The Final, Definitive Thread on Brokerage Transfer Bonuses

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

Post by Earl Lemongrab » Thu Jan 17, 2019 8:05 pm

oslocal wrote:
Thu Jan 17, 2019 6:24 pm
Can I get the $900 transfer bonus to Merrill Edge with a combination of taxable and IRA accounts? Or does it all have to be for one account?
Usually it's per account, but it's worth contacting them to see. I'm sure people have reported getting offers spread over accounts, with the bonus pro-rata, but I don't know if that was for Edge.

One of the odd things about the offer is that two 50k transfers are worth more than one 100k, but a 200k is better than two 100k.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JustinR » Fri Jan 18, 2019 1:53 am

Damn...looks like the $1000 Merrill Edge offer expired

https://www.merrilledge.com/offers/1000offer

So these are the ones still active?

$900 - https://www.merrilledge.com/offers/900offer
$600 - https://www.merrilledge.com/cmaoffer

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

Post by SlowMovingInvestor » Fri Jan 18, 2019 3:53 pm

JustinR wrote:
Fri Jan 18, 2019 1:53 am
Damn...looks like the $1000 Merrill Edge offer expired

https://www.merrilledge.com/offers/1000offer

So these are the ones still active?

$900 - https://www.merrilledge.com/offers/900offer
$600 - https://www.merrilledge.com/cmaoffer
Look for the expiry date. it's April 30th for the $900 offer. Not sure why anybody would take the $600 offer as long as the $900 one is open.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Fri Jan 18, 2019 4:33 pm

SlowMovingInvestor wrote:
Fri Jan 18, 2019 3:53 pm
JustinR wrote:
Fri Jan 18, 2019 1:53 am
Damn...looks like the $1000 Merrill Edge offer expired

https://www.merrilledge.com/offers/1000offer

So these are the ones still active?

$900 - https://www.merrilledge.com/offers/900offer
$600 - https://www.merrilledge.com/cmaoffer
Look for the expiry date. it's April 30th for the $900 offer. Not sure why anybody would take the $600 offer as long as the $900 one is open.
The $900 is only for Preferred Rewards customers, so be sure to sign up for that if you don't already have it (should anyway).

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

Post by celia » Fri Jan 18, 2019 4:49 pm

madbrain wrote:
Wed Jan 02, 2019 7:18 pm
If you end up having to do a share conversion before the transfer, for example from Admiral to Investor, those things may end up being lost. That ended up changing my cost basis from SpecID to average. After months of fighting with both Vanguard and Merrill Edge, I just gave up in trying to fix this. It was impossible to make up the per-lot basis from the old statements Vanguard provided, and they couldn't help. It may be this particular issue was with Vanguard and not Merill Edge, I will never know. As of now the funds have been transferred out of Merill Edge and I can probably never get it fixed. This cost me some TLH opportunities last year, much in excess of any bonus value.
I hope you know that you can still report the original basis even if the custodian reports something else. If you have good records to support your claims, when you list your capital gains and losses on your tax return, you first put down what the custodian reports to the IRS (since the IRS will expect that). Then, there should be a question, such as "Is this reporting correct?" to which you would answer NO. Then you will have an opportunity to enter the correct data which will override what the custodian reported. In other words, both ways are being reported to the IRS.

The only "hitch" is that you should be prepared to show the IRS your records. When I did this, they accepted it and never contacted me, likely because the difference was small (as in 5-10% difference). This was back in the day when "covered shares" just started and lots of the basis reporting by the custodians was wrong.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 » Fri Jan 18, 2019 11:00 pm

Earl Lemongrab wrote:
Tue Jan 15, 2019 8:12 pm
Partial. I usually do that, and always at TDA because they immediately close the account and block access to documents on a full transfer. In this case the 200k from each was significantly less than the total.
Is it possible to get another TDA bonus with an existing account, or does everything have to be closed down first?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by reefsurfah » Sat Jan 19, 2019 12:07 am

