The Final, Definitive Thread on Brokerage Transfer Bonuses

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

Post by SlowMovingInvestor » Wed Jul 25, 2018 10:30 pm

walkerbait wrote:
Wed Jul 25, 2018 9:30 pm
I have a question to those who have been down this road...

I currently have all of my investments at VG. I am considering transferring the investments in a taxable account (in-kind) to another brokerage to get a bonus, and then 2-3x over the next few years. If I do that, and eventually end up with everything back at VG (my preference), will my cost-basis travel around and eventually land back at VG? I don't really want to have to keep records, as I have no plans to sell most of these things for 20+ years. If tracking cost-basis adds to my hassle, it's probably not worth the $10-15k I'd get over the next couple of years in bonuses. But, if cost-basis follows in the background everywhere, then I am much more likely to go through with it.

Thanks!
Yes, cost basis should travel, but you need to verify it manually after each transfer.

If you have an IRA, then you can xfer without worrying about cost basis.

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

Post by Earl Lemongrab » Thu Jul 26, 2018 12:04 am

It's a good idea to record your basis before a move, but these days with covered shares the accounting it pretty accurate. That's because brokerages are required to report those to the IRS .

I've never had a problem with any transfer. The ACATS will generally get the basis information somewhat after the shares arrive, sometimes up to a week later.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot » Thu Jul 26, 2018 6:42 am

walkerbait wrote:
Wed Jul 25, 2018 9:30 pm
I have a question to those who have been down this road...

I currently have all of my investments at VG. I am considering transferring the investments in a taxable account (in-kind) to another brokerage to get a bonus, and then 2-3x over the next few years. If I do that, and eventually end up with everything back at VG (my preference), will my cost-basis travel around and eventually land back at VG? I don't really want to have to keep records, as I have no plans to sell most of these things for 20+ years. If tracking cost-basis adds to my hassle, it's probably not worth the $10-15k I'd get over the next couple of years in bonuses. But, if cost-basis follows in the background everywhere, then I am much more likely to go through with it.

Thanks!
In my experience cost basis did travel with transfers from Merrill Lynch and Merrill Edge to TD Ameritrade, as well as TDA to ME. Have never transferred in kind to or from VG. Be aware that VG Admiral class transfers can be problematic.

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

Post by gostars » Fri Jul 27, 2018 12:12 am

+1 on Admiral shares being hit or miss to transfer, and I wouldn't recommend converting to ETFs in a taxable account if you had dividend reinvesting enabled. 12 years of reinvested dividends for me in VFIAX (pre-Bogleheads) turned into 32 VOO shares with cost bases ranging from $8.75 to $161.50, plus the original lot. It all adds up to the right amount, but it's going to be a long night filling out form 8949 once it gets sold, since about half are covered and half are uncovered, and what was reported will no longer match what is being sold because of the conversion, and I'm just now realizing how much of a headache I made for myself :oops:.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JustinR » Sun Jul 29, 2018 4:47 am

jminv wrote:
Mon Jul 16, 2018 7:32 pm
I thought I'd give an update on Fidelity since the decent promos they have are unlisted and require calling them. I started with 'Etrade is offering $2500 for 1mil+ plus 500 trades for 60 days, can you match and what are your bonuses at other levels in case I decide to transfer in more?'.

$1mil-$2.5mil - $2500
$2.5mil-$5mil - $3500
$5mil+ - $5000

They will give you free trades valid for more than 1 year but this is based on your trading volume in a month so have a number in mind when calling. The bonus is paid in after 60 days if the account is funded.

I have a core Schwab account but move a $1+mil account around to net the bonuses since they are non-trivial sums. $2500 in bonuses each year compounded at 6% for 20 years will give you $100k. Over 30 years it would be an $212k. Just something to think about for people reading this who might not be as interested in doing a transfer.
Hi jminv,

For Fidelity's unlisted promo, do you know if they have any bonuses for lower deposit amounts than $1m?

edit: never mind, it looks like this is the offer so no they dont: https://rewards.fidelity.com/offers/cashdepositbonus

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by dia » Sun Jul 29, 2018 7:30 am

neilpilot wrote:
Tue Jul 10, 2018 2:11 pm
neilpilot wrote:
Wed Jun 06, 2018 7:39 am
gips wrote:
Tue Jun 05, 2018 6:52 pm
we received ME bonus six months to the day.
Good to know. One month from now our 2 accounts should receive the bonus $. A few days later the ME accounts will be transferred back to TDA. We opened the ME accounts on a trial basis, just prior to TDA acquiring Scottrade, in case we disliked TDA. However we have had a terrible customer service experience with ME, while TDA has been totally acceptable.
We did not. Our 2 ME accounts were funded on 1/3/18, and the bonus was supposed to be posted 180 days after funding, or 7/2/18. I sent 2 inquiries to ME via our online account access asking about this on 7/9. Although neither note was answered, a $1k bonus was applied to each account this morning.

