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 » Sat Mar 02, 2019 9:16 am

GeraniumLover wrote:
Sat Mar 02, 2019 6:48 am
grp2c wrote:
Fri Mar 01, 2019 5:48 pm
I recently reached out to Fidelity promotions team to let them know I was looking at other brokerage bonuses to see if they would offer a retention bonus. They said no. Has anyone else been able to get a retention bonus from them recently?
I was offered one a couple of weeks ago but it was for less than the bonuses I would receive from the other brokers and came with too many strings. Plus I realized I would be foregoing a likely bonus from Fidelity when I transfer the funds back there.
Had you received a transfer/retention bonus from Fido previously (for this account, or any other) ?

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

Post by GeraniumLover » Sat Mar 02, 2019 9:47 am

SlowMovingInvestor wrote:
Sat Mar 02, 2019 9:16 am
GeraniumLover wrote:
Sat Mar 02, 2019 6:48 am
grp2c wrote:
Fri Mar 01, 2019 5:48 pm
I recently reached out to Fidelity promotions team to let them know I was looking at other brokerage bonuses to see if they would offer a retention bonus. They said no. Has anyone else been able to get a retention bonus from them recently?
I was offered one a couple of weeks ago but it was for less than the bonuses I would receive from the other brokers and came with too many strings. Plus I realized I would be foregoing a likely bonus from Fidelity when I transfer the funds back there.
Had you received a transfer/retention bonus from Fido previously (for this account, or any other) ?
I have not previously received one from Fidelity that I can recall but was told that if I took them up on their offer it would be the only time I would get it.

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

Post by sc9182 » Sat Mar 02, 2019 11:10 am

snowman wrote:
Fri Mar 01, 2019 6:59 pm
This time last year I reached out to both TDA and Fidelity where I held most of my assets. Both said no to retention bonus. So I moved away and collected bonuses elsewhere, and just couple weeks ago moved back to TDA and collected nice bonuses again. TDA rewarded me very nicely for leaving them. Makes no sense, but that's the way it is.
Agree, had received one transfer bonus and next year retentions bonus from Fidelity. They didn’t want to do retention bonus 2nd year. Moved to ETrade on better than publicly avail/shown bonus, speaking to local in-town team. ETrade matched the deal for a friend.

klaus14
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by klaus14 » Sat Mar 02, 2019 7:57 pm

Anon E. Moose wrote:
Wed Feb 20, 2019 7:34 pm
Looks like TDA has an improved offer:

1k for 250k
$500 for 100k
$200 for 50k
$100 for 25k

Applies to brokerage and retirement accounts. Valid until 6/30/19

https://www.tdameritrade.com/offer/for ... index.html
Do you know if they need cash deposit or transferring assets from Vanguard would work?

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

Post by drk » Sat Mar 02, 2019 8:42 pm

klaus14 wrote:
Sat Mar 02, 2019 7:57 pm
Do you know if they need cash deposit or transferring assets from Vanguard would work?
Transferring assets works.

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

Post by snowman » Tue Mar 05, 2019 2:22 pm

snowman wrote:
Fri Dec 21, 2018 1:30 pm
neilpilot wrote:
Fri Dec 21, 2018 12:29 pm
snowman wrote:
Fri Dec 21, 2018 11:48 am
Quick question for those that transferred traditional IRA in the past and received the bonus: I assume there was NO 1099 from the broker since the amount is going to be taxed upon withdrawal - is that correct?

I am working on my projected taxes for 2018 and it's the first year I have ever done the bonus game. I contacted Merrill Edge and was told to speak with my CPA about taxes. When I asked again whether ME is going to mail me any form, the answer was "it shouldn't in tax-deferred account but confirm with your CPA". It makes no sense, so was hoping other BHs would know based on their experience, especially with ME.

Thanks!
ME will include a bonus amount in a taxable account's 1099. There will be no 1099DIV or 1099INT for the IRA bonus.
Thank you, neilpilot!
You were correct on ME, there are no tax documents in my account. I want to thank you again.

Do you (or anyone else) know if the same is true for TDA? I have 2 $50K accounts that I can move (1 TIRA, 1 Roth) and I am deciding between TDA and ME.

Also, how likely is it that either TDA or ME will reimburse account transfer fee on a $50K asset transfer? They both told me to call them AFTER the transfer and make a request. Not really comfortable with that answer, so what is real life experience among BHs?

Thank you so much guys!

