The Final, Definitive Thread on Brokerage Transfer Bonuses

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

Post by FunnelCakeBob » Sat Oct 27, 2018 8:53 pm

madbrain wrote:
Sat Oct 27, 2018 8:19 pm
I haven't seen this offer, but if you have the Chase Sapphire Reserve, 60k points are worth $900.
Thanks for this info. Is the extra 50% applicable only to redemption for travel rewards under CSR or does it apply to redemtion for cash as well?

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

Post by tj » Sun Oct 28, 2018 12:39 am

FunnelCakeBob wrote:
Sat Oct 27, 2018 8:53 pm
madbrain wrote:
Sat Oct 27, 2018 8:19 pm
I haven't seen this offer, but if you have the Chase Sapphire Reserve, 60k points are worth $900.
Thanks for this info. Is the extra 50% applicable only to redemption for travel rewards under CSR or does it apply to redemtion for cash as well?


Travel. I never bother with travel redemptions. Its 1 cent per point when redeeming for cash regardless.

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

Post by SlowMovingInvestor » Sun Oct 28, 2018 2:10 pm

tj wrote:
Sun Oct 28, 2018 12:39 am
FunnelCakeBob wrote:
Sat Oct 27, 2018 8:53 pm
madbrain wrote:
Sat Oct 27, 2018 8:19 pm
I haven't seen this offer, but if you have the Chase Sapphire Reserve, 60k points are worth $900.
Thanks for this info. Is the extra 50% applicable only to redemption for travel rewards under CSR or does it apply to redemtion for cash as well?
Travel. I never bother with travel redemptions. Its 1 cent per point when redeeming for cash regardless.
It's reasonable to assume that travel redemptions have less value from an accounting perspective than cash, so the ceiling for UR value is likely 1.5c/point, whereas the floor is likely 1.25c/pt. So reasonable to assume that a 1099 will value points in that range, probably at 1.25c/pt, which is still a great deal if you can redeem these points for international biz class.

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

Post by drk » Sun Oct 28, 2018 4:01 pm

SlowMovingInvestor wrote:
Sun Oct 28, 2018 2:10 pm
It's reasonable to assume that travel redemptions have less value from an accounting perspective than cash, so the ceiling for UR value is likely 1.5c/point, whereas the floor is likely 1.25c/pt. So reasonable to assume that a 1099 will value points in that range, probably at 1.25c/pt, which is still a great deal if you can redeem these points for international biz class.
I understand your thought process, but this seems incorrect. Chase has already assigned a cash value to Ultimate Rewards points: 1 cent per point. We know this because this is the only rate at which you can exchange these points for cash. That Chase will offer you a bonus if you choose to redeem them for travel booked through its portal is beside the point.

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

Post by whodidntante » Sun Oct 28, 2018 4:08 pm

b0B wrote:
Sat Oct 27, 2018 12:52 pm
How much can you bounce back and forth between two brokerages without getting flagged?
I've never had a problem. I make sure that I follow the letter of the promotion and err on the side of being slightly careful. E.g. if you're supposed to leave the assets there for 12 months, leave the assets there for 12 months. I don't recommend testing if they will clawback the bonus money or not.

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

Post by SlowMovingInvestor » Sun Oct 28, 2018 4:14 pm

drk wrote:
Sun Oct 28, 2018 4:01 pm
SlowMovingInvestor wrote:
Sun Oct 28, 2018 2:10 pm
It's reasonable to assume that travel redemptions have less value from an accounting perspective than cash, so the ceiling for UR value is likely 1.5c/point, whereas the floor is likely 1.25c/pt. So reasonable to assume that a 1099 will value points in that range, probably at 1.25c/pt, which is still a great deal if you can redeem these points for international biz class.
I understand your thought process, but this seems incorrect. Chase has already assigned a cash value to Ultimate Rewards points: 1 cent per point. We know this because this is the only rate at which you can exchange these points for cash. That Chase will offer you a bonus if you choose to redeem them for travel booked through its portal is beside the point.
It would be nice if they 1099ed them at 1c/point surely, but I (for some reason) thought you convert at 1.25c/point

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

Post by drk » Sun Oct 28, 2018 4:27 pm

SlowMovingInvestor wrote:
Sun Oct 28, 2018 4:14 pm
It would be nice if they 1099ed them at 1c/point surely, but I (for some reason) thought you convert at 1.25c/point
Chase lets you redeem points with a 25% or 50% bonus because they get kickbacks from the travel booking company (i.e. Expedia). Treating that as the cash value would be straightforward to challenge: if it were the cash value, Chase would let me exchange them for 1.25 or 1.5 cents per point. But they don't, so it's not.

