The Final, Definitive Thread on Brokerage Transfer Bonuses

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

Post by dual » Fri Aug 24, 2018 5:29 pm

As part of my accounts consolidation, I am closing my TDAmeritrade account and transferring to Etrade. It is also nice to get a transfer bonus :D

I will probably get hit with the TDAM $75 account closing fee.

My question is the tax aspects. I will most likely get a 1099Misc for the full transfer bonus from Etrade.

With the new tax law, investment expenses are no longer deductible. Besides, my expenses are such that I just take the standard deduction anyway.

Has anyone been able to figure out how to reduce my taxable income by the fee?

Leesbro63
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 » Fri Aug 24, 2018 8:10 pm

dual wrote:
Fri Aug 24, 2018 5:29 pm
As part of my accounts consolidation, I am closing my TDAmeritrade account and transferring to Etrade. It is also nice to get a transfer bonus :D

I will probably get hit with the TDAM $75 account closing fee.

My question is the tax aspects. I will most likely get a 1099Misc for the full transfer bonus from Etrade.

With the new tax law, investment expenses are no longer deductible. Besides, my expenses are such that I just take the standard deduction anyway.

Has anyone been able to figure out how to reduce my taxable income by the fee?
I am not a tax professional or expert. That being said, if Etrade is reimbursing you for a fee paid to TDAmeritrade, you might be able to list both on Schedule B, with the TDA amount being a negative number (net result is zero, for the two transactions). Because it's really a reimbursement.

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

Post by dual » Sun Aug 26, 2018 12:15 pm

Leesbro63 wrote:
Fri Aug 24, 2018 8:10 pm
I am not a tax professional or expert. That being said, if Etrade is reimbursing you for a fee paid to TDAmeritrade, you might be able to list both on Schedule B, with the TDA amount being a negative number (net result is zero, for the two transactions). Because it's really a reimbursement.
I do not think that will work. The IRS software matches up Schedule B entries with the 1099s sent by my banks/brokers so they would most likely flag any negative entries that did not match.

Oh, well. You can't win them all. The Etrade bonus will more than cover it. Also, the new tax law will save me a lot of $$ so this will be my contribution to the national income :D

Leesbro63
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 » Sun Aug 26, 2018 2:48 pm

dual wrote:
Sun Aug 26, 2018 12:15 pm
Leesbro63 wrote:
Fri Aug 24, 2018 8:10 pm
I am not a tax professional or expert. That being said, if Etrade is reimbursing you for a fee paid to TDAmeritrade, you might be able to list both on Schedule B, with the TDA amount being a negative number (net result is zero, for the two transactions). Because it's really a reimbursement.
I do not think that will work. The IRS software matches up Schedule B entries with the 1099s sent by my banks/brokers so they would most likely flag any negative entries that did not match.

Oh, well. You can't win them all. The Etrade bonus will more than cover it. Also, the new tax law will save me a lot of $$ so this will be my contribution to the national income :D
I agree that this may not be an allowed practice. But I don't think the IRS computers flag Schedule B entries that are not also received via 1099 data. Yes, the IRS computers will flag 1099 data not reported on the taxpayer’s return, but I don't think they flag data reported on Schedule B, but not also reported to the IRS on a 1099.
Last edited by Leesbro63 on Sun Aug 26, 2018 6:53 pm, edited 2 times in total.

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

Post by madbrain » Sun Aug 26, 2018 6:48 pm

I just want to say that I have terrible luck with transfers between custodians, specifically with the cost basis in taxable brokerage accounts.

Vanguard to Merrill Edge :

SpecID cost basis got lost during the transfer, and was replaced with average. After fighting for months to get it fixed, I gave up. The documentation that Vanguard sent me was a bunch of incomprehensible documents, and not anything like the statements that they were giving me before. Because the account was closed, I lost access to the online statements. And Vanguard couldn't give me a copy of those statements. This means that I have to give up doing TLH on most of my brokerage account from now on, and will end up costing far more than any brokerage bonus.

