The Final, Definitive Thread on Brokerage Transfer Bonuses

[SlowMovingInvestor]

From previous threads, I understand ME does accept transferred Vanguard Admiral Funds (but does not allow purchases and charges a fee for sales). Is that correct ? I have some Vanguard Admiral Funds that have no ETF equivalent, and I want to transfer these to ME.

[I did ask them via their web site, but no response (I've found their secure message response to be not the best around). They had a pretty long hold time when I called them yesterday, so I passed on using the phone]

I'm in discussions to transfer partial assets from Scottrade to ME. Of our 12 holdings at Scottrade, 4 are Vanguard Admiral funds. ME has confirmed that they CANNOT accept any of our 4 Admiral funds. I'd be interested in hearing if, in the past few months, anyone has successfully transferred any Admiral funds to ME.

ME first told me (as I said above) that they cannot transfer any Admirals, then someone got back to me and said they could transfer the ones I held.

neilpilot, what Admirals did you try to transfer ? I wonder if it's the ones that are convertible to ETFs that ME refuses to transfer (on the grounds that they can be transferred over after conversion if the original account is at VG). In my case, the funds I mentioned were all non-convertible.

[neilpilot]

ME first told me (as I said above) that they cannot transfer any Admirals, then someone got back to me and said they could transfer the ones I held.

neilpilot, what Admirals did you try to transfer ? I wonder if it's the ones that are convertible to ETFs that ME refuses to transfer (on the grounds that they can be transferred over after conversion if the original account is at VG). In my case, the funds I mentioned were all non-convertible.

All are not convertible to VG ETFs: VAIPX, VFIDX, VWILX and VSIAX. All held in one or more Scottrade accounts.

[Earl Lemongrab]

How long does it take Fidelity to credit bonuses ? I have an account that was funded 2 days back.

I remember they used to credit airline miles very quickly.

Most do it shortly after the end of the funding period. So if the offer says 30 days or 45 days to fund, then it will be after that. The reason is that they will aggregate all transfers in during the period to reach the final number. TD Ameritrade does it differently, crediting each level as it's reached.

[SlowMovingInvestor]

ME first told me (as I said above) that they cannot transfer any Admirals, then someone got back to me and said they could transfer the ones I held.

neilpilot, what Admirals did you try to transfer ? I wonder if it's the ones that are convertible to ETFs that ME refuses to transfer (on the grounds that they can be transferred over after conversion if the original account is at VG). In my case, the funds I mentioned were all non-convertible.

All are not convertible to VG ETFs: VAIPX, VFIDX, VWILX and VSIAX. All held in one or more Scottrade accounts.

After a little more back and forth, I'm unconvinced that most ME reps really know if transfer of Admirals is allowed or not. Transfer of regular Vanguard funds is definitely allowed. I suppose I'll have to contact someone in their transfer group.

[pre]

Curious if any folks have gotten reimbursed by Etrade for a transfer out fee of late?

Did a transfer last year and a phone rep was non-committal as I was initiating the transfer -- but after it completed, I sent a secure message with a copy of the Schwab statement indicating the fee, and promptly got credited.

In the process of doing a transfer now, and seem to be encountering the same, i.e. phone rep is uncertain. Might just have to wait and request again with documentation in hand. Most firms seem to reimburse readily, but to play it safe, I should have done a partial transfer and left a few dollars left rather than opting for the full

[wooster]

ME first told me (as I said above) that they cannot transfer any Admirals, then someone got back to me and said they could transfer the ones I held.

neilpilot, what Admirals did you try to transfer ? I wonder if it's the ones that are convertible to ETFs that ME refuses to transfer (on the grounds that they can be transferred over after conversion if the original account is at VG). In my case, the funds I mentioned were all non-convertible.

All are not convertible to VG ETFs: VAIPX, VFIDX, VWILX and VSIAX. All held in one or more Scottrade accounts.

After a little more back and forth, I'm unconvinced that most ME reps really know if transfer of Admirals is allowed or not. Transfer of regular Vanguard funds is definitely allowed. I suppose I'll have to contact someone in their transfer group.

I transferred some VTIAX & VTSAX (both Admiral funds) from Vanguard to Merrill Edge in January 2017 with no problems, and am still holding them at ME. I suppose the rules could have changed since then, but I don't see why they would have.