MA405
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MA405 » Sun Oct 28, 2018 4:45 pm

When I was at my Chase branch to upgrade my checking acct to Sapphire in response to the promotion, I was offered a choice of 60K points or $750 cash. Based on that, I am expecting a 1099 for $750 if it comes at all (I chose points).

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

Post by SlowMovingInvestor » Sun Oct 28, 2018 6:00 pm

MA405 wrote:
Sun Oct 28, 2018 4:45 pm
When I was at my Chase branch to upgrade my checking acct to Sapphire in response to the promotion, I was offered a choice of 60K points or $750 cash. Based on that, I am expecting a 1099 for $750 if it comes at all (I chose points).
If you don't mind answering this -- are you planning to move securities to a Chase YouInvest account to meet the balance requirement ?

MA405
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MA405 » Sun Oct 28, 2018 11:02 pm

SlowMovingInvestor wrote:
Sun Oct 28, 2018 6:00 pm
If you don't mind answering this -- are you planning to move securities to a Chase YouInvest account to meet the balance requirement ?
Yes, transfer is in process... I hope. Partial transfer required mailing of the form, not sure when I should see some transfer activity.

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

Post by SlowMovingInvestor » Mon Oct 29, 2018 8:28 am

MA405 wrote:
Sun Oct 28, 2018 11:02 pm
SlowMovingInvestor wrote:
Sun Oct 28, 2018 6:00 pm
If you don't mind answering this -- are you planning to move securities to a Chase YouInvest account to meet the balance requirement ?
Yes, transfer is in process... I hope. Partial transfer required mailing of the form, not sure when I should see some transfer activity.
It should take 5 business days after receipt if your previous firm uses ACATS. Otherwise 2-3 weeks.

Let us know how it goes. I want to do my transfer in the new year so I don't have to worry about year end tax reporting from Chase, so I'll likely upgrade to a Sapphire account in early Dec (45 days to carry out transfer after that).

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

Post by Mike14 » Mon Oct 29, 2018 8:52 pm

MA405 wrote:
Sun Oct 28, 2018 11:02 pm
Yes, transfer is in process... I hope. Partial transfer required mailing of the form, not sure when I should see some transfer activity.
Please keep us posted. Market fluctuations won't be affecting bonus eligibility, but it looks like whether the fee is based will depend on the actual monthly balance. Are you transferring in a bit extra?

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

Post by hailstate » Wed Oct 31, 2018 12:51 pm

The enhanced Merrill Edge offers are available again, until Jan 12, 2019:

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

This offer appears to be limited to Traders Expo attendees. The Traders Expo is in Las Vegas from Nov 12-14. You can register for free here:

https://conferences.moneyshow.com/trade ... las-vegas/

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hailstate » Wed Oct 31, 2018 1:43 pm

Thanks to this forum, I have not only learned a lot about brokerage bonuses, but am ready to request a retention bonus from TD Ameritrade. I have never been through this process before, so I was hoping someone could provide feedback on the following email ... or if it sounds good, perhaps other readers could use it as a jumping off point as well.

-----

Hello <broker>,

I have been a TD Ameritrade customer since 2006. I was very disappointed when TD Ameritrade changed their commission-free ETF offerings to completely remove Vanguard offerings.

I have researched other brokerages and have begun to work with E*Trade. Their commission-free ETF list includes many Vanguard offerings. Additionally, they are offering a cash bonus of $1500 to transfer my account.