Anyone received a clawback from TD ameritrade? I'm about 7 months but am considering moving to Merril since TD ameritrade denied my requests for free trades. I could try to ask for free trades over the phone again but lately they have been tough to get even if an apex account holder.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Sat Jan 19, 2019 12:44 am

Mike14 wrote:
Fri Jan 18, 2019 11:00 pm
Earl Lemongrab wrote:
Tue Jan 15, 2019 8:12 pm
Partial. I usually do that, and always at TDA because they immediately close the account and block access to documents on a full transfer. In this case the 200k from each was significantly less than the total.
Is it possible to get another TDA bonus with an existing account, or does everything have to be closed down first?
Way back in the beginning I asked for and received a bonus for existing accounts. I believe at least once since then I got targeted offer for an existing account. Other than that I usually find it easier to open new accounts with the bonus code. You can always merge accounts later.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 » Sun Jan 20, 2019 3:19 am

Earl Lemongrab wrote:
Sat Jan 19, 2019 12:44 am
Mike14 wrote:
Fri Jan 18, 2019 11:00 pm
Earl Lemongrab wrote:
Tue Jan 15, 2019 8:12 pm
Partial. I usually do that, and always at TDA because they immediately close the account and block access to documents on a full transfer. In this case the 200k from each was significantly less than the total.
Is it possible to get another TDA bonus with an existing account, or does everything have to be closed down first?
Way back in the beginning I asked for and received a bonus for existing accounts. I believe at least once since then I got targeted offer for an existing account. Other than that I usually find it easier to open new accounts with the bonus code. You can always merge accounts later.
Yes, I understand about having to open a new account with TDA, and it sounds like having an existing account at TDA will not invalidate the promo code for a new a TDA account.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drk » Sun Jan 20, 2019 8:24 pm

drk wrote:
Sun Oct 28, 2018 4:01 pm
I understand your thought process, but this seems incorrect. Chase has already assigned a cash value to Ultimate Rewards points: 1 cent per point. We know this because this is the only rate at which you can exchange these points for cash. That Chase will offer you a bonus if you choose to redeem them for travel booked through its portal is beside the point.
Re-upping this because we now have confirmation that Chase values Ultimate Rewards points at 1 cent per point.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JustinR » Mon Jan 21, 2019 6:15 am

Earl Lemongrab wrote:
Fri Jan 18, 2019 4:33 pm
SlowMovingInvestor wrote:
Fri Jan 18, 2019 3:53 pm
JustinR wrote:
Fri Jan 18, 2019 1:53 am
Damn...looks like the $1000 Merrill Edge offer expired

https://www.merrilledge.com/offers/1000offer

So these are the ones still active?

$900 - https://www.merrilledge.com/offers/900offer
$600 - https://www.merrilledge.com/cmaoffer
Look for the expiry date. it's April 30th for the $900 offer. Not sure why anybody would take the $600 offer as long as the $900 one is open.
The $900 is only for Preferred Rewards customers, so be sure to sign up for that if you don't already have it (should anyway).
You can simply sign up for it while/after you open an account right?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Mon Jan 21, 2019 11:21 am

JustinR wrote:
Mon Jan 21, 2019 6:15 am
Earl Lemongrab wrote:
Fri Jan 18, 2019 4:33 pm
SlowMovingInvestor wrote:
Fri Jan 18, 2019 3:53 pm
JustinR wrote:
Fri Jan 18, 2019 1:53 am
Damn...looks like the $1000 Merrill Edge offer expired

https://www.merrilledge.com/offers/1000offer

So these are the ones still active?

$900 - https://www.merrilledge.com/offers/900offer
$600 - https://www.merrilledge.com/cmaoffer
Look for the expiry date. it's April 30th for the $900 offer. Not sure why anybody would take the $600 offer as long as the $900 one is open.
The $900 is only for Preferred Rewards customers, so be sure to sign up for that if you don't already have it (should anyway).
You can simply sign up for it while/after you open an account right?
Yes, just open a checking account at BoA afterwards -- you may even get a small bonus for opening a BoA account (4100 or so). I don't recollect if you have to explicitly link it to your ME account or if it gets linked automatically by SS#.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 » Tue Jan 22, 2019 1:17 pm