SO now I'm planning to move these assets back to existing accounts at TDA, based on poor customer service received at ME even before I had to ask for the bonus. Too bad TDA is not currently offering a bonus for asset transfers into existing accounts.
I wouldn't move to Merrill Edge no matter what bonus they offered. Good customer service is hit or miss over there. The last few months, I have experienced HORRIBLE customer service and moving away as quickly as possible after YEARS of being there. Between talking to reps who did not know what "compounding interest" was and accounting/IT glitches that take weeks to fix and effect the correct amount in the "available to invest" area of the site and a telephone call that couldn't be returned because "that person only does outgoing calls on certain days." I could go on. I get it that ME is the learning ground for Merrill Lynch and you "get what you pay for" which in essence is what one of the reps told me as they tried to get me to invest just a bit more $$ so I could move to the Merrill Lynch side, "where customer service is good and not a call center". No thanks. I'm done.
What, Me Worry? --Alfred E. Neuman

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

Post by student » Sun Jul 29, 2018 7:53 am

dia wrote:
Sun Jul 29, 2018 7:30 am
I wouldn't move to Merrill Edge no matter what bonus they offered. Good customer service is hit or miss over there. The last few months, I have experienced HORRIBLE customer service and moving away as quickly as possible after YEARS of being there. Between talking to reps who did not know what "compounding interest" was and accounting/IT glitches that take weeks to fix and effect the correct amount in the "available to invest" area of the site and a telephone call that couldn't be returned because "that person only does outgoing calls on certain days." I could go on. I get it that ME is the learning ground for Merrill Lynch and you "get what you pay for" which in essence is what one of the reps told me as they tried to get me to invest just a bit more $$ so I could move to the Merrill Lynch side, "where customer service is good and not a call center". No thanks. I'm done.
Thank you for sharing your experience. It is helpful.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SJR » Sun Jul 29, 2018 8:11 am

LadyGeek wrote:
Wed Jul 25, 2018 9:38 pm
I removed an off-topic post. e-trade referrals constitute solicitation and are not permitted. See: No Solicitation
Please do not solicit business or website traffic on this forum. Forum officers will determine what constitutes solicitation on a case by case basis, but we offer the following guidelines about commonly encountered issues:

Members may not post affiliate or referral links, except affiliate links in support of the forum, or ask for referrals.
It's not a referral or affiliate link. I just didn't want to post it publicly.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by michaeljc70 » Sun Jul 29, 2018 9:16 am

On the good eTrade bonuses, it says it is only valid for the original recipient. I wonder if that is true or not.

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

Post by SlowMovingInvestor » Mon Jul 30, 2018 2:47 pm

I xferred 2 Vanguard mutual funds (non convertible to ETFs) to ME to get a bonus. I want to sell for tax loss purposes. These are TF at Merill, so $20 fee for selling.

Any chance of getting the fee waived by telling ME that it's one time, part of an xfer, that I want to use the cash elsewhere at ME (all true statements) ? Otherwise I would have to xfer back to VG, then sell, which is a bit of a pain to avoid around $40 ..

I am Platinum Honors, if that matters.
Last edited by SlowMovingInvestor on Mon Jul 30, 2018 2:50 pm, edited 1 time in total.

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

Post by SlowMovingInvestor » Mon Jul 30, 2018 2:49 pm

This bonus for Fidelity is still valid, right ?

https://communications.fidelity.com/pi/ ... our-stack/

Only $200, but could work for someone who wants to xfer a small amount over, and is new to Fido.

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

Post by jeffyscott » Mon Jul 30, 2018 3:36 pm

SlowMovingInvestor wrote:
Mon Jul 30, 2018 2:49 pm
This bonus for Fidelity is still valid, right ?

https://communications.fidelity.com/pi/ ... our-stack/

Only $200, but could work for someone who wants to xfer a small amount over, and is new to Fido.
There's no cash offer there. It says at your link that it ended about a month ago.
press on, regardless - John C. Bogle

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

Post by SlowMovingInvestor » Mon Jul 30, 2018 3:44 pm

jeffyscott wrote:
Mon Jul 30, 2018 3:36 pm
SlowMovingInvestor wrote:
Mon Jul 30, 2018 2:49 pm
This bonus for Fidelity is still valid, right ?

https://communications.fidelity.com/pi/ ... our-stack/

Only $200, but could work for someone who wants to xfer a small amount over, and is new to Fido.
There's no cash offer there. It says at your link that it ended about a month ago.
Ugh -- for some reason I thought the page said $200. I guess it's gone, so Fidelity has nothing below $1M again.