I'm still a bit unsure about the whole transition, as I've been with TD Ameritrade for a long time, and have always appreciated your customer service and investment platform. As a long-time customer, I wanted to reach out to you before I made any decisions.

Thank you,

-<HailState>

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

Post by hale2 » Wed Oct 31, 2018 3:18 pm

hailstate wrote:
Wed Oct 31, 2018 1:43 pm
Thanks to this forum, I have not only learned a lot about brokerage bonuses, but am ready to request a retention bonus from TD Ameritrade. I have never been through this process before, so I was hoping someone could provide feedback on the following email ... or if it sounds good, perhaps other readers could use it as a jumping off point as well.

-----

Hello <broker>,

I have been a TD Ameritrade customer since 2006. I was very disappointed when TD Ameritrade changed their commission-free ETF offerings to completely remove Vanguard offerings.

I have researched other brokerages and have begun to work with E*Trade. Their commission-free ETF list includes many Vanguard offerings. Additionally, they are offering a cash bonus of $1500 to transfer my account.

I'm still a bit unsure about the whole transition, as I've been with TD Ameritrade for a long time, and have always appreciated your customer service and investment platform. As a long-time customer, I wanted to reach out to you before I made any decisions.

Thank you,

-<HailState>
I tried to get a retention bonus last week from TD Ameritrade. All they offered were some free trades. I'm in the process of moving those account to Merrill Edge (where they were before). Hopefully you'll have better luck with them than I did.

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

Post by Earl Lemongrab » Wed Oct 31, 2018 3:56 pm

Right now, at least with sufficient assets for Preferred Rewards, Edge is better than TDA with their new commission-free list.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

Ron Ronnerson
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Ron Ronnerson » Wed Oct 31, 2018 6:01 pm

hale2 wrote:
Wed Oct 31, 2018 3:18 pm
hailstate wrote:
Wed Oct 31, 2018 1:43 pm
Thanks to this forum, I have not only learned a lot about brokerage bonuses, but am ready to request a retention bonus from TD Ameritrade. I have never been through this process before, so I was hoping someone could provide feedback on the following email ... or if it sounds good, perhaps other readers could use it as a jumping off point as well.

-----

Hello <broker>,

I have been a TD Ameritrade customer since 2006. I was very disappointed when TD Ameritrade changed their commission-free ETF offerings to completely remove Vanguard offerings.

I have researched other brokerages and have begun to work with E*Trade. Their commission-free ETF list includes many Vanguard offerings. Additionally, they are offering a cash bonus of $1500 to transfer my account.

I'm still a bit unsure about the whole transition, as I've been with TD Ameritrade for a long time, and have always appreciated your customer service and investment platform. As a long-time customer, I wanted to reach out to you before I made any decisions.

Thank you,

-<HailState>
I tried to get a retention bonus last week from TD Ameritrade. All they offered were some free trades. I'm in the process of moving those account to Merrill Edge (where they were before). Hopefully you'll have better luck with them than I did.
I had the same experience a few weeks ago. TDA told me they’re not able to offer a retention bonus but could give some free trades. I ended up doing partial transfers from TDA to Merrill Edge and E-Trade to get two bonuses for me and two bonuses for my wife. There’s no harm in checking about a retention bonus with TDA first, though. Good luck.

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

Post by hailstate » Thu Nov 08, 2018 12:10 pm

Thanks for the feedback, everyone. Unfortunately all I could get out of TD Ameritrade were free trades as well. Guess I'll just transfer half a million to E*Trade, get $1500, and go from there.

And thank you for the recommendation, Earl. I opened an Edge account last year and am currently enjoying free trades. I just wanted a plausible reason to ask TD to match E*Trade, the Vanguard ETFs seemed as good as anything else.

Does anyone know if you can do the Edge bonus multiple times? I assume I'd need to open a new CMA account, can I do that if I already have one? The link I posted above has the $1000 for $200k offer again.