Merill Edge to TD : cost basis got reset to 0 on the only security during the transfer. Just noticed that. Fortunately, Merill Edge still gives me access to the old statement, so I hope this will get fixed.

Merrill Edge to E-trade : things went right, cost basis correctly transferred.

Anything to Merill Edge : had to ask about fractional shares not being transferred every time.

For IRAs, things were much smoother, as I never had to worry about the cost basis. The online info really doesn't matter in that case even if the custodian keeps track of it.

If I had to do it again, I would not move any brokerage assets between custodians, as the potential for error is too great, and not worth the trouble. Even if the cost basis errors could be fixed (and they might have been, if I had caught them earlier), it is far too much of a hassle.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 » Sun Aug 26, 2018 9:14 pm

madbrain wrote:
Sun Aug 26, 2018 6:48 pm
I just want to say that I have terrible luck with transfers between custodians, specifically with the cost basis in taxable brokerage accounts.
Ideally you may consider moving IRA/ROLLOVER-IRA type tax deferred/protected assets.

Better yet, get Retention bonus (annually) for NOT jumping the boat. Brokerages usually match what competitor pays for net new money transfer-in balance. Fidelity is good at getting us Retention bonus annually., but you gotta survey what competitors are paying based on your balances at that time; and request it to be matched towards Retention!

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

Post by Earl Lemongrab » Sun Aug 26, 2018 11:51 pm

Always take a snapshot before you move. Many custodians allow you to download the basis information to a CSV file. As worst to take a few screenshots. If there's a problem, you can then just send that information to the new custodian.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Mon Aug 27, 2018 10:15 am

The one place I had trouble with basis was doing a VG MF to ETF conversion prior to a transfer. I called VG and complained, fixed in 2 days or so.

I asked for 2 MFs to be converted to ETFs, and one converted properly. The other used the cost basis from the 1st MF to ETF conversion !!

I think some part of the VG MF to ETF conversion might involve manual typing and someone keyed in cost basis manually and got the wrong one. VG fixed it in 2 days after I complained.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by madbrain » Mon Aug 27, 2018 3:10 pm

I think mine might have been related to the conversion from admiral shares to investor shares prior to the move. I think the cost basis method was changed at that time. And because of the share conversion, all the prior statements are useless for determining cost basis per lot.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by gostars » Mon Aug 27, 2018 11:33 pm

SlowMovingInvestor wrote:
Mon Aug 27, 2018 10:15 am
The one place I had trouble with basis was doing a VG MF to ETF conversion prior to a transfer. I called VG and complained, fixed in 2 days or so.

I asked for 2 MFs to be converted to ETFs, and one converted properly. The other used the cost basis from the 1st MF to ETF conversion !!

I think some part of the VG MF to ETF conversion might involve manual typing and someone keyed in cost basis manually and got the wrong one. VG fixed it in 2 days after I complained.
They did that to me too, so there might be something else going on.

If you had reinvested dividends on the MFs, did each of the reinvestments end up as 1 ETF share with weird prices? Or did the basis show up as fractional ETF shares?

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

Post by SlowMovingInvestor » Wed Aug 29, 2018 7:38 am

gostars wrote:
Mon Aug 27, 2018 11:33 pm
SlowMovingInvestor wrote:
Mon Aug 27, 2018 10:15 am
The one place I had trouble with basis was doing a VG MF to ETF conversion prior to a transfer. I called VG and complained, fixed in 2 days or so.

I asked for 2 MFs to be converted to ETFs, and one converted properly. The other used the cost basis from the 1st MF to ETF conversion !!

I think some part of the VG MF to ETF conversion might involve manual typing and someone keyed in cost basis manually and got the wrong one. VG fixed it in 2 days after I complained.
They did that to me too, so there might be something else going on.

