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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Tue Apr 30, 2019 1:20 pm
by SlowMovingInvestor
pre wrote:
Sat Apr 27, 2019 3:16 pm

I just visited a local branch and met with a CPC banker and JPMS advisor to open up my checking and full service investment accounts. My CPC banker was familiar with the $1250 bonus offer, so setting up the checking account and entering the invite/coupon code seemed straight forward.
Please keep us updated on how the transfer goes. I assume JPM has had their back end asset management IT setup for a while, but I am not entirely confident they will transfer cost basis properly. Certainly YouInvest seems to have had glitches in it's front end at least, but that may be a newer system.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Tue Apr 30, 2019 5:12 pm
by SlowMovingInvestor
pre wrote:
Sat Apr 27, 2019 3:16 pm
A bit of a sell on their managed account, but I emphasized wanting to play around on my own while transferring over existing assets in kind. Not to mention avoiding the management fees.
Just to confirm -- there aren't any JPM management fees if you transfer assets like ETFs, bonds and MFs over, only if you sign up for their managed accounts ?

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Tue Apr 30, 2019 6:40 pm
by pre
SlowMovingInvestor wrote:
Tue Apr 30, 2019 5:12 pm
pre wrote:
Sat Apr 27, 2019 3:16 pm
A bit of a sell on their managed account, but I emphasized wanting to play around on my own while transferring over existing assets in kind. Not to mention avoiding the management fees.
Just to confirm -- there aren't any JPM management fees if you transfer assets like ETFs, bonds and MFs over, only if you sign up for their managed accounts ?
Right, at least from my understanding. No annual/management fees for non-managed accounts for CPC customers. There's a $50 annual fee for non CPC folks, $30 for IRAs -- I found this schedule of fees from another Boglehead thread: https://www.chase.com/content/dam/chase ... hedule.pdf

My advisor was pretty helpful and said she recommends her CPC clients looking for self directed trading to just use You Invest instead of the non-managed/full service brokerage to avoid commissions

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Tue Apr 30, 2019 8:04 pm
by SlowMovingInvestor
pre wrote:
Tue Apr 30, 2019 6:40 pm
SlowMovingInvestor wrote:
Tue Apr 30, 2019 5:12 pm
pre wrote:
Sat Apr 27, 2019 3:16 pm
A bit of a sell on their managed account, but I emphasized wanting to play around on my own while transferring over existing assets in kind. Not to mention avoiding the management fees.
Just to confirm -- there aren't any JPM management fees if you transfer assets like ETFs, bonds and MFs over, only if you sign up for their managed accounts ?
Right, at least from my understanding. No annual/management fees for non-managed accounts for CPC customers. There's a $50 annual fee for non CPC folks, $30 for IRAs -- I found this schedule of fees from another Boglehead thread: https://www.chase.com/content/dam/chase ... hedule.pdf

My advisor was pretty helpful and said she recommends her CPC clients looking for self directed trading to just use You Invest instead of the non-managed/full service brokerage to avoid commissions
Looking at that commission schedule -- $65 for a Treasury auction purchase ! Maybe they don't provide an online way to do it, so one has to call an FA, but still ...

Unless I'm mistaken, it seems like the $1250 offer specifically does not count $$ moved to YouInvest for the $250K requirement. But CPC in general even counts that $$. So you could get the $1250, then move the assets to YouInvest after a few months and still keep CPC if you find it valuable.

I would still prefer to move IRA assets to JPM because I am concerned about their tax reporting and cost basis transfers.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Tue Apr 30, 2019 9:02 pm
by pre
SlowMovingInvestor wrote:
Tue Apr 30, 2019 8:04 pm
pre wrote:
Tue Apr 30, 2019 6:40 pm
SlowMovingInvestor wrote:
Tue Apr 30, 2019 5:12 pm
pre wrote:
Sat Apr 27, 2019 3:16 pm
A bit of a sell on their managed account, but I emphasized wanting to play around on my own while transferring over existing assets in kind. Not to mention avoiding the management fees.
Just to confirm -- there aren't any JPM management fees if you transfer assets like ETFs, bonds and MFs over, only if you sign up for their managed accounts ?
Right, at least from my understanding. No annual/management fees for non-managed accounts for CPC customers. There's a $50 annual fee for non CPC folks, $30 for IRAs -- I found this schedule of fees from another Boglehead thread: https://www.chase.com/content/dam/chase ... hedule.pdf

My advisor was pretty helpful and said she recommends her CPC clients looking for self directed trading to just use You Invest instead of the non-managed/full service brokerage to avoid commissions
Looking at that commission schedule -- $65 for a Treasury auction purchase ! Maybe they don't provide an online way to do it, so one has to call an FA, but still ...

