Thanks, a helpful answer.BrandonBogle wrote: ↑Mon Feb 15, 2021 4:14 pmYou can do a split rollover, assuming you 401k allows you to do a roll in. However, the nuisance factor isn't worth it. Even if you lost 30% of taxes (just a random number off the top of my head), is deferring $15 really worth your time to fill out the paperwork, monitor and manage the split rollover, and pay postage for any documents you may need to sign and mail?
If you got a $500 or $1,000 bonus, that's one thing. But at $50, I would personally go for K.I.S.S. versus maximizing the purely economical value
I don’t think it’s that much of a nuisance. I mean, I do a rollover with my mega back door Roth every year and I think it should be a similar process.
As for K.I.S.S. Vs. maximizing pure economical value... the whole objective of this thread is to maximize pure economical value! I want to save my $15!
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
I think you have to rollover the $50 to your 401k first (before the roth conversion) to avoid the pro rata rule right?cookymonster wrote: ↑Mon Feb 15, 2021 7:51 am I contributed $6k to my Traditional IRA at ETrade and was just awarded a $50 bonus. I’d now like to do the Roth conversion.
I was curious about the mechanics of a split rollover (couldn’t find much info in a search). Is it as simple as converting $6k to my Roth IRA as I do every year through the back door Roth, and then moving the remaining $50 to my individual 401k?
Wait, never mind doesn't apply here if you just have the one traditional IRA.
For me, I'd just do the rollover first, then the conversion so it's cleaner.
Last edited by JustinR on Mon Feb 15, 2021 8:44 pm, edited 2 times in total.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
You're not saving $15, just deferring it. Unless you expect a much lower rate when you withdraw.cookymonster wrote: ↑Mon Feb 15, 2021 4:42 pm
As for K.I.S.S. Vs. maximizing pure economical value... the whole objective of this thread is to maximize pure economical value! I want to save my $15!
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
No, I was working with an account rep to transfer accounts (I was completely new customer to Merrill). This was 4 years ago. I visited a physical location and they gave me a single bonus for a combined value across all accounts.tj wrote: ↑Wed Feb 10, 2021 12:24 amThe bonus is per account, not aggregated. You probably just transferred enough to trigger both bonuses.ras4250 wrote: ↑Tue Feb 09, 2021 5:39 pm When I did a transfer bonus into Merrill, I got a bigger bonus by combining a CMA and a Roth for me, and then a Roth for my wife. My bonus was split, they put some of it into the CMA and some into the Roth. I was only sent a 1099 for the part that went into the CMA.