If you had reinvested dividends on the MFs, did each of the reinvestments end up as 1 ETF share with weird prices? Or did the basis show up as fractional ETF shares?
I don't remember if I had reinvested dividends and whether there was anything specifically peculiar about conversion of those. It may be VG doesn't handle amounts < 1 ETF share in a lot properly when converting.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BashDash » Fri Sep 07, 2018 10:10 am

Hi all,
Many thanks for this thread. How often does one apply for a retention bonus? Currently, I don't have the time/energy to transfer from custodians so in March I asked for an received a retention bonus. I was required to keep my funds until September at which time I would receive the bonus. When would it be appropriate to ask for another retention bonus? I feel like it would be a little too quick to do this now. Maybe wait another 6 months to a year? Thanks!!

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

Post by sc9182 » Fri Sep 07, 2018 10:32 am

Isn't it 1 year before you can request again? If your original commitment is only for 6 months (not talking when bonus paid out, but how long you are supposed to keep those funds in account), you may get better chance of of transfer than retention bonus. Do check it out and let us know!

Many usual/large brokerage houses have 12 month retention/commitment - to the best of my understanding.

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

Post by BashDash » Fri Sep 07, 2018 11:33 am

Thanks for the reply. It is only a six month holding period. They will give bonus within two weeks of this ending.

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

Post by Mrxyz » Sat Sep 08, 2018 9:39 am

Hi all,
Looking for brokerage bonus for non IRA account. The shortest holding period I found was E-trade with 6 months. Any other banks that I missed with similar holding period?
Thanks

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

Post by Earl Lemongrab » Sat Sep 08, 2018 10:18 am

Mrxyz wrote:
Sat Sep 08, 2018 9:39 am
Hi all,
Looking for brokerage bonus for non IRA account. The shortest holding period I found was E-trade with 6 months. Any other banks that I missed with similar holding period?
Thanks
The basic Merrill Edge offer is 90 days.

https://www.merrilledge.com/cmaoffer
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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

Post by Mrxyz » Sat Sep 08, 2018 1:36 pm

Earl Lemongrab wrote:
Sat Sep 08, 2018 10:18 am
Mrxyz wrote:
Sat Sep 08, 2018 9:39 am
Hi all,
Looking for brokerage bonus for non IRA account. The shortest holding period I found was E-trade with 6 months. Any other banks that I missed with similar holding period?
Thanks
The basic Merrill Edge offer is 90 days.

https://www.merrilledge.com/cmaoffer
Thanks
Yes, I just got out of ME after receiving bonus and looking for the next bonus.
BTW, I got $1000 each for two 250k non IRA accounts held for 1 year.

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

Post by Pawpatrol » Sat Sep 08, 2018 4:18 pm

SlowMovingInvestor wrote:
Sat Aug 18, 2018 9:43 am
NavyIC3 wrote:
Sat Aug 18, 2018 8:15 am
Fidelity offers free trades for a transfer but that's only good if you trade often. Has anyone negotiated a cash bonus from Fidelity?
At $1M plus, you should be able to get bonuses begining around $2500. Whether advertised or not.
This...2500 and free trades for 1m+ but many places you have to ask for it.

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

Post by SlowMovingInvestor » Sat Sep 08, 2018 6:13 pm

Mrxyz wrote:
Sat Sep 08, 2018 1:36 pm
Earl Lemongrab wrote:
Sat Sep 08, 2018 10:18 am
Mrxyz wrote:
Sat Sep 08, 2018 9:39 am
Hi all,
Looking for brokerage bonus for non IRA account. The shortest holding period I found was E-trade with 6 months. Any other banks that I missed with similar holding period?
Thanks
The basic Merrill Edge offer is 90 days.

https://www.merrilledge.com/cmaoffer
Thanks
Yes, I just got out of ME after receiving bonus and looking for the next bonus.
BTW, I got $1000 each for two 250k non IRA accounts held for 1 year.
Did you have to call and ask ME for that offer ? I realize that was a year ago, so things could have changed since then.

moneywise3
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by moneywise3 » Sat Sep 08, 2018 6:41 pm

The Merrill edge offer is still current

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

Post by SlowMovingInvestor » Sat Sep 08, 2018 7:41 pm

moneywise3 wrote:
Sat Sep 08, 2018 6:41 pm
The Merrill edge offer is still current
I was asking about the $1000 bonus the poster mentioned. That would be better than any current bonus for 250K. Of course, the poster was enrolled in the bonus one year back, so it might not be currently available.