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Jack FFR1846 » Tue Mar 05, 2019 2:32 pm

drk wrote:
Sat Mar 02, 2019 8:42 pm
klaus14 wrote:
Sat Mar 02, 2019 7:57 pm
Do you know if they need cash deposit or transferring assets from Vanguard would work?
Transferring assets works.
I ran into something fun today. When trying to transfer an ETF from Vanguard, the TDA site sent me an error saying only mutual funds can be transferred. Quite annoying.
Bogle: Smart Beta is stupid

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

Post by neilpilot » Tue Mar 05, 2019 2:36 pm

snowman wrote:
Tue Mar 05, 2019 2:22 pm
snowman wrote:
Fri Dec 21, 2018 1:30 pm
neilpilot wrote:
Fri Dec 21, 2018 12:29 pm
snowman wrote:
Fri Dec 21, 2018 11:48 am
Quick question for those that transferred traditional IRA in the past and received the bonus: I assume there was NO 1099 from the broker since the amount is going to be taxed upon withdrawal - is that correct?

I am working on my projected taxes for 2018 and it's the first year I have ever done the bonus game. I contacted Merrill Edge and was told to speak with my CPA about taxes. When I asked again whether ME is going to mail me any form, the answer was "it shouldn't in tax-deferred account but confirm with your CPA". It makes no sense, so was hoping other BHs would know based on their experience, especially with ME.

Thanks!
ME will include a bonus amount in a taxable account's 1099. There will be no 1099DIV or 1099INT for the IRA bonus.
Thank you, neilpilot!
You were correct on ME, there are no tax documents in my account. I want to thank you again.

Do you (or anyone else) know if the same is true for TDA? I have 2 $50K accounts that I can move (1 TIRA, 1 Roth) and I am deciding between TDA and ME.

Also, how likely is it that either TDA or ME will reimburse account transfer fee on a $50K asset transfer? They both told me to call them AFTER the transfer and make a request. Not really comfortable with that answer, so what is real life experience among BHs?

Thank you so much guys!
It's certainly true for TDA, and probably all firms that pay a bonus to a tax deferred or tax free account. The bonus is handled just like interest earned in the account. Transfer reimbursement is likely for TDA, less likely for ME.

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

Post by pre » Tue Mar 05, 2019 2:42 pm

I've had no issues getting reimbursed by either Merrill or TDA, even for smaller amounts.

Had only a few hundred dollars that weren't swept over from Schwab correctly, and was assessed another $25 by Schwab, which Merrill promptly took care of. My relationship managers usually don't even ask for documentation. Merrill likes to do status check calls often, so I just mention it over the phone

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

Post by SlowMovingInvestor » Tue Mar 05, 2019 2:54 pm

Jack FFR1846 wrote:
Tue Mar 05, 2019 2:32 pm
drk wrote:
Sat Mar 02, 2019 8:42 pm
klaus14 wrote:
Sat Mar 02, 2019 7:57 pm
Do you know if they need cash deposit or transferring assets from Vanguard would work?
Transferring assets works.
I ran into something fun today. When trying to transfer an ETF from Vanguard, the TDA site sent me an error saying only mutual funds can be transferred. Quite annoying.
It's possible that TDA has separate transfer choices for Vanguard Mutual Funds and Vanguard Brokerage Services and picking the former means that you can't transfer anything other than MFs. Or maybe you need to transfer ETFs using the same screens you use to transfer stocks.

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

Post by Earl Lemongrab » Tue Mar 05, 2019 3:23 pm

I have never had any trouble transferring ETFs to TDA. However, I didn't specifically move from Vanguard. I would contact TDA and see what the problem is. They are generally motivated to help make the transfers happen. Possibly a problem with how the form was filled out.

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

Post by snowman » Tue Mar 05, 2019 3:56 pm

Do you guys know from experience if this is allowed to collect the bonus at ME?

I opened new Rollover IRA and funded it April 2018. Bonus showed up 3 months later. I moved the account back to TDA last month, and there is some residual money left in the account. Is it possible to keep that account open, and open new Rollover IRA with the latest bonus code ORLMS19, and collect the bonus 6 months later?

Reading the small print it seems this should be allowed (it is new account after all), but I don’t want to take the chance, and I certainly don’t want to call ME. Hoping that some of you veterans have done it before and know the answer.

Thanks again!

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

Post by snowman » Tue Mar 05, 2019 4:01 pm

neilpilot wrote:
Tue Mar 05, 2019 2:36 pm
snowman wrote:
Tue Mar 05, 2019 2:22 pm
snowman wrote:
Fri Dec 21, 2018 1:30 pm
neilpilot wrote:
Fri Dec 21, 2018 12:29 pm
snowman wrote:
Fri Dec 21, 2018 11:48 am
Quick question for those that transferred traditional IRA in the past and received the bonus: I assume there was NO 1099 from the broker since the amount is going to be taxed upon withdrawal - is that correct?

