The Final, Definitive Thread on Brokerage Transfer Bonuses

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.
WorldWanderer
Posts: 12
Joined: Thu Apr 18, 2019 3:40 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by WorldWanderer » Tue May 05, 2020 4:15 pm

From my Etrade guy:
Deposit Amount = Credit

$500,000 - $999,999 = $2,000

$1MM - $1.99MM =:$4,000

$2MM - $2.99MM = $6,000

$3MM - $3.99MM = $8,000

$4MM+ = $10,000

motorcyclesarecool
Posts: 923
Joined: Sun Dec 14, 2014 7:39 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by motorcyclesarecool » Tue May 05, 2020 5:14 pm

WorldWanderer wrote:
Tue May 05, 2020 4:15 pm
From my Etrade guy:
Deposit Amount = Credit

$500,000 - $999,999 = $2,000

$1MM - $1.99MM =:$4,000

$2MM - $2.99MM = $6,000

$3MM - $3.99MM = $8,000

$4MM+ = $10,000
Retirement accounts or taxable?
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.

kxl19
Posts: 79
Joined: Wed Mar 13, 2013 12:41 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by kxl19 » Tue May 05, 2020 10:52 pm

motorcyclesarecool wrote:
Tue May 05, 2020 5:14 pm
WorldWanderer wrote:
Tue May 05, 2020 4:15 pm
From my Etrade guy:
Deposit Amount = Credit

$500,000 - $999,999 = $2,000

$1MM - $1.99MM =:$4,000

$2MM - $2.99MM = $6,000

$3MM - $3.99MM = $8,000

$4MM+ = $10,000
Retirement accounts or taxable?
I recently received the bonus from this promo.

Both taxable and retirement are eligible. The bonus is prorated across the accounts.

User avatar
whodidntante
Posts: 8366
Joined: Thu Jan 21, 2016 11:11 pm
Location: outside the echo chamber

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante » Tue May 05, 2020 11:01 pm

WorldWanderer wrote:
Tue May 05, 2020 4:15 pm
From my Etrade guy:
Deposit Amount = Credit

$500,000 - $999,999 = $2,000

$1MM - $1.99MM =:$4,000

$2MM - $2.99MM = $6,000

$3MM - $3.99MM = $8,000

$4MM+ = $10,000
Good offer.

I'm currently in the lockup period of an E*Trade bonus. It's a good platform. I've used it to sell puts and trade futures and to buy investments that won't ruffle feathers here. My only complaint is they initially refused to refund ACATS fees, but I had no issues on the second attempt. And they have the standard ripoff margin rates. I guess they have to skin the cat somehow.

itgeek
Posts: 42
Joined: Sun Dec 08, 2013 11:45 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by itgeek » Wed May 06, 2020 11:02 am

WorldWanderer wrote:
Tue May 05, 2020 4:15 pm
From my Etrade guy:
Deposit Amount = Credit

$500,000 - $999,999 = $2,000

$1MM - $1.99MM =:$4,000

$2MM - $2.99MM = $6,000

$3MM - $3.99MM = $8,000

$4MM+ = $10,000
Do you have a Etrade link to access this bonus? I have about 2mm languishing in vanguard settlement account and it would be worth the effort to earn $6K...

JustinR
Posts: 1305
Joined: Tue Apr 27, 2010 11:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JustinR » Wed May 06, 2020 1:26 pm

Anyone know how long it is before you can do another Etrade bonus?

None of their bonuses have any wording on how long you have to wait, if you have to wait at all.

pre
Posts: 98
Joined: Mon Apr 04, 2011 2:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre » Wed May 06, 2020 2:22 pm

JustinR wrote:
Wed May 06, 2020 1:26 pm
Anyone know how long it is before you can do another Etrade bonus?

None of their bonuses have any wording on how long you have to wait, if you have to wait at all.
My two local reps told me one cash and one IRA per year, but I don't know if that's a calendar year limit, i.e. earn a bonus in December, reeligible in January

kirov
Posts: 3
Joined: Thu May 07, 2020 5:54 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by kirov » Tue May 12, 2020 6:38 am

WorldWanderer wrote:
Tue May 05, 2020 4:15 pm
From my Etrade guy:
Deposit Amount = Credit

$500,000 - $999,999 = $2,000

$1MM - $1.99MM =:$4,000

$2MM - $2.99MM = $6,000

$3MM - $3.99MM = $8,000

$4MM+ = $10,000
Hey @WorldWanderer, I reached out to my local branch to see if they can provide this offer, and the most they could do was $3500 for $1-2mil (which is a recent deal they emailed about to existing clients). Any recommendation on what to ask for to get the $4k for the $1-2mil?

MikeG62
Posts: 2749
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 » Tue May 12, 2020 8:56 am

WorldWanderer wrote:
Tue May 05, 2020 4:15 pm
From my Etrade guy:
Deposit Amount = Credit

$500,000 - $999,999 = $2,000

$1MM - $1.99MM =:$4,000

$2MM - $2.99MM = $6,000

$3MM - $3.99MM = $8,000

$4MM+ = $10,000
I am not seeing these amounts. Only $1,200 on amounts >$500K and less than <$1.0 million and $2,500 on amounts over $1.0 million.

See here:

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

And here:

https://www.bankrate.com/investing/best ... t-bonuses/

Anyone know how to get the larger amounts indicated above or able to verify whether this offer still exists (but is not being published)?
Real Knowledge Comes Only From Experience

kxl19
Posts: 79
Joined: Wed Mar 13, 2013 12:41 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by kxl19 » Tue May 12, 2020 11:11 am

MikeG62 wrote:
Tue May 12, 2020 8:56 am
WorldWanderer wrote:
Tue May 05, 2020 4:15 pm
From my Etrade guy:
Deposit Amount = Credit

$500,000 - $999,999 = $2,000

$1MM - $1.99MM =:$4,000

$2MM - $2.99MM = $6,000

$3MM - $3.99MM = $8,000

$4MM+ = $10,000
I am not seeing these amounts. Only $1,200 on amounts >$500K and less than <$1.0 million and $2,500 on amounts over $1.0 million.

See here:

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

And here:

https://www.bankrate.com/investing/best ... t-bonuses/

Anyone know how to get the larger amounts indicated above or able to verify whether this offer still exists (but is not being published)?
Hi MikeG - I did this offer back in March, and received the bonuses. It's not published online, I had to go through the local office, which has more flexibility on the offers, esp the larger ones.

kirov
Posts: 3
Joined: Thu May 07, 2020 5:54 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by kirov » Thu May 14, 2020 10:51 am

Thanks kxl19, I emailed my local branch and they said no dice. Can't visit the brand of course right now.

