The Final, Definitive Thread on Brokerage Transfer Bonuses

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

Post by MisterBill » Fri Dec 21, 2018 12:35 pm

neilpilot wrote:
Fri Dec 21, 2018 12:28 pm
Base on my experience a year ago, ML will not verify attendance. Registration in order to qualify for the attendee code is a waste of effort.
And add you to some mailing lists!

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

Post by snowman » Fri Dec 21, 2018 1:30 pm

neilpilot wrote:
Fri Dec 21, 2018 12:29 pm
snowman wrote:
Fri Dec 21, 2018 11:48 am
Quick question for those that transferred traditional IRA in the past and received the bonus: I assume there was NO 1099 from the broker since the amount is going to be taxed upon withdrawal - is that correct?

I am working on my projected taxes for 2018 and it's the first year I have ever done the bonus game. I contacted Merrill Edge and was told to speak with my CPA about taxes. When I asked again whether ME is going to mail me any form, the answer was "it shouldn't in tax-deferred account but confirm with your CPA". It makes no sense, so was hoping other BHs would know based on their experience, especially with ME.

Thanks!
ME will include a bonus amount in a taxable account's 1099. There will be no 1099DIV or 1099INT for the IRA bonus.
Thank you, neilpilot!

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

Post by pre » Fri Dec 21, 2018 1:52 pm

MisterBill wrote:
Fri Dec 21, 2018 11:56 am
pre wrote:
Fri Dec 21, 2018 5:24 am
hailstate wrote:
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/
How very odd. The Traders Expo promo code appears to have disappeared, now displaying the earlier San Francisco money show expiring October 16, 2018
Does it really matter? The code LVEXPO18 is working on the Merrill Edge site. I just went to the initial "open an account" screen and it showed the promotion. Do you think they're going to verify that you actually attended?
Thanks, there does appear to be a "Enter offer code" and "Remove offer" option.

But with this code change, the "Up to $1000 Cash Offer Terms" doesn't mention the January 12 expiry. I'd be wary that the San Fran offer is still on

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

Post by Mike14 » Sat Dec 22, 2018 12:06 am

Did anybody run into problems with qualified dividend status if shares are transferred prior to holding them for 61 days?
For example: purchased Jan 1st, ex-dividend date Jan 2nd, fund transferred to another brokerage on Jan 3rd.

Will the original brokerage who paid out the dividend default to qualified status, or do I have to send them extra paper work, that the shares were held for 61 days?

It's difficult to tell what happened after the fact if the fund is not 100% qualified and pays out dividends quarterly.

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

Post by Earl Lemongrab » Sat Dec 22, 2018 12:21 am

Mike14 wrote:
Sat Dec 22, 2018 12:06 am
Did anybody run into problems with qualified dividend status if shares are transferred prior to holding them for 61 days?
For example: purchased Jan 1st, ex-dividend date Jan 2nd, fund transferred to another brokerage on Jan 3rd.

Will the original brokerage who paid out the dividend default to qualified status, or do I have to send them extra paper work, that the shares were held for 61 days?

It's difficult to tell what happened after the fact if the fund is not 100% qualified and pays out dividends quarterly.
All of that transfers with the shares. Purchase date, original cost, etc.

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

Post by Mike14 » Sat Dec 22, 2018 12:49 am

If I receive a dividend at firm A, and later transfer to firm B, how will firm A know whether the dividend I received while at their firm was qualified or not? Firm A will be issuing the 1099, correct? But firm B has all the shares now.

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

Post by Mike14 » Sat Dec 22, 2018 4:20 am

b0B wrote:
Sat Dec 15, 2018 7:08 pm
Anyone have counterexamples, where you have gotten two CMA or two IRA bonuses within 12 months? (Mine have larger gaps.)
I think I read somewhere that's a 2.5k annual limit.
drk wrote:
Sat Dec 15, 2018 6:36 pm
my bonus had been denied because I had already received one within the last 12 months. There was no indication when I opened the account (with the bonus code attached) that I was ineligible.
Did you reach the $2,500 bonus, because I believe that's what their annual bonus limit is.
It would be interesting to know if one could sign up while the 12 month clock is still ticking, as long as the 12 months are over when the bonus posts.

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dual
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Re: targeted Chase Private Client $1250 bonus

Post by dual » Sun Dec 23, 2018 3:04 pm

dual wrote:
Fri Oct 19, 2018 1:44 am
I just got a letter offering a $1250 bonus for doing the following
  • Meet with a private client banker at your nearest branch with this letter to upgrade your account to chase private client
  • Within 45 calendar days deposit a total of $250,000 or more in new money to a combination of eligible checking and/or savings accounts and maintain the balance for least 90 days
  • Your $1250 will be deposited into your account within 10 business days
So it looks to me like I have to transfer in cash and can only put it into a savings account or CD.

I just checked and their savings account and three month CD rates are essentially zero. A three month treasury bill is paying about 2.25% and since it has no state tax here in California that works out to about 2.5% tax equivalent yield. So in 3 months I would miss out on about $1500 in interest on $250K.

Obviously a losing proposition with only a $1250 bonus.

What am I missing here?
Finally got around to going to their branch to check this out. That's 15 minutes out of my life that I will not get back :x . After a sales pitch about features that are not at all useful to me or anyone else I can think of, the rep went out of the cubicle to call the powers that be about whether I could transfer in assets like T-bills to meet the bonus requirement. No go.

They must think people who have that kind of money are idiots. I asked the rep about their CD rates and they are basically zero up to a few years term and then they go up to about 0.5%.

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

Post by jaypee » Wed Jan 02, 2019 1:23 pm

I opened a Money Market 360 at Capital One in October (bonus offer "OFFER500"), funded it then and received the bonus today.

Can I just close the account now? Or do I have to leave it open for a period of time to avoid losing the bonus credited to the account?

Any bogleheads with a recent experience with that bonus?

Thank you in advance!

Jay

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

Post by neilpilot » Wed Jan 02, 2019 3:43 pm

jaypee wrote:
Wed Jan 02, 2019 1:23 pm
I opened a Money Market 360 at Capital One in October (bonus offer "OFFER500"), funded it then and received the bonus today.

Can I just close the account now? Or do I have to leave it open for a period of time to avoid losing the bonus credited to the account?

Any bogleheads with a recent experience with that bonus?

Thank you in advance!

Jay
Seems you have already fulfilled the offer terms, and can transfer funds and close the account if you like.
https://www.doctorofcredit.com/capital- ... unt-bonus/

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by madbrain » Wed Jan 02, 2019 7:14 pm

drk wrote:
Sat Dec 15, 2018 6:36 pm
I was just denied a bonus for this reason. When I sent a message asking about the status, they replied letting me know that my bonus had been denied because I had already received one within the last 12 months. There was no indication when I opened the account (with the bonus code attached) that I was ineligible.
I would escalate this to the CFPB since this was not disclosed originally. Anyway, I would stay clear of Merrill Edge, they are the worst online broker I have ever used by far. Same for BofA with credit cards. The bonuses are not enough to make up for the headaches with these organizations.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by madbrain » Wed Jan 02, 2019 7:18 pm

Earl Lemongrab wrote:
Sat Dec 22, 2018 12:21 am
Mike14 wrote:
Sat Dec 22, 2018 12:06 am
Did anybody run into problems with qualified dividend status if shares are transferred prior to holding them for 61 days?
For example: purchased Jan 1st, ex-dividend date Jan 2nd, fund transferred to another brokerage on Jan 3rd.

Will the original brokerage who paid out the dividend default to qualified status, or do I have to send them extra paper work, that the shares were held for 61 days?

It's difficult to tell what happened after the fact if the fund is not 100% qualified and pays out dividends quarterly.
All of that transfers with the shares. Purchase date, original cost, etc.
If you are lucky. If you end up having to do a share conversion before the transfer, for example from Admiral to Investor, those things may end up being lost. That ended up changing my cost basis from SpecID to average. After months of fighting with both Vanguard and Merrill Edge, I just gave up in trying to fix this. It was impossible to make up the per-lot basis from the old statements Vanguard provided, and they couldn't help. It may be this particular issue was with Vanguard and not Merill Edge, I will never know. As of now the funds have been transferred out of Merill Edge and I can probably never get it fixed. This cost me some TLH opportunities last year, much in excess of any bonus value.

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

Post by pre » Wed Jan 02, 2019 7:33 pm

drk wrote:
Sat Dec 15, 2018 6:36 pm
b0B wrote:
Sat Dec 15, 2018 6:05 pm
I saw this post in another thread regarding "Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients"
zeugmite wrote:
Thu Sep 27, 2018 10:03 am
Also, they are not allowing it if you had two existing bonuses in the past 12 months, upon manual review. Not sure if that's the same outcome without manual review.
What is the evidence/datapoints about Merrill Edge looking back at previous bonus history, and denying based on that (and do they let you know they'll deny it, or do they just not pay you at the end of the holding period). Is this just a problem of human eyes falling upon the account, rather than some hard-coded software, or is it both?

Anyone have counterexamples, where you have gotten two CMA or two IRA bonuses within 12 months? (Mine have larger gaps.)
I was just denied a bonus for this reason. When I sent a message asking about the status, they replied letting me know that my bonus had been denied because I had already received one within the last 12 months. There was no indication when I opened the account (with the bonus code attached) that I was ineligible.
May I ask if you repeated the bonus offer with the same promotion/code? I've done several Money Show or elevated offers ($900/$1k at the $200k tier) in the same 12 months without issue. The lone time Merrill denied an offer was because I had accidentally done the same promo twice, causing the system to automatically deny me. My relationship manager offered to contest or escalate, but I didn't want to get too many eyes on my accounts.

I'm reviewing the months of the current $1k offer and there's no mention of the 12 month language, either

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

Post by Earl Lemongrab » Wed Jan 02, 2019 8:08 pm

madbrain wrote:
Wed Jan 02, 2019 7