The Final, Definitive Thread on Brokerage Transfer Bonuses

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

Post by FunnelCakeBob » Sat Sep 15, 2018 1:27 pm

Allixi wrote:
Sat Sep 15, 2018 11:36 am
Do you really need a referral to get this $100 bonus for opening a Schwab brokerage account?
Nope. Just enter the offer code when you open the account.

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

Post by tj » Sat Sep 15, 2018 1:56 pm

FunnelCakeBob wrote:
Sat Sep 15, 2018 1:27 pm
Allixi wrote:
Sat Sep 15, 2018 11:36 am
Do you really need a referral to get this $100 bonus for opening a Schwab brokerage account?
Nope. Just enter the offer code when you open the account.
I would hold back, as Schwab sometimes has large bonus offers and if you opt for the $100 one, you won't be eligbile for a larger bonus to bring more funds. I learned the hard way that they only offer a bonus "once per lifetime"

Mike14
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 » Sat Sep 15, 2018 7:34 pm

When transferring to Vanguard, will they let you select the lots to transfer in?

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

Post by zeugmite » Wed Sep 19, 2018 6:34 pm

Today I found out Merrill Edge has a $25k limit on daily withdrawal of settled cash when performed online (okay... have to call), and also a $50k daily limit on transferred in cash being made available (what?). Caveat emptor. Are other brokers equally ridiculous in setting limits? I know I've never hit such low limits with TDA.

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

Post by indexfundfan » Wed Sep 19, 2018 7:36 pm

zeugmite wrote:
Wed Sep 19, 2018 6:34 pm
Today I found out Merrill Edge has a $25k limit on daily withdrawal of settled cash when performed online (okay... have to call), and also a $50k daily limit on transferred in cash being made available (what?). Caveat emptor. Are other brokers equally ridiculous in setting limits? I know I've never hit such low limits with TDA.
Did you get a check book? You can write any amount using the check. OR, you can also pull the money out from Merrill Edge from an external account.
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zeugmite
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by zeugmite » Wed Sep 19, 2018 9:51 pm

indexfundfan wrote:
Wed Sep 19, 2018 7:36 pm
zeugmite wrote:
Wed Sep 19, 2018 6:34 pm
Today I found out Merrill Edge has a $25k limit on daily withdrawal of settled cash when performed online (okay... have to call), and also a $50k daily limit on transferred in cash being made available (what?). Caveat emptor. Are other brokers equally ridiculous in setting limits? I know I've never hit such low limits with TDA.
Did you get a check book? You can write any amount using the check. OR, you can also pull the money out from Merrill Edge from an external account.
I did not get a checkbook since I didn't intend to use it for daily transactions, but thanks for the suggestion. That would indeed give a "bank" account number for ACH pulls for withdrawals. Maybe that could also overcome the incoming limit via ACH pushes, maybe.

investor997
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by investor997 » Thu Sep 20, 2018 9:59 am

Merrill Edge update: I just received my $1000 bonus (9/17). The account was opened in February and funds were initially transferred in on 3/14, so call it 6 months and change.

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

Post by student » Sun Sep 23, 2018 7:08 am

Merrill Edge has increased the bonus. https://www.doctorofcredit.com/merrill- ... vestments/

michaeljc70
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by michaeljc70 » Sun Sep 23, 2018 10:07 am

The Merrill reward is decent, but I really don't need or want to open a checking account. It adds another step to get the reward and another step to close down when I move on. The reward drops by 1/3 if you don't open the checking. I've been able to move my stuff since April, but haven't done anything yet due to poor rewards, too many hoops or limitations (some exclude IRAs).