I am working on my projected taxes for 2018 and it's the first year I have ever done the bonus game. I contacted Merrill Edge and was told to speak with my CPA about taxes. When I asked again whether ME is going to mail me any form, the answer was "it shouldn't in tax-deferred account but confirm with your CPA". It makes no sense, so was hoping other BHs would know based on their experience, especially with ME.

Thanks!
ME will include a bonus amount in a taxable account's 1099. There will be no 1099DIV or 1099INT for the IRA bonus.
Thank you, neilpilot!
You were correct on ME, there are no tax documents in my account. I want to thank you again.

Do you (or anyone else) know if the same is true for TDA? I have 2 $50K accounts that I can move (1 TIRA, 1 Roth) and I am deciding between TDA and ME.

Also, how likely is it that either TDA or ME will reimburse account transfer fee on a $50K asset transfer? They both told me to call them AFTER the transfer and make a request. Not really comfortable with that answer, so what is real life experience among BHs?

Thank you so much guys!
It's certainly true for TDA, and probably all firms that pay a bonus to a tax deferred or tax free account. The bonus is handled just like interest earned in the account. Transfer reimbursement is likely for TDA, less likely for ME.
Thanks, neilpilot. I called TDA before posting here, and the CS rep told me "there certainly will be tax liability even if it's tax deferred account". So there's that.

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

Post by GeraniumLover » Thu Mar 07, 2019 2:10 pm

GeraniumLover wrote:
Fri Feb 15, 2019 7:04 pm
I am looking to fund a new E*TRADE account from transfers from Fidelity. If I transfer less than the total holdings of an ETF (e.g., only 100 of the 143.245 shares), does anyone know whether the transfer is done on a FIFO basis with respect to the various lots, or is that something I will need to specify directly with E*TRADE and/or Fidelity?
I have further info to share on this. It turns out there is no way to specify specific lots to be transferred between brokerages. This is according to E*TRADE and Fidelity. The former had me fill out a form specifying the acquisition date and price for each lot I wanted transferred. Fidelity instead sent the number of shares requested without regard to lot (it looks like they did it on a LIFO basis).

If you want to transfer specific lots, first do an intra-broker transfer of the desired lots to a separate account, then have the other broker transfer the shares from that separate account.
Last edited by GeraniumLover on Fri Mar 08, 2019 8:43 am, edited 1 time in total.

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

Post by Mike14 » Thu Mar 07, 2019 11:27 pm

GeraniumLover wrote:
Thu Mar 07, 2019 2:10 pm
The former had me fill out a form specifying the acquisition date and price for each lot I wanted transferred.
Is that the way their online transfer interface works, or did they make you fill out a form to send in?
GeraniumLover wrote:
Thu Mar 07, 2019 2:10 pm
Fidelity instead sent the number of shares requested without regard to lot (it looks like they did it on a LIFO basis).
Are you sure it wasn't FIFO? As far as I know, all ACATS transfers are FIFO. Most likely, the lot information will be corrected within a few weeks. If I understand correctly, you filled out the form with e*trade, they will then go back and forth with Fidelity to update the lot status information. But keep us posted.
GeraniumLover wrote:
Thu Mar 07, 2019 2:10 pm
If you want to transfer specific lots, first to an intra=broker transfer of the desired lots to a separate account, then have the other broker transfer the shares from that separate account.
What you are saying is, open a second brokerage account with the sending firm, and tell them to transfer certain lots to that sub account. Then, have the receiving firm do a full account transfer from that account? That's actually a great idea, as long as the sending firm doesn't charge a full account transfer fee / closing fee.

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

Post by GeraniumLover » Fri Mar 08, 2019 8:42 am

Mike14 wrote:
Thu Mar 07, 2019 11:27 pm
GeraniumLover wrote:
Thu Mar 07, 2019 2:10 pm
The former had me fill out a form specifying the acquisition date and price for each lot I wanted transferred.
Is that the way their online transfer interface works, or did they make you fill out a form to send in?
No, E*Trade's online form could not handle the lot identification so they had me fill in an editable PDF form, which I emailed to them.
Mike14 wrote:
Thu Mar 07, 2019 11:27 pm
GeraniumLover wrote:
Thu Mar 07, 2019 2:10 pm
Fidelity instead sent the number of shares requested without regard to lot (it looks like they did it on a LIFO basis).
Are you sure it wasn't FIFO? As far as I know, all ACATS transfers are FIFO. Most likely, the lot information will be corrected within a few weeks. If I understand correctly, you filled out the form with e*trade, they will then go back and forth with Fidelity to update the lot status information. But keep us posted.
All the lot/cost basis info has already transferred to E*Trade. It was definitely LIFO. The newer lots were transferred and the older lots remained at Fidelity.
Mike14 wrote:
Thu Mar 07, 2019 11:27 pm
GeraniumLover wrote:
Thu Mar 07, 2019 2:10 pm
If you want to transfer specific lots, first do an intra-broker transfer of the desired lots to a separate account, then have the other broker transfer the shares from that separate account.
What you are saying is, open a second brokerage account with the sending firm, and tell them to transfer certain lots to that sub account. Then, have the receiving firm do a full account transfer from that account? That's actually a great idea, as long as the sending firm doesn't charge a full account transfer fee / closing fee.
Correct. I suppose you could also transfer $0.01 to the second account and not close it, if the new broker will not reimburse the account closing fee.