ME does have $900 bonuses at times for $200K, but apparently not right now.

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

Post by Mrxyz » Sun Sep 09, 2018 9:40 am

SlowMovingInvestor wrote:
Sat Sep 08, 2018 6:13 pm
Mrxyz wrote:
Sat Sep 08, 2018 1:36 pm
Earl Lemongrab wrote:
Sat Sep 08, 2018 10:18 am
Mrxyz wrote:
Sat Sep 08, 2018 9:39 am
Hi all,
Looking for brokerage bonus for non IRA account. The shortest holding period I found was E-trade with 6 months. Any other banks that I missed with similar holding period?
Thanks
The basic Merrill Edge offer is 90 days.

https://www.merrilledge.com/cmaoffer
Thanks
Yes, I just got out of ME after receiving bonus and looking for the next bonus.
BTW, I got $1000 each for two 250k non IRA accounts held for 1 year.
Did you have to call and ask ME for that offer ? I realize that was a year ago, so things could have changed since then.
I called them and asked them for that deal. Cannot remember if there was a matching offer from another bank which I asked them to match. But it worked and actually they were very helpful with the process.

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

Post by SlowMovingInvestor » Mon Sep 10, 2018 3:46 pm

Mrxyz wrote:
Sun Sep 09, 2018 9:40 am
SlowMovingInvestor wrote:
Sat Sep 08, 2018 6:13 pm
Mrxyz wrote:
Sat Sep 08, 2018 1:36 pm
Earl Lemongrab wrote:
Sat Sep 08, 2018 10:18 am

The basic Merrill Edge offer is 90 days.

https://www.merrilledge.com/cmaoffer
Thanks
Yes, I just got out of ME after receiving bonus and looking for the next bonus.
BTW, I got $1000 each for two 250k non IRA accounts held for 1 year.
Did you have to call and ask ME for that offer ? I realize that was a year ago, so things could have changed since then.
I called them and asked them for that deal. Cannot remember if there was a matching offer from another bank which I asked them to match. But it worked and actually they were very helpful with the process.
I was thinking that the $600 offer requires only 90 day holding period, so that might be better for me (of course, I would need a place to move that money after 90 days).

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

Post by hailstate » Mon Sep 10, 2018 4:42 pm

The $1000 Merrill Edge offer is available for attendees of the San Francisco Money Show:

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

In the past attendance has not been enforced.

moneywise3
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by moneywise3 » Tue Sep 11, 2018 2:33 am

hailstate wrote:
Mon Sep 10, 2018 4:42 pm
The $1000 Merrill Edge offer is available for attendees of the San Francisco Money Show:

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

In the past attendance has not been enforced.
Thankyou. I'm considering transferring my old 401k . 200k is a huge amount for me so am a bit nervous. Basically the funds are sitting in low cost large cap and mid cap MFs. I have been wanting to add low cap exposure. If I transfer to ML, can I just buy VTI commission free there? And I can pocket an extra 1k. In future I should still have the option of transferring the IRA to yet another custodian. Do you see any holes in my plan?

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

Post by SlowMovingInvestor » Tue Sep 11, 2018 9:06 am

moneywise3 wrote:
Tue Sep 11, 2018 2:33 am
hailstate wrote:
Mon Sep 10, 2018 4:42 pm
The $1000 Merrill Edge offer is available for attendees of the San Francisco Money Show:

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

In the past attendance has not been enforced.
Thankyou. I'm considering transferring my old 401k . 200k is a huge amount for me so am a bit nervous. Basically the funds are sitting in low cost large cap and mid cap MFs. I have been wanting to add low cap exposure. If I transfer to ML, can I just buy VTI commission free there? And I can pocket an extra 1k. In future I should still have the option of transferring the IRA to yet another custodian. Do you see any holes in my plan?
You can become a BoA Preferred Platinum Honors member if you transfer over $100K to Merill Edge, and then open a BoA Checking account (only $100 required for that).