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

Post by Earl Lemongrab » Mon Jul 30, 2018 11:33 pm

SlowMovingInvestor wrote:
Mon Jul 30, 2018 2:47 pm
I xferred 2 Vanguard mutual funds (non convertible to ETFs) to ME to get a bonus. I want to sell for tax loss purposes. These are TF at Merill, so $20 fee for selling.

Any chance of getting the fee waived by telling ME that it's one time, part of an xfer, that I want to use the cash elsewhere at ME (all true statements) ? Otherwise I would have to xfer back to VG, then sell, which is a bit of a pain to avoid around $40 ..
Always a chance. If you have a contact, check there.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by investor997 » Wed Aug 01, 2018 4:09 pm

dia wrote:
Sun Jul 29, 2018 7:30 am
I wouldn't move to Merrill Edge no matter what bonus they offered. Good customer service is hit or miss over there. The last few months, I have experienced HORRIBLE customer service and moving away as quickly as possible after YEARS of being there. Between talking to reps who did not know what "compounding interest" was and accounting/IT glitches that take weeks to fix and effect the correct amount in the "available to invest" area of the site and a telephone call that couldn't be returned because "that person only does outgoing calls on certain days." I could go on. I get it that ME is the learning ground for Merrill Lynch and you "get what you pay for" which in essence is what one of the reps told me as they tried to get me to invest just a bit more $$ so I could move to the Merrill Lynch side, "where customer service is good and not a call center". No thanks. I'm done.
I'm starting to lose patience with BofA/Merrill.

One of the perks of Preferred Rewards status is a free, small safe deposit box at a local BofA branch. Unfortunately there seems to be no way to use a telephone to get the attention of a live human at any nearby branch to verify if a box is available. All the local numbers seem to do is generate a fake ringing sound for several seconds followed by an automated message asking me to make an appointment to visit the branch in person. Umm, no.

I had to call the general voice support number for Preferred Rewards clients to get a live human. Even he wasn't able to get through to the branches via "back door" methods. Instead, I made him send emails to all client support managers at two local branches asking about safe deposit box availability. Time will tell if I hear anything back.....

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

Post by SlowMovingInvestor » Wed Aug 01, 2018 5:41 pm

investor997 wrote:
Wed Aug 01, 2018 4:09 pm

One of the perks of Preferred Rewards status is a free, small safe deposit box at a local BofA branch. Unfortunately there seems to be no way to use a telephone to get the attention of a live human at any nearby branch to verify if a box is available. All the local numbers seem to do is generate a fake ringing sound for several seconds followed by an automated message asking me to make an appointment to visit the branch in person. Umm, no.

I had to call the general voice support number for Preferred Rewards clients to get a live human. Even he wasn't able to get through to the branches via "back door" methods. Instead, I made him send emails to all client support managers at two local branches asking about safe deposit box availability. Time will tell if I hear anything back.....
I've had no luck with safety deposit boxes too. Platinum Honors. To be fair, this seems to be largely upto the local managers, and the smaller boxes don't seem to be available.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by dia » Wed Aug 01, 2018 5:48 pm

investor997 wrote:
Wed Aug 01, 2018 4:09 pm
dia wrote:
Sun Jul 29, 2018 7:30 am
I wouldn't move to Merrill Edge no matter what bonus they offered. Good customer service is hit or miss over there. The last few months, I have experienced HORRIBLE customer service and moving away as quickly as possible after YEARS of being there. Between talking to reps who did not know what "compounding interest" was and accounting/IT glitches that take weeks to fix and effect the correct amount in the "available to invest" area of the site and a telephone call that couldn't be returned because "that person only does outgoing calls on certain days." I could go on. I get it that ME is the learning ground for Merrill Lynch and you "get what you pay for" which in essence is what one of the reps told me as they tried to get me to invest just a bit more $$ so I could move to the Merrill Lynch side, "where customer service is good and not a call center". No thanks. I'm done.
I'm starting to lose patience with BofA/Merrill.

One of the perks of Preferred Rewards status is a free, small safe deposit box at a local BofA branch. Unfortunately there seems to be no way to use a telephone to get the attention of a live human at any nearby branch to verify if a box is available. All the local numbers seem to do is generate a fake ringing sound for several seconds followed by an automated message asking me to make an appointment to visit the branch in person. Umm, no.