This may have bee discussed somewhere above: Can Vanguard Admiral Shares be held in a TDAmeritrade account? I get it that I may not be able to buy more, but will they accept and hold what I have?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot » Tue Jan 22, 2019 1:28 pm

Leesbro63 wrote:
Tue Jan 22, 2019 1:17 pm
This may have bee discussed somewhere above: Can Vanguard Admiral Shares be held in a TDAmeritrade account? I get it that I may not be able to buy more, but will they accept and hold what I have?
I have had Admiral shares in a few TDA accounts since they acquired Scottrade. Hold and dividend reinvestment has worked fine.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 » Tue Jan 22, 2019 1:32 pm

neilpilot wrote:
Tue Jan 22, 2019 1:28 pm
Leesbro63 wrote:
Tue Jan 22, 2019 1:17 pm
This may have bee discussed somewhere above: Can Vanguard Admiral Shares be held in a TDAmeritrade account? I get it that I may not be able to buy more, but will they accept and hold what I have?
I have had Admiral shares in a few TDA accounts since they acquired Scottrade. Hold and dividend reinvestment has worked fine.
That's what I wanted to know. Thank you.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Tue Jan 22, 2019 1:50 pm

I started a purchase at TDA for VTSAX. It let me get started and the info didn't say it wasn't available. I don't have adequate cash in the account to get much farther.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by robertmcd » Wed Jan 23, 2019 10:35 am

Does anyone know if I can transfer VMMXX from vanguard to merill edge? And once it is in merrill edge can I sell it without a commission or not?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot » Wed Jan 23, 2019 10:44 am

robertmcd wrote:
Wed Jan 23, 2019 10:35 am
Does anyone know if I can transfer VMMXX from vanguard to merill edge? And once it is in merrill edge can I sell it without a commission or not?
Based on my very poor customer service experience with ME, I'm not sure they even know.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Wed Jan 23, 2019 12:59 pm

robertmcd wrote:
Wed Jan 23, 2019 10:35 am
Does anyone know if I can transfer VMMXX from vanguard to merill edge? And once it is in merrill edge can I sell it without a commission or not?
Why would that be important? Transfers don't take long. Just use cash.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SVT » Thu Jan 24, 2019 12:44 am

Can I open a 2nd CMA account with ME and get the bonus? I was looking at the current $900 ME bonus. My last bonus with them was over a year ago if that matters.

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

Post by ananthar » Thu Jan 24, 2019 3:13 am

You don't need to open a 2nd account, you can just transfer another $200K by April 15 to the same account for the $900 bonus, as long as you have not received any bonus in the last 12 months. You can then transfer the entire $200k (or more) out after 90 days and still keep the $900 bonus. This was explained to me in a cold-call by my ME broker!

You need to call your ME broker to link the $900 bonus offer to your account before you do the transfer otherwise you just get $600 for a $200K additional money transfer.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Thu Jan 24, 2019 12:38 pm

Today in email I received a targeted offer from Etrade:
Offer valid for existing E*TRADE Securities retirement accounts and excludes E*TRADE Securities brokerage, E*TRADE Futures, E*TRADE Bank, and E*TRADE Savings Bank accounts. Other restrictions may apply.

1. Cash credits for eligible deposits or transfers of new funds or securities from accounts outside of E*TRADE will be made as follows: $1,000,000 or more will receive $2,500; $500,000–$999,999 will receive $1,500; $250,000–$499,999 will receive $1,000; $100,000–$249,999 will receive $500; $25,000–$99,999 will receive $200
Kind of unusual to have it IRA only. I'll have to look over my available Roth funds for transfer. The one-year retention period is a bit of a drag. Actually the best deal is the $200 for 25k transfer.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 » Thu Jan 24, 2019 1:22 pm

Earl Lemongrab wrote:
Thu Jan 24, 2019 12:38 pm
Today in email I received a targeted offer from Etrade:
Offer valid for existing E*TRADE Securities retirement accounts and excludes E*TRADE Securities brokerage, E*TRADE Futures, E*TRADE Bank, and E*TRADE Savings Bank accounts. Other restrictions may apply.