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

Post by Earl Lemongrab » Sun Sep 23, 2018 11:00 am

michaeljc70 wrote:
Sun Sep 23, 2018 10:07 am
The Merrill reward is decent, but I really don't need or want to open a checking account. It adds another step to get the reward and another step to close down when I move on. The reward drops by 1/3 if you don't open the checking. I've been able to move my stuff since April, but haven't done anything yet due to poor rewards, too many hoops or limitations (some exclude IRAs).
Edge works best is you have Preferred Rewards anyway, so I've had that for a long time. The credit card rewards boost is worth it.
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 whodidntante » Sun Sep 23, 2018 11:07 am

Earl Lemongrab wrote:
Sun Sep 23, 2018 11:00 am
michaeljc70 wrote:
Sun Sep 23, 2018 10:07 am
The Merrill reward is decent, but I really don't need or want to open a checking account. It adds another step to get the reward and another step to close down when I move on. The reward drops by 1/3 if you don't open the checking. I've been able to move my stuff since April, but haven't done anything yet due to poor rewards, too many hoops or limitations (some exclude IRAs).
Edge works best is you have Preferred Rewards anyway, so I've had that for a long time. The credit card rewards boost is worth it.
Sometimes you can get a $100 or $300 bonus for opening the checking account, which is a nice little bump. I don't know if there are checking offers available right now.

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

Post by whodidntante » Sun Sep 30, 2018 1:51 pm

It looks like E*TRADE has slightly increased their cash bonus offering. It's better than the last one I did with them, anyway.
https://us.etrade.com/what-we-offer/how ... d=95341849

$250 for 25k, not bad.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drk » Sun Sep 30, 2018 1:57 pm

It looks like they didn't make the same change for retirement accounts. That's good for my regret minimization (I just transferred my Roth IRA a few months ago) but disappointing for new transfers.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Ron Ronnerson » Sun Sep 30, 2018 3:22 pm

drk wrote:
Sun Sep 30, 2018 1:57 pm
It looks like they didn't make the same change for retirement accounts. That's good for my regret minimization (I just transferred my Roth IRA a few months ago) but disappointing for new transfers.
Are your referring to the link that whodidntante posted? When I click on it, the page lists options to open either a brokerage or retirement account. So, I’d think both types of accounts are eligible, though I’m not positive. Could someone clarify? I’m interested in the offer to transfer $25k for $250.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drk » Sun Sep 30, 2018 3:51 pm

Ron Ronnerson wrote:
Sun Sep 30, 2018 3:22 pm
drk wrote:
Sun Sep 30, 2018 1:57 pm
It looks like they didn't make the same change for retirement accounts. That's good for my regret minimization (I just transferred my Roth IRA a few months ago) but disappointing for new transfers.
Are your referring to the link that whodidntante posted? When I click on it, the page lists options to open either a brokerage or retirement account. So, I’d think both types of accounts are eligible, though I’m not positive. Could someone clarify? I’m interested in the offer to transfer $25k for $250.
Oh, you're right. Since I've been looking, E*Trade has segregated investment and retirement account bonuses. Well, there goes my regret minimization!

Ron Ronnerson
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Ron Ronnerson » Sun Sep 30, 2018 4:00 pm

drk wrote:
Sun Sep 30, 2018 3:51 pm
Ron Ronnerson wrote:
Sun Sep 30, 2018 3:22 pm
drk wrote:
Sun Sep 30, 2018 1:57 pm
It looks like they didn't make the same change for retirement accounts. That's good for my regret minimization (I just transferred my Roth IRA a few months ago) but disappointing for new transfers.
Are your referring to the link that whodidntante posted? When I click on it, the page lists options to open either a brokerage or retirement account. So, I’d think both types of accounts are eligible, though I’m not positive. Could someone clarify? I’m interested in the offer to transfer $25k for $250.
Oh, you're right. Since I've been looking, E*Trade has segregated investment and retirement account bonuses. Well, there goes my regret minimization!
Sorry about the regret aspect! Thanks for clarifying. Much appreciated.

Mike14
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 » Mon Oct 01, 2018 7:59 pm

Does Merrill Edge automatically close the account when transferring out all shares, or does one have to send in a request?
How does one pay the account closing fees? Will they withhold shares and sell them prior to closing? What if there aren't enough shares to cover the closing cost?

Are they charging the close out fee for each account (CMA, IRA Trad, IRA Roth)?
What's the difference between their "full account transfer fee" and "Closeout fee"?