Unless I'm mistaken, it seems like the $1250 offer specifically does not count $$ moved to YouInvest for the $250K requirement. But CPC in general even counts that $$. So you could get the $1250, then move the assets to YouInvest after a few months and still keep CPC if you find it valuable.

I would still prefer to move IRA assets to JPM because I am concerned about their tax reporting and cost basis transfers.
Right, You Invest assets don't count towards the $250k for the CPC bonus. But You Invest holdings do count towards CPC eligibility. In fact, when I first met my CPC advisor, she recommended I just conduct the transfer into a You Invest account, but the CPC banker and I pointed out that You Invest holdings would be ineligible for the bonus. I'm fortunate I got assigned an experienced CPC banker who was familiar with this bonus and its requirements.

I can understand the importance of properly tracking lots/cost basis. Guess I'm fortunate that my account only holds one large lot with one cost basis.

I don't know how JPMS works with regards to intra-firm transfers from full service to the You Invest side. I'd wonder if they charge $75 for such a transaction. Maybe something I can inquire about the next time my CPC advisor contacts me. But I agree, something like that makes the most sense as far as maintaining CPC status.

The only benefits that I foresee being useful are the mortgage discount and Arts and Culture card (for museums and such). I'm likely going to keep my assets at Chase for 6-12 months to not negatively affect things with Chase/my CPC team. Then head back to TDA/Merrill for another promotion.

Hopefully this $1k+ bonus will be a reoccurring offer, as the terms mention one brokerage bonus a year. I have 5 branches within a few miles of home, so I can churn the offer again with another CPC team.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Wed May 01, 2019 4:21 am
by dogagility
Allow me to vent about ME/BoA. I recently took advantage of their IRA transfer bonus program. Signed up, transferred 200K into an Edge IRA, opened up a BoA checking account, opened a Premium Rewards credit card.

To increase the credit card rewards bonus, I wanted to be enrolled in their Preferred Rewards program. Typically, there is a three month waiting period in which a person has to have a minimum balance of 20K.

However, the details of the IRA transfer bonus stated: "Until April 30, 2019, when you enroll in the 50% More offer, you are consenting to be enrolled in the Preferred Rewards Program within 30 days of funding your new Merrill Edge account with a minimum of $20,000. During the promotional period, the Preferred Rewards requirement to maintain your combined balances for a three month calendar period will be waived."

Talked to four people at ME/BoA over the last two weeks to get enrolled in Preferred Rewards "within 30 days" as stated in the offer and received four different answers. Final person said "no there are actually two different Preferred Rewards programs, one for ME and one for BoA, and the three month waiver only applies to the ME side."

Of course, nowhere on their websites is this stated.

What a load of BS and poor customer service.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Wed May 01, 2019 9:58 am
by SlowMovingInvestor
pre wrote:
Tue Apr 30, 2019 9:02 pm
Hopefully this $1k+ bonus will be a reoccurring offer, as the terms mention one brokerage bonus a year.
That solves the issue of whether I should try for this bonus, since I already signed up for the Sapphire 60K bonus this year.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Wed May 01, 2019 10:16 am
by pre
dogagility wrote:
Wed May 01, 2019 4:21 am

To increase the credit card rewards bonus, I wanted to be enrolled in their Preferred Rewards program. Typically, there is a three month waiting period in which a person has to have a minimum balance of 20K.

However, the details of the IRA transfer bonus stated: "Until April 30, 2019, when you enroll in the 50% More offer, you are consenting to be enrolled in the Preferred Rewards Program within 30 days of funding your new Merrill Edge account with a minimum of $20,000. During the promotional period, the Preferred Rewards requirement to maintain your combined balances for a three month calendar period will be waived."
I can empathize with your frustration. We also had to wait 3 months for Platinum Honors status to take effect so as to take advantage of their mortgage discount. The silver lining is, the Preferred Rewards status will remain for months even after one falls below the asset requirement. The algorithm only checks like once a year, so I had almost 11 months more of those benefits even after not meeting the criteria.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Wed May 01, 2019 4:19 pm
by neilpilot
dogagility wrote:
Wed May 01, 2019 4:21 am
Allow me to vent about ME/BoA. I recently took advantage of their IRA transfer bonus program. Signed up, transferred 200K into an Edge IRA, opened up a BoA checking account, opened a Premium Rewards credit card.

To increase the credit card rewards bonus, I wanted to be enrolled in their Preferred Rewards program. Typically, there is a three month waiting period in which a person has to have a minimum balance of 20K.