That should give you 100 free trades a month, so you can buy VTI commission free. But note that selling your MFs will likely incur a fee at ME ($20) since they have very few NTF funds.

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

Post by gostars » Wed Sep 12, 2018 12:26 am

moneywise3 wrote:
Tue Sep 11, 2018 2:33 am
Thankyou. I'm considering transferring my old 401k . 200k is a huge amount for me so am a bit nervous. Basically the funds are sitting in low cost large cap and mid cap MFs. I have been wanting to add low cap exposure. If I transfer to ML, can I just buy VTI commission free there? And I can pocket an extra 1k. In future I should still have the option of transferring the IRA to yet another custodian. Do you see any holes in my plan?
Sounds like a good plan. The free trades you also get as part of the transfer will cover your initial purchase of VTI many times over, and after 3 months you can get Platinum Honors status and get a recurring supply of free trades that will be there if you ever need to rebalance in the future. You can also use other ETFs like ITOT or SCHB in place of VTI if you have any taxable investments in VTI or VTSAX and may tax-loss harvest in the future and want to avoid any potential wash sale issues. After a year, you can transfer the account somewhere else if you want to collect another bonus.

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

Post by Mike14 » Wed Sep 12, 2018 11:29 pm

gostars wrote:
Wed Sep 12, 2018 12:26 am
You can also use other ETFs like ITOT or SCHB in place of VTI if you have any taxable investments in VTI or VTSAX and may tax-loss harvest in the future and want to avoid any potential wash sale issues.
How does the exchange for ETF's look like? Is there a way to exchange without being subject to price fluctuations, sort of like when exchanging one mutual fund for another? Wouldn't you have to wait for the cash from the sale to arrive, or do you have a margin account?

A recurring concern in this thread is how to tax loss harvest when the bonus brokerage firm doesn't offer Vanguard Mutual funds, or how to trade ETF's, setting the "correct" price etc.

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

Post by Mike14 » Wed Sep 12, 2018 11:40 pm

SJR wrote:
Thu Aug 23, 2018 9:51 pm
An interesting personal experience that I had:

I signed up with a specific offer which included up to $150 in transfer fee credits per account. TDA credited that together with the bonus on the day the assets hit. No proof was required. Thus far the sending brokerage hasn't charged a fee (but at most, it would be $25 per account based on their fee schedule).

That's an extra $300 over the bonus I was due to receive.
Are you saying you were able to get the bonus for each account type (Roth, Traditional, Taxable) that you transferred, or just the transfer fee credits were awarded for each account type?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 » Thu Sep 13, 2018 12:01 am

dual wrote:
Fri Aug 24, 2018 5:29 pm
I will probably get hit with the TDAM $75 account closing fee.
Did they hit you with the fee?

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

Post by Mike14 » Thu Sep 13, 2018 12:05 am

jeffyscott wrote:
Tue May 22, 2018 7:09 pm
Did Schwab give you the bonus? I'm asking them to match at the $1000 level for a rollover.
MichDad wrote:
Thu May 24, 2018 6:39 pm
Schwab matched the best bonuses we could find.
indexfundfan wrote:
Wed May 23, 2018 9:15 am
Schwab is good at matching.

What's Schwab's holding period, or do they use whatever offer they are matching?

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

Post by gostars » Thu Sep 13, 2018 12:08 am

Mike14 wrote:
Wed Sep 12, 2018 11:29 pm
gostars wrote:
Wed Sep 12, 2018 12:26 am
You can also use other ETFs like ITOT or SCHB in place of VTI if you have any taxable investments in VTI or VTSAX and may tax-loss harvest in the future and want to avoid any potential wash sale issues.
How does the exchange for ETF's look like? Is there a way to exchange without being subject to price fluctuations, sort of like when exchanging one mutual fund for another? Wouldn't you have to wait for the cash from the sale to arrive, or do you have a margin account?