I had to call the general voice support number for Preferred Rewards clients to get a live human. Even he wasn't able to get through to the branches via "back door" methods. Instead, I made him send emails to all client support managers at two local branches asking about safe deposit box availability. Time will tell if I hear anything back.....
I understand and am untangling myself and family from the BoA and Merrill web. This "preferred" title is a joke. It's basically the mantra that the more $$ of yours we have, the better we treat you. #1 that's wrong and #2 as a platinum honors customer--I still have to deal with their constant ineptitude. I have their credit card and get some good cash back, but I will switch to something else. I just completed the paperwork to move out of Merrill and next it will be BoA (already opened an account with a smaller, regional bank). Even BoA's "free" notary is a joke. I used their notary services 4 times now (different branches) and each time when I got home, I found errors.

Good luck with the safety deposit box, whenever I have inquired about one they tell me they don't have any. Not quite a benefit if they have such a limited number that even their Special Platinum Rewards victims can't get one. Ever.

Whenever I see their bonus offers for opening accounts, I just chuckle. People have no idea what they are in for. It's all good until there's a mistake or a problem or you just need some help.
What, Me Worry? --Alfred E. Neuman

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

Post by SlowMovingInvestor » Wed Aug 01, 2018 5:49 pm

I'm a little confused by the Etrade Bonus discussion earlier.

I can see that Etrade has a $1200 bonus for $500K transfer.

https://us.etrade.com/what-we-offer/how ... /brokerage

From previous messages, I gather that it's possible to get $1500 for $500K transfer ? Do you have to ask a rep ? There doesn't seem to be any competing offer you can show them to get the $1500.

Thanks !

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

Post by Earl Lemongrab » Wed Aug 01, 2018 5:54 pm

It's pretty much a given that any custodian will have some customers that have had a poor experience. That doesn't mean that this is the general experience one should expect. As a counter, I have never had a problem at Edge. I have found their reps to be among the most knowledgeable and helpful. I haven't had any experience with the safe deposit box. It never was of much appeal to me.

Where are you moving that you think will be better? I bet any place you name will have someone who laughs at you based on their experience.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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

Post by SlowMovingInvestor » Wed Aug 01, 2018 5:58 pm

dia wrote:
Wed Aug 01, 2018 5:48 pm
Good luck with the safety deposit box, whenever I have inquired about one they tell me they don't have any. Not quite a benefit if they have such a limited number that even their Special Platinum Rewards victims can't get one. Ever.
To be fair, it only takes $100K to become Platinum Honors, so it's not really that special a status :happy

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

Post by student » Wed Aug 01, 2018 6:18 pm

dia wrote:
Wed Aug 01, 2018 5:48 pm
Good luck with the safety deposit box, whenever I have inquired about one they tell me they don't have any. Not quite a benefit if they have such a limited number that even their Special Platinum Rewards victims can't get one. Ever.
I was able to get one last year.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SteveLee » Wed Aug 01, 2018 8:05 pm

SlowMovingInvestor wrote:
Wed Aug 01, 2018 5:49 pm
I'm a little confused by the Etrade Bonus discussion earlier.

I can see that Etrade has a $1200 bonus for $500K transfer.

https://us.etrade.com/what-we-offer/how ... /brokerage

From previous messages, I gather that it's possible to get $1500 for $500K transfer ? Do you have to ask a rep ? There doesn't seem to be any competing offer you can show them to get the $1500.

Thanks !
SlowMovingInvestor, I called and inquired about a bonus and was offered the one with $1500 for 500k. I asked about getting the $2000 for 500k offer and the rep did not know about it.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Outafter20 » Wed Aug 01, 2018 8:33 pm

SteveLee wrote:
Wed Aug 01, 2018 8:05 pm
SlowMovingInvestor wrote:
Wed Aug 01, 2018 5:49 pm
I'm a little confused by the Etrade Bonus discussion earlier.

I can see that Etrade has a $1200 bonus for $500K transfer.

https://us.etrade.com/what-we-offer/how ... /brokerage

From previous messages, I gather that it's possible to get $1500 for $500K transfer ? Do you have to ask a rep ? There doesn't seem to be any competing offer you can show them to get the $1500.

Thanks !
SlowMovingInvestor, I called and inquired about a bonus and was offered the one with $1500 for 500k. I asked about getting the $2000 for 500k offer and the rep did not know about it.
As a side question, does anyone know what E*TRADE charges for full outgoing account transfers? I can't find anything on the website.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by investor997 » Wed Aug 01, 2018 9:29 pm

dia wrote:
Wed Aug 01, 2018 5:48 pm
Good luck with the safety deposit box, whenever I have inquired about one they tell me they don't have any. Not quite a benefit if they have such a limited number that even their Special Platinum Rewards victims can't get one. Ever.