1. Cash credits for eligible deposits or transfers of new funds or securities from accounts outside of E*TRADE will be made as follows: $1,000,000 or more will receive $2,500; $500,000–$999,999 will receive $1,500; $250,000–$499,999 will receive $1,000; $100,000–$249,999 will receive $500; $25,000–$99,999 will receive $200
Kind of unusual to have it IRA only. I'll have to look over my available Roth funds for transfer. The one-year retention period is a bit of a drag. Actually the best deal is the $200 for 25k transfer.
Spoke to a local ETrade wealth rep - they could match it to brokerage type accounts too..

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by michaeljc70 » Thu Jan 24, 2019 2:04 pm

Earl Lemongrab wrote:
Thu Jan 24, 2019 12:38 pm
Today in email I received a targeted offer from Etrade:
Offer valid for existing E*TRADE Securities retirement accounts and excludes E*TRADE Securities brokerage, E*TRADE Futures, E*TRADE Bank, and E*TRADE Savings Bank accounts. Other restrictions may apply.

1. Cash credits for eligible deposits or transfers of new funds or securities from accounts outside of E*TRADE will be made as follows: $1,000,000 or more will receive $2,500; $500,000–$999,999 will receive $1,500; $250,000–$499,999 will receive $1,000; $100,000–$249,999 will receive $500; $25,000–$99,999 will receive $200
Kind of unusual to have it IRA only. I'll have to look over my available Roth funds for transfer. The one-year retention period is a bit of a drag. Actually the best deal is the $200 for 25k transfer.
I need an IRA promo....but don't have an existing E-trade account anymore. They will give $1200 for a $500k transfer but only taxable.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Thu Jan 24, 2019 2:12 pm

michaeljc70 wrote:
Thu Jan 24, 2019 2:04 pm
I need an IRA promo....but don't have an existing E-trade account anymore. They will give $1200 for a $500k transfer but only taxable.
If you didn't get the email, you can always contact them and say you heard about it, then ask if they could give it to you for a new IRA. Never hurts to try.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by michaeljc70 » Thu Jan 24, 2019 2:23 pm

Earl Lemongrab wrote:
Thu Jan 24, 2019 2:12 pm
michaeljc70 wrote:
Thu Jan 24, 2019 2:04 pm
I need an IRA promo....but don't have an existing E-trade account anymore. They will give $1200 for a $500k transfer but only taxable.
If you didn't get the email, you can always contact them and say you heard about it, then ask if they could give it to you for a new IRA. Never hurts to try.
I was looking at the Ally Invest. They will give $1200 for a $500k IRA. They look okay. I really don't need much. I rebalance annually so trading fees aren't really important.

What I am wondering is should I move my taxable from TDA too? I'd rather not, but am wondering if that will keep me from getting a bonus next time (like in a year if I want to go back to TDA from Ally and get a bonus). In other words, if I have an existing account would it keep me from getting a new account bonus in a year? I'm not sure if TDA works that way.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Thu Jan 24, 2019 2:30 pm

TDA has been one that hands out bonuses pretty easily. I'm sure they have some limits, but having an existing account has never been a problem in the past.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot » Thu Jan 24, 2019 4:07 pm

Earl Lemongrab wrote:
Thu Jan 24, 2019 2:30 pm
TDA has been one that hands out bonuses pretty easily. I'm sure they have some limits, but having an existing account has never been a problem in the past.
TDA has also handed out retention bonuses so you might want to let them know you are considering a move.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hailstate » Fri Jan 25, 2019 12:34 pm

I opened the Chase Sapphire Checking account in branch last week for the 60k Ultimate Rewards bonus. Just wanted to follow up on my (long) post with more (long) info from my CPC banker:

-They will waive the $25 monthly fee for the first two months while you get everything set up and transferred. She was kind of shady about this, and double-checked that I was a CSR customer. Not sure if this is the case for all new customers?
-From DOC posts, the UR seem to be 1099d at 1cpp. She had previously told me they weren’t 1099d.
-I opened a Chase savings account at the same time. The money you transfer in for a savings bonus counts towards the $75k in assets.
-Interesting note from the fine print: Chase savings fees are waived if you are a Sapphire Checking customer. So there isn’t the need to keep $300 in the savings account for three months until you can close. You do need $75k in combined assets to keep the account fee free.
-There is a $75 fee when securities are transferred out of the YouInvest account. She had previously told me $0. I can’t find an account closing fee and she again said there wasn’t one, I assume it’s “covered” by the above.
-This offer is already extended to March, so her first thought on future offers being lower was not accurate.
-Probably accounts for her inconsistency / inaccuracy, but YouInvest seems to be a totally separate product. “Self directed” seems to mean that Chase bankers don’t touch it AT ALL. I had to set it up myself (website died the first try), print out the asset transfer forms myself, go to the post office to mail them (they won't take them in branch, there also doesn't seem to be a fax option?), etc. This is a stark contrast to my experience with Merrill Edge where my BofA banker had all the forms waiting for my signature and then sent them right to her back office.
-Along these lines, for a partial transfer you will need to print out forms, fill them out, have them notarized (was done by my CPC, at least), and then mail them in along with a recent account statement from the transferring brokerage. There may be a way to do it online for a full transfer, I didn’t go far enough down that path. It was kind of a pain and I’m used to letting the brokerage deal with all of it themselves.
-Initial impressions of the set up are not overly positive, especially with the CPC bankers being unable to do basically anything with YouInvest. I don’t use many checking account perks, but I’ll see if they come in handy.
-I do a fair amount of brokerage deals and this one, while a bit more complicated / time-consuming, was a good deal for only $75k. I do fly Lufthansa to Europe quite often so I value URs highly.

Hope that wasn’t too long, and that again I could be a bit of help to anyone looking to do this deal.
Last edited by hailstate on Fri Jan 25, 2019 12:39 pm, edited 1 time in total.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hailstate » Fri Jan 25, 2019 12:38 pm

Another DP on the 12 month BofA restriction:

I received an unsolicited email from Merrill Edge advertising their current $900 Preferred Rewards client deal. No fine print about 12 months. I reached out to my broker and received the following reply:

"Normally we can’t initiate a cash back offer within 12 months of being paid out on a different cash back offer. It’s possible that I can have an exception offer created by my manager if you were planning to move more new money into Merrill Edge."

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 » Fri Jan 25, 2019 4:40 pm

hailstate wrote:
Fri Jan 25, 2019 12:38 pm
"Normally we can’t initiate a cash back offer within 12 months of being paid out on a different cash back offer. It’s possible that I can have an exception offer created by my manager if you were planning to move more new money into Merrill Edge."
I wouldn't push them on this, but based on my research it seems that their system will reward the bonus, but any custom offer that is manually added by a banker will have that restriction.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by fire_maybe » Fri Jan 25, 2019 9:10 pm

I have shares at E-Trade that will soon reach the minimum holding period to avoid a clawback and I'm debating between (1) moving it to Ally, Merrill, or TD Ameritrade for another bonus or (2) moving more money into E-Trade (about 1/2 the amount that is there now) for another bonus if E-Trade is willing. (2) would unfortunately probably mean locking up the whole thing for 6 more months.

It seems like the best route is to just move everything out of E-Trade and hope they'll let me do another bonus at some point in the future after cycling through everyone else. Does that make sense?

Also, which brokerages will agree to prorate bonuses above the top tier? I don't really want to split up shares after reading some horror stories about tax lot information getting messed up.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Fri Jan 25, 2019 10:01 pm

fire_maybe wrote:
Fri Jan 25, 2019 9:10 pm
I have shares at E-Trade that will soon reach the minimum holding period to avoid a clawback and I'm debating between (1) moving it to Ally, Merrill, or TD Ameritrade for another bonus or (2) moving more money into E-Trade (about 1/2 the amount that is there now) for another bonus if E-Trade is willing. (2) would unfortunately probably mean locking up the whole thing for 6 more months.