Was there something you had asked for, or did you say you'd leave E*TRADE? What was your leverage?

EnjoyIt
Posts: 4183
Joined: Sun Dec 29, 2013 8:06 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt » Thu May 14, 2020 11:01 am

WorldWanderer wrote:
Tue May 05, 2020 4:15 pm
From my Etrade guy:
Deposit Amount = Credit

$500,000 - $999,999 = $2,000

$1MM - $1.99MM =:$4,000

$2MM - $2.99MM = $6,000

$3MM - $3.99MM = $8,000

$4MM+ = $10,000
Does this include solo 401k as well?
A time to EVALUATE your jitters. | https://www.bogleheads.org/forum/viewtopic.php?f=10&t=79939&start=400#p5275418

snowman
Posts: 1140
Joined: Thu Jan 31, 2013 12:59 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by snowman » Thu May 14, 2020 3:39 pm

EnjoyIt wrote:
Thu May 14, 2020 11:01 am
Does this include solo 401k as well?
No. Solo 401k accounts are always excluded from bonuses at all firms, for legal reasons.

User avatar
sarabayo
Posts: 404
Joined: Fri Jun 29, 2018 6:59 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sarabayo » Thu May 14, 2020 3:43 pm

snowman wrote:
Thu May 14, 2020 3:39 pm
EnjoyIt wrote:
Thu May 14, 2020 11:01 am
Does this include solo 401k as well?
No. Solo 401k accounts are always excluded from bonuses at all firms, for legal reasons.
That's interesting. Do you happen to know what those legal reasons are?

EnjoyIt
Posts: 4183
Joined: Sun Dec 29, 2013 8:06 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt » Thu May 14, 2020 4:31 pm

snowman wrote:
Thu May 14, 2020 3:39 pm
EnjoyIt wrote:
Thu May 14, 2020 11:01 am
Does this include solo 401k as well?
No. Solo 401k accounts are always excluded from bonuses at all firms, for legal reasons.
I am actually considering dismantling my 401k and moving everything to an IRA and then moving it to Etrade. Then I want to open a solo 401k in etrade with the help of mysolo401k.com so that I have a mega Backdoor Roth option. Then pull in the IRA. I wonder if moving the IRA to the 401k would negate the very nice transfer bonus?

I guess I need to call them and find out.
A time to EVALUATE your jitters. | https://www.bogleheads.org/forum/viewtopic.php?f=10&t=79939&start=400#p5275418

kxl19
Posts: 79
Joined: Wed Mar 13, 2013 12:41 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by kxl19 » Thu May 14, 2020 4:34 pm

kirov wrote:
Thu May 14, 2020 10:51 am
Thanks kxl19, I emailed my local branch and they said no dice. Can't visit the brand of course right now.

Was there something you had asked for, or did you say you'd leave E*TRADE? What was your leverage?
No leverage - just asked. This was in February though before the meltdown, so things may have changed.

snowman
Posts: 1140
Joined: Thu Jan 31, 2013 12:59 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by snowman » Thu May 14, 2020 7:58 pm

sarabayo wrote:
Thu May 14, 2020 3:43 pm
snowman wrote:
Thu May 14, 2020 3:39 pm
EnjoyIt wrote:
Thu May 14, 2020 11:01 am
Does this include solo 401k as well?
No. Solo 401k accounts are always excluded from bonuses at all firms, for legal reasons.
That's interesting. Do you happen to know what those legal reasons are?
I don't remember, unfortunately. It had to do with legal/taxation, in that they are treated similarly to 401k plans employers offer, and no bonuses are allowed there either. I called 2-3 other firms about the bonus, and was told the same thing. They specifically said they are prohibited to offer bonus on solo 401k, but would be more than happy to offer it on different retirement accounts like IRA and Roth.

When I closed the business and terminated solo 401k, I did rollover to IRA, and then immediately transferred to another firm for bonus. It's been transferred several times now.

kirov
Posts: 3
Joined: Thu May 07, 2020 5:54 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by kirov » Sun May 17, 2020 9:02 am

Good to know. I think E*TRADE's latest offer may be an exception to this rule as the terms seem to allow for Individual (Solo) 401Ks

Here are the terms:
Offer valid for existing E*TRADE Securities brokerage, Coverdell, and the following types of E*TRADE retirement accounts: Traditional IRA, Individual 401(k), Roth Individual 401(k), Roth IRA, Rollover IRA, Beneficiary Roth IRA, and Beneficiary Traditional IRA. Offer excludes other E*TRADE Securities retirement account types, or E*TRADE Futures, E*TRADE Bank, and E*TRADE Savings Bank accounts. Other restrictions may apply.

the way
Posts: 261
Joined: Sat Oct 26, 2019 6:00 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by the way » Sun May 17, 2020 9:25 pm

kxl19 wrote:
Thu May 14, 2020 4:34 pm
kirov wrote:
Thu May 14, 2020 10:51 am
Thanks kxl19, I emailed my local branch and they said no dice. Can't visit the brand of course right now.

Was there something you had asked for, or did you say you'd leave E*TRADE? What was your leverage?
No leverage - just asked. This was in February though before the meltdown, so things may have changed.
What branches worked and didn't work? Or at least what state are you in? I tried emailing in SF bay area and got a flat no.

Also tried to get retention at TD by saying I was considering an offer at ET and also got a flat no. However, wondering if that story would change if I actually initiated an xfer.

EnjoyIt
Posts: 4183
Joined: Sun Dec 29, 2013 8:06 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt » Sun May 17, 2020 10:13 pm

kirov wrote:
Sun May 17, 2020 9:02 am
Good to know. I think E*TRADE's latest offer may be an exception to this rule as the terms seem to allow for Individual (Solo) 401Ks

Here are the terms:
Offer valid for existing E*TRADE Securities brokerage, Coverdell, and the following types of E*TRADE retirement accounts: Traditional IRA, Individual 401(k), Roth Individual 401(k), Roth IRA, Rollover IRA, Beneficiary Roth IRA, and Beneficiary Traditional IRA. Offer excludes other E*TRADE Securities retirement account types, or E*TRADE Futures, E*TRADE Bank, and E*TRADE Savings Bank accounts. Other restrictions may apply.
That would be amazing.
Thanks for linking.
I hope that lasts for another month or so.
A time to EVALUATE your jitters. | https://www.bogleheads.org/forum/viewtopic.php?f=10&t=79939&start=400#p5275418

Leesbro63
Posts: 6583
Joined: Mon Nov 08, 2010 4:36 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 » Wed Jun 03, 2020 1:02 pm

Is M1 Brokerage safe? I'm running out of "big boys" to play the brokerage bonus game with. And thinking about moving some VTI to M1 for a bonus. What else do I need to know? Will they pay the bonus if I don't trade at all?

tj
Posts: 2973
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj » Wed Jun 03, 2020 1:50 pm

Leesbro63 wrote:
Wed Jun 03, 2020 1:02 pm
Is M1 Brokerage safe? I'm running out of "big boys" to play the brokerage bonus game with. And thinking about moving some VTI to M1 for a bonus. What else do I need to know? Will they pay the bonus if I don't trade at all?
How do you run out? Can't you repeat like every year? I must have had the E Trade bonus 3 or 4 times at this point.