However, the details of the IRA transfer bonus stated: "Until April 30, 2019, when you enroll in the 50% More offer, you are consenting to be enrolled in the Preferred Rewards Program within 30 days of funding your new Merrill Edge account with a minimum of $20,000. During the promotional period, the Preferred Rewards requirement to maintain your combined balances for a three month calendar period will be waived."

Talked to four people at ME/BoA over the last two weeks to get enrolled in Preferred Rewards "within 30 days" as stated in the offer and received four different answers. Final person said "no there are actually two different Preferred Rewards programs, one for ME and one for BoA, and the three month waiver only applies to the ME side."

Of course, nowhere on their websites is this stated.

What a load of BS and poor customer service.
I totally agree. We had a similar experience trying to resolve a different issue with ME when we opened 2 new accounts in Jan 2018. I posted the details much earlier in this thread.

I was assured that I would be able to link my DW's account with mine (online) even before we opened the accounts. That was a prerequisite of our move to ME. Well that was a simple task that, after literally a dozen customer service contacts, they were not able to achieve. They looked good to me on paper, but their CS was burdensome and ineffective.

Suffice it to say that I couldn't wait to transfer my assets out of my new ME accounts and back to TD Ameritrade.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Thu May 02, 2019 2:20 am
by Earl Lemongrab
It's unfortunate that some people have had problems. My experience has been very positive.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Thu May 02, 2019 2:37 am
by yougotitdude
Earl Lemongrab wrote:
Thu May 02, 2019 2:20 am
It's unfortunate that some people have had problems. My experience has been very positive.
I agree. Merrill Edge has been great for me.

I had TD Ameritrade for a while and couldn't wait to transfer from them. They messed up a roth conversion by roughly 4x the amount requested!

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Thu May 02, 2019 11:07 am
by neilpilot
yougotitdude wrote:
Thu May 02, 2019 2:37 am
Earl Lemongrab wrote:
Thu May 02, 2019 2:20 am
It's unfortunate that some people have had problems. My experience has been very positive.
I agree. Merrill Edge has been great for me.

I had TD Ameritrade for a while and couldn't wait to transfer from them. They messed up a roth conversion by roughly 4x the amount requested!
It's unfortunate that you had that problem. It was concern about TDA's acquisition of Scottrade that prompted my unfortunate exploration of MEdge. But my experience has been very positive ever since TDA acquired my accounts thru Scottrade.

I did an in-kind tIRA to Roth conversion at TDA in Dec 2018 and it went thru without a hitch.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Thu May 02, 2019 6:46 pm
by erictiger
I tried to transfer one Vanguard index fund (VTSAX) from Merrill Edge to E*Trade for the bonus. But E*Trade told me since I cannot buy/sell VTSAX at E*Trade, they cannot accept this fund for transfer. Anyone had same experience? I had no problem when transferring the fund from Vanguard to ME.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Thu May 02, 2019 7:10 pm
by student
erictiger wrote:
Thu May 02, 2019 6:46 pm
I tried to transfer one Vanguard index fund (VTSAX) from Merrill Edge to E*Trade for the bonus. But E*Trade told me since I cannot buy/sell VTSAX at E*Trade, they cannot accept this fund for transfer. Anyone had same experience? I had no problem when transferring the fund from Vanguard to ME.
I don't understand. When I look at VTSAX on etrade, it says it is available and even as a non-transaction fee fund.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Thu May 02, 2019 7:57 pm
by Earl Lemongrab
Things have been changing since Vanguard lowered the minimum for some Admiral funds and closed the corresponding Investor share funds. Many Admiral funds are becoming available at other places. So don't rely on any old information. Check with the custodian.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Fri May 03, 2019 9:43 am
by Makaveli
SlowMovingInvestor wrote:
Tue Apr 30, 2019 1:20 pm
pre wrote:
Sat Apr 27, 2019 3:16 pm

I just visited a local branch and met with a CPC banker and JPMS advisor to open up my checking and full service investment accounts. My CPC banker was familiar with the $1250 bonus offer, so setting up the checking account and entering the invite/coupon code seemed straight forward.
Please keep us updated on how the transfer goes. I assume JPM has had their back end asset management IT setup for a while, but I am not entirely confident they will transfer cost basis properly. Certainly YouInvest seems to have had glitches in it's front end at least, but that may be a newer system.
I set up the $1,250 promo the other day, in total it took me two trips to the bank that amounted to 1.5 hours. In kind transfer of 5 Vanguard ETF's. I will not be trading so no additional fees (advisor said he can wave them for me if I decided to change my mind). After reading the fine print the only fee I may run into is the "account closing". I believe that will be $25-$50... and only done to jump to another institution's promo... making it worth it.