Whenever I see their bonus offers for opening accounts, I just chuckle. People have no idea what they are in for. It's all good until there's a mistake or a problem or you just need some help.
At this point I'm simply trying to determine whether nor not a box is available, and BofA makes it extremely difficult - if not impossible - to hail someone at a local branch via telephone.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by gostars » Thu Aug 02, 2018 1:06 am

From my experience, the ringing at B of A is real. It rings at the local branch a few times to give them a chance to answer. If no one picks up, it rolls over to the national call center. It all depends on how busy the branch is when you call. When it went on long enough that it I could tell it rolled over, I just hung up and tried back later. I didn't even bother to try first thing in the morning, around lunch, at the end of the day, or on weekends, as those are the busiest times. Better luck at like 10am or 2pm on a Tuesday when they're fully staffed but don't have many customers.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by student » Thu Aug 02, 2018 4:42 am

Outafter20 wrote:
Wed Aug 01, 2018 8:33 pm
SteveLee wrote:
Wed Aug 01, 2018 8:05 pm
SlowMovingInvestor wrote:
Wed Aug 01, 2018 5:49 pm
I'm a little confused by the Etrade Bonus discussion earlier.

I can see that Etrade has a $1200 bonus for $500K transfer.

https://us.etrade.com/what-we-offer/how ... /brokerage

From previous messages, I gather that it's possible to get $1500 for $500K transfer ? Do you have to ask a rep ? There doesn't seem to be any competing offer you can show them to get the $1500.

Thanks !
SlowMovingInvestor, I called and inquired about a bonus and was offered the one with $1500 for 500k. I asked about getting the $2000 for 500k offer and the rep did not know about it.
As a side question, does anyone know what E*TRADE charges for full outgoing account transfers? I can't find anything on the website.
$25 partial and $75 full.

https://us.etrade.com/what-we-offer/pricing-and-rates

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Thu Aug 02, 2018 9:18 am

My impression from previous posts on bogleheads was that Vanguard would reimburse a fee from another firm for transferring an account/holding to VG. My flagship rep just told me that VG does not generally reimburse fees (even though I am VG Flagship). Is that really so ?

I am actually trying to transfer some holdings out of Merill Edge, but the account will still remain open. Is there a fee for this from ME ? [ The web site seems to indicate no fee for partial transfer, but I have a very vague memory of someone complaining about a transfer fee]

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jminv » Thu Aug 02, 2018 9:27 am

JustinR wrote:
Sun Jul 29, 2018 4:47 am
jminv wrote:
Mon Jul 16, 2018 7:32 pm
I thought I'd give an update on Fidelity since the decent promos they have are unlisted and require calling them. I started with 'Etrade is offering $2500 for 1mil+ plus 500 trades for 60 days, can you match and what are your bonuses at other levels in case I decide to transfer in more?'.

$1mil-$2.5mil - $2500
$2.5mil-$5mil - $3500
$5mil+ - $5000

They will give you free trades valid for more than 1 year but this is based on your trading volume in a month so have a number in mind when calling. The bonus is paid in after 60 days if the account is funded.

I have a core Schwab account but move a $1+mil account around to net the bonuses since they are non-trivial sums. $2500 in bonuses each year compounded at 6% for 20 years will give you $100k. Over 30 years it would be an $212k. Just something to think about for people reading this who might not be as interested in doing a transfer.
Hi jminv,

For Fidelity's unlisted promo, do you know if they have any bonuses for lower deposit amounts than $1m?

edit: never mind, it looks like this is the offer so no they dont: https://rewards.fidelity.com/offers/cashdepositbonus
Yes, Fidelity will generally match their competitor's offers. You have to call, it's not listed a listed promo. Tell them 'Etrade is offering $300 for 100k (or whatever offer it is that meets your transfer level), but if you can match I'd prefer to open with you instead'. Try calling during business hours since in the evening it can take them some time to get a manager's approval. It's the same with the other brokerages: you can try to see if they'll match.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by indexfundfan » Thu Aug 02, 2018 9:29 am

SlowMovingInvestor wrote:
Thu Aug 02, 2018 9:18 am
My impression from previous posts on bogleheads was that Vanguard would reimburse a fee from another firm for transferring an account/holding to VG. My flagship rep just told me that VG does not generally reimburse fees (even though I am VG Flagship). Is that really so ?

I am actually trying to transfer some holdings out of Merill Edge, but the account will still remain open. Is there a fee for this from ME ? [ The web site seems to indicate no fee for partial transfer, but I have a very vague memory of someone complaining about a transfer fee]
I haven't heard of a case where Vanguard will reimburse a transfer out fee or offer an account opening bonus.