A recurring concern in this thread is how to tax loss harvest when the bonus brokerage firm doesn't offer Vanguard Mutual funds, or how to trade ETF's, setting the "correct" price etc.
Money that is pending from a sale can be used immediately to buy something else. The same round-trip restriction that mutual funds have is in place (i.e. don't sell what you just bought until after the original sale clears), and there might be restrictions on withdrawing the money until the sale clears, but otherwise it's pretty simple, and I don't have margin on my account. I just TLHed VEU and VSS back to VXUS a few days ago and everything went through without an issue. It takes slightly more work than mutual funds because you have to put in the sell and buy orders separately, but it's really not that difficult. Sell fund A at market, then divide your "cash available to trade" by the last price of fund B to get the number of shares you can afford, and round down to the nearest whole share. Then, divide "cash available to trade" by that whole number, and that gives you the max price you can afford to pay per share without going over your available money. Put in a buy limit order for the number of shares at the price you just calculated. This should be immediately processed at whatever the current market price is and prevent you from trying to buy more than you can afford. You might end up with a few bucks left over in cash, but it won't hurt you, especially if you're making regular contributions to the account.

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

Post by Earl Lemongrab » Thu Sep 13, 2018 12:15 am

Mike14 wrote:
Wed Sep 12, 2018 11:29 pm
How does the exchange for ETF's look like? Is there a way to exchange without being subject to price fluctuations, sort of like when exchanging one mutual fund for another? Wouldn't you have to wait for the cash from the sale to arrive, or do you have a margin account?
With ETFs, you sell one and the cash is available for purchase. Remember that you transact during the trading day. You can't guarantee any prices of course.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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

Post by Mike14 » Thu Sep 13, 2018 12:51 am

wxl31 wrote:
Fri Jan 12, 2018 12:28 pm
Does the TD Ameritrade offer also allow multiple bonuses for multiple accounts?
Did you find the answer?
SlowMovingInvestor wrote:
Thu Jan 25, 2018 2:04 pm
About the 2 TD Ameritrade bonuses mentioned earlier

I collected a bonus on a regular account in early December. When might it be OK to fund an account and apply for one of these bonuses ?
Did you find the answer?
Earl Lemongrab wrote:
Wed Sep 28, 2016 1:22 pm
The ones that I have received bonuses from the most are TD Ameritrade and Etrade. Something like four from each.
On multiple accounts at the same company, or one bonus at the time? If so, how much time in between?

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

Post by tj » Thu Sep 13, 2018 10:06 am

Chase is the latest player. Beginning next month, it has "Sapphire Banking" which will have a 60,000 Rewards Points bonus for bringing $75k

60k Ultimate Rewards can be redeemed for $600 in cash or $900 in travel purchases.

https://www.cnbc.com/2018/09/13/jpmorga ... count.html


You need a Chase Sapphire credit card to be eligible, and there's currently a 50k point offer for spending $4k in the first 3 months on the Sapphire Preferred, with first year's annual fee waived.

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

Post by Earl Lemongrab » Thu Sep 13, 2018 10:23 am

Mike14 wrote:
Thu Sep 13, 2018 12:51 am
Earl Lemongrab wrote:
Wed Sep 28, 2016 1:22 pm
The ones that I have received bonuses from the most are TD Ameritrade and Etrade. Something like four from each.
On multiple accounts at the same company, or one bonus at the time? If so, how much time in between?
The first time I moved to TDA I got bonuses in taxable and IRA, but that required some intervention. A CSR had said that I could in private message, which I showed to them later when the system didn't automatically give the bonus. Other than that it's been at various times. I don't track it carefully enough to give precise details.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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

Post by indexfundfan » Thu Sep 13, 2018 11:01 am

Mike14 wrote:
Thu Sep 13, 2018 12:05 am
jeffyscott wrote:
Tue May 22, 2018 7:09 pm
Did Schwab give you the bonus? I'm asking them to match at the $1000 level for a rollover.
MichDad wrote:
Thu May 24, 2018 6:39 pm
Schwab matched the best bonuses we could find.
indexfundfan wrote:
Wed May 23, 2018 9:15 am
Schwab is good at matching.

What's Schwab's holding period, or do they use whatever offer they are matching?
IIRC, the holding period was a year.
My signature has been deleted.