[whodidntante]

Curious if any folks have gotten reimbursed by Etrade for a transfer out fee of late?

Did a transfer last year and a phone rep was non-committal as I was initiating the transfer -- but after it completed, I sent a secure message with a copy of the Schwab statement indicating the fee, and promptly got credited.

In the process of doing a transfer now, and seem to be encountering the same, i.e. phone rep is uncertain. Might just have to wait and request again with documentation in hand. Most firms seem to reimburse readily, but to play it safe, I should have done a partial transfer and left a few dollars left rather than opting for the full

I think that's standard. Ask after the fee has been charged and you have a statement proving it. If you transferred enough to qualify for a bonus, you'll probably get the fee refunded as well.

[wxl31]

An observation:

1. Called Fidelity about the TD Ameritrade offer ($1000 for $250k) to see if they would match the offer to keep the funds at Fidelity. After some time discussing with supervisors and such, they came back with an offer of $380 to keep the funds at Fidelity. Paltry, so I'll be transferring to TD Ameritrade. But those of you who are happy at Fidelity may want to call them yearly to see if they'll offer at least some retention bonus for your money.

Two questions:

1. Merrill Edge allows for each individual to get multiple bonuses (e.g., one for the brokerage account, one for a Roth IRA). Does the TD Ameritrade offer also allow multiple bonuses for multiple accounts?

2. For those who have churned the Merrill Edge bonus more than once for the same account (e.g., gotten a $1k bonus twice for opening a brokerage account), can you please provide details? Did you close your brokerage account first, then open another one? Did you just open another brokerage account on top of your existing account? Or did you just move another $250k into the existing account? How often can you "recycle" the bonuses?

PM works too if you'd prefer that.

[neilpilot]

1. Merrill Edge allows for each individual to get multiple bonuses (e.g., one for the brokerage account, one for a Roth IRA). Does the TD Ameritrade offer also allow multiple bonuses for multiple accounts?

This may not be useful information, but back when we opened 5 Scottrade accounts in 3Q2015 we received a bonus for each account. Then, when we added significant assets to one of these account in 1Q16 we received an additional bonus. Then in 2Q17 when we told our local Scottrade rep we were planning to move 1 of the 5 accounts to TDA, Scottrade matched the TDA offer with a retention bonus.

[Earl Lemongrab]

2. For those who have churned the Merrill Edge bonus more than once for the same account (e.g., gotten a $1k bonus twice for opening a brokerage account), can you please provide details? Did you close your brokerage account first, then open another one? Did you just open another brokerage account on top of your existing account? Or did you just move another $250k into the existing account? How often can you "recycle" the bonuses?

I just opened a new account and left the old nearly empty one. I think I have received three or four bonuses from Edge. Two in taxable and one in Roth for sure. I'd have to check my records to see if there was another.

[Earl Lemongrab]

Ally Investments (the old Tradeking) has a pretty good offer for low transfer amounts:

https://go.ally.com/invest/promotions/? ... 479%3B0%3B

$200 for 25k.

It indicates, and I confirmed, that it's only for taxable accounts.

[sc9182]

Happy New Year on this long thread. At Fidelity - requested the adviser/account-manager if they match or beat $3250 transfer special-bonus from ME for 1M+ (under 5MM), they buckled. However, Fidelity promotions team came back with $2500 Retention bonus offer. Got convinced, plan to stay-put for great service by team and Fidelity. Beside they have a brand-new office nearby our office, and one nearby our home for easier access and/or on-premise services (Medallion, large-check deposit/withdrawl, some hand-holding tip at times)

Update: Just got credited $2500 split with assets-weighted ratio between IRA (Entry: Commission Credit Commission Adj $$$) and Brokerage (Entry: Journaled goodwill cash $$$) accounts. It's fast this time, Retention bonus kicked in much faster than Transfer-in bonus as credited in Q4 2016. Time to make short trip and hand over Happy New Year $25 gift to my account team

note: while at it, talked with retention dept of our home Internet Provider: got double speed and $10/month rate reduction 1-year promo.

Thanks Earl for maintaining this thread!