Thank you

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

Post by klneutral » Sat Oct 13, 2018 10:20 am

It looks like PNC Brokerage is offering a $1,500 bonus for opening a new account and maintaining a $500,000 balance.

Sounds good on the surface. Anyone have any experience with it or knowledge about the details?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by michaeljc70 » Sat Oct 13, 2018 10:53 am

klneutral wrote:
Sat Oct 13, 2018 10:20 am
It looks like PNC Brokerage is offering a $1,500 bonus for opening a new account and maintaining a $500,000 balance.

Sounds good on the surface. Anyone have any experience with it or knowledge about the details?
Interesting. Thanks for pointing that out. It includes IRAs. I might do it. I hate the hassle of going to a branch and listening to a sales pitch, but for $1500, probably worth it. There is a PNC a mile from my house. I also haven't been seeing a lot of good offers that include IRAs and don't require linked accounts.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by arf30 » Sat Oct 13, 2018 6:35 pm

I got a targeted offer from BoA for $300 to open a checking account - would it be possible to also open a Merrill Edge account with 200k to get an additional $600 bonus, then move another 200k a few months later for the $900 bonus for existing ME customers, then open a Premium Rewards card for the $500 bonus? I was thinking about doing something similar with Chase, but this would be hard to pass up at $2,300. Only question is if I can split off 200k chunks of my Vanguard account to get the separate bonuses.

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

Post by drk » Sat Oct 13, 2018 7:33 pm

arf30 wrote:
Sat Oct 13, 2018 6:35 pm
I got a targeted offer from BoA for $300 to open a checking account - would it be possible to also open a Merrill Edge account with 200k to get an additional $600 bonus, then move another 200k a few months later for the $900 bonus for existing ME customers, then open a Premium Rewards card for the $500 bonus? I was thinking about doing something similar with Chase, but this would be hard to pass up at $2,300. Only question is if I can split off 200k chunks of my Vanguard account to get the separate bonuses.
Yes, you can.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SJR » Sat Oct 13, 2018 10:22 pm

Mike14 wrote:
Wed Sep 12, 2018 11:40 pm
SJR wrote:
Thu Aug 23, 2018 9:51 pm
An interesting personal experience that I had:

I signed up with a specific offer which included up to $150 in transfer fee credits per account. TDA credited that together with the bonus on the day the assets hit. No proof was required. Thus far the sending brokerage hasn't charged a fee (but at most, it would be $25 per account based on their fee schedule).

That's an extra $300 over the bonus I was due to receive.
Are you saying you were able to get the bonus for each account type (Roth, Traditional, Taxable) that you transferred, or just the transfer fee credits were awarded for each account type?
Yes, I was able to get a bonus for multiple accounts. I actually had 2 joint accounts, one individual account, and a Roth. Each one received $150 in transfer credits and a bonus based on the assets within that account. I was told that the limit is 2 accounts per type, so 2 joint, 2 individual, etc. Worked out pretty well all in all.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Sun Oct 14, 2018 10:38 am

michaeljc70 wrote:
Sat Oct 13, 2018 10:53 am
klneutral wrote:
Sat Oct 13, 2018 10:20 am
It looks like PNC Brokerage is offering a $1,500 bonus for opening a new account and maintaining a $500,000 balance.

Sounds good on the surface. Anyone have any experience with it or knowledge about the details?
Interesting. Thanks for pointing that out. It includes IRAs. I might do it. I hate the hassle of going to a branch and listening to a sales pitch, but for $1500, probably worth it. There is a PNC a mile from my house. I also haven't been seeing a lot of good offers that include IRAs and don't require linked accounts.
Do they accept ACATs transfers ? I'm wary of moving a regular account there because I'm not sure I can trust their cost basis transfers etc., but an IRA might be worth it.

michaeljc70
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by michaeljc70 » Sun Oct 14, 2018 10:46 am

SlowMovingInvestor wrote:
Sun Oct 14, 2018 10:38 am
michaeljc70 wrote:
Sat Oct 13, 2018 10:53 am
klneutral wrote:
Sat Oct 13, 2018 10:20 am
It looks like PNC Brokerage is offering a $1,500 bonus for opening a new account and maintaining a $500,000 balance.