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

Post by JustinR » Sat Mar 09, 2019 7:56 pm

Did a full transfer from Etrade to Chase You Invest.

Etrade charged a $75 transfer fee...but it transferred to the You Invest account so now I have a -$75 cash balance in You Invest, the new brokerage. Is that normal?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante » Sat Mar 09, 2019 9:35 pm

JustinR wrote:
Sat Mar 09, 2019 7:56 pm
Did a full transfer from Etrade to Chase You Invest.

Etrade charged a $75 transfer fee...but it transferred to the You Invest account so now I have a -$75 cash balance in You Invest, the new brokerage. Is that normal?
Yep. That's what happens if your account has no cash.

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

Post by JustinR » Sat Mar 09, 2019 10:54 pm

whodidntante wrote:
Sat Mar 09, 2019 9:35 pm
JustinR wrote:
Sat Mar 09, 2019 7:56 pm
Did a full transfer from Etrade to Chase You Invest.

Etrade charged a $75 transfer fee...but it transferred to the You Invest account so now I have a -$75 cash balance in You Invest, the new brokerage. Is that normal?
Yep. That's what happens if your account has no cash.
Should I just ask Chase to remove it? It's kind of dumb if I pay the transfer fee to the receiving brokerage, is it not?

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

Post by whodidntante » Sat Mar 09, 2019 11:03 pm

JustinR wrote:
Sat Mar 09, 2019 10:54 pm
whodidntante wrote:
Sat Mar 09, 2019 9:35 pm
JustinR wrote:
Sat Mar 09, 2019 7:56 pm
Did a full transfer from Etrade to Chase You Invest.

Etrade charged a $75 transfer fee...but it transferred to the You Invest account so now I have a -$75 cash balance in You Invest, the new brokerage. Is that normal?
Yep. That's what happens if your account has no cash.
Should I just ask Chase to remove it? It's kind of dumb if I pay the transfer fee to the receiving brokerage, is it not?
It indicates that the sending brokerage has debited your account for $75. If you deposit cash, sell shares, or receive a distribution, most likely $75 of it will go poof.

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

Post by JustinR » Sat Mar 09, 2019 11:55 pm

whodidntante wrote:
Sat Mar 09, 2019 11:03 pm
JustinR wrote:
Sat Mar 09, 2019 10:54 pm
whodidntante wrote:
Sat Mar 09, 2019 9:35 pm
JustinR wrote:
Sat Mar 09, 2019 7:56 pm
Did a full transfer from Etrade to Chase You Invest.

Etrade charged a $75 transfer fee...but it transferred to the You Invest account so now I have a -$75 cash balance in You Invest, the new brokerage. Is that normal?
Yep. That's what happens if your account has no cash.
Should I just ask Chase to remove it? It's kind of dumb if I pay the transfer fee to the receiving brokerage, is it not?
It indicates that the sending brokerage has debited your account for $75. If you deposit cash, sell shares, or receive a distribution, most likely $75 of it will go poof.
It will go poof, and Chase (receiving brokerage) will send the sending brokerage that money? Or will Chase keep it for itself?

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

Post by Earl Lemongrab » Sun Mar 10, 2019 12:46 am

First I'd ping Chase and see if they'll cover that for you.

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

Post by Coato » Sun Mar 10, 2019 8:23 pm

b0B wrote:
Sat Feb 09, 2019 5:01 pm
Merrill Edge is cracking down. They will deny a bonus for bringing in assets they determine have been previously held in Merrill Edge, even if those assets had not been used for a bonus before. You cannot find out what value they calculate for assets brought in. They won't tell you if you ask. You just find out after the holding period when you see what bonus, if any, you get.

Also, don't use the Money Show code. They'll demand proof that you were there.