[SlowMovingInvestor]

Happy New Year on this long thread. At Fidelity - requested the adviser/account-manager if they match or beat $3250 transfer special-bonus from ME for 1M+ (under 5MM), they buckled. However, Fidelity promotions team came back with $2500 Retention bonus offer. Got convinced, plan to stay-put for great service by team and Fidelity. Beside they have a brand-new office nearby our office, and one nearby our home for easier access and/or on-premise services (Medallion, large-check deposit/withdrawl, some hand-holding tip at times)

Do you think your account generates revenue for Fido ? Fidelity Active Funds, trading etc. probably gets Fidelity money.

I'm trying to figure out if a largely passive investor can also get retention bonuses.

[sc9182]

Do you think your account generates revenue for Fido ? Fidelity Active Funds, trading etc. probably gets Fidelity money.

I'm trying to figure out if a largely passive investor can also get retention bonuses.

All passive here, haven't sold any thing in 12+ years (correction: sold TWTR). Practically all of the assets invested in non-Fido funds (maintain near zero cash balance). Dunno if they generate any/much money once figuring occasional free trades use for buying during accumulation phase.

To clarify: decent % of these investments not tied up in Employer 401k. (ie, IRAs, Rollover IRA, HSA, Brokerage, Roth, DAF etc (no-529, thank-you!)). Hence, these NON tied-at-hip-with-employer-Fidelity-401k assets, is what led to Transfer bonus (Q4 2016) and Retention bonus (yestaday).

On the contrary, if most of your assets tied up at Fido 401k, they very well know you can't possibly move easily, hence don't expect retention/any bonus. if you have non-401k monies, start talking!

[G-Force]

When you transfer an account out, does the outgoing brokerage automatically close the account? If so, can you still get your tax statements the following year online or does the broker mail them to you?

[sc9182]

You could possibly leave certain minimal amount in checking/savings to maintain the account access at old shop for some time.

[pre]

When you transfer an account out, does the outgoing brokerage automatically close the account? If so, can you still get your tax statements the following year online or does the broker mail them to you?

It seems to vary firm to firm, but they always mail my forms. For example, in my experience, TDA will just lock your online account, right after transferring, but can call in to request temporary access. Merrill/Cap One/Schwab/Etrade will just show account "closed" or $0 balance, but doesn't affect online access.

[tj]

Ally Investments (the old Tradeking) has a pretty good offer for low transfer amounts:

https://go.ally.com/invest/promotions/? ... 479%3B0%3B

$200 for 25k.

It indicates, and I confirmed, that it's only for taxable accounts.

Do they auto-close empty accounts? It says that those who have closed their accounts within the last 90 dyas are not eligible. I assume that also means those with open accounts are not eligible. I had a TradeKing account that got converted at some point. I emptied it out but I didn't make an effort to close it.

[Earl Lemongrab]

When you transfer an account out, does the outgoing brokerage automatically close the account? If so, can you still get your tax statements the following year online or does the broker mail them to you?

No, it depends on the custodian. TD Ameritrade does, Fidelity doesn't in my experience. That being said, I usually leave a few dollars just to make sure. You can always transfer that out to a bank account later.

[Earl Lemongrab]

[Do they auto-close empty accounts? It says that those who have closed their accounts within the last 90 dyas are not eligible. I assume that also means those with open accounts are not eligible. I had a TradeKing account that got converted at some point. I emptied it out but I didn't make an effort to close it.

I don't know about closing. I still have the small account. The account opening from the offer site has an option for those who already have accounts, so I assume you're eligible. I intend to try soon. I need to identify 25k of assets to transfer, hopefully the ETFs I already have there.

[SlowMovingInvestor]

2. For those who have churned the Merrill Edge bonus more than once for the same account (e.g., gotten a $1k bonus twice for opening a brokerage account), can you please provide details? Did you close your brokerage account first, then open another one? Did you just open another brokerage account on top of your existing account? Or did you just move another $250k into the existing account? How often can you "recycle" the bonuses?

I just opened a new account and left the old nearly empty one. I think I have received three or four bonuses from Edge. Two in taxable and one in Roth for sure. I'd have to check my records to see if there was another.

Over what time period ? Did you wait till the bonus was deposited in a prior account, or until the holding period was over (if that was > bonus deposit period) ?