Great hourly rate. Onwards.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Fri May 03, 2019 11:29 am
by pre
Makaveli wrote:
Fri May 03, 2019 9:43 am
After reading the fine print the only fee I may run into is the "account closing". I believe that will be $25-$50...
Alas, they charge $75. But hopefully reimbursable

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Fri May 03, 2019 2:01 pm
by tj
pre wrote:
Fri May 03, 2019 11:29 am
Makaveli wrote:
Fri May 03, 2019 9:43 am
After reading the fine print the only fee I may run into is the "account closing". I believe that will be $25-$50...
Alas, they charge $75. But hopefully reimbursable
Why not just leave the account open and empty?

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Fri May 03, 2019 2:19 pm
by pre
tj wrote:
Fri May 03, 2019 2:01 pm
pre wrote:
Fri May 03, 2019 11:29 am
Makaveli wrote:
Fri May 03, 2019 9:43 am
After reading the fine print the only fee I may run into is the "account closing". I believe that will be $25-$50...
Alas, they charge $75. But hopefully reimbursable
Why not just leave the account open and empty?
That might be the route to take. Just called the CPC JPMS phone line and was told there shouldn't be a partial transfers fee...

Regardless, Merrill/TDA/ETrade/Schwab have always reimbursed without issue, fortunately

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Fri May 03, 2019 2:42 pm
by Retired1809
How often does Bank of America offer $900 for opening a Merrill Edge account with at least $200K. I tried it last year but closed both accounts (in June 2018) after getting the incentive and experiencing unsatisfactory service. Recently I learned that the bank has much better service at a different branch so I'm considering trying them again. (The difference in the quality of service was like night and day.) I believe the small print would require that I wait a year after closing the first accounts to open new accounts and be eligible for the incentive. Am I correct?

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Sat May 04, 2019 6:05 am
by spitty
I assume these bonuses are taxable to everyone? After transferring 250k to TDA last year we received $600 in Apple gift cards which showed up as taxable income on our 1099. Sorry, I didn't read the whole thread..

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Sat May 04, 2019 7:37 am
by neilpilot
spitty wrote:
Sat May 04, 2019 6:05 am
I assume these bonuses are taxable to everyone? After transferring 250k to TDA last year we received $600 in Apple gift cards which showed up as taxable income on our 1099. Sorry, I didn't read the whole thread..
It depends.....taxable if awarded to a taxable account. Tax deferred if the bonus goes into a tIRA. Tax free if your Roth gets the bonus.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Wed May 08, 2019 10:47 am
by Retired1809
Ally Invest credited my account for the transfer bonus last week. But now I have to keep my transferred assets in the Ally Invest account for 300 more days to avoid claw back of the transfer bonus. Somehow I missed that "300 more days" requirement when I transferred assets to Ally.

Is there a way to escape Ally without losing the transfer bonus?

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Wed May 08, 2019 5:52 pm
by pre
pre wrote:
Sat Apr 27, 2019 3:16 pm

Of note, they don't seem eager to reimburse for any outgoing fees from the delivery firm. One CPC phone rep said they can offer reimbursement, but at the discretion of the local financial advisor; when I brought it up, however, my advisor said they generally only reimburse for managed clients, not self directed accounts
A quick follow up. Just completed the asset transfer into my Chase full service brokerage account and, sure enough, the advisor is not going to reimburse for the transfer out fee unless I use their managed services. Imagine this "policy" is very dependent on one's advisor, as mine seems pretty parsimonious.

Interestingly, JPMS verified they do provide reimbursements for You Invest self directed accounts for new assets exceeding $50k. Just require a statement from the delivering firm documenting the fee. JPMS sent me a written copy of this internal policy via secure message, so I'm glad it's not up to personal discretion like their full service accounts.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Wed May 08, 2019 8:27 pm
by Earl Lemongrab
Retired1809 wrote:
Wed May 08, 2019 10:47 am
Ally Invest credited my account for the transfer bonus last week. But now I have to keep my transferred assets in the Ally Invest account for 300 more days to avoid claw back of the transfer bonus. Somehow I missed that "300 more days" requirement when I transferred assets to Ally.

Is there a way to escape Ally without losing the transfer bonus?
A year's retention is not unusual. Some have a shorter period, like Merrill Edge. Why do you care where your assets are staying? Leave them there, take distributions in cash if you want and transfer out (for taxable of course).

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Thu May 09, 2019 1:27 pm
by Ketawa
I'm planning a move to BoA/ME for some bonuses. There are 3 bonuses I am trying to maximize: BoA Premium Rewards card signup bonus, targeted $300 bonus for opening a BoA checking account, and ME brokerage transfer bonus.

I don't think I can enroll in Preferred Rewards if I want to get targeted for the checking account. Once targeted and opened, I could then enroll in Preferred Rewards.