It seems like the best route is to just move everything out of E-Trade and hope they'll let me do another bonus at some point in the future after cycling through everyone else. Does that make sense?
I don't know that moving in a new amount will block moving out the old. I'd move the new in first so that they know you didn't just return the old money.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by fire_maybe » Fri Jan 25, 2019 11:15 pm

Earl Lemongrab wrote:
Fri Jan 25, 2019 10:01 pm
I don't know that moving in a new amount will block moving out the old. I'd move the new in first so that they know you didn't just return the old money.
This last bonus had paperwork attached and there is specific phrasing in one section, here:
Customer's Account will have a minimum balance of $_______ ("Minimum Balance") within two weeks from the Effective Date ("Funding Date").
Which makes it sound like the total amount matters if they are doing any kind of one-off bonus deal rather than the incoming amount. If I decide to hang with E-Trade for another 6 months, I'll definitely move in the new money first.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Sat Jan 26, 2019 2:08 am

fire_maybe wrote:
Fri Jan 25, 2019 11:15 pm
Earl Lemongrab wrote:
Fri Jan 25, 2019 10:01 pm
I don't know that moving in a new amount will block moving out the old. I'd move the new in first so that they know you didn't just return the old money.
This last bonus had paperwork attached and there is specific phrasing in one section, here:
Customer's Account will have a minimum balance of $_______ ("Minimum Balance") within two weeks from the Effective Date ("Funding Date").
Which makes it sound like the total amount matters if they are doing any kind of one-off bonus deal rather than the incoming amount. If I decide to hang with E-Trade for another 6 months, I'll definitely move in the new money first.
Paperwork? I've never received anything like that. Was there a number, and was it more than the new money? Normally only the amount transferred in matters for a bonus, unless you're getting a retention bonus.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Sat Jan 26, 2019 11:59 am

It seems like the best award for a transfer in the 100K-200K range (below 200K, so no ME $900) is $300 from TDAM and Etrade.

Is that correct ? $500 is normally the best you can get for that amount, but there doesn't seem to be a $500 offer on the table.

And nothing from Fidelity in the < $1M range, IIRC.

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

Post by fire_maybe » Sun Jan 27, 2019 12:15 am

Earl Lemongrab wrote:
Sat Jan 26, 2019 2:08 am
Paperwork? I've never received anything like that. Was there a number, and was it more than the new money? Normally only the amount transferred in matters for a bonus, unless you're getting a retention bonus.
The amount was filled into the blank space. It was a number exceeding the top tier hence the one-off agreement for a slightly higher negotiated bonus. The account was fairly small prior to that incoming transfer.

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

Post by hailstate » Wed Jan 30, 2019 1:19 pm

Another DP on the 12 month BofA restriction:

I received an unsolicited email from Merrill Edge advertising their current $900 Preferred Rewards client deal. No fine print about 12 months. I reached out to my broker and received the following reply:

"Normally we can’t initiate a cash back offer within 12 months of being paid out on a different cash back offer. It’s possible that I can have an exception offer created by my manager if you were planning to move more new money into Merrill Edge."
Follow-up: I replied and told my broker that I was interested in the offer, but that if she couldn't get me an exception then I just wouldn't transfer more money to Merrill Edge at the moment. Within a couple hours I had a call from her back office authorizing an exception offer on my account. Only difference was a 6 month holding period (not 3). No need to open a new account, either.

So it seems pretty easy to get around, at least in my case. My takeaways would be to a) communicate in advance of a transfer, b) mention you received an unsolicited email offer from Merrill Edge, and c) tell them (politely) that without the offer you just won't be giving them more money.

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

Post by pre » Mon Feb 04, 2019 7:09 pm

hailstate wrote:
Wed Oct 31, 2018 12:51 pm
The enhanced Merrill Edge offers are available again, until Jan 12, 2019:

https://www.merrilledge.com/offers/1000 ... ail_vanity
The offer's back again, until April 11, 2019:

https://www.merrilledge.com/offers/1000 ... -_-orlms19

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

Post by JustinR » Mon Feb 04, 2019 7:19 pm

pre wrote:
Mon Feb 04, 2019 7:09 pm
hailstate wrote:
Wed Oct 31, 2018 12:51 pm
The enhanced Merrill Edge offers are available again, until Jan 12, 2019:

https://www.merrilledge.com/offers/1000 ... ail_vanity
The offer's back again, until April 11, 2019:

https://www.merrilledge.com/offers/1000 ... -_-orlms19
Crap. I literally just opened an account yesterday for the $900 one, but haven't moved any money yet.