[Earl Lemongrab]

I just opened a new account and left the old nearly empty one. I think I have received three or four bonuses from Edge. Two in taxable and one in Roth for sure. I'd have to check my records to see if there was another.

Over what time period ? Did you wait till the bonus was deposited in a prior account, or until the holding period was over (if that was > bonus deposit period) ?

My first account was opened in January of 2014. Generally I would get bonuses when the $1000 offer was in place. I move stuff out when I want to go to another custodian for an offer. I'm not real hyper about this, in fact I can be a bit of a procrastinator. I don't squeeze every nickel.

[yougotitdude]

For Etrade, it says "One promotion per customer." Has anyone received more than one? I received one for a taxable account last year and was thinking about transferring an old retirement plan.

[tj]

For Etrade, it says "One promotion per customer." Has anyone received more than one? I received one for a taxable account last year and was thinking about transferring an old retirement plan.

Yeah I received one a few years ago and one this year.

[SlowMovingInvestor]

For Etrade, it says "One promotion per customer." Has anyone received more than one? I received one for a taxable account last year and was thinking about transferring an old retirement plan.

Yeah I received one a few years ago and one this year.

I'm sure it's not per lifetime. Any period > 1 year should be safe in any case.

[m2go]

E-Trade transfer bonus for taxable extended for 2018, $1200 for $500k, 2500 for $1M
https://us.etrade.com/what-we-offer/how ... /brokerage

Does anybody have a link for a retirement account transfer for E-Trade they can point us to?

PS: There was mention of a $1500 bonus for 500k late last year. Does anybody have a link?

[Earl Lemongrab]

For Etrade, it says "One promotion per customer." Has anyone received more than one? I received one for a taxable account last year and was thinking about transferring an old retirement plan.

I got two in the same account so close together that there was some confusion. However, those were targeted offers.

[yougotitdude]

Thanks for the information guys.

Here is a link I found for retirement:

https://us.etrade.com/what-we-offer/our ... llover-ira

It say $600 is the maximum but fine print says $2,500.

[pre]

For Etrade, it says "One promotion per customer." Has anyone received more than one? I received one for a taxable account last year and was thinking about transferring an old retirement plan.

Yea I've done a taxable and IRA account within months of each other at ETrade. Have done them a few times, most recently last year. I called in to verify my IRA would be coded with the ongoing promotion and two days later they called me back to say it was ready to go

[SlowMovingInvestor]

ME first told me (as I said above) that they cannot transfer any Admirals, then someone got back to me and said they could transfer the ones I held.

neilpilot, what Admirals did you try to transfer ? I wonder if it's the ones that are convertible to ETFs that ME refuses to transfer (on the grounds that they can be transferred over after conversion if the original account is at VG). In my case, the funds I mentioned were all non-convertible.

All are not convertible to VG ETFs: VAIPX, VFIDX, VWILX and VSIAX. All held in one or more Scottrade accounts.

After a little more back and forth, I'm unconvinced that most ME reps really know if transfer of Admirals is allowed or not. Transfer of regular Vanguard funds is definitely allowed. I suppose I'll have to contact someone in their transfer group.

I transferred some VTIAX & VTSAX (both Admiral funds) from Vanguard to Merrill Edge in January 2017 with no problems, and am still holding them at ME. I suppose the rules could have changed since then, but I don't see why they would have.

To followup, the Vanguard funds were transferred (2 Admiral bond funds, one regular bond fund)

[neilpilot]

ME first told me (as I said above) that they cannot transfer any Admirals, then someone got back to me and said they could transfer the ones I held.

neilpilot, what Admirals did you try to transfer ? I wonder if it's the ones that are convertible to ETFs that ME refuses to transfer (on the grounds that they can be transferred over after conversion if the original account is at VG). In my case, the funds I mentioned were all non-convertible.

All are not convertible to VG ETFs: VAIPX, VFIDX, VWILX and VSIAX. All held in one or more Scottrade accounts.

After a little more back and forth, I'm unconvinced that most ME reps really know if transfer of Admirals is allowed or not. Transfer of regular Vanguard funds is definitely allowed. I suppose I'll have to contact someone in their transfer group.

I transferred some VTIAX & VTSAX (both Admiral funds) from Vanguard to Merrill Edge in January 2017 with no problems, and am still holding them at ME. I suppose the rules could have changed since then, but I don't see why they would have.