My combined IRAs are $80K right now, which is a base $150 bonus. It sounds like the brokerage transfer bonus would be paid after 90 days + ~2 weeks, so the 3-month average should be up to the Platinum level by then, and I should be able to get it to $225.

Let me know if this order of operations makes sense.

1. BoA Premium Rewards card
2. Hope to get targeted for the $300 checking account bonus, then open it
3. Transfer IRAs
4. Should be able to enroll in Preferred Rewards after 1 month. By the time brokerage bonus is reached, will be at Platinum level

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Thu May 09, 2019 2:44 pm
by Retired1809
Retired1809 wrote: ↑
Wed May 08, 2019 10:47 am
Ally Invest credited my account for the transfer bonus last week. But now I have to keep my transferred assets in the Ally Invest account for 300 more days to avoid claw back of the transfer bonus. Somehow I missed that "300 more days" requirement when I transferred assets to Ally.

Is there a way to escape Ally without losing the transfer bonus?

A year's retention is not unusual. Some have a shorter period, like Merrill Edge. Why do you care where your assets are staying? Leave them there, take distributions in cash if you want and transfer out (for taxable of course).


I had hoped to turn over this Roth account again and earn another reward from a different broker. Now I have to wait ten months before I can start the process again.

(Just like in retailing, profits in this game are affected by margins and inventory turnover. The more times I can roll this Roth, the better my returns from this operation.)

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Thu May 09, 2019 8:55 pm
by Earl Lemongrab
Retired1809 wrote:
Thu May 09, 2019 2:44 pm
(Just like in retailing, profits in this game are affected by margins and inventory turnover. The more times I can roll this Roth, the better my returns from this operation.)
Well, sure, but they aren't doing this to benefit you.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Thu May 09, 2019 9:58 pm
by poundwise
WorldWanderer wrote:
Thu Apr 18, 2019 8:54 pm
I secured $7,000 in bonuses in 7 days. I'm very happy.
1. Yesterday, Fidelity granted me a $3,000 retention bonus. Here's how I did it: I went into the local Fidelity office and set an appointment with my advisor. (Only the second time in 20 years I've met with the assigned rep).

I shared that I was seriously considering going to E-Trade for a $3,000 bonus and wanted to give him an opportunity to retain me as a client if he so desired. He immediately went to work with a district manager, and then all the way up to a regional vice president. It took about one and a half days for Fidelity to approve it, but it was well worth a few minutes of my time.
This was for a $1 million account.
My tip is to make it personal by reaching out to your assigned rep, versus a random call center representative.

2. I also transferred a $1m account from Vanguard to E-Trade. They had advertised a $3,000 bonus, but I was surprised that they had a short-term bonus for $4k available! This required a 12-month commitment, which I'm comfortable with doing.

Life is good.
This is an amazing outcome. Did your conversations with the Fidelity reps involve how you would invest the money? I wonder if they would be so eager to retain your business if the $1M were just sitting in VTI with zero trades in the past year.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Fri May 10, 2019 9:39 am
by hailstate
Ketawa wrote:
Thu May 09, 2019 1:27 pm
Let me know if this order of operations makes sense.

1. BoA Premium Rewards card
2. Hope to get targeted for the $300 checking account bonus, then open it
3. Transfer IRAs
4. Should be able to enroll in Preferred Rewards after 1 month. By the time brokerage bonus is reached, will be at Platinum level
Hey Ketawa, I believe you're missing a couple items, which is affecting your order above.

-The Premium Rewards card spend earns the multiplier on your current Preferred Rewards level. So if you apply and spend before transferring any assets, you will only be getting the base rate.
-I was unable to get targeted for the $300. I opened a savings account, deposited $200k in my ME account, and opened the PR card and still wasn't targeted. I'd try to at least have a nationwide $100 offer on backup.
-The brokerage bonus is not multiplied by any bonus tier. The card bonus is also not multiplied by any bonus tier.
-Higher ME bonuses are common, either 50% higher for enrolling in Preferred Rewards or an even slightly higher one associated with Money Show attendance.

Here's the general order I'd recommend:

1. Wait until there is a higher ME bonus and a nationwide BofA $100 checking bonus that are valid for a couple months.
2. Transfer IRAs.
3. Wait as long as you feel comfortable, hoping to get targeted for the $300 checking bonus.
4. Open checking account, enroll in Preferred Rewards.
5. Open Premium Rewards card, earn multiplier on your minimum spend.

The step in which you open the card can be moved around depending on how important the earnings multiplier is to you, how easy it is for you to meet the minimum spend, and if you think it could help you get targeted for the $300 checking bonus.