MikeG62
Posts: 2749
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 » Mon Jun 08, 2020 7:49 am

Merrill Edge bonus about to post. Looking for the next opportunity and interested in the views of others who have successfully done several of these brokerage transfer bonuses. Here is where I am leaning.

Open two accounts now. One at Chase You Invest for their $725 on $250,000 transfer bonus and one at TD for their $1,000 on $250,000 transfer bonus (more on that second one in a minute). For the Chase You Invest account, transfer assets in kind mostly from Merrill Edge (avoid ME fee by pulling positions into Chase and leaving behind some cash) and top off with transfer of assets in kind from Fidelity. Leave funds at Chase You Invest for 135 days. I say 135 days, since although it appears the funds need to remain at Chase for 90 days following the date of funding, the date the bonus is determined is 45 days after account opening. So, it's not clear whether those dates are additive or whether if I fund the account on the date it is opened the bonus will post 90 days from that date. Anyone been down this road with Chase before with intelligence to offer?

After the Chase You Invest bonus posts, initiate a transfer in kind from the TD site of the $250,000 in assets at Chase You Invest (note that TD allows 180 days from the date of account opening to fund the account for the transfer bonus). TD will pay the Chase You Invest ACAT transfer fee of $75. Although bonus posts within 45 days of funding, leave funds in TD for 12 months (due to potential for clawback). Bonus opportunity in 2020 from these two moves totals $1,725 on $250,000. Seems like low hanging fruit for not a ton of effort or a lot of money (money that would remain invested in the exact same vehicles if left where they are now).

Anyone think there are better transfer opportunities currently than stringing these two offers together or see any downside on these offers I am not seeing?
Real Knowledge Comes Only From Experience

pre
Posts: 98
Joined: Mon Apr 04, 2011 2:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre » Mon Jun 08, 2020 9:13 am

MikeG62 wrote:
Mon Jun 08, 2020 7:49 am

Anyone think there are better transfer opportunities currently than stringing these two offers together or see any downside on these offers I am not seeing?
As you're considering the Chase bonus, might consider going the Private Client route for $2000 @ $250k rather than the standard YouInvest offer.

A few fellow Bogleheads have done it, if you do some searches in this thread and elsewhere, for more information. Also a post about it here: https://www.doctorofcredit.com/chase-12 ... te-client/

EnjoyIt
Posts: 4183
Joined: Sun Dec 29, 2013 8:06 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt » Mon Jun 08, 2020 10:01 am

Has anyone pulled money out before 300 days at Ally?
Here is their fine print for the current bonus;
Cash Bonus: The minimum qualifying deposit to receive a cash bonus is $10,000. Accounts will be reviewed 60 days after account opening to determine the total qualifying deposit. Corresponding cash bonus will be credited to the account within 10 business days. Once the bonus is credited to the account, the bonus and qualifying deposit (minus any trading losses) is not available for withdrawal for 300 days. If the qualifying deposit is withdrawn, the bonus may be revoked.
The key sentence I bolded at the end using the word “may.”
A time to EVALUATE your jitters. | https://www.bogleheads.org/forum/viewtopic.php?f=10&t=79939&start=400#p5275418

the way
Posts: 261
Joined: Sat Oct 26, 2019 6:00 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by the way » Mon Jun 08, 2020 10:10 am

tj wrote:
Wed Jun 03, 2020 1:50 pm
Leesbro63 wrote:
Wed Jun 03, 2020 1:02 pm
Is M1 Brokerage safe? I'm running out of "big boys" to play the brokerage bonus game with. And thinking about moving some VTI to M1 for a bonus. What else do I need to know? Will they pay the bonus if I don't trade at all?
How do you run out? Can't you repeat like every year? I must have had the E Trade bonus 3 or 4 times at this point.
Both TD and Etrade are being bought this year. No telling if their future owners will continue these promos, but imo competition will be reduced somewhat.

02nz
Posts: 4944
Joined: Wed Feb 21, 2018 3:17 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 02nz » Mon Jun 08, 2020 10:27 am

pre wrote:
Mon Jun 08, 2020 9:13 am
MikeG62 wrote:
Mon Jun 08, 2020 7:49 am

Anyone think there are better transfer opportunities currently than stringing these two offers together or see any downside on these offers I am not seeing?
As you're considering the Chase bonus, might consider going the Private Client route for $2000 @ $250k rather than the standard YouInvest offer.

A few fellow Bogleheads have done it, if you do some searches in this thread and elsewhere, for more information. Also a post about it here: https://www.doctorofcredit.com/chase-12 ... te-client/
I'm looking at this as well. The key is that you can use the "full-service" self-directed brokerage (not You Invest) to meet the 250K, and it looks like online trades are free and there's no AUM fee.

MikeG62
Posts: 2749
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 » Mon Jun 08, 2020 11:43 am

pre wrote:
Mon Jun 08, 2020 9:13 am
MikeG62 wrote:
Mon Jun 08, 2020 7:49 am

Anyone think there are better transfer opportunities currently than stringing these two offers together or see any downside on these offers I am not seeing?
As you're considering the Chase bonus, might consider going the Private Client route for $2000 @ $250k rather than the standard YouInvest offer.

A few fellow Bogleheads have done it, if you do some searches in this thread and elsewhere, for more information. Also a post about it here: https://www.doctorofcredit.com/chase-12 ... te-client/
Thanks. That is an interesting one. Looks like I'd need to open a checking account and meet with (or talk to) a Chase PC rep. Clearly worth considering given the size of the bonus. Looks like this would take place of the You Invest bonus I'd had in mind as I can't do both at the same time or within the same 12-month period.

Some conflicting information online on whether the funds need to remain at Chase for an additional 6-months after bonus pays out to avoid potential clawback. Doctor of Credit site says yes, but fine print on Chase website makes no mention of this.
Real Knowledge Comes Only From Experience

MikeG62
Posts: 2749
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 » Mon Jun 08, 2020 11:47 am

EnjoyIt wrote:
Mon Jun 08, 2020 10:01 am
Has anyone pulled money out before 300 days at Ally?
Here is their fine print for the current bonus;
Cash Bonus: The minimum qualifying deposit to receive a cash bonus is $10,000. Accounts will be reviewed 60 days after account opening to determine the total qualifying deposit. Corresponding cash bonus will be credited to the account within 10 business days. Once the bonus is credited to the account, the bonus and qualifying deposit (minus any trading losses) is not available for withdrawal for 300 days. If the qualifying deposit is withdrawn, the bonus may be revoked.
The key sentence I bolded at the end using the word “may.”
What Ally offer is this from?