To followup, the Vanguard funds were transferred (2 Admiral bond funds, one regular bond fund)

Would be helpful if you could ID those 2 Admiral funds

[SlowMovingInvestor]

To followup, the Vanguard funds were transferred (2 Admiral bond funds, one regular bond fund)

Would be helpful if you could ID those 2 Admiral funds

VBALX (Total Bond) and VBTLX (High Yield Tax Exempt)

[SlowMovingInvestor]

Does Etrade allow transfer of Vanguard Admiral Funds ? They seem to say no, but (as my previous experience with ME taught me), the left hand often doesn't know what the right hand is doing.

I'm thinking specifically of VTSAX. I realize that it can be converted to an ETF, but I prefer not to do that just now.

[Leesbro63]

Does Etrade allow transfer of Vanguard Admiral Funds ? They seem to say no, but (as my previous experience with ME taught me), the left hand often doesn't know what the right hand is doing.

I'm thinking specifically of VTSAX. I realize that it can be converted to an ETF, but I prefer not to do that just now.

Call and ask. I believe they can and will, on a case by case basis.

[cjniemiec]

If I'm reading this right, some people have contacted Fidelity and asked that they receive retention coin - equal to the transfer promotion at Merrill Edge $2500 - with an account totalling 1 million +

I don't see this advertised anywhere - how does one confirm this is truly a promo offered?

Thanks

[michaeljc70]

If I'm reading this right, some people have contacted Fidelity and asked that they receive retention coin - equal to the transfer promotion at Merrill Edge $2500 - with an account totalling 1 million +

I don't see this advertised anywhere - how does one confirm this is truly a promo offered?

Thanks

I highly doubt it is a "promo". More of an accomodation to keep customers. They don't want to advertise and have everyone with $1M+ call for $2500.

I cannot speak directly to Fidelity. In my case, I put in a transfer request from ETrade to TDA. Etrade contacted me upon receipt and offered to match it. If I had asked before requesting the transfer, I don't know if they would have done it. Kind of like if you call the cable company. When you say I am thinking of leaving do you have any deals vs. I am cancelling. Both elicit a different response typically.

[Earl Lemongrab]

I looked into the Schwab offer for "Special offer to Stock Plan Services participants":

https://www.schwab.com/public/schwab/nn ... d_sps.html

They said by secure message it's for plans set up by employers, so not generally available. However, they said the "promotions team" might be able to do something, but it couldn't be discussed in messaging or email. When I got home there was a voicemail from a rep. I'll try to call back on Friday. This is more work than I like . . . but I am retiring here soon so my days will free up a bit

[cjniemiec]

I contact ME today via chat - tried to have them clarify any promo for large account transfers - they connected me to a special department ....who would not discuss details via computer - wanted to speak over the phone.

I will follow through on this at some point, just couldn't afford the time at work today.

Thanks for the feedback.

[pre]

Curious if any folks have gotten reimbursed by Etrade for a transfer out fee of late?

Did a transfer last year and a phone rep was non-committal as I was initiating the transfer -- but after it completed, I sent a secure message with a copy of the Schwab statement indicating the fee, and promptly got credited.

In the process of doing a transfer now, and seem to be encountering the same, i.e. phone rep is uncertain. Might just have to wait and request again with documentation in hand. Most firms seem to reimburse readily, but to play it safe, I should have done a partial transfer and left a few dollars left rather than opting for the full

Just to follow-up, after the transfer completed, I gave Etrade a call. Fortuitously encountered a very helpful rep who credited my account with the transfer out fee immediately, without even requesting the Schwab statement documenting it.

[investor997]

Possible new offer from ME:

https://www.merrilledge.com/Bonus900

50% larger than normal, but it looks like it's for IRAs only and you must already have Preferred Rewards status with ME and/or BofA.

[Nate79]

I looked into the Schwab offer for "Special offer to Stock Plan Services participants":

https://www.schwab.com/public/schwab/nn ... d_sps.html

They said by secure message it's for plans set up by employers, so not generally available. However, they said the "promotions team" might be able to do something, but it couldn't be discussed in messaging or email. When I got home there was a voicemail from a rep. I'll try to call back on Friday. This is more work than I like . . . but I am retiring here soon so my days will free up a bit

I tried to talk the promotions person into giving me this offer. No luck. Did get a few hundred free trades though.