Also, always open a new account. Don't ask for a bonus to be added to an already open account, as this seems to be asking for scrutiny and trouble.
I read this, but got greedy anyway and applied for a new account with the money show code. I recieved my last bonus about 380 days ago and closed that account on my way out the door, so I hope my experience is different. I guess we’ll see. I don’t remember the original application process, but I wasn’t auto-approved this time, it said I would get an email probably within 24 hours.

I am planning on transferring back the same ETFs as I had before... fingers crossed.

hale2
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hale2 » Sun Mar 10, 2019 10:05 pm

I transferred assets back to Merrill Edge last November that had received a bonus from them about 2.5 years earlier. I received my $900 bonus a few weeks ago.

noviceinvestor82
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by noviceinvestor82 » Thu Mar 21, 2019 2:35 pm

I have a little over $1 Million with Fidelity all in 3 Fidelity Funds (FZROX, FSMAX, FSIXS).
I have been purchasing within these 3 funds for a few years so each one has about 30 lots with each lot purchased at a different price.

When I tax loss harvest or decide to sell I like to sell by specific lots.

My question is, if I transfer this account to Ally in order to earn the $2500 bonus will my lot information transfer too? So if I decide to sell a lot at Ally, will I be able to pick a specific lot that has a specific gain percentage to sell?

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

Post by Earl Lemongrab » Thu Mar 21, 2019 2:48 pm

noviceinvestor82 wrote:
Thu Mar 21, 2019 2:35 pm
I have a little over $1 Million with Fidelity all in 3 Fidelity Funds (FZROX, FSMAX, FSIXS).
I have been purchasing within these 3 funds for a few years so each one has about 30 lots with each lot purchased at a different price.

When I tax loss harvest or decide to sell I like to sell by specific lots.

My question is, if I transfer this account to Ally in order to earn the $2500 bonus will my lot information transfer too? So if I decide to sell a lot at Ally, will I be able to pick a specific lot that has a specific gain percentage to sell?
Careful. I think the Fidelity zero funds can't be held anywhere else, so FZROX would be a problem. Otherwise, all the cost basis information should transfer. It's a good idea to export the data before the transfer.

MikeG62
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 » Thu Mar 21, 2019 4:44 pm

Posted this in its own thread, but got no response so far. So repeating here on the chance it gets better visibility in this thread.

Anyone have success getting a broker to pay a transfer bonus on an inherited IRA?

My brother and SIL inherited a low 7-figure IRA (from her Dad who recently passed). My brother called Fidelity and was told that they cannot pay a transfer bonus on the inherited IRA because they cannot add funds to the account. I don't see why they won't pay the bonus to his brokerage account - what difference should it make to them to which account the bonus is posted? After all, what they are after is the funds being invested on their platform. Why do the funds need to be paid to the specific account?

FWIW, I got Fidelity to pay me a transfer bonus when I rolled my former employers 401K (which was already with Fidelity) into a rollover IRA. I only had to suggest I was considering other brokers and they agreed to pay as if it were new money into Fidelity.

The rep he spoke to said no broker will pay a transfer bonus on an inherited IRA. I find this hard to believe.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by marcopolo » Thu Mar 21, 2019 5:14 pm

MikeG62 wrote:
Thu Mar 21, 2019 4:44 pm
Posted this in its own thread, but got no response so far. So repeating here on the chance it gets better visibility in this thread.

Anyone have success getting a broker to pay a transfer bonus on an inherited IRA?

My brother and SIL inherited a low 7-figure IRA (from her Dad who recently passed). My brother called Fidelity and was told that they cannot pay a transfer bonus on the inherited IRA because they cannot add funds to the account. I don't see why they won't pay the bonus to his brokerage account - what difference should it make to them to which account the bonus is posted? After all, what they are after is the funds being invested on their platform. Why do the funds need to be paid to the specific account?

FWIW, I got Fidelity to pay me a transfer bonus when I rolled my former employers 401K (which was already with Fidelity) into a rollover IRA. I only had to suggest I was considering other brokers and they agreed to pay as if it were new money into Fidelity.

The rep he spoke to said no broker will pay a transfer bonus on an inherited IRA. I find this hard to believe.
I can't address the specifics of inherited IRA, but when i rolled over my 401k at Fidelity (thanks for that tip, by the way), i had some funds that went into a Roth IRA, and the bulk into a Trad IRA. I asked to have all of the retention bonus go in to the Roth account accepting the rollover. They told me it would have to be pro-rated into the two accounts by the ratio of the incoming funds. They made it sound like it was a regulation, and not something they had control over. But i am not 100% sure of that, may be it was just a Fidelity policy.
Once in a while you get shown the light, in the strangest of places if you look at it right.