Merrill Edge does not charge for outgoing partial transfers. I just did a transfer a few months ago.
My signature has been deleted.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jeffyscott » Thu Aug 02, 2018 10:42 am

Schwab paid me my bonus as promised, matching this TDA offer: https://www.tdameritrade.com/offer/tdba ... index.html

It was paid 8 days after I met the level I was going for. Money has to stay for a year, but I am not really planning on moving around. I may seek another bonus to roll the remainder of my 457 there, after I achieve age 60 (I left some residual, due to the more liberal withdrawal rules in the 457).
press on, regardless - John C. Bogle

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 » Thu Aug 02, 2018 12:29 pm

For what it's worth, I see that Ally Bank now has a brokerage and is playing the bonus game. Another player, for us players!

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Thu Aug 02, 2018 12:34 pm

Leesbro63 wrote:
Thu Aug 02, 2018 12:29 pm
For what it's worth, I see that Ally Bank now has a brokerage and is playing the bonus game. Another player, for us players!
Useful to note that Ally's offer is only for new customers, including legacy TradeKing.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Thu Aug 02, 2018 2:09 pm

Just as an experiment, I called the closest branch of BofA. It was 2pm local time today. They answered the phone and confirmed that they had 2"x5" boxes available (I assume that's the free one). The rep offered to set up an appointment, but I said I'd need to check my calendar :)
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JustinR » Fri Aug 03, 2018 6:32 am

When a brokerage matches another brokerage's bonus offer, do they also match the time-to-hold limits? For example, if ME's clawback timeframe is 3 months, but TDA's is one year, would TDA:

A) match ME's bonus along with the 3 month timeframe, or
B) match ME's bonus but with a 1 year timeframe?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot » Fri Aug 03, 2018 10:41 am

jminv wrote:
Thu Aug 02, 2018 9:27 am

Yes, Fidelity will generally match their competitor's offers. You have to call, it's not listed a listed promo. Tell them 'Etrade is offering $300 for 100k (or whatever offer it is that meets your transfer level), but if you can match I'd prefer to open with you instead'. Try calling during business hours since in the evening it can take them some time to get a manager's approval. It's the same with the other brokerages: you can try to see if they'll match.
A few weeks ago, while in the process of transferring 2 >$250k accounts from Merrill Edge to TDA, I stopped by the local Fidelity office. I was told they would not offer me a bonus to open an account, but that they could offer "all sorts of incentives" to existing account holders who threaten to transfer out. Can't understand why my experience is so different from yours.

So we added these funds to existing accounts at TDA, and TDA paid us a bonus and reimbursed ME's transfer fee.

As I mentioned earlier, our 6 months with ME was not a good experience.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jminv » Fri Aug 03, 2018 3:09 pm

neilpilot wrote:
Fri Aug 03, 2018 10:41 am
jminv wrote:
Thu Aug 02, 2018 9:27 am

Yes, Fidelity will generally match their competitor's offers. You have to call, it's not listed a listed promo. Tell them 'Etrade is offering $300 for 100k (or whatever offer it is that meets your transfer level), but if you can match I'd prefer to open with you instead'. Try calling during business hours since in the evening it can take them some time to get a manager's approval. It's the same with the other brokerages: you can try to see if they'll match.
A few weeks ago, while in the process of transferring 2 >$250k accounts from Merrill Edge to TDA, I stopped by the local Fidelity office. I was told they would not offer me a bonus to open an account, but that they could offer "all sorts of incentives" to existing account holders who threaten to transfer out. Can't understand why my experience is so different from yours.

So we added these funds to existing accounts at TDA, and TDA paid us a bonus and reimbursed ME's transfer fee.

As I mentioned earlier, our 6 months with ME was not a good experience.
You need to call Fidelity to get the match, not go to the local office.

I'm still on the fence about Fidelity, though. I don't like their website at all. It seems to be about 10 years older than Schwab's design which I just find really odd.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by FunnelCakeBob » Fri Aug 03, 2018 7:54 pm

jeffyscott wrote:
Thu Aug 02, 2018 10:42 am
Schwab paid me my bonus as promised, matching this TDA offer: https://www.tdameritrade.com/offer/tdba ... index.html

It was paid 8 days after I met the level I was going for. Money has to stay for a year, but I am not really planning on moving around. I may seek another bonus to roll the remainder of my 457 there, after I achieve age 60 (I left some residual, due to the more liberal withdrawal rules in the 457).

Im surprised Schwab did a match. Did you talk to one of your local branch reps or called the national customer helpline to get the match?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jeffyscott » Fri Aug 03, 2018 7:59 pm

I contacted a local branch. Others here had also reported getting this same offer matched by Schwab back in May or June.
press on, regardless - John C. Bogle

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by FunnelCakeBob » Fri Aug 03, 2018 8:48 pm

jeffyscott wrote:
Fri Aug 03, 2018 7:59 pm
I contacted a local branch. Others here had also reported getting this same offer matched by Schwab back in May or June.
I called the national helpline in June and was transferred to one of Schwab's specialists. The bozo insisted they're very pleased with their current pricing setup and would not match unless I bring in half a million. He also said maybe I should call back when things change, which did not rub me the right way. Was ready to pull my business with Schwab.