[Earl Lemongrab]

Possible new offer from ME:

https://www.merrilledge.com/Bonus900

50% larger than normal, but it looks like it's for IRAs only and you must already have Preferred Rewards status with ME and/or BofA.

This is another that shows up every now and then. On thing about it is that it has the same holding period as then regular offer, 90 days, rather than the six months of the "1000" offer.

You should be able to get it even if you aren't a Preferred Rewards customer. The rules say:

You must be enrolled in Preferred Rewards as of 90 days from meeting the funding criteria described in Step 2.

So basically if you are enrolled by the time of the bonus you'll get it. That should give even a new customer time to set up the accounts and meet the average balance requirements.

[lisaneedsbraces]

Possible new offer from ME:

https://www.merrilledge.com/Bonus900

50% larger than normal, but it looks like it's for IRAs only and you must already have Preferred Rewards status with ME and/or BofA.

Look's like this is limited to one per accountholder, so no sense moving both a traditional IRA and a Roth, but I wonder if they will combine the balances from both account types for a single person if the combined balance meets the highest promo tier?

Are there generally any issues with transferring ETFs with fractional shares? I'd be coming from Vanguard.

[SlowMovingInvestor]

Possible new offer from ME:

https://www.merrilledge.com/Bonus900

50% larger than normal, but it looks like it's for IRAs only and you must already have Preferred Rewards status with ME and/or BofA.

Look's like this is limited to one per accountholder, so no sense moving both a traditional IRA and a Roth, but I wonder if they will combine the balances from both account types for a single person if the combined balance meets the highest promo tier?

Are there generally any issues with transferring ETFs with fractional shares? I'd be coming from Vanguard.

Fractionals are typically sold by VG prior to moving.

I already have 2 bonuses pending (6 month bonuses) with ME, so I'm not going to try for this one.

[denovo]

Possible new offer from ME:

https://www.merrilledge.com/Bonus900

50% larger than normal, but it looks like it's for IRAs only and you must already have Preferred Rewards status with ME and/or BofA.

This looks very good.

[lisaneedsbraces]

The Merrill Edge $1000 offer seems to be working now as well. The landing page still shows it as expired but it is no longer giving an error when proceeding with the code like it was a few days ago.

[SlowMovingInvestor]

Anyone know if etrade aggregates across all accounts when meeting a bonus threshold ?

I have an IRA at Etrade, what I might want to transfer out. I'm also about to make an external transfer to a regular Etrade amount to get a bonus, but I want to know if I should move more in so that transfer in = bonus qualifier + IRA move out amount

I know Fido does that, they actually show the amount across all individual accounts + IRA there. They even do a look back for some period.

[Earl Lemongrab]

Are there generally any issues with transferring ETFs with fractional shares? I'd be coming from Vanguard.

Fractionals are typically sold by VG prior to moving.

That's pretty typical. I'm not sure if any transfer fractional shares. It's one reason why I don't do DRIP even in IRAs. I like to have round lots for transferring.

[SlowMovingInvestor]

I looked into the Schwab offer for "Special offer to Stock Plan Services participants":

https://www.schwab.com/public/schwab/nn ... d_sps.html

They said by secure message it's for plans set up by employers, so not generally available. However, they said the "promotions team" might be able to do something, but it couldn't be discussed in messaging or email. When I got home there was a voicemail from a rep. I'll try to call back on Friday. This is more work than I like . . . but I am retiring here soon so my days will free up a bit

I tried to talk the promotions person into giving me this offer. No luck. Did get a few hundred free trades though.

You tried to get the offer for transferring to an existing account (I assume no from the free trades comment) ? How much did you say you might transfer ?

[Pravin Lol]

Thanks to the markets starting the year well, I just passed $50k in a Roth IRA at Fidelity. What's the best bonus offer currently available? Best I can find is Capital One (and a couple of others) at $200 or Merrill Edge at $225, though that may only be for "preferred" clients, which would require a BofA checking account, which I'd rather avoid after some bad past customer service experiences with them.

Anything higher than that?

All things equal I'd go with Capital One since we have other accounts there.