Hope that helps.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Fri May 10, 2019 10:06 am
by jeffyscott
Earl Lemongrab wrote:
Thu May 09, 2019 8:55 pm
Retired1809 wrote:
Thu May 09, 2019 2:44 pm
(Just like in retailing, profits in this game are affected by margins and inventory turnover. The more times I can roll this Roth, the better my returns from this operation.)
Well, sure, but they aren't doing this to benefit you.
They are, of course, doing it in order to try to gain a new customer/client. Makes sense that they'd require you to stay for some time, so that you actually use their brokerage and hopefully (from their perspective) that experience makes you decide to stay.

They are not doing this so that a handful of people can abuse these promotions by constantly churning accounts. I would expect they will eventually start to shut this down with added restrictions. If they had any sense, in addition to requiring a long stay, they'd make the promo offers once per lifetime as Amex has done with credit cards.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Fri May 10, 2019 5:39 pm
by Ketawa
hailstate wrote:
Fri May 10, 2019 9:39 am
Ketawa wrote:
Thu May 09, 2019 1:27 pm
Let me know if this order of operations makes sense.

1. BoA Premium Rewards card
2. Hope to get targeted for the $300 checking account bonus, then open it
3. Transfer IRAs
4. Should be able to enroll in Preferred Rewards after 1 month. By the time brokerage bonus is reached, will be at Platinum level
Hey Ketawa, I believe you're missing a couple items, which is affecting your order above.

-The Premium Rewards card spend earns the multiplier on your current Preferred Rewards level. So if you apply and spend before transferring any assets, you will only be getting the base rate.
-I was unable to get targeted for the $300. I opened a savings account, deposited $200k in my ME account, and opened the PR card and still wasn't targeted. I'd try to at least have a nationwide $100 offer on backup.
-The brokerage bonus is not multiplied by any bonus tier. The card bonus is also not multiplied by any bonus tier.
-Higher ME bonuses are common, either 50% higher for enrolling in Preferred Rewards or an even slightly higher one associated with Money Show attendance.

Here's the general order I'd recommend:

1. Wait until there is a higher ME bonus and a nationwide BofA $100 checking bonus that are valid for a couple months.
2. Transfer IRAs.
3. Wait as long as you feel comfortable, hoping to get targeted for the $300 checking bonus.
4. Open checking account, enroll in Preferred Rewards.
5. Open Premium Rewards card, earn multiplier on your minimum spend.

The step in which you open the card can be moved around depending on how important the earnings multiplier is to you, how easy it is for you to meet the minimum spend, and if you think it could help you get targeted for the $300 checking bonus.

Hope that helps.
A couple follow-up questions/comments on this.

A few posts in the thread indicate a higher ME bonus with Preferred Rewards. Are they referring to a different offer of some kind, or does it actually boost the ME brokerage bonus? Or is this some other kind of Preferred Rewards? I'm very confused what they're talking about. It does make sense to me that the ME brokerage bonus wouldn't be affected by Preferred Rewards level. Here and here are examples.

Since enrolling in BoA Preferred Rewards requires having the checking account open, my thought was to put the brokerage bonus after enrolling in BoA Preferred Rewards if it meant I could get a higher brokerage bonus. Plus waiting for a $200 higher checking bonus would be better than a $75 higher brokerage bonus.


I'm not completely sure I want to park $500 in a savings account for no fees, but could do it.

I put the BoA Premium Rewards card first because a 50% or 75% boost to 1.5% cash back from $3K in spend is only $22.50-$33.75, so not a major factor if it would help me get targeted for the $300 checking bonus.

If most of these things are not affected much by the others, I won't worry too much about the order except to wait to get targeted for checking. I don't have an urgent need for free ETF trades from Preferred Rewards.