I do not see it in the fine print I have from the 1% cash back offer they rolled out in March of this year (which I am participating in). T&C's from the 1% offer I have appear different (bonus posts within 30 days of the end of the maintenance period - which ends on June 30th).
Real Knowledge Comes Only From Experience

EnjoyIt
Posts: 4183
Joined: Sun Dec 29, 2013 8:06 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt » Mon Jun 08, 2020 1:20 pm

MikeG62 wrote:
Mon Jun 08, 2020 11:47 am
EnjoyIt wrote:
Mon Jun 08, 2020 10:01 am
Has anyone pulled money out before 300 days at Ally?
Here is their fine print for the current bonus;
Cash Bonus: The minimum qualifying deposit to receive a cash bonus is $10,000. Accounts will be reviewed 60 days after account opening to determine the total qualifying deposit. Corresponding cash bonus will be credited to the account within 10 business days. Once the bonus is credited to the account, the bonus and qualifying deposit (minus any trading losses) is not available for withdrawal for 300 days. If the qualifying deposit is withdrawn, the bonus may be revoked.
The key sentence I bolded at the end using the word “may.”
What Ally offer is this from?

I do not see it in the fine print I have from the 1% cash back offer they rolled out in March of this year (which I am participating in). T&C's from the 1% offer I have appear different (bonus posts within 30 days of the end of the maintenance period - which ends on June 30th).
It is for their Ally invest account.
https://www.ally.com/go/invest/promotio ... lsrc=aw.ds
A time to EVALUATE your jitters. | https://www.bogleheads.org/forum/viewtopic.php?f=10&t=79939&start=400#p5275418

Leesbro63
Posts: 6583
Joined: Mon Nov 08, 2010 4:36 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 » Mon Jun 08, 2020 4:08 pm

MikeG62 wrote:
Mon Jun 08, 2020 11:43 am
pre wrote:
Mon Jun 08, 2020 9:13 am
MikeG62 wrote:
Mon Jun 08, 2020 7:49 am

Anyone think there are better transfer opportunities currently than stringing these two offers together or see any downside on these offers I am not seeing?
As you're considering the Chase bonus, might consider going the Private Client route for $2000 @ $250k rather than the standard YouInvest offer.

A few fellow Bogleheads have done it, if you do some searches in this thread and elsewhere, for more information. Also a post about it here: https://www.doctorofcredit.com/chase-12 ... te-client/
Thanks. That is an interesting one. Looks like I'd need to open a checking account and meet with (or talk to) a Chase PC rep. Clearly worth considering given the size of the bonus. Looks like this would take place of the You Invest bonus I'd had in mind as I can't do both at the same time or within the same 12-month period.

Some conflicting information online on whether the funds need to remain at Chase for an additional 6-months after bonus pays out to avoid potential clawback. Doctor of Credit site says yes, but fine print on Chase website makes no mention of this.
So what does this mean to me as a Boglehead? How can I get the big bonus without paying the advisor fee?

02nz
Posts: 4944
Joined: Wed Feb 21, 2018 3:17 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 02nz » Mon Jun 08, 2020 4:15 pm

Leesbro63 wrote:
Mon Jun 08, 2020 4:08 pm
MikeG62 wrote:
Mon Jun 08, 2020 11:43 am
pre wrote:
Mon Jun 08, 2020 9:13 am
MikeG62 wrote:
Mon Jun 08, 2020 7:49 am

Anyone think there are better transfer opportunities currently than stringing these two offers together or see any downside on these offers I am not seeing?
As you're considering the Chase bonus, might consider going the Private Client route for $2000 @ $250k rather than the standard YouInvest offer.

A few fellow Bogleheads have done it, if you do some searches in this thread and elsewhere, for more information. Also a post about it here: https://www.doctorofcredit.com/chase-12 ... te-client/
Thanks. That is an interesting one. Looks like I'd need to open a checking account and meet with (or talk to) a Chase PC rep. Clearly worth considering given the size of the bonus. Looks like this would take place of the You Invest bonus I'd had in mind as I can't do both at the same time or within the same 12-month period.

Some conflicting information online on whether the funds need to remain at Chase for an additional 6-months after bonus pays out to avoid potential clawback. Doctor of Credit site says yes, but fine print on Chase website makes no mention of this.
So what does this mean to me as a Boglehead? How can I get the big bonus without paying the advisor fee?
I think so. As I noted above, the "full-service" self-directed brokerage has no AUM fee. They'll try to sell you on their advisory service, but you can pass and the brokerage balance still counts toward that 250K.

MikeG62
Posts: 2749
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 » Mon Jun 08, 2020 4:36 pm

Leesbro63 wrote:
Mon Jun 08, 2020 4:08 pm
MikeG62 wrote:
Mon Jun 08, 2020 11:43 am
pre wrote:
Mon Jun 08, 2020 9:13 am
MikeG62 wrote:
Mon Jun 08, 2020 7:49 am

Anyone think there are better transfer opportunities currently than stringing these two offers together or see any downside on these offers I am not seeing?
As you're considering the Chase bonus, might consider going the Private Client route for $2000 @ $250k rather than the standard YouInvest offer.

A few fellow Bogleheads have done it, if you do some searches in this thread and elsewhere, for more information. Also a post about it here: https://www.doctorofcredit.com/chase-12 ... te-client/
Thanks. That is an interesting one. Looks like I'd need to open a checking account and meet with (or talk to) a Chase PC rep. Clearly worth considering given the size of the bonus. Looks like this would take place of the You Invest bonus I'd had in mind as I can't do both at the same time or within the same 12-month period.

Some conflicting information online on whether the funds need to remain at Chase for an additional 6-months after bonus pays out to avoid potential clawback. Doctor of Credit site says yes, but fine print on Chase website makes no mention of this.
So what does this mean to me as a Boglehead? How can I get the big bonus without paying the advisor fee?
There is no requirement to sign up for asset management. The only requirement is to speak with a private client rep and shift $250,000 in assets and keep the funds there for the required time period. Having a private client rep does not equal paying a fee for asset management.
Real Knowledge Comes Only From Experience

EnjoyIt
Posts: 4183
Joined: Sun Dec 29, 2013 8:06 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt » Mon Jun 08, 2020 5:04 pm

02nz wrote:
Mon Jun 08, 2020 4:15 pm
Leesbro63 wrote:
Mon Jun 08, 2020 4:08 pm
MikeG62 wrote:
Mon Jun 08, 2020 11:43 am
pre wrote:
Mon Jun 08, 2020 9:13 am
MikeG62 wrote:
Mon Jun 08, 2020 7:49 am

Anyone think there are better transfer opportunities currently than stringing these two offers together or see any downside on these offers I am not seeing?
As you're considering the Chase bonus, might consider going the Private Client route for $2000 @ $250k rather than the standard YouInvest offer.