I'll give my local branch a shot.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre » Fri Aug 03, 2018 9:06 pm

FunnelCakeBob wrote:
Fri Aug 03, 2018 8:48 pm
jeffyscott wrote:
Fri Aug 03, 2018 7:59 pm
I contacted a local branch. Others here had also reported getting this same offer matched by Schwab back in May or June.
I called the national helpline in June and was transferred to one of Schwab's specialists. The bozo insisted they're very pleased with their current pricing setup and would not match unless I bring in half a million. He also said maybe I should call back when things change, which did not rub me the right way. Was ready to pull my business with Schwab.

I'll give my local branch a shot.
Local guy should have better luck at eliciting an offer from the marketing guys. I had a similar experience as you with the 800-number the past few years. One financial consultant even said, in effect, that he had the same powers/capabilities as my local branch, no need to look further for a match...

My local guy managed to get me a match in 2016. Asked for another match to do a transfer a few weeks ago, and he said he'd check with the back office. Two days later, he emails that they would not be matching and, basically, shamed me for trying to get a bonus "several" times :D

Already transferred most of my assets out, but will hold on to the checking for now.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Sun Aug 05, 2018 9:14 am

jeffyscott wrote:
Thu Aug 02, 2018 10:42 am
Schwab paid me my bonus as promised, matching this TDA offer: https://www.tdameritrade.com/offer/tdba ... index.html

It was paid 8 days after I met the level I was going for. Money has to stay for a year, but I am not really planning on moving around. I may seek another bonus to roll the remainder of my 457 there, after I achieve age 60 (I left some residual, due to the more liberal withdrawal rules in the 457).
Did you also get the free trades ? I want to transfer out of TDA, and then to get rid off some of the TDA SSGA ETFs and get iShares or VG ETFs.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jeffyscott » Sun Aug 05, 2018 9:34 am

SlowMovingInvestor wrote:
Sun Aug 05, 2018 9:14 am
jeffyscott wrote:
Thu Aug 02, 2018 10:42 am
Schwab paid me my bonus as promised, matching this TDA offer: https://www.tdameritrade.com/offer/tdba ... index.html

It was paid 8 days after I met the level I was going for. Money has to stay for a year, but I am not really planning on moving around. I may seek another bonus to roll the remainder of my 457 there, after I achieve age 60 (I left some residual, due to the more liberal withdrawal rules in the 457).
Did you also get the free trades ? I want to transfer out of TDA, and then to get rid off some of the TDA SSGA ETFs and get iShares or VG ETFs.
It was offered, but not something I was planning use. I'm just in mutual funds and CDs.
press on, regardless - John C. Bogle

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Tue Aug 07, 2018 6:25 am

Earl Lemongrab wrote:
Thu Jul 26, 2018 12:04 am
It's a good idea to record your basis before a move, but these days with covered shares the accounting it pretty accurate. That's because brokerages are required to report those to the IRS .

I've never had a problem with any transfer. The ACATS will generally get the basis information somewhat after the shares arrive, sometimes up to a week later.
For covered shares, if one is audited by the IRS, is it sufficient to show the cost basis reported by the brokerage (transferred via ACATS). Or does one have to show the IRS the original purchase transactions at a different brokerage ?

I realize it's a remote possibility that the IRS will audit you and ask for such detailed info ...

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Wed Aug 08, 2018 3:43 pm

jeffyscott wrote:
Thu Aug 02, 2018 10:42 am
Schwab paid me my bonus as promised, matching this TDA offer: https://www.tdameritrade.com/offer/tdba ... index.html

It was paid 8 days after I met the level I was going for. Money has to stay for a year, but I am not really planning on moving around. I may seek another bonus to roll the remainder of my 457 there, after I achieve age 60 (I left some residual, due to the more liberal withdrawal rules in the 457).
I talked to someone from a local Schwab office. I was told that the only offer for cash they had was $800 for 1M. That struck me as ridiculously inadequate, and I said (politely) that it was not remotely competitive with other brokerages. I think Vanguard and IB are the only major brokerages that wouldn't give you more (really any $$ in those 2 cases) $$ for $1M -- Ally, Etrade, TDAM, Fido all would do better. He very politely said he was sorry, but that was the best he could do.