Edit: I see now this was a different brokerage offer that required Preferred Rewards by 90 days after transferring funds, which would not be a problem. At any rate, I'd rather get targeted for a $200 higher checking account, and don't see much of a reason to delay opening the credit card if it might help towards that.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Sat May 11, 2019 12:55 pm
by whodidntante
I just applied for a sapphire checking account and a youinvest account. I should net 60k points for basically nothing. We will see.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Sat May 11, 2019 2:13 pm
by sharwinkersh
Does anyone have experience with TD Ameritrade actually clawing back a bonus? I am considering moving out some asssts 6 months into a 12 month hold. I would be moving out about half of my account to take advantage of another bonus.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Sat May 11, 2019 2:20 pm
by Earl Lemongrab
sharwinkersh wrote:
Sat May 11, 2019 2:13 pm
Does anyone have experience with TD Ameritrade actually clawing back a bonus? I am considering moving out some asssts 6 months into a 12 month hold. I would be moving out about half of my account to take advantage of another bonus.
I've never tried. I wouldn't risk a bonus in hand. You signed up with certain restrictions, so it's easiest to follow them.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Sat May 11, 2019 2:24 pm
by whodidntante
sharwinkersh wrote:
Sat May 11, 2019 2:13 pm
Does anyone have experience with TD Ameritrade actually clawing back a bonus? I am considering moving out some asssts 6 months into a 12 month hold. I would be moving out about half of my account to take advantage of another bonus.
I never test their enforcement of clawback provisions. They held up their end of the bargain, and I always hold up mine.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Sat May 11, 2019 2:28 pm
by sharwinkersh
The only reason I’d risk it is Wells Fargo is offering me a 0.5% reduction in rate for a mortgage refinance, but I have to transfer assets to Wells. Want to see whether I should factor in TD clawback into my decision.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Sat May 11, 2019 2:52 pm
by pre
sharwinkersh wrote:
Sat May 11, 2019 2:13 pm
Does anyone have experience with TD Ameritrade actually clawing back a bonus? I am considering moving out some asssts 6 months into a 12 month hold. I would be moving out about half of my account to take advantage of another bonus.
Yep, I transferred out early one month, miscounting the dates, and they clawed back all remaining cash. I did the $1k for $250k offer. Fortunately, I only had about $150 cash in the account, so they withdrew the account to $0 then transferred out my ETFs. I'm glad they didn't prevent the account transfer, forcing me to pay back the full $1k

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Sun May 12, 2019 5:30 am
by SlowMovingInvestor
whodidntante wrote:
Sat May 11, 2019 12:55 pm
I just applied for a sapphire checking account and a youinvest account. I should net 60k points for basically nothing. We will see.
Chase Private Client is giving $1250 now. $250K required at JPM (YouInvest doesn't count). But you can only get one brokerage bonus a year so it's a choice between Sapphire bonus or the $1250.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Sun May 12, 2019 6:47 am
by sharwinkersh
pre wrote:
Sat May 11, 2019 2:52 pm
[quote=sharwinkersh post_id=4539248 time=<a href="tel:1557601984">1557601984</a> user_id=148406]
Does anyone have experience with TD Ameritrade actually clawing back a bonus? I am considering moving out some asssts 6 months into a 12 month hold. I would be moving out about half of my account to take advantage of another bonus.
Yep, I transferred out early one month, miscounting the dates, and they clawed back all remaining cash. I did the $1k for $250k offer. Fortunately, I only had about $150 cash in the account, so they withdrew the account to $0 then transferred out my ETFs. I'm glad they didn't prevent the account transfer, forcing me to pay back the full $1k
[/quote]

If your cash balance is zero would they still be able to claw back, or would they just leave a negative balance and then transfer a negative balance if I ultimately close the account? I would not initially be closing the account and would retain about 250k in the account.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Sun May 12, 2019 7:46 am
by student
jeffyscott wrote:
Fri May 10, 2019 10:06 am
Earl Lemongrab wrote:
Thu May 09, 2019 8:55 pm
Retired1809 wrote:
Thu May 09, 2019 2:44 pm
(Just like in retailing, profits in this game are affected by margins and inventory turnover. The more times I can roll this Roth, the better my returns from this operation.)
Well, sure, but they aren't doing this to benefit you.
They are, of course, doing it in order to try to gain a new customer/client. Makes sense that they'd require you to stay for some time, so that you actually use their brokerage and hopefully (from their perspective) that experience makes you decide to stay.

They are not doing this so that a handful of people can abuse these promotions by constantly churning accounts. I would expect they will eventually start to shut this down with added restrictions. If they had any sense, in addition to requiring a long stay, they'd make the promo offers once per lifetime as Amex has done with credit cards.
I also expect they will add one per lifetime policy, which seems far to me.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Sun May 12, 2019 7:52 am
by SlowMovingInvestor
student wrote:
Sun May 12, 2019 7:46 am
I also expect they will add one per lifetime policy, which seems far to me.
Fidelity and Schwab seem to have that sort of unstated policy already. Although they might make an exception for a really large account, or someone who brings in a lot of $$ to them.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Wed May 15, 2019 11:26 am
by hexrexodex
A month ago someone mentioned a 4k etrade bonus that was better than...

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

....but didn't post it, is the short time bonus still available?

Also, i've gotten an Etrade bonus before, so how churnable are they? Are Fidelity and Schwab the only once per lifetime unstated policy providers?