Sounds good on the surface. Anyone have any experience with it or knowledge about the details?
Interesting. Thanks for pointing that out. It includes IRAs. I might do it. I hate the hassle of going to a branch and listening to a sales pitch, but for $1500, probably worth it. There is a PNC a mile from my house. I also haven't been seeing a lot of good offers that include IRAs and don't require linked accounts.
Do they accept ACATs transfers ? I'm wary of moving a regular account there because I'm not sure I can trust their cost basis transfers etc., but an IRA might be worth it.
I'm not sure on that. In looking at the fees, they charge $9.99 per online trade. They have some no-cost funds, but I haven't looked at those. Since I don't expect any changes in the 12 months I need to keep it there, do I even need to look further into fees/free funds? If I had to make a change it would be at my yearly rebalancing and would be minimal changes (4 fund portfolio). One thing to note is there is a $125 termination/transfer out fee so take that off the bonus if you don't plan on staying at PNC.

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

Post by Earl Lemongrab » Sun Oct 14, 2018 11:11 am

michaeljc70 wrote:
Sun Oct 14, 2018 10:46 am
One thing to note is there is a $125 termination/transfer out fee so take that off the bonus if you don't plan on staying at PNC.
Or leave $5 if they support that low of a balance. Or you can move it somewhere that will cover the fee.
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 Mike14 » Sun Oct 14, 2018 5:55 pm

Earl Lemongrab wrote:
Sun Oct 14, 2018 11:11 am
michaeljc70 wrote:
Sun Oct 14, 2018 10:46 am
One thing to note is there is a $125 termination/transfer out fee so take that off the bonus if you don't plan on staying at PNC.
Or leave $5 if they support that low of a balance. Or you can move it somewhere that will cover the fee.
Would it make sense to start a list for which brokers reimburse the fees (and how much), whether they'll reimburse from several brokers in case of consolidating several accounts, whether it will stack with the bonus offer, and if one has to ask up front before transferring?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 » Sun Oct 14, 2018 5:59 pm

SJR wrote:
Sat Oct 13, 2018 10:22 pm
Yes, I was able to get a bonus for multiple accounts. I actually had 2 joint accounts, one individual account, and a Roth. Each one received $150 in transfer credits and a bonus based on the assets within that account. I was told that the limit is 2 accounts per type, so 2 joint, 2 individual, etc. Worked out pretty well all in all.
It's my understanding that joint vs individual counts as a different customer. But did you get the bonus twice for the same account type, e.g. twice for taxable that were both jointly held?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 » Tue Oct 16, 2018 12:00 am

Chase has a new 60,000 point offer, worth $600+ for upgrading their checking account to Sapphire, and transferring in $70,000 in assets (non-retirement only). Holding period is 90 days. Not bad.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drk » Tue Oct 16, 2018 12:33 am

Note that JPM charges a $75 fee (PDF) for any transfers out of the YouInvest brokerage accounts. I'm kind of surprised to see that they didn't aim to match BofA/ME on that front. Maybe they're trying to avoid churners.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 » Tue Oct 16, 2018 12:54 am

Merrill Edge warning:
They can't handle fractional lots. They'll round down every lot, and create a bunch of qty 1 lots out of thin air. Only the final lot will be fractional. Besides the annoyance of having many qty 1 lots, the acquisition date is inherited from the latest lot they used to create the qty 1 lot from.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by arf30 » Tue Oct 16, 2018 6:58 am

I think instead of transferring assets in, most churners have been talking about moving 75k of cash in (bank bonus churners keep a lot of cash handy), buying ETFs or MM funds, then selling them after the time limit and moving the cash out. Capital gains would be reasonable and no outgoing acats fee. Or, find another broker with a bonus willing to cover the Chase fee.
drk wrote:
Tue Oct 16, 2018 12:33 am
Note that JPM charges a $75 fee (PDF) for any transfers out of the YouInvest brokerage accounts. I'm kind of surprised to see that they didn't aim to match BofA/ME on that front. Maybe they're trying to avoid churners.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Tue Oct 16, 2018 7:59 am

Mike14 wrote:
Tue Oct 16, 2018 12:00 am
Chase has a new 60,000 point offer, worth $600+ for upgrading their checking account to Sapphire, and transferring in $70,000 in assets (non-retirement only). Holding period is 90 days. Not bad.
Thanks for pointing out the non IRA part. The text is slightly confusing -- I didn't realize they excluded IRAs until I read it carefully). I would much rather have transferred IRA stuff to avoid problems with cost basis and tax reporting.