A few fellow Bogleheads have done it, if you do some searches in this thread and elsewhere, for more information. Also a post about it here: https://www.doctorofcredit.com/chase-12 ... te-client/
Thanks. That is an interesting one. Looks like I'd need to open a checking account and meet with (or talk to) a Chase PC rep. Clearly worth considering given the size of the bonus. Looks like this would take place of the You Invest bonus I'd had in mind as I can't do both at the same time or within the same 12-month period.

Some conflicting information online on whether the funds need to remain at Chase for an additional 6-months after bonus pays out to avoid potential clawback. Doctor of Credit site says yes, but fine print on Chase website makes no mention of this.
So what does this mean to me as a Boglehead? How can I get the big bonus without paying the advisor fee?
I think so. As I noted above, the "full-service" self-directed brokerage has no AUM fee. They'll try to sell you on their advisory service, but you can pass and the brokerage balance still counts toward that 250K.
Just to confirm, I am a private client. I do not use their advisory service. I use a self directed account of which you can buy or transfer index funds or ETFs to.
A time to EVALUATE your jitters. | https://www.bogleheads.org/forum/viewtopic.php?f=10&t=79939&start=400#p5275418

Leesbro63
Posts: 6583
Joined: Mon Nov 08, 2010 4:36 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 » Mon Jun 08, 2020 6:53 pm

02nz wrote:
Mon Jun 08, 2020 4:15 pm
Leesbro63 wrote:
Mon Jun 08, 2020 4:08 pm
MikeG62 wrote:
Mon Jun 08, 2020 11:43 am
pre wrote:
Mon Jun 08, 2020 9:13 am
MikeG62 wrote:
Mon Jun 08, 2020 7:49 am

Anyone think there are better transfer opportunities currently than stringing these two offers together or see any downside on these offers I am not seeing?
As you're considering the Chase bonus, might consider going the Private Client route for $2000 @ $250k rather than the standard YouInvest offer.

A few fellow Bogleheads have done it, if you do some searches in this thread and elsewhere, for more information. Also a post about it here: https://www.doctorofcredit.com/chase-12 ... te-client/
Thanks. That is an interesting one. Looks like I'd need to open a checking account and meet with (or talk to) a Chase PC rep. Clearly worth considering given the size of the bonus. Looks like this would take place of the You Invest bonus I'd had in mind as I can't do both at the same time or within the same 12-month period.

Some conflicting information online on whether the funds need to remain at Chase for an additional 6-months after bonus pays out to avoid potential clawback. Doctor of Credit site says yes, but fine print on Chase website makes no mention of this.
So what does this mean to me as a Boglehead? How can I get the big bonus without paying the advisor fee?
I think so. As I noted above, the "full-service" self-directed brokerage has no AUM fee. They'll try to sell you on their advisory service, but you can pass and the brokerage balance still counts toward that 250K.
I'm a little confused. What is their full-service, self-directed brokerage account called? In other words, can I transfer, from a taxable account to a new taxable account there, $250,000 worth of shares of VTI and get the bonus?

02nz
Posts: 4944
Joined: Wed Feb 21, 2018 3:17 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 02nz » Mon Jun 08, 2020 7:29 pm

Leesbro63 wrote:
Mon Jun 08, 2020 6:53 pm
02nz wrote:
Mon Jun 08, 2020 4:15 pm
Leesbro63 wrote:
Mon Jun 08, 2020 4:08 pm
MikeG62 wrote:
Mon Jun 08, 2020 11:43 am
pre wrote:
Mon Jun 08, 2020 9:13 am


As you're considering the Chase bonus, might consider going the Private Client route for $2000 @ $250k rather than the standard YouInvest offer.

A few fellow Bogleheads have done it, if you do some searches in this thread and elsewhere, for more information. Also a post about it here: https://www.doctorofcredit.com/chase-12 ... te-client/
Thanks. That is an interesting one. Looks like I'd need to open a checking account and meet with (or talk to) a Chase PC rep. Clearly worth considering given the size of the bonus. Looks like this would take place of the You Invest bonus I'd had in mind as I can't do both at the same time or within the same 12-month period.

Some conflicting information online on whether the funds need to remain at Chase for an additional 6-months after bonus pays out to avoid potential clawback. Doctor of Credit site says yes, but fine print on Chase website makes no mention of this.
So what does this mean to me as a Boglehead? How can I get the big bonus without paying the advisor fee?
I think so. As I noted above, the "full-service" self-directed brokerage has no AUM fee. They'll try to sell you on their advisory service, but you can pass and the brokerage balance still counts toward that 250K.
I'm a little confused. What is their full-service, self-directed brokerage account called? In other words, can I transfer, from a taxable account to a new taxable account there, $250,000 worth of shares of VTI and get the bonus?
It's just called a Brokerage Account: https://www.chase.com/content/dam/chase ... hedule.pdf

MikeG62
Posts: 2749
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 » Tue Jun 09, 2020 6:45 am

Leesbro63 wrote:
Mon Jun 08, 2020 6:53 pm
02nz wrote:
Mon Jun 08, 2020 4:15 pm
Leesbro63 wrote:
Mon Jun 08, 2020 4:08 pm
MikeG62 wrote:
Mon Jun 08, 2020 11:43 am
pre wrote:
Mon Jun 08, 2020 9:13 am


As you're considering the Chase bonus, might consider going the Private Client route for $2000 @ $250k rather than the standard YouInvest offer.

A few fellow Bogleheads have done it, if you do some searches in this thread and elsewhere, for more information. Also a post about it here: https://www.doctorofcredit.com/chase-12 ... te-client/
Thanks. That is an interesting one. Looks like I'd need to open a checking account and meet with (or talk to) a Chase PC rep. Clearly worth considering given the size of the bonus. Looks like this would take place of the You Invest bonus I'd had in mind as I can't do both at the same time or within the same 12-month period.