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

Post by madbrain » Thu Sep 13, 2018 2:05 pm

tj wrote:
Thu Sep 13, 2018 10:06 am
Chase is the latest player. Beginning next month, it has "Sapphire Banking" which will have a 60,000 Rewards Points bonus for bringing $75k
Is that to bring $75k in the checking account or also brokerage assets ?

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

Post by tj » Thu Sep 13, 2018 2:58 pm

madbrain wrote:
Thu Sep 13, 2018 2:05 pm
tj wrote:
Thu Sep 13, 2018 10:06 am
Chase is the latest player. Beginning next month, it has "Sapphire Banking" which will have a 60,000 Rewards Points bonus for bringing $75k
Is that to bring $75k in the checking account or also brokerage assets ?
I don't think it matters, as long as it adds up to $75k.

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

Post by BlackcatCA » Thu Sep 13, 2018 10:00 pm

Does anyone know if 75k of Vanguard mutual fund in Chase brokerage would qualify? I seem to remember some discussion earlier in the year that one can’t hold vanguard admiral funds in Chase account, but I can’t find the thread.

How about 75k of t-bills? Can these be transferred in kind to Chase from Vanguard? I assume Chase borkerage can handle Treasuries, right?

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

Post by pre » Thu Sep 13, 2018 10:32 pm

tj wrote:
Thu Sep 13, 2018 10:06 am
Chase is the latest player. Beginning next month, it has "Sapphire Banking" which will have a 60,000 Rewards Points bonus for bringing $75k

60k Ultimate Rewards can be redeemed for $600 in cash or $900 in travel purchases.

https://www.cnbc.com/2018/09/13/jpmorga ... count.html


You need a Chase Sapphire credit card to be eligible, and there's currently a 50k point offer for spending $4k in the first 3 months on the Sapphire Preferred, with first year's annual fee waived.
Pretty attractive offer -- 60k UR for $75k is very competitive, for only 3 months. Commission-free trading, too

Wonder if they are reimbursing for ACAT transfer fees?

Looks like $75 for outgoing: https://www.chase.com/content/dam/chase ... hedule.pdf

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

Post by motorcyclesarecool » Thu Sep 13, 2018 10:36 pm

I’ve been able to use Chase UR points for lodging at tremendous values. We used 50,000 points (nominally worth $500 if redeemed for cash) to get a 10 night hotel stay worth $1260.

I’ve been doing web searches on this Chase Sapphire Banking thingy, but hard data is hard to find. If I can transfer $75k of shares of Vanguard Total Stock Market ETF (VTI) to Chase for a mere 90 days to qualify for a 60k bonus, that would be fantastic, but I need to find the fine print somewhere. The CNBC article lacks specificity. Anybody seen the terms & conditions yet?
Understand that choosing an HDHP is very much a "red pill" approach. Most would rather pay higher premiums for a $20 copay per visit. They will think you weird for choosing an HSA.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj » Thu Sep 13, 2018 10:45 pm

motorcyclesarecool wrote:
Thu Sep 13, 2018 10:36 pm
I’ve been able to use Chase UR points for lodging at tremendous values. We used 50,000 points (nominally worth $500 if redeemed for cash) to get a 10 night hotel stay worth $1260.

I’ve been doing web searches on this Chase Sapphire Banking thingy, but hard data is hard to find. If I can transfer $75k of shares of Vanguard Total Stock Market ETF (VTI) to Chase for a mere 90 days to qualify for a 60k bonus, that would be fantastic, but I need to find the fine print somewhere. The CNBC article lacks specificity. Anybody seen the terms & conditions yet?
I wouldn't expect the T&C to come out until the offer is live,in October.