MikeG62
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 » Thu Mar 21, 2019 5:42 pm

marcopolo wrote:
Thu Mar 21, 2019 5:14 pm
MikeG62 wrote:
Thu Mar 21, 2019 4:44 pm
Posted this in its own thread, but got no response so far. So repeating here on the chance it gets better visibility in this thread.

Anyone have success getting a broker to pay a transfer bonus on an inherited IRA?

My brother and SIL inherited a low 7-figure IRA (from her Dad who recently passed). My brother called Fidelity and was told that they cannot pay a transfer bonus on the inherited IRA because they cannot add funds to the account. I don't see why they won't pay the bonus to his brokerage account - what difference should it make to them to which account the bonus is posted? After all, what they are after is the funds being invested on their platform. Why do the funds need to be paid to the specific account?

FWIW, I got Fidelity to pay me a transfer bonus when I rolled my former employers 401K (which was already with Fidelity) into a rollover IRA. I only had to suggest I was considering other brokers and they agreed to pay as if it were new money into Fidelity.

The rep he spoke to said no broker will pay a transfer bonus on an inherited IRA. I find this hard to believe.
I can't address the specifics of inherited IRA, but when i rolled over my 401k at Fidelity (thanks for that tip, by the way), i had some funds that went into a Roth IRA, and the bulk into a Trad IRA. I asked to have all of the retention bonus go in to the Roth account accepting the rollover. They told me it would have to be pro-rated into the two accounts by the ratio of the incoming funds. They made it sound like it was a regulation, and not something they had control over. But i am not 100% sure of that, may be it was just a Fidelity policy.
As I recall, when I rolled over my 401k the Fidelity rep told me that the bonus might post to my brokerage account (and not the rollover IRA). I told him if there was any way to influence it, I'd appreciate it if they could post the bonus to the rollover IRA. When the bonus posted it went to the rollover IRA. I don't see why it "has to" post to the account where the funds were placed. The whole point is that the assets are invested on their platform after all. Having said that, companies have all sorts of crazy rules, sometimes defying logic.

I told my brother to take a very hard line with the Fidelity rep. He takes a much kinder and gentler approach to negotiating than me. The rep told him to reach back out and let him know what he finds out when he talks to other brokers. Told my brother that I would have told the rep that if any other broker is willing to pay the bonus the only communication he would hear back from me is letting him know I was transferring the inherited IRA there and may well be moving the rest of my Fidelity funds along with it. I think this might have gotten a re-think right on the spot. After all, both you and I got transfer bonuses for money that was "already at" Fidelity. This leads me to believe there is a lot more flexibility here than they initially are willing to let on.
Last edited by MikeG62 on Thu Mar 21, 2019 6:46 pm, edited 1 time in total.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by marcopolo » Thu Mar 21, 2019 6:07 pm

MikeG62 wrote:
Thu Mar 21, 2019 5:42 pm
marcopolo wrote:
Thu Mar 21, 2019 5:14 pm
MikeG62 wrote:
Thu Mar 21, 2019 4:44 pm
Posted this in its own thread, but got no response so far. So repeating here on the chance it gets better visibility in this thread.

Anyone have success getting a broker to pay a transfer bonus on an inherited IRA?

My brother and SIL inherited a low 7-figure IRA (from her Dad who recently passed). My brother called Fidelity and was told that they cannot pay a transfer bonus on the inherited IRA because they cannot add funds to the account. I don't see why they won't pay the bonus to his brokerage account - what difference should it make to them to which account the bonus is posted? After all, what they are after is the funds being invested on their platform. Why do the funds need to be paid to the specific account?

FWIW, I got Fidelity to pay me a transfer bonus when I rolled my former employers 401K (which was already with Fidelity) into a rollover IRA. I only had to suggest I was considering other brokers and they agreed to pay as if it were new money into Fidelity.

The rep he spoke to said no broker will pay a transfer bonus on an inherited IRA. I find this hard to believe.
I can't address the specifics of inherited IRA, but when i rolled over my 401k at Fidelity (thanks for that tip, by the way), i had some funds that went into a Roth IRA, and the bulk into a Trad IRA. I asked to have all of the retention bonus go in to the Roth account accepting the rollover. They told me it would have to be pro-rated into the two accounts by the ratio of the incoming funds. They made it sound like it was a regulation, and not something they had control over. But i am not 100% sure of that, may be it was just a Fidelity policy.
As I recall, when I rolled over my 401k the Fidelity rep told me that the bonus might post to my brokerage account (and not the rollover IRA). I told him if there was any way to influence it, I'd appreciate it if they could post the bonus to the rollover IRA. When the bonus posted it went to the rollover IRA. I don't see why it "has to" post to the account where the funds were placed. The whole point is that the assets are invested on their platform after all. Having said that, companies have all sorts of crazy rules, sometimes defying logic.