Fortunately, the offer is open till mid Jan -- gives us some time to hear any community horror stories on transfers and the like.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drk » Tue Oct 16, 2018 9:09 am

Mike14 wrote:
Tue Oct 16, 2018 12:54 am
Merrill Edge warning:
They can't handle fractional lots. They'll round down every lot, and create a bunch of qty 1 lots out of thin air. Only the final lot will be fractional. Besides the annoyance of having many qty 1 lots, the acquisition date is inherited from the latest lot they used to create the qty 1 lot from.
One option is not to automatically reinvest dividends and thereby avoid fractional lots.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drk » Tue Oct 16, 2018 9:12 am

arf30 wrote:
Tue Oct 16, 2018 6:58 am
I think instead of transferring assets in, most churners have been talking about moving 75k of cash in (bank bonus churners keep a lot of cash handy), buying ETFs or MM funds, then selling them after the time limit and moving the cash out. Capital gains would be reasonable and no outgoing acats fee. Or, find another broker with a bonus willing to cover the Chase fee.
Ah, I shouldn't have forced that word to do double duty. I meant the brokerage bonus churners in this thread, rather than the bank account churners on DOC.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by klneutral » Tue Oct 16, 2018 9:24 am

Regarding PNC Brokerage, now that I am deeper in, I see that they charge a $75 annual fee. Since one has to leave the assets in place 1 year to collect the bonus, I'm guessing that they hit you for $150 before you are done.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 » Tue Oct 16, 2018 7:08 pm

drk wrote:
Tue Oct 16, 2018 9:09 am
Mike14 wrote:
Tue Oct 16, 2018 12:54 am
Merrill Edge warning:
They can't handle fractional lots. They'll round down every lot, and create a bunch of qty 1 lots out of thin air. Only the final lot will be fractional. Besides the annoyance of having many qty 1 lots, the acquisition date is inherited from the latest lot they used to create the qty 1 lot from.
One option is not to automatically reinvest dividends and thereby avoid fractional lots.
99% of all mutual fund lots will have fractionals, regardless of whether dividends were reinvested. The result is that for roughly every 2 lots that are transferred in, 1 extra lot with QTY 1 is created. So you'll end up with 50% more lots than you had before.

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

Post by Earl Lemongrab » Tue Oct 16, 2018 7:56 pm

You're better off transferring ETFs to Edge. You'll get free trades to start and probably qualify for Preferred Rewards to get more.
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 WentzWagon » Wed Oct 17, 2018 8:37 am

Opening a large Biz account. Any good options with an initial bonus?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 » Wed Oct 17, 2018 3:55 pm

pre wrote:
Tue Mar 06, 2018 10:21 pm
If the transfer out fee is assessed without sufficient balance, it shows as a negative balance in the account and persists during the transfer. I had this happen a few years ago with an IRA, and it stayed negative for almost a year (!) until I made a trade at the receiving/destination broker.
So the sending brokerage is charging the fee to the receiving broker, who will show it as a negative balance until you make your next trade?
I'm confused, because I would have thought that the negative balance would be with the sending broker.

snowman wrote:
Tue Mar 06, 2018 3:09 pm
If you move out of TDA completely and close your accounts, and it's all in ETFs with maybe $10 in cash, how does TDA assess $75 transfer fee?
Did you end up transferring and can share insights about the fees? I don't know what APEX is, maybe some fee waiver of some sorts for legacy customers?

snowman wrote:
Mon Mar 26, 2018 2:06 pm
So I finally decided to move from TDA to ME.
How did TDA charge the closing fee?