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Wed May 15, 2019 4:04 pm
by Earl Lemongrab
hexrexodex wrote:
Wed May 15, 2019 11:26 am
Also, i've gotten an Etrade bonus before, so how churnable are they? Are Fidelity and Schwab the only once per lifetime unstated policy providers?
They seem to be very churnable. I get email offers for new ones.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Thu May 16, 2019 9:47 am
by Ketawa
Ketawa wrote:
Thu May 09, 2019 1:27 pm
I'm planning a move to BoA/ME for some bonuses. There are 3 bonuses I am trying to maximize: BoA Premium Rewards card signup bonus, targeted $300 bonus for opening a BoA checking account, and ME brokerage transfer bonus.

I don't think I can enroll in Preferred Rewards if I want to get targeted for the checking account. Once targeted and opened, I could then enroll in Preferred Rewards.

My combined IRAs are $80K right now, which is a base $150 bonus. It sounds like the brokerage transfer bonus would be paid after 90 days + ~2 weeks, so the 3-month average should be up to the Platinum level by then, and I should be able to get it to $225.

Let me know if this order of operations makes sense.

1. BoA Premium Rewards card
2. Hope to get targeted for the $300 checking account bonus, then open it
3. Transfer IRAs
4. Should be able to enroll in Preferred Rewards after 1 month. By the time brokerage bonus is reached, will be at Platinum level
Well, so much for this. Instant denial on the BoA Premium Rewards card. The customer service rep on the recon line mentioned too many recent credit card accounts and cited 6 in the last 18 months.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Thu May 16, 2019 2:12 pm
by Pu239
Ketawa wrote:
Thu May 16, 2019 9:47 am


Well, so much for this. Instant denial on the BoA Premium Rewards card. The customer service rep on the recon line mentioned too many recent credit card accounts and cited 6 in the last 18 months.
I've read somewhere on this forum or maybe DoC that it's better to open a BOA checking account first before applying for a cc. Your plan might still be salvageable.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Fri May 24, 2019 12:42 pm
by whodidntante
whodidntante wrote:
Sat May 11, 2019 12:55 pm
I just applied for a sapphire checking account and a youinvest account. I should net 60k points for basically nothing. We will see.
I submitted the transfer form on May 13th and the transfer completed today. That's the slowest transfer yet, but it's not like I had to do any work in that time. I asked for a refund of the $75 fee that TDA transfer charged me and received a form letter back telling me the requirements for a fee refund. We'll see if they do it. If I forget to update, just ask.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Mon Jun 03, 2019 2:56 pm
by SlowMovingInvestor
PNC bonus

https://www.pnc.com/en/personal-banking ... offer.html

$200 for $100K
$600 for $250K
$1500 for $500K

PNC fees

https://www.pnc.com/content/dam/pnc-com ... d_Fees.pdf

$75 annual service fee, $125 xfer fee. Also a whole host of smaller fees.

No idea whether PNC Investment's back end systems are robust when it comes to taxes, cost basis etc.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Mon Jun 03, 2019 4:33 pm
by hailstate
SlowMovingInvestor wrote:
Mon Jun 03, 2019 2:56 pm
PNC fees

https://www.pnc.com/content/dam/pnc-com ... d_Fees.pdf

$75 annual service fee, $125 xfer fee. Also a whole host of smaller fees.
I was curious about the annual service fee and called at lunch. The fee is charged on all accounts, there are no waivers or exemptions for new accounts, etc. The only way the fee would not be charged would be hold your entire position in cash. November 2018 was the first time the fee was charged, his assumption was that it would be charged around then in 2019. Additionally, if you notice the fine print on when they determine the brokerage balance to assess the fee, it says "generally to occur in the month of September." So with the June time frame, you could hopefully get off with paying only one annual fee.

I also asked if they reimburse transfer fees, he hadn't ever been asked that question before and I didn't feel like waiting around for him to find out.

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Posted: Tue Jun 04, 2019 9:37 am
by SlowMovingInvestor
hailstate wrote:
Mon Jun 03, 2019 4:33 pm
SlowMovingInvestor wrote:
Mon Jun 03, 2019 2:56 pm
PNC fees

https://www.pnc.com/content/dam/pnc-com ... d_Fees.pdf

$75 annual service fee, $125 xfer fee. Also a whole host of smaller fees.
I was curious about the annual service fee and called at lunch. The fee is charged on all accounts, there are no waivers or exemptions for new accounts, etc. The only way the fee would not be charged would be hold your entire position in cash. November 2018 was the first time the fee was charged, his assumption was that it would be charged around then in 2019. Additionally, if you notice the fine print on when they determine the brokerage balance to assess the fee, it says "generally to occur in the month of September." So with the June time frame, you could hopefully get off with paying only one annual fee.
They also have some references to a trading fee.

The PNC bonus isn't that high. And I'd be seriously concerned about the robustness of their back end system for brokerage/investing. Not a bonus I would go for.