I told my brother to take a very hard line with the Fidelity rep. He takes a much kinder and gentler approach to negotiating than me. The repo told him to reach back out and let him know what he finds out when he talks to other brokers. Told my brother that I would have told the rep that if any other broker is willing to pay the bonus the only communication he would hear back from me is letting him know I was transferring the inherited IRA there and may well be moving the rest of my Fidelity funds along with it. I think this might have gotten a re-think right on the spot. After all, both you and I got transfer bonuses for money that was "already at" Fidelity. This leads me to believe there is a lot more flexibility here than they initially are willing to let on.
Yeah, if it is a sizable amount, I suspect they will figure out a way to get him the bonus. They seemed pretty flexible with that.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by InvisibleAerobar » Fri Mar 22, 2019 3:32 pm

If I want to deposit ~$50k into a mix of money market and long term brokered CD, which brokerage would give me the best transfer bonus?

For instance, Vanguard MM yields ~2.5%, but there's no transfer bonus. On the other hand, places like Merrill may give $200, but they don't seems to have even brokered CDs (suggesting their incredibly sub 1% CDs offered at Bank of America as an alternative).

What about these other places that could give potential bonuses? Any of them sound like good candidates for what I'm after? Fwiw, I currently have Roth IRA at Schwab; so while I think their brokered CD offerings are pretty good, I'm not getting any transfer bonus.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Fri Mar 22, 2019 5:04 pm

InvisibleAerobar wrote:
Fri Mar 22, 2019 3:32 pm
If I want to deposit ~$50k into a mix of money market and long term brokered CD, which brokerage would give me the best transfer bonus?
Etrade or TD Ameritrade would give you $200 for that size. Merrill Edge would be $225 if you can manage to qualify for Preferred Rewards in time.

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Any Bonuses [for rolling over a 401(k) to an IRA?]

Post by JD101 » Mon Mar 25, 2019 11:49 am

[Thread merged into here, see below. --admin LadyGeek]

Does anyone know of any bonuses for rolling over 401K to an IRA? A while ago, Fidelity, Merill has a bonus where in they would pay $1200-1500 dollars for opening a new account with $500,000 or something like that.

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Re: Any Bonuses

Post by Jack FFR1846 » Mon Mar 25, 2019 12:02 pm

Look at Merrill Edge. Without mentioning the conference du Jour, they have up to $900 it you also tie up money in a savings and checking account to become a premium, meddalion pubah client.

TDAmeritrade has a bonus (just moved $250k for $600) and Schwab has something but you can't have any other accounts with them.

eTrade and Ally Invest also.

I'm unaware of anyone giving over $1k at this point.
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Re: Any Bonuses

Post by MotoTrojan » Mon Mar 25, 2019 12:04 pm

Not sure it would be worth it unless I could transfer in-kind.

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Re: Any Bonuses

Post by Earl Lemongrab » Mon Mar 25, 2019 5:39 pm

You know, someone really should start a thread dedicated to transfer bonuses.

viewtopic.php?f=10&t=196884

Edit: Restored as there's a reply.
Last edited by Earl Lemongrab on Mon Mar 25, 2019 8:38 pm, edited 2 times in total.

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Re: Any Bonuses

Post by Trader Joe » Mon Mar 25, 2019 5:41 pm

JD101 wrote:
Mon Mar 25, 2019 11:49 am
Does anyone know of any bonuses for rolling over 401K to an IRA? A while ago, Fidelity, Merill has a bonus where in they would pay $1200-1500 dollars for opening a new account with $500,000 or something like that.
No I do not. For myself, any potential bonus would not be worth the time involved.

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Re: Any Bonuses

Post by Earl Lemongrab » Mon Mar 25, 2019 6:34 pm

Trader Joe wrote:
Mon Mar 25, 2019 5:41 pm
JD101 wrote:
Mon Mar 25, 2019 11:49 am
Does anyone know of any bonuses for rolling over 401K to an IRA? A while ago, Fidelity, Merill has a bonus where in they would pay $1200-1500 dollars for opening a new account with $500,000 or something like that.
No I do not. For myself, any potential bonus would not be worth the time involved.
Well, I couldn't disagree more. If you're doing a rollover anyway, then it's essentially no extra time. You just open your rollover account from a bonus offer link. Even for cases like mine where I transfer from custodian to custodian for bonuses, you're talking hundreds of dollars for less than an hour's work.