investor997 wrote:
Tue Mar 06, 2018 8:03 pm
snowman wrote:
Tue Mar 06, 2018 3:09 pm

If you move out of TDA completely and close your accounts, and it's all in ETFs with maybe $10 in cash, how does TDA assess $75 transfer fee?
I'm about to find out. I'll post my experience here after the fact. FWIW, the new brokerage (ME) offered to pay the $75 transfer fee.
What was your experience regarding the TD transfer fee?

overthought wrote:
Mon Mar 05, 2018 9:29 pm
I emptied two of my TDA accounts into a third while consolidating accounts, and they both remain open. I also transferred my tIRA to my 401(k), and it remained open (I didn't check the "close account" box on the transfer form).
So your TDA accounts have no holdings in it, they didn't close it and didn't charge you anything for the transfer out?

pre wrote:
Sat Jan 13, 2018 2:29 pm
Merrill/Cap One/Schwab/Etrade will just show account "closed" or $0 balance, but doesn't affect online access.
How were the closing fees charged?

Earl Lemongrab wrote:
Tue Oct 18, 2016 3:02 pm
With TDA, at least in the past, a full transfer closed the account.
How were the closing fees charged?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 » Wed Oct 17, 2018 3:57 pm

JustinR wrote:
Sun Apr 01, 2018 9:11 pm
Which brokerages allow you to have multiple accounts at the same time that are completely separate, allowing you to do multiple bonuses simultaneously or consecutively?
JustinR wrote:
Fri Apr 06, 2018 2:56 am
2)Which brokerages typically offer to refund your transfer fees when you move to them?

Were you able to find some answers?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 » Wed Oct 17, 2018 3:58 pm

pre wrote:
Sun Mar 18, 2018 3:44 pm
Merrill, TDA, Etrade, etc. will all allow multiple bonuses
For the same account type using the same promo code?
michaeljc70 wrote:
Sun Mar 18, 2018 4:05 pm
I was able to get multiple at TDA moving multiple accounts.
Same account type or different types?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 » Wed Oct 17, 2018 3:59 pm

kurthauer wrote:
Wed Jan 31, 2018 4:31 am
I’ll close out my taxable Edge later in the year.
Did they charge you any fees when you transferred all assets, or did you leave it open with no assets in it?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by michaeljc70 » Wed Oct 17, 2018 4:42 pm

Mike14 wrote:
Wed Oct 17, 2018 3:58 pm
pre wrote:
Sun Mar 18, 2018 3:44 pm
Merrill, TDA, Etrade, etc. will all allow multiple bonuses
For the same account type using the same promo code?
michaeljc70 wrote:
Sun Mar 18, 2018 4:05 pm
I was able to get multiple at TDA moving multiple accounts.
Same account type or different types?
Mine were different account types.

pre
Posts: 56
Joined: Mon Apr 04, 2011 2:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre » Wed Oct 17, 2018 6:55 pm

Mike14 wrote:
Wed Oct 17, 2018 3:58 pm
pre wrote:
Sun Mar 18, 2018 3:44 pm
Merrill, TDA, Etrade, etc. will all allow multiple bonuses
For the same account type using the same promo code?
Yea, I generally stagger accounts, so wait ~6 months and can repeat, qualifying as a new account/client.

All three reimburse for transfer fees, just have to request it. Sometimes they'll ask for a statement from the previous custodian. Like Merrill and TDA asked me earlier this year, while Schwab just did it over the phone without further documentation

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dual
Posts: 540
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targeted Chase Private Client $1250 bonus

Post by dual » Fri Oct 19, 2018 1:44 am

I just got a letter offering a $1250 bonus for doing the following
  • Meet with a private client banker at your nearest branch with this letter to upgrade your account to chase private client
  • Within 45 calendar days deposit a total of $250,000 or more in new money to a combination of eligible checking and/or savings accounts and maintain the balance for least 90 days
  • Your $1250 will be deposited into your account within 10 business days
So it looks to me like I have to transfer in cash and can only put it into a savings account or CD.