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

Post by tj » Thu Sep 13, 2018 10:45 pm

pre wrote:
Thu Sep 13, 2018 10:32 pm
tj wrote:
Thu Sep 13, 2018 10:06 am
Chase is the latest player. Beginning next month, it has "Sapphire Banking" which will have a 60,000 Rewards Points bonus for bringing $75k

60k Ultimate Rewards can be redeemed for $600 in cash or $900 in travel purchases.

https://www.cnbc.com/2018/09/13/jpmorga ... count.html


You need a Chase Sapphire credit card to be eligible, and there's currently a 50k point offer for spending $4k in the first 3 months on the Sapphire Preferred, with first year's annual fee waived.
Pretty attractive offer -- 60k UR for $75k is very competitive, for only 3 months. Commission-free trading, too

Wonder if they are reimbursing for ACAT transfer fees?

Looks like $75 for outgoing: https://www.chase.com/content/dam/chase ... hedule.pdf
I would just leave the ETF's at Chase. I mean, unless there's a bigger bonus somewhere else let's say Schwab is offering something. Maybe they credit the transfer out fee, too.

blackcat allie
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by blackcat allie » Fri Sep 14, 2018 1:02 pm

Wondering, and I know it's been no doubt addressed earlier in thread as well,

anyone have problems with the mechanics/terms/bonuses between old brokerage and new bank?

(aside from say a 30 day waiting period.. This whole process is tempting, but feels like there's technical if not moral hazard here :wink: )
thanks in advance

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

Post by SlowMovingInvestor » Fri Sep 14, 2018 1:06 pm

pre wrote:
Thu Sep 13, 2018 10:32 pm
tj wrote:
Thu Sep 13, 2018 10:06 am
Chase is the latest player. Beginning next month, it has "Sapphire Banking" which will have a 60,000 Rewards Points bonus for bringing $75k

60k Ultimate Rewards can be redeemed for $600 in cash or $900 in travel purchases.

https://www.cnbc.com/2018/09/13/jpmorga ... count.html


You need a Chase Sapphire credit card to be eligible, and there's currently a 50k point offer for spending $4k in the first 3 months on the Sapphire Preferred, with first year's annual fee waived.
Pretty attractive offer -- 60k UR for $75k is very competitive, for only 3 months. Commission-free trading, too

Wonder if they are reimbursing for ACAT transfer fees?

Looks like $75 for outgoing: https://www.chase.com/content/dam/chase ... hedule.pdf
But it seems you can only get it if you have the Sapphire card. I don't, and can't get it because of 5/24. Is there any way of signing up for this offer without getting the Sapphire card ?

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

Post by SlowMovingInvestor » Fri Sep 14, 2018 1:31 pm

So I read this about what's considered qualifying deposits for Chase Sapphire

Certain retirement money market accounts and investment and annuity products offered by JPMorgan Chase & Co. or its affiliates and agencies

That seems like you'd need to be invested in Chase's products (which are typically loaded MFs).

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

Post by tj » Fri Sep 14, 2018 3:55 pm

I don't know why you'd assume that. Why isn't a "Brokerage account" an investment product?

We'll have to wait and see until they actually show the offer terms. Most people are assuming that ETF's are valid, similar to the Bank of America/Merrill Edge status.

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

Post by SlowMovingInvestor » Fri Sep 14, 2018 5:12 pm

tj wrote:
Fri Sep 14, 2018 3:55 pm
I don't know why you'd assume that. Why isn't a "Brokerage account" an investment product?

We'll have to wait and see until they actually show the offer terms. Most people are assuming that ETF's are valid, similar to the Bank of America/Merrill Edge status.
Yes, that is one possible interpretation of the term 'investment product'. I do know that when my local banker has tried to get me to move funds there, he mentions how Chase can provide investment advice, and Vanguard doesn't.

We'll know soon enough. if they are willing to extend the offer to non-card holders and accept random ETFs, I can probably move some IRA money there. I am not willing to move regular accounts to Chase, because frankly I don't trust that they have their cost basis and tax reporting set up properly for brokerage accounts -- unlike Merill Edge, they don't have a lot of experience in this area.

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

Post by Allixi » Sat Sep 15, 2018 11:36 am

Do you really need a referral to get this $100 bonus for opening a Schwab brokerage account?

I'm planning to start investing in a taxable account, once I finish paying off some student loans at the end of this year.

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