I wonder if it's worth trying another office, but I find it hard to believe there could be that much difference in offices in a particular area.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jeffyscott » Wed Aug 08, 2018 4:56 pm

SlowMovingInvestor wrote:
Wed Aug 08, 2018 3:43 pm
jeffyscott wrote:
Thu Aug 02, 2018 10:42 am
Schwab paid me my bonus as promised, matching this TDA offer: https://www.tdameritrade.com/offer/tdba ... index.html

It was paid 8 days after I met the level I was going for. Money has to stay for a year, but I am not really planning on moving around. I may seek another bonus to roll the remainder of my 457 there, after I achieve age 60 (I left some residual, due to the more liberal withdrawal rules in the 457).
I talked to someone from a local Schwab office. I was told that the only offer for cash they had was $800 for 1M. That struck me as ridiculously inadequate, and I said (politely) that it was not remotely competitive with other brokerages. I think Vanguard and IB are the only major brokerages that wouldn't give you more (really any $$ in those 2 cases) $$ for $1M -- Ally, Etrade, TDAM, Fido all would do better. He very politely said he was sorry, but that was the best he could do.

I wonder if it's worth trying another office, but I find it hard to believe there could be that much difference in offices in a particular area.
What I had done was send a message requesting an appointment, as that was the only way to message the local branch and I am phone-phobic. Said something like: I was planning to rollover $X and I was looking at the TDA bonus, would they match that...

I would not guess it would make any difference, but some are independent branches (franchises) while others are owned by Schwab directly.
press on, regardless - John C. Bogle

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Wed Aug 08, 2018 6:08 pm

jeffyscott wrote:
Wed Aug 08, 2018 4:56 pm
SlowMovingInvestor wrote:
Wed Aug 08, 2018 3:43 pm

I talked to someone from a local Schwab office. I was told that the only offer for cash they had was $800 for 1M. That struck me as ridiculously inadequate, and I said (politely) that it was not remotely competitive with other brokerages. I think Vanguard and IB are the only major brokerages that wouldn't give you more (really any $$ in those 2 cases) $$ for $1M -- Ally, Etrade, TDAM, Fido all would do better. He very politely said he was sorry, but that was the best he could do.

I wonder if it's worth trying another office, but I find it hard to believe there could be that much difference in offices in a particular area.
What I had done was send a message requesting an appointment, as that was the only way to message the local branch and I am phone-phobic. Said something like: I was planning to rollover $X and I was looking at the TDA bonus, would they match that...
I sent a message, was redirected to someone from the promotions department, who said a local contact would call me. I actually already have an account at Schwab at one office (which I'm free to move if I want to), but I asked for my local contact to be from another office which is slightly more convenient to me. I could walk in to the original office, but I feel slightly awkward to ignore them for over a year and turn up just to ask for money.

I did not specifically mention the TDAM bonus at first, thought I would do that if Schwab displayed some interest in matching. But frankly, their offer was almost insultingly low and seemed to show no interest in having me move my $$ over. In fact, I'm not even sure the guy I talked to realized I actually was a current customer.

Maybe you just happen to be in an office that is eager to get more money, especially from new customers.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by yougotitdude » Thu Aug 09, 2018 1:29 pm

I just spoke with a rep from Merrill Edge. He said the maximum anyone can get is $2,500 (unless it's over $5 million) per account owner across all accounts. Is that right? Anyone gotten more?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Thu Aug 09, 2018 3:12 pm

yougotitdude wrote:
Thu Aug 09, 2018 1:29 pm
I just spoke with a rep from Merrill Edge. He said the maximum anyone can get is $2,500 (unless it's over $5 million) per account owner across all accounts. Is that right? Anyone gotten more?
You mean $2500 on a lifetime basis ? Or $2500 for a single transfer ?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Thu Aug 09, 2018 4:18 pm

SlowMovingInvestor wrote:
Thu Aug 09, 2018 3:12 pm
yougotitdude wrote:
Thu Aug 09, 2018 1:29 pm
I just spoke with a rep from Merrill Edge. He said the maximum anyone can get is $2,500 (unless it's over $5 million) per account owner across all accounts. Is that right? Anyone gotten more?
You mean $2500 on a lifetime basis ? Or $2500 for a single transfer ?
Definitely not lifetime. I think that's the top bonus at any one time.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by indexfundfan » Thu Aug 09, 2018 5:25 pm

Earl Lemongrab wrote:
Thu Aug 09, 2018 4:18 pm
SlowMovingInvestor wrote:
Thu Aug 09, 2018 3:12 pm
yougotitdude wrote:
Thu Aug 09, 2018 1:29 pm
I just spoke with a rep from Merrill Edge. He said the maximum anyone can get is $2,500 (unless it's over $5 million) per account owner across all accounts. Is that right? Anyone gotten more?
You mean $2500 on a lifetime basis ? Or $2500 for a single transfer ?
Definitely not lifetime. I think that's the top bonus at any one time.
If I recall correctly, the rep told me its $2500 every 12 months.
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