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

Post by Earl Lemongrab » Thu Nov 08, 2018 3:14 pm

Given TDA's new commission-free lineup, I'm less of a fan than I was in the past. I don't see a lot of reason to stay beyond required minimums for bonuses.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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

Post by hailstate » Fri Nov 09, 2018 4:08 pm

Retention update: I let my TDA broker know as a courtesy that I had decided to transfer to E*Trade. Lo and behold, she (finally) came back and said she might be able to get a cash retention. I read the email on my way out of the E*Trade branch, so I didn't pursue it further.

So perhaps if anyone would like to push TDA until you tell them you're leaving, they may finally cough up a cash offer. Took a week, eight emails, and telling her I was transferring. Good luck.

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

Post by marcopolo » Sun Nov 11, 2018 1:11 pm

Are the E-trade and/or TDA offers good for Rollover IRA (rolling over 401k to tIRA)?

There is some language in the E-trade fine print saying: "This offer is not valid for retirement or E*TRADE Bank accounts"
I think that means IRAs do not give bonus?, but maybe it only means 401k plan?

If neither of these are applicable for 401k --> IRA rollover, what other good options are there for rolling over around $1.25M?
Once in a while you get shown the light, in the strangest of places if you look at it right.

b0B
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by b0B » Sun Nov 11, 2018 1:18 pm

marcopolo wrote:
Sun Nov 11, 2018 1:11 pm
Are the E-trade and/or TDA offers good for Rollover IRA (rolling over 401k to tIRA)?

There is some language in the E-trade fine print saying: "This offer is not valid for retirement or E*TRADE Bank accounts"
I think that means IRAs do not give bonus?, but maybe it only means 401k plan?

If neither of these are applicable for 401k --> IRA rollover, what other good options are there for rolling over around $1.25M?
Which link are you looking at. There's more than one, e.g.
https://us.etrade.com/what-we-offer/how ... /brokerage
https://us.etrade.com/what-we-offer/how ... retirement
(not sure if there are others)

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

Post by Earl Lemongrab » Sun Nov 11, 2018 1:27 pm

Generally yes, although some won't give a bonus for rolling from a 401(k) they administer. So go to a different custodian. Occasionally there are offers that are not valid for IRAs.
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 marcopolo » Sun Nov 11, 2018 1:33 pm

b0B wrote:
Sun Nov 11, 2018 1:18 pm
marcopolo wrote:
Sun Nov 11, 2018 1:11 pm
Are the E-trade and/or TDA offers good for Rollover IRA (rolling over 401k to tIRA)?

There is some language in the E-trade fine print saying: "This offer is not valid for retirement or E*TRADE Bank accounts"
I think that means IRAs do not give bonus?, but maybe it only means 401k plan?

If neither of these are applicable for 401k --> IRA rollover, what other good options are there for rolling over around $1.25M?
Which link are you looking at. There's more than one, e.g.
https://us.etrade.com/what-we-offer/how ... /brokerage
https://us.etrade.com/what-we-offer/how ... retirement
(not sure if there are others)
Thanks. I must have been looking at the Brokerage page. The link to the retirement page look like it would accomplish what I want.
Once in a while you get shown the light, in the strangest of places if you look at it right.

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

Post by marcopolo » Sun Nov 11, 2018 1:39 pm

Earl Lemongrab wrote:
Sun Nov 11, 2018 1:27 pm
Generally yes, although some won't give a bonus for rolling from a 401(k) they administer. So go to a different custodian. Occasionally there are offers that are not valid for IRAs.
Yeah. My 401k is administered by Fidelity. I would have preferred to roll over into fidelity IRA, but they will not give bonus for their own administered 401k rollovers. I guess i will just send to Etrade, then back to fidelity (maybe with a visit through TDA as well).

I noticed these say account opened by 12/31, then funded within 60 days. Due to backdoor transactions in 2018 (hopefully last year of doing that!), i don't want to have any money in IRA on 12/31. What are peoples experience regarding delay in getting transfers finalized? If i open the account in late December, then initiate transfer in January, will it make it into account within the 30 days?

Alternatively, will the offer most likely get rolled over to next year, or do they take them away for extended periods of time? My first time doing this (well second, i guess including the recent ALLY offer).

Thanks for the help.
Once in a while you get shown the light, in the strangest of places if you look at it right.

b0B
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by b0B » Sun Nov 11, 2018 1:44 pm

^ Opening and funding are two different deadlines.

I wonder if the account must be new, or if pre-existing is okay. Anyone know?

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

Post by Earl Lemongrab » Sun Nov 11, 2018 2:24 pm

If you're talking rollovers from a 401(k), then up to a few weeks. Usually, if going to a different custodian, it will involve a check made out to the new account and then either sent to you to be forwarded or directly to the custodian. I wouldn't be concerned about a 60-day deadline.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

b0B
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by b0B » Sun Nov 11, 2018 2:46 pm

marcopolo wrote:
Sun Nov 11, 2018 1:33 pm
b0B wrote:
Sun Nov 11, 2018 1:18 pm
marcopolo wrote:
Sun Nov 11, 2018 1:11 pm
Are the E-trade and/or TDA offers good for Rollover IRA (rolling over 401k to tIRA)?

There is some language in the E-trade fine print saying: "This offer is not valid for retirement or E*TRADE Bank accounts"
I think that means IRAs do not give bonus?, but maybe it only means 401k plan?

If neither of these are applicable for 401k --> IRA rollover, what other good options are there for rolling over around $1.25M?
Which link are you looking at. There's more than one, e.g.
https://us.etrade.com/what-we-offer/how ... /brokerage
https://us.etrade.com/what-we-offer/how ... retirement
(not sure if there are others)
Thanks. I must have been looking at the Brokerage page. The link to the retirement page look like it would accomplish what I want.
OOPS! I just realized those links have the usual bonus amounts. This one has higher bonus amounts.
https://us.etrade.com/what-we-offer/how ... enrollment

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

Post by MikeG62 » Mon Nov 12, 2018 8:12 am

marcopolo wrote:
Sun Nov 11, 2018 1:39 pm

Yeah. My 401k is administered by Fidelity. I would have preferred to roll over into fidelity IRA, but they will not give bonus for their own administered 401k rollovers. I guess i will just send to Etrade, then back to fidelity (maybe with a visit through TDA as well).
Marcopolo,

I did precisely this with Fidelity earlier this year. I called and spoke with a private client group CS rep. Said I would be rolling over my 401K to a rollover IRA and I was looking at a number of brokers, all of whom were offering bonuses for the transfer. I asked if Fidelity was willing to offer me a retention bonus to stay (said I would prefer to stay with Fidelity, but was not going to pass on a large transfer bonus if that was available to me). CS rep asked if I would mind being put on hold for a few minutes while he ran this to ground (my answer was of course no). He came back on the line and said they would give me $2,500 to rollover the funds to a Fidelity rollover IRA. Only requirement was that the funds had to remain in the rollover IRA for at least 60 days. So I went ahead and opened the rollover IRA with Fidelity and moved the funds over. The bonus posted within a week or two of my passing the 60 day mark.

I wrote about my experience in this thread back on May 1st of this year.

Ended up speaking to my private client group advisor subsequently (about something else) and he brought up the retention bonus. Said something like good to see you got the $2,500 retention bonus. Then went on to say we are not supposed to offer that to clients. However, for those who call and ask we have been doing it.

I'd call and suggest you are seriously considering moving the funds out of Fidelity. Tell them you'd like to stay with them, but can't turn a blind eye to a four figure transfer bonus (and mention you know of others who have gotten a retention bonus from Fidelity). See what they say.

Good luck.
Real Knowledge Comes Only From Experience

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

Post by marcopolo » Mon Nov 12, 2018 9:06 am

MikeG62 wrote:
Mon Nov 12, 2018 8:12 am
marcopolo wrote:
Sun Nov 11, 2018 1:39 pm

Yeah. My 401k is administered by Fidelity. I would have preferred to roll over into fidelity IRA, but they will not give bonus for their own administered 401k rollovers. I guess i will just send to Etrade, then back to fidelity (maybe with a visit through TDA as well).
Marcopolo,

I did precisely this with Fidelity earlier this year. I called and spoke with a private client group CS rep. Said I would be rolling over my 401K to a rollover IRA and I was looking at a number of brokers, all of whom were offering bonuses for the transfer. I asked if Fidelity was willing to offer me a retention bonus to stay (said I would prefer to stay with Fidelity, but was not going to pass on a large transfer bonus if that was available to me). CS rep asked if I would mind being put on hold for a few minutes while he ran this to ground (my answer was of course no). He came back on the line and said they would give me $2,500 to rollover the funds to a Fidelity rollover IRA. Only requirement was that the funds had to remain in the rollover IRA for at least 60 days. So I went ahead and opened the rollover IRA with Fidelity and moved the funds over. The bonus posted within a week or two of my passing the 60 day mark.

I wrote about my experience in this thread back on May 1st of this year.

Ended up speaking to my private client group advisor subsequently (about something else) and he brought up the retention bonus. Said something like good to see you got the $2,500 retention bonus. Then went on to say we are not supposed to offer that to clients. However, for those who call and ask we have been doing it.

I'd call and suggest you are seriously considering moving the funds out of Fidelity. Tell them you'd like to stay with them, but can't turn a blind eye to a four figure transfer bonus (and mention you know of others who have gotten a retention bonus from Fidelity). See what they say.

Good luck.
Interesting. Thanks for the info.
I will give this a try as it gets closer to the end of the year. I have to wait until 2019 to execute the rollover.
Once in a while you get shown the light, in the strangest of places if you look at it right.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Mon Nov 12, 2018 4:53 pm

MikeG62 wrote:
Mon Nov 12, 2018 8:12 am
[
Marcopolo,

I did precisely this with Fidelity earlier this year. I called and spoke with a private client group CS rep. Said I would be rolling over my 401K to a rollover IRA and I was looking at a number of brokers, all of whom were offering bonuses for the transfer. I asked if Fidelity was willing to offer me a retention bonus to stay (said I would prefer to stay with Fidelity, but was not going to pass on a large transfer bonus if that was available to me). CS rep asked if I would mind being put on hold for a few minutes while he ran this to ground (my answer was of course no). He came back on the line and said they would give me $2,500 to rollover the funds to a Fidelity rollover IRA. Only requirement was that the funds had to remain in the rollover IRA for at least 60 days. So I went ahead and opened the rollover IRA with Fidelity and moved the funds over. The bonus posted within a week or two of my passing the 60 day mark.
Only 60 days ? You do have to keep the money there for a year, right ?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 » Mon Nov 12, 2018 6:59 pm

SlowMovingInvestor wrote:
Mon Nov 12, 2018 4:53 pm
MikeG62 wrote:
Mon Nov 12, 2018 8:12 am
[
Marcopolo,

I did precisely this with Fidelity earlier this year. I called and spoke with a private client group CS rep. Said I would be rolling over my 401K to a rollover IRA and I was looking at a number of brokers, all of whom were offering bonuses for the transfer. I asked if Fidelity was willing to offer me a retention bonus to stay (said I would prefer to stay with Fidelity, but was not going to pass on a large transfer bonus if that was available to me). CS rep asked if I would mind being put on hold for a few minutes while he ran this to ground (my answer was of course no). He came back on the line and said they would give me $2,500 to rollover the funds to a Fidelity rollover IRA. Only requirement was that the funds had to remain in the rollover IRA for at least 60 days. So I went ahead and opened the rollover IRA with Fidelity and moved the funds over. The bonus posted within a week or two of my passing the 60 day mark.
Only 60 days ? You do have to keep the money there for a year, right ?
That's not the way I remember it. They said the bonus would not post until I completed the 60 day holding period. I think I am free to move the money elsewhere without any retribution from Fidelity. Having said that, I have no plans to move it.
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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Mon Nov 12, 2018 7:06 pm

MikeG62 wrote:
Mon Nov 12, 2018 6:59 pm
SlowMovingInvestor wrote:
Mon Nov 12, 2018 4:53 pm
Only 60 days ? You do have to keep the money there for a year, right ?
That's not the way I remember it. They said the bonus would not post until I completed the 60 day holding period. I think I am free to move the money elsewhere without any retribution from Fidelity. Having said that, I have no plans to move it.
Yeah, not getting the bonus paid until close of the funding period is typical, other than TD Ameritrade. I doubt that you're free to move without them taking the bonus back though. The retention period is usually different than the funding period.
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 MikeG62 » Mon Nov 12, 2018 7:18 pm

Earl Lemongrab wrote:
Mon Nov 12, 2018 7:06 pm
MikeG62 wrote:
Mon Nov 12, 2018 6:59 pm
SlowMovingInvestor wrote:
Mon Nov 12, 2018 4:53 pm
Only 60 days ? You do have to keep the money there for a year, right ?
That's not the way I remember it. They said the bonus would not post until I completed the 60 day holding period. I think I am free to move the money elsewhere without any retribution from Fidelity. Having said that, I have no plans to move it.
Yeah, not getting the bonus paid until close of the funding period is typical, other than TD Ameritrade. I doubt that you're free to move without them taking the bonus back though. The retention period is usually different than the funding period.
You could be right, although the way I remember the conversation was that the 60 day period (after funding the rollover IRA) was the only requirement to get the bonus.

Having said that, I just read this language in the fine print of the Fidelity transfer bonus policy (this for new funds moved to Fidelity):

Account holders must maintain the minimum qualifying account balance (minus any losses related to trading or market volatility, or margin debit balances) at Fidelity for at least nine months from the date on which the bonus award is credited to the account, or Fidelity may charge the account the cost of the bonus award.

In any event, I have no plans or intentions to move the funds.
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SlowMovingInvestor
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Mon Nov 12, 2018 7:21 pm

MikeG62 wrote:
Mon Nov 12, 2018 7:18 pm

Having said that, I just read this language in the fine print of the Fidelity transfer bonus policy (this for new funds moved to Fidelity):

Account holders must maintain the minimum qualifying account balance (minus any losses related to trading or market volatility, or margin debit balances) at Fidelity for at least nine months from the date on which the bonus award is credited to the account, or Fidelity may charge the account the cost of the bonus award.

In any event, I have no plans or intentions to move the funds.
Yes, my recollection is that 9 month holding period is pretty standard for Fido.

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

Post by SlowMovingInvestor » Tue Nov 13, 2018 9:32 am

About the Chase Sapphire offer

https://accounts.chase.com/consumer/ban ... ome_3/hero

Is it OK if you create the YouInvest account first, then sign up and transfer to the YouInvest account ? For logistical reasons, I want to do it that way. I also want to hold off on initiating the transfer until 2019 to avoid extra tax reporting headaches.

arf30
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by arf30 » Tue Nov 13, 2018 9:41 am

SlowMovingInvestor wrote:
Tue Nov 13, 2018 9:32 am
About the Chase Sapphire offer

https://accounts.chase.com/consumer/ban ... ome_3/hero

Is it OK if you create the YouInvest account first, then sign up and transfer to the YouInvest account ? For logistical reasons, I want to do it that way. I also want to hold off on initiating the transfer until 2019 to avoid extra tax reporting headaches.
Yes, but don't transfer the 75k until after you've done the upgrade to sapphire banking.

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

Post by HIinvestor » Wed Nov 14, 2018 5:52 pm

I know its more modest than others, but just got a $774 retention bonus from Fidelity for leaving our funds with them. It's money we would have had and it's only for keeping our money with them (as we intended to do) for 9 months. Originally, they declined to give anything but I called them back and told them that e-trade and TD Ameritrade were offering bonuses for signing with them. I'm satisfied--free money!

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

Post by SlowMovingInvestor » Wed Nov 14, 2018 6:17 pm

HIinvestor wrote:
Wed Nov 14, 2018 5:52 pm
I know its more modest than others, but just got a $774 retention bonus from Fidelity for leaving our funds with them. It's money we would have had and it's only for keeping our money with them (as we intended to do) for 9 months. Originally, they declined to give anything but I called them back and told them that e-trade and TD Ameritrade were offering bonuses for signing with them. I'm satisfied--free money!
$774 is an odd number :).

If you don't mind sharing. what balance ?

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