I just checked and their savings account and three month CD rates are essentially zero. A three month treasury bill is paying about 2.25% and since it has no state tax here in California that works out to about 2.5% tax equivalent yield. So in 3 months I would miss out on about $1500 in interest on $250K.

Obviously a losing proposition with only a $1250 bonus.

What am I missing here?

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Shazb0t
Posts: 42
Joined: Thu Oct 06, 2016 11:06 am

Re: targeted Chase Private Client $1250 bonus

Post by Shazb0t » Fri Oct 19, 2018 7:42 am

dual wrote:
Fri Oct 19, 2018 1:44 am
I just got a letter offering a $1250 bonus for doing the following
  • Meet with a private client banker at your nearest branch with this letter to upgrade your account to chase private client
  • Within 45 calendar days deposit a total of $250,000 or more in new money to a combination of eligible checking and/or savings accounts and maintain the balance for least 90 days
  • Your $1250 will be deposited into your account within 10 business days
So it looks to me like I have to transfer in cash and can only put it into a savings account or CD.

I just checked and their savings account and three month CD rates are essentially zero. A three month treasury bill is paying about 2.25% and since it has no state tax here in California that works out to about 2.5% tax equivalent yield. So in 3 months I would miss out on about $1500 in interest on $250K.

Obviously a losing proposition with only a $1250 bonus.

What am I missing here?
Unless that offer is very specific and unlike the other CPC rules, I believe the 250k can also be taxable investments held in their JP Morgan brokerage option.

SlowMovingInvestor
Posts: 888
Joined: Sun Sep 11, 2016 11:27 am

Re: targeted Chase Private Client $1250 bonus

Post by SlowMovingInvestor » Fri Oct 19, 2018 8:03 am

Shazb0t wrote:
Fri Oct 19, 2018 7:42 am
dual wrote:
Fri Oct 19, 2018 1:44 am
I just got a letter offering a $1250 bonus for doing the following
  • Meet with a private client banker at your nearest branch with this letter to upgrade your account to chase private client
  • Within 45 calendar days deposit a total of $250,000 or more in new money to a combination of eligible checking and/or savings accounts and maintain the balance for least 90 days
  • Your $1250 will be deposited into your account within 10 business days
So it looks to me like I have to transfer in cash and can only put it into a savings account or CD.

I just checked and their savings account and three month CD rates are essentially zero. A three month treasury bill is paying about 2.25% and since it has no state tax here in California that works out to about 2.5% tax equivalent yield. So in 3 months I would miss out on about $1500 in interest on $250K.

Obviously a losing proposition with only a $1250 bonus.

What am I missing here?
Unless that offer is very specific and unlike the other CPC rules, I believe the 250k can also be taxable investments held in their JP Morgan brokerage option.
If you value UR points, it seems like Sapphire Banking is a better deal since you only have to move $100K, and get 60,000 UR (with no tax hit).

OTOH, maybe you can move IRA money with this offer, which is naturally better since there is no tax reporting or cost basis hassle.

Mike14
Posts: 73
Joined: Sun Jun 29, 2014 9:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 » Fri Oct 19, 2018 9:44 am

pre wrote:
Wed Oct 17, 2018 6:55 pm
All three [Merrill, TDA, Etrade] reimburse for transfer fees, just have to request it.
How are the closing fees charged when transferring out the portfolio?
Will they liquidate part of your portfolio, send a bill in the mail, keep the account negative and hope you pay up, etc?

PM ok, because it seems impossible to get anyone to answer this.

drk
Posts: 824
Joined: Mon Jul 24, 2017 10:33 pm
Location: Seattle

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drk » Fri Oct 19, 2018 10:07 am

Mike14 wrote:
Fri Oct 19, 2018 9:44 am
pre wrote:
Wed Oct 17, 2018 6:55 pm
All three [Merrill, TDA, Etrade] reimburse for transfer fees, just have to request it.
How are the closing fees charged when transferring out the portfolio?
Will they liquidate part of your portfolio, send a bill in the mail, keep the account negative and hope you pay up, etc?