Some conflicting information online on whether the funds need to remain at Chase for an additional 6-months after bonus pays out to avoid potential clawback. Doctor of Credit site says yes, but fine print on Chase website makes no mention of this.
So what does this mean to me as a Boglehead? How can I get the big bonus without paying the advisor fee?
I think so. As I noted above, the "full-service" self-directed brokerage has no AUM fee. They'll try to sell you on their advisory service, but you can pass and the brokerage balance still counts toward that 250K.
I'm a little confused. What is their full-service, self-directed brokerage account called? In other words, can I transfer, from a taxable account to a new taxable account there, $250,000 worth of shares of VTI and get the bonus?
Yup. That's what I plan to do.

My only hesitation is what the relationship with the Case Private Client banker is going to look like. I don't want or need their advice nor am I inclined to share my personal financial details with this person (as the more they know about my investable assets the more they will want to get their paws on it or more of it). [FWIW, I have a personal advisor at Fidelity and it took me a few years to get through to him and get him to stop calling me and trying to sell me stuff I don't need/want.] It is unclear to me what the Chase Private Banker wants or needs to hear during the discussion in order to flip my checking account to Chase Private Client checking account status. In other words, if he/she get the impression that the relationship will very likely be limited only to my moving $250,000 in an equity ETF to a JPM brokerage account and there will be little to no other contact between us, will this person be inclined to flip the switch on the checking account (which I don't currently have and will only be opening to get this bonus), which private client checking account is required as part of the bonus. I suppose if he/she doesn't or won't, I can always close the checking account and be on my way.

I'd be interested in comments from others who have been down the this road who could share perspective on that part of the process.

Edited to add - just found this thread providing some color on a meeting with a Chase Private Client Banker (ugh):

viewtopic.php?t=289932
Real Knowledge Comes Only From Experience

BuddyJet
Posts: 382
Joined: Mon Jun 24, 2019 8:56 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet » Tue Jun 09, 2020 3:43 pm

FWIW, I went with the $725 YouInvest bonus rather than the $2k CPC bonus to avoid the brokerage and banker discussions.
People say nothing is impossible. I do nothing all day.

BashDash
Posts: 752
Joined: Mon Nov 28, 2016 12:31 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BashDash » Tue Jun 09, 2020 3:50 pm

Thanks for all these updates. I don't have any energy to pursue but I will call Merrill Edge for a retention bonus in which they honor for my meager amount of money.

pre
Posts: 98
Joined: Mon Apr 04, 2011 2:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre » Tue Jun 09, 2020 4:41 pm

MikeG62 wrote:
Tue Jun 09, 2020 6:45 am
Leesbro63 wrote:
Mon Jun 08, 2020 6:53 pm
02nz wrote:
Mon Jun 08, 2020 4:15 pm
Leesbro63 wrote:
Mon Jun 08, 2020 4:08 pm
MikeG62 wrote:
Mon Jun 08, 2020 11:43 am


Thanks. That is an interesting one. Looks like I'd need to open a checking account and meet with (or talk to) a Chase PC rep. Clearly worth considering given the size of the bonus. Looks like this would take place of the You Invest bonus I'd had in mind as I can't do both at the same time or within the same 12-month period.

Some conflicting information online on whether the funds need to remain at Chase for an additional 6-months after bonus pays out to avoid potential clawback. Doctor of Credit site says yes, but fine print on Chase website makes no mention of this.
So what does this mean to me as a Boglehead? How can I get the big bonus without paying the advisor fee?
I think so. As I noted above, the "full-service" self-directed brokerage has no AUM fee. They'll try to sell you on their advisory service, but you can pass and the brokerage balance still counts toward that 250K.
I'm a little confused. What is their full-service, self-directed brokerage account called? In other words, can I transfer, from a taxable account to a new taxable account there, $250,000 worth of shares of VTI and get the bonus?
Yup. That's what I plan to do.

My only hesitation is what the relationship with the Case Private Client banker is going to look like. I don't want or need their advice nor am I inclined to share my personal financial details with this person (as the more they know about my investable assets the more they will want to get their paws on it or more of it). [FWIW, I have a personal advisor at Fidelity and it took me a few years to get through to him and get him to stop calling me and trying to sell me stuff I don't need/want.] It is unclear to me what the Chase Private Banker wants or needs to hear during the discussion in order to flip my checking account to Chase Private Client checking account status. In other words, if he/she get the impression that the relationship will very likely be limited only to my moving $250,000 in an equity ETF to a JPM brokerage account and there will be little to no other contact between us, will this person be inclined to flip the switch on the checking account (which I don't currently have and will only be opening to get this bonus), which private client checking account is required as part of the bonus. I suppose if he/she doesn't or won't, I can always close the checking account and be on my way.

I'd be interested in comments from others who have been down the this road who could share perspective on that part of the process.

Edited to add - just found this thread providing some color on a meeting with a Chase Private Client Banker (ugh):

viewtopic.php?t=289932
Wouldn't worry about it. The whole process took me an hour in branch. ~20 minutes with the CPC banker, ~40 with the JPM investment advisor. I don't know if they can do things over the phone, in light of the COVID situation, but I opened in person last year.

Bring along a copy of the offer and a recent brokerage statement from your delivery firm. Just say you'd like to transfer over some assets and would like to take advantage of this advertised CPC offer. Nothing else at the moment, thank you.

Both earn commissions from your patronage, so I see no reason for them to quibble. I'd also recommend a partial ACAT transfer in as most JPM advisors won't reimburse for transfer out fees.
Last edited by pre on Tue Jun 09, 2020 4:44 pm, edited 1 time in total.

MikeG62
Posts: 2749
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 » Tue Jun 09, 2020 4:43 pm

BuddyJet wrote:
Tue Jun 09, 2020 3:43 pm
FWIW, I went with the $725 YouInvest bonus rather than the $2k CPC bonus to avoid the brokerage and banker discussions.
I am on the fence about doing that too instead. I am leaning toward calling (or scheduling a call with) a Chase Private Client Banker to discuss the offer and what they are going to want from me at a minimum to be willing to convert the checking account over. If I do that, I'll report back on the discussion.
Real Knowledge Comes Only From Experience

EnjoyIt
Posts: 4183
Joined: Sun Dec 29, 2013 8:06 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt » Tue Jun 09, 2020 6:57 pm

I am a chase private client.

Once a quarter I get a call that leaves a message asking if I need anything and that they are available for me. That is it. No hard or cold sells on anything.
A time to EVALUATE your jitters. | https://www.bogleheads.org/forum/viewtopic.php?f=10&t=79939&start=400#p5275418

tj
Posts: 2973
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj » Tue Jun 09, 2020 8:46 pm

BashDash wrote:
Tue Jun 09, 2020 3:50 pm
Thanks for all these updates. I don't have any energy to pursue but I will call Merrill Edge for a retention bonus in which they honor for my meager amount of money.
How much do you have with them? I've never tried a retention bonus.