What are my options?

- Should I close the one I just opened and open a new one with this bonus?

- I have a customer service rep's email who I talked to over the phone about opening up the $900 one. Should I try to get him to attach this one instead? The $1000 one"requires" you to be an expo attendee though so I'm not sure that would fly.

- Just do the $900 one and forget about the extra $100?

What would you guys do?

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

Post by pre » Mon Feb 04, 2019 7:42 pm

JustinR wrote:
Mon Feb 04, 2019 7:19 pm
pre wrote:
Mon Feb 04, 2019 7:09 pm
hailstate wrote:
Wed Oct 31, 2018 12:51 pm
The enhanced Merrill Edge offers are available again, until Jan 12, 2019:

https://www.merrilledge.com/offers/1000 ... ail_vanity
The offer's back again, until April 11, 2019:

https://www.merrilledge.com/offers/1000 ... -_-orlms19
Crap. I literally just opened an account yesterday for the $900 one, but haven't moved any money yet.

What are my options?

- Should I close the one I just opened and open a new one with this bonus?

- I have a customer service rep's email who I talked to over the phone about opening up the $900 one. Should I try to get him to attach this one instead? The $1000 one"requires" you to be an expo attendee though so I'm not sure that would fly.

- Just do the $900 one and forget about the extra $100?

What would you guys do?
I was in the same boat as you a few years ago. Did the $600 offer then called my relationship manager to switch over to the $1000 offer code. That got extra eyes on my accounts and disqualified that account from any bonus, neither the $600 nor $1000, because I had received another offer in the past 12 months. It's usually not enforced, but I suspect my offer code change request triggered something. I've gotten multiple Merrill bonuses credited without issue, within 12 months, albeit with different offer codes.

If this is your only CMA/IRA account, I'd just ask a sales rep to switch the offer code. Wait for the coding change to be approved in writing, e.g. email, then fund.

But if you're working on concurrent offers, might want to wait a bit of time, then quietly (without manual intervention and extra eyes on your accounts) go for this Money Show $1000 offer as a new application

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

Post by JustinR » Mon Feb 04, 2019 7:54 pm

pre wrote:
Mon Feb 04, 2019 7:42 pm
JustinR wrote:
Mon Feb 04, 2019 7:19 pm
pre wrote:
Mon Feb 04, 2019 7:09 pm
hailstate wrote:
Wed Oct 31, 2018 12:51 pm
The enhanced Merrill Edge offers are available again, until Jan 12, 2019:

https://www.merrilledge.com/offers/1000 ... ail_vanity
The offer's back again, until April 11, 2019:

https://www.merrilledge.com/offers/1000 ... -_-orlms19
Crap. I literally just opened an account yesterday for the $900 one, but haven't moved any money yet.

What are my options?

- Should I close the one I just opened and open a new one with this bonus?

- I have a customer service rep's email who I talked to over the phone about opening up the $900 one. Should I try to get him to attach this one instead? The $1000 one"requires" you to be an expo attendee though so I'm not sure that would fly.

- Just do the $900 one and forget about the extra $100?

What would you guys do?
I was in the same boat as you a few years ago. Did the $600 offer then called my relationship manager to switch over to the $1000 offer code. That got extra eyes on my accounts and disqualified that account from any bonus, neither the $600 nor $1000, because I had received another offer in the past 12 months. It's usually not enforced, but I suspect my offer code change request triggered something. I've gotten multiple Merrill bonuses credited without issue, within 12 months, albeit with different offer codes.

If this is your only CMA/IRA account, I'd just ask a sales rep to switch the offer code. Wait for the coding change to be approved in writing, e.g. email, then fund.