PM ok, because it seems impossible to get anyone to answer this.
In retirement accounts, Fidelity liquidated the assets for a transfer and kept $50, and Merrill Edge deducted theirs after liquidating fractional shares. I haven't had this happen in a taxable account that had no cash in it, so I can't speak to that.

snowman
Posts: 721
Joined: Thu Jan 31, 2013 12:59 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by snowman » Fri Oct 19, 2018 11:32 am

Mike14 wrote:
Wed Oct 17, 2018 3:55 pm
pre wrote:
Tue Mar 06, 2018 10:21 pm
If the transfer out fee is assessed without sufficient balance, it shows as a negative balance in the account and persists during the transfer. I had this happen a few years ago with an IRA, and it stayed negative for almost a year (!) until I made a trade at the receiving/destination broker.
So the sending brokerage is charging the fee to the receiving broker, who will show it as a negative balance until you make your next trade?
I'm confused, because I would have thought that the negative balance would be with the sending broker.

snowman wrote:
Tue Mar 06, 2018 3:09 pm
If you move out of TDA completely and close your accounts, and it's all in ETFs with maybe $10 in cash, how does TDA assess $75 transfer fee?
Did you end up transferring and can share insights about the fees? I don't know what APEX is, maybe some fee waiver of some sorts for legacy customers?

snowman wrote:
Mon Mar 26, 2018 2:06 pm
So I finally decided to move from TDA to ME.
How did TDA charge the closing fee?

investor997 wrote:
Tue Mar 06, 2018 8:03 pm
snowman wrote:
Tue Mar 06, 2018 3:09 pm

If you move out of TDA completely and close your accounts, and it's all in ETFs with maybe $10 in cash, how does TDA assess $75 transfer fee?
I'm about to find out. I'll post my experience here after the fact. FWIW, the new brokerage (ME) offered to pay the $75 transfer fee.
What was your experience regarding the TD transfer fee?

overthought wrote:
Mon Mar 05, 2018 9:29 pm
I emptied two of my TDA accounts into a third while consolidating accounts, and they both remain open. I also transferred my tIRA to my 401(k), and it remained open (I didn't check the "close account" box on the transfer form).
So your TDA accounts have no holdings in it, they didn't close it and didn't charge you anything for the transfer out?

pre wrote:
Sat Jan 13, 2018 2:29 pm
Merrill/Cap One/Schwab/Etrade will just show account "closed" or $0 balance, but doesn't affect online access.
How were the closing fees charged?

Earl Lemongrab wrote:
Tue Oct 18, 2016 3:02 pm
With TDA, at least in the past, a full transfer closed the account.
How were the closing fees charged?
Yes, I ended up transferring from TDA to ME. Here is my experience, mostly positive.

I moved 2 IRAs - mine and my wife's. I went for $900 promo per account - standard $600 offer plus $300 bonus if you open and link BofA checking account.

I moved my wife's account first, before dividends posted to her account. I moved mine a week later, after those same dividends posted. It all went surprisingly well - both accounts were transferred in 4 business days. Dividend posted shortly thereafter in ME. I was not charged any transfer fees by TDA. I completely closed both accounts but downloaded latest statements before transferring.

I called ME after transfer and asked about any transfer fees. He said they have no control over TDA, but not to worry, if I get hit with them, ME will reimburse it. Like I said, TDA didn't charge anything (due to APEX status), so not an issue. I also asked him to confirm that correct promo code is attached to both accounts. He checked and said all looks good, and when I asked what the time frame is to open the checking account to get the bonus part of the promo, he said there is none - both accounts will get $900 whether we open one or not. He said the only reason to open one is to get free trades, but it has no effect on the promo code as that is hard coded and will not change.

This is the only part that ended up not being true. I opened checking account for myself anyway, just to be sure. I never did for my wife. In 90 days, she got $600, and a week later I got $900. When I called CS, I was told the rep was wrong and the terms of promo are clearly spelled out. I accepted that and didn't fight it. I figured I am moving out in less than 3 months anyway (which will be next month), and this is my lesson learned to follow directions and not trust what CS rep says.

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