MikeG62
Posts: 2749
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 » Thu Jun 11, 2020 4:53 pm

Subject - Chase $2,000 bonus Private Client Banking Bonus

I had a call this morning with both a Chase Private Client Banker and a JPM Private Client Investment Advisor to discuss what specifically was going to be required from me to qualify for the bonus (beyond the obvious of opening a checking account, transferring $250,000 in funds/securities to a qualifying account and maintaining those assets at Chase for 90 days from the date of funding).

The Private Client Banker was cordial enough. Generally pleasant conversation, during which she detailed the benefits of being a Chase Private Client (all things that are disclosed online, but I let her walk through her 5 minutes presentation uninterrupted as a courtesy and to start things off on the right foot). She informed me that the account would be serviced by a team at Chase. She (as the banker) would be one member of the team. In addition, I would also be assigned an investment advisor as another member of the team. Ok, I figured here is where the selling begins. And I was kind of right.

She went on to say that all new Private Client Banking customers are encouraged to have a “financial check-up” with the JPM Investment Advisor. Explained why that was a good idea. I pushed back on the financial check-up. Told her that while I appreciated the opportunity for the financial checkup, the reality was that I manage my own investments and have for three decades and I had no interest in sharing the financial details that would be needed to have an informed and meaningful financial discussion. She said, “well the bank does strongly encourage it and most people find it of great value”. At this point, I responded that if this was required it was a deal breaker for me, and I would no longer be pursuing the Private Client relationship with Chase. She immediately clarified that it was “not a requirement”. She then changed her tune saying that they have many different types of clients, some whom want the checkup and others, like me, who don’t, and it was perfectly acceptable for me to join the Private Banking Group and skip the financial checkup. So good news there and one major obstacle cleared away.

I had some detailed questions about how the investment account would work as well as funding the account (transfer in-kind) that she could not answer. This is when she brought the JPM Investment Advisor on the line (3-way conversation). The investment advisor was also a nice enough guy. He asked what I was trying to accomplish so I walked him through where we were at prior to bringing him onto the call and what I was looking to do in terms of transferring securities in-kind to JPM. As part of that discussion I was clear to point out that I was a DIY investor and that I was not looking for him/JPM to manage the assets, nor did I desire a financial checkup or any financial advice or assistance with my investments (most certainly not at this time). What I wanted was a description of how the account would work and get his advice on how to go about transferring $250,000 in securities into the account.

He was ok with my passing on an AUM relationship, the financial checkup and my desire to skip any sales pitches. I did at least hold out the possibility that perhaps sometime down the road I might look for his advice, but that was not likely to be anytime soon (anytime this year). Figured it was important to put a carrot of some sorts out there, but far enough out there that I would not get called on it anytime soon. He said that was fair enough, that he was happy to be available when and if I wanted to engage more and otherwise was more than willing to help me accomplish my objective (getting the securities into the account).

He started out by letting me know that the JPM Investment Account is designed as a traditional full-service brokerage account. As such, trades are intended to be conducted by the advisor at the instruction of the client (or in the case of an AUM relationship, by the advisor). He did say one could execute certain trades online, but there would be fees. By calling and having him conduct those trades those fees would be avoided. It seemed clear that it would not be possible to transfer funds out of the account without calling and talking to him either (such as one might want to do in chasing another transfer bonus down the road). He said a self-directed brokerage is available through Chase You Invest for those who want complete self-management. Of course, Chase You Invest is not an eligible account for the purposes of the $2,000 bonus. I asked if I could later this year (after the bonus posts) move the securities in the full-service brokerage account to a You Invest account. Told him I don’t like the idea of having a brokerage account where I need to call someone else to get things done. He said, absolutely, no problem. So, there is a work around later to get the securities to a place where they could subsequently be transferred elsewhere if one were inclined to want to do that, possibly avoiding a painful discussion with an advisor.

In terms of doing the transfer in-kind, he said JPM would need a complete copy of my brokerage statement from the most recent month from the source brokerage account (with nothing redacted). I said I did not like the idea of giving them a complete account statement as that would include a lot more information than I was comfortable sharing. He said, alternatively I could have the source broker initiate the in-kind transfer in that case.

At that pointed he agreed to send me an information request (know your customer kind of stuff) and said once I responded to that (already done) he would get me a link to the forms that needed to be completed to get the account opened. I could then work on the transfer in of the securities. He then exited the call.

The private banker then jumped back in to help me open the checking account. She e-mailed me a link to open the account. Took all of 5 minutes (including unfreezing my Experian credit report). Once opened, I gave her the upgrade code (which I had requested be e-mailed to me last night from Chase’s website) so she could convert the basic checking account to a Chase Private Client Checking account. She took care of that while we were on the phone. I will fund the checking account with $100 just to be in good standing this evening.

Long story short. It was not the high stress nightmare scenario I had thought it might be (or could have been). At least they were willing to back down after I objected to the things I was not comfortable doing or willing to share. I provided a lot of color here so others who are thinking about going down the same road have a clear sense of how the discussions are likely to go.
Real Knowledge Comes Only From Experience

User avatar
indexfundfan
Posts: 2976
Joined: Tue Feb 20, 2007 11:21 am
Contact:

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by indexfundfan » Thu Jun 11, 2020 5:08 pm

MikeG62 wrote:
Thu Jun 11, 2020 4:53 pm
Subject - Chase $2,000 bonus Private Client Banking Bonus
Thanks for the detailed write-up. It's tempting.
My signature has been deleted.

MikeG62
Posts: 2749
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 » Thu Jun 11, 2020 5:20 pm

indexfundfan wrote:
Thu Jun 11, 2020 5:08 pm
MikeG62 wrote:
Thu Jun 11, 2020 4:53 pm
Subject - Chase $2,000 bonus Private Client Banking Bonus
Thanks for the detailed write-up. It's tempting.
It's enough of a bump over the $725 Chase You Invest bonus that it gave me a lot of pause as I was originally going that route. I'm glad I went through the effort. Honestly, took me longer to type the note above than I spent talking to the Chase rep's. I hope the process come the time to move the funds out won't be too painful. I think I provided the roadmap for a way to do that.
Real Knowledge Comes Only From Experience

SlowMovingInvestor
Posts: 1760
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Mon Jun 15, 2020 8:10 pm

I see that Merrill Edge has 2 offers for new accounts

https://www.merrilledge.com/cmaoffer

$600 max (for $200K transfer).

For purposes of this offer, qualifying net new assets are calculated by adding total incoming assets or transfers (including cash, securities and/or margin debit balance transfers) from external accounts, and subtracting assets withdrawn or transferred out of the account within the preceding 24 weeks.