But if you're working on concurrent offers, might want to wait a bit of time, then quietly (without manual intervention and extra eyes on your accounts) go for this Money Show $1000 offer as a new application
Thanks for your data point and advice.

I just noticed that the $1000 one is for 6 months while the $900 one is for 3 months. So the $900 one might actually be better...

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

Post by SlowMovingInvestor » Mon Feb 04, 2019 8:08 pm

pre wrote:
Mon Feb 04, 2019 7:42 pm

I was in the same boat as you a few years ago. Did the $600 offer then called my relationship manager to switch over to the $1000 offer code. That got extra eyes on my accounts and disqualified that account from any bonus, neither the $600 nor $1000, because I had received another offer in the past 12 months. It's usually not enforced, but I suspect my offer code change request triggered something. I've gotten multiple Merrill bonuses credited without issue, within 12 months, albeit with different offer codes.

If this is your only CMA/IRA account, I'd just ask a sales rep to switch the offer code. Wait for the coding change to be approved in writing, e.g. email, then fund.

But if you're working on concurrent offers, might want to wait a bit of time, then quietly (without manual intervention and extra eyes on your accounts) go for this Money Show $1000 offer as a new application
The offer says

Offer is limited to one CMA and one IRA, with no more than two enrolled accounts per accountholder.


Note that the bonus is actually paid out after 180 days, so technically the account is not even enrolled once the bonus is paid out. They've mentioned the 1 bonus/year to me as well, but the T&C don't specify that.

I concur with your idea of flying under the radar for a bonus. Although if you have a pending bonus in another account, probably better to wait till that is paid out.

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

Post by Earl Lemongrab » Mon Feb 04, 2019 8:24 pm

The last several times the $1000 offer has appeared the money show/expo requirement has been on the page. As far as I know, it hasn't made any difference if you use the code to sign up. It might make it tough to get a code manually changed.

kxl19
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by kxl19 » Tue Feb 05, 2019 11:43 am

If I'm opening both a CMA and IRA account, is there any way to ensure that the bonus is deposited into the IRA? (ie, 100k in Roth and 100k CMA are transferred in - which account will receive the transfer bonus?)

This way the bonus can go in tax free vs. having to to deal with a 1099...

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

Post by Earl Lemongrab » Tue Feb 05, 2019 12:27 pm

kxl19 wrote:
Tue Feb 05, 2019 11:43 am
If I'm opening both a CMA and IRA account, is there any way to ensure that the bonus is deposited into the IRA? (ie, 100k in Roth and 100k CMA are transferred in - which account will receive the transfer bonus?)

This way the bonus can go in tax free vs. having to to deal with a 1099...
Usually you don't combine transfers for a bonus. The custodian might allow that if you contact them. Likely they would pro-rate among accounts.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot » Tue Feb 05, 2019 1:22 pm

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Last edited by neilpilot on Tue Feb 05, 2019 1:55 pm, edited 3 times in total.

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

Post by Earl Lemongrab » Tue Feb 05, 2019 1:34 pm

neilpilot wrote:
Tue Feb 05, 2019 1:22 pm
kxl19 wrote:
Tue Feb 05, 2019 11:43 am
If I'm opening both a CMA and IRA account, is there any way to ensure that the bonus is deposited into the IRA? (ie, 100k in Roth and 100k CMA are transferred in - which account will receive the transfer bonus?)

This way the bonus can go in tax free vs. having to to deal with a 1099...
This way the bonus can go in tax free deferred
I think it was clear that the IRA is a Roth. So tax free was correct.

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

Post by sco » Tue Feb 05, 2019 7:39 pm

For smaller ira’s, say 30k. I don’t see much out there that is worth the paperwork, once you factor in a possible account closure fee.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Tue Feb 05, 2019 8:15 pm

sco wrote:
Tue Feb 05, 2019 7:39 pm
For smaller ira’s, say 30k. I don’t see much out there that is worth the paperwork, once you factor in a possible account closure fee.
Fewer custodians charge a fee these days, especially for partial transfers. And most receivers will cover the fee in addition to a bonus.

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