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Re: Any Bonuses

Post by whodidntante » Mon Mar 25, 2019 6:36 pm

Earl Lemongrab wrote:
Mon Mar 25, 2019 5:39 pm
You know, someone really should start a thread dedicated to transfer bonuses.

viewtopic.php?f=10&t=196884
Is it both final and definitive? :happy

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LadyGeek » Mon Mar 25, 2019 7:19 pm

^^^ I merged JD101's thread into the on-going discussion.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Tue Mar 26, 2019 7:58 pm

Here's a new one that I saw online, from CIBC. I'm not familiar with that custodian.

It's a lower value one, topping out at $400 for 100k, but handy if you have some to move and no available offers.

https://www.investorsedge.cibc.com/en/s ... hback.html

An interesting feature is that rather than a specified retention period, it awards the bonus at specific times of the year. So for accounts opened up until 7/1/2019, you need to have the funds on 9/2/2019 to get the bonus. Transfers must be initiated by 5/2/2019. That's different.

As always, read the terms and conditions.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by motorcyclesarecool » Tue Mar 26, 2019 9:22 pm

Earl Lemongrab wrote:
Tue Mar 26, 2019 7:58 pm
Here's a new one that I saw online, from CIBC. I'm not familiar with that custodian.

It's a lower value one, topping out at $400 for 100k, but handy if you have some to move and no available offers.

https://www.investorsedge.cibc.com/en/s ... hback.html

An interesting feature is that rather than a specified retention period, it awards the bonus at specific times of the year. So for accounts opened up until 7/1/2019, you need to have the funds on 9/2/2019 to get the bonus. Transfers must be initiated by 5/2/2019. That's different.

As always, read the terms and conditions.
First Toronto Dominion, now the Canadian Imperial Bank of Commerce? Should we beware Canadian bankers bearing bonus money?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Pu239 » Tue Mar 26, 2019 9:27 pm

Canadian residents only?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LadyGeek » Tue Mar 26, 2019 9:58 pm

If you are in the US, you should be aware of the tax laws which govern cross-border investing.

Otherwise, it's a Canadian site: Welcome to banking in Canada | CIBC, bear in mind that the currency is $ CAD.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Tue Mar 26, 2019 11:41 pm

Ah, I didn't even pick up on that. Sounds like I won't bother with that for a small amount of money.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by motorcyclesarecool » Wed Mar 27, 2019 4:15 am

LadyGeek wrote:
Tue Mar 26, 2019 9:58 pm
If you are in the US, you should be aware of the tax laws which govern cross-border investing.

Otherwise, it's a Canadian site: Welcome to banking in Canada | CIBC, bear in mind that the currency is $ CAD.
I was genuinely confused, I would have expected to see a .ca domain. The Canadian charter banks HAVE been gobbling up US institutions. Case and point is the Bruins and Celtics playing at the Toronto Dominion Gardens.
Understand that choosing an HDHP is very much a "red pill" approach. Most would rather pay higher premiums for a $20 copay per visit. They will think you weird for choosing an HSA.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by vu8 » Wed Mar 27, 2019 12:54 pm

Okay so I'm making my mind to transfer from all my small accounts over to a central brokerage account. As of March 2019, which brokerages have the most amount of rewards and bonuses and quality service for 120-130k transfer?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Wed Mar 27, 2019 1:06 pm

vu8 wrote:
Wed Mar 27, 2019 12:54 pm
Okay so I'm making my mind to transfer from all my small accounts over to a central brokerage account. As of March 2019, which brokerages have the most amount of rewards and bonuses and quality service for 120-130k transfer?
I've said that if I had to pick one, it would be Merrill Edge. The Preferred Rewards on the credit card at that level is valuable and I like the free equity trades. The bonus you'd get for that, assuming none of the money is currently at Edge, would be $375.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by vu8 » Wed Mar 27, 2019 1:07 pm

Earl Lemongrab wrote:
Wed Mar 27, 2019 1:06 pm
I've said that if I had to pick one, it would be Merrill Edge. The Preferred Rewards on the credit card at that level is valuable and I like the free equity trades. The bonus you'd get for that, assuming none of the money is currently at Edge, would be $375.
If nothing beats that, I'm switchin'!

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Wed Mar 27, 2019 2:01 pm

vu8 wrote:
Wed Mar 27, 2019 1:07 pm
Earl Lemongrab wrote:
Wed Mar 27, 2019 1:06 pm
I've said that if I had to pick one, it would be Merrill Edge. The Preferred Rewards on the credit card at that level is valuable and I like the free equity trades. The bonus you'd get for that, assuming none of the money is currently at Edge, would be $375.
If nothing beats that, I'm switchin'!
It's not the top bonus, as TD Ameritrade would give $500, but that wasn't the question. The overall package for a consolidation has other factors.

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