It seems like they do a lookback period for 24 weeks ? But they ask you to create a new account, so lookback is meaningless. I do have existing accounts at ME, not sure if they'll do a lookback on all accounts.

And another offer

https://www.merrilledge.com/offers/900offer

$900 max (for $200K transfer).

For purposes of this offer, qualifying net new assets are calculated by adding total incoming assets or transfers (including cash, securities and/or margin debit balance transfers) from external accounts, and subtracting assets withdrawn or transferred out of the account within the preceding 52 weeks.

Both mention that you'll get the bonus after 90 days, but it's not clear whether you have to keep the assets there after that time. A quick 90 day round trip for $600 is not bad.

MikeG62
Posts: 2749
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 » Tue Jun 16, 2020 7:15 am

SlowMovingInvestor wrote:
Mon Jun 15, 2020 8:10 pm
I see that Merrill Edge has 2 offers for new accounts

https://www.merrilledge.com/cmaoffer

$600 max (for $200K transfer).

For purposes of this offer, qualifying net new assets are calculated by adding total incoming assets or transfers (including cash, securities and/or margin debit balance transfers) from external accounts, and subtracting assets withdrawn or transferred out of the account within the preceding 24 weeks.

It seems like they do a lookback period for 24 weeks ? But they ask you to create a new account, so lookback is meaningless. I do have existing accounts at ME, not sure if they'll do a lookback on all accounts.

And another offer

https://www.merrilledge.com/offers/900offer

$900 max (for $200K transfer).

For purposes of this offer, qualifying net new assets are calculated by adding total incoming assets or transfers (including cash, securities and/or margin debit balance transfers) from external accounts, and subtracting assets withdrawn or transferred out of the account within the preceding 52 weeks.

Both mention that you'll get the bonus after 90 days, but it's not clear whether you have to keep the assets there after that time. A quick 90 day round trip for $600 is not bad.
I signed up for both offers (one for the CMA and a second for the IRA) in early March of 2020. Both bonuses posted this month. There was nothing in the fine print that I read which mentioned a clawback period on the bonus (after it posts), nor do I see one in the current offer either. Did you see or read something to the contrary? FWIW, I still have those assets at Merrill Edge. Need to keep $100,000 to maintain my platinum honors reward level at BofA, so even if/when I do so, I'll be maintaining at least enough to retain that status (for the BofA premium rewards CC).
Real Knowledge Comes Only From Experience

CycloRista
Posts: 75
Joined: Sun Feb 16, 2020 11:53 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by CycloRista » Tue Jun 16, 2020 8:16 am

EnjoyIt wrote:
Mon Jun 08, 2020 1:20 pm
MikeG62 wrote:
Mon Jun 08, 2020 11:47 am
EnjoyIt wrote:
Mon Jun 08, 2020 10:01 am
Has anyone pulled money out before 300 days at Ally?
Here is their fine print for the current bonus;
Cash Bonus: The minimum qualifying deposit to receive a cash bonus is $10,000. Accounts will be reviewed 60 days after account opening to determine the total qualifying deposit. Corresponding cash bonus will be credited to the account within 10 business days. Once the bonus is credited to the account, the bonus and qualifying deposit (minus any trading losses) is not available for withdrawal for 300 days. If the qualifying deposit is withdrawn, the bonus may be revoked.
The key sentence I bolded at the end using the word “may.”
What Ally offer is this from?

I do not see it in the fine print I have from the 1% cash back offer they rolled out in March of this year (which I am participating in). T&C's from the 1% offer I have appear different (bonus posts within 30 days of the end of the maintenance period - which ends on June 30th).
It is for their Ally invest account.
https://www.ally.com/go/invest/promotio ... lsrc=aw.ds
That is a good offer hmmm....

I am an Ally "transplant" via merger with TradeKing (started out with Zecco) and have a lot if experience with their trading app (and success too lol).

I'm considering moving my IRA there as well as a couple of other taxable investment accounts that are elsewhere. My only hesitation is their phone support is really lacking (which may indicate more widespread issues across other services). Not necessarily a show stopper since I already know how to navigate my way around. Just a bit disconcerting if I need to ask a question and either wait on hold forever or get transferred and automagically disconnected as has been the case quite often.

Ally's security processes have recently been upgraded however I'm not sure they are nearly as robust as Fidelity.
Anyone using both Ally and Fidelity? Curious what you experience has been by comparison.

SlowMovingInvestor
Posts: 1760
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Tue Jun 16, 2020 4:53 pm

MikeG62 wrote:
Tue Jun 16, 2020 7:15 am
SlowMovingInvestor wrote:
Mon Jun 15, 2020 8:10 pm
I see that Merrill Edge has 2 offers for new accounts

https://www.merrilledge.com/cmaoffer

$600 max (for $200K transfer).

For purposes of this offer, qualifying net new assets are calculated by adding total incoming assets or transfers (including cash, securities and/or margin debit balance transfers) from external accounts, and subtracting assets withdrawn or transferred out of the account within the preceding 24 weeks.

It seems like they do a lookback period for 24 weeks ? But they ask you to create a new account, so lookback is meaningless. I do have existing accounts at ME, not sure if they'll do a lookback on all accounts.

And another offer

https://www.merrilledge.com/offers/900offer

$900 max (for $200K transfer).

For purposes of this offer, qualifying net new assets are calculated by adding total incoming assets or transfers (including cash, securities and/or margin debit balance transfers) from external accounts, and subtracting assets withdrawn or transferred out of the account within the preceding 52 weeks.

Both mention that you'll get the bonus after 90 days, but it's not clear whether you have to keep the assets there after that time. A quick 90 day round trip for $600 is not bad.
I signed up for both offers (one for the CMA and a second for the IRA) in early March of 2020. Both bonuses posted this month. There was nothing in the fine print that I read which mentioned a clawback period on the bonus (after it posts), nor do I see one in the current offer either. Did you see or read something to the contrary? FWIW, I still have those assets at Merrill Edge. Need to keep $100,000 to maintain my platinum honors reward level at BofA, so even if/when I do so, I'll be maintaining at least enough to retain that status (for the BofA premium rewards CC).
I haven't seen anything about a clawback period in this offer, but I was going by the rather odd phrasing when they are talking about lookback period for 26/52 weeks. If one is opening a new account, then I'm not sure how you can have a lookback period on that account, unless they're talking about all assets held at ME. Or unless they say the offer applies to existing accounts as well. Of course, a clawback period for the past doesn't say anything about a holding period -- so I may be confabulating 2 separate ideas.

I do recollect that they have had holding periods in the past 90 days for the $600 offer, 180 days for the $900 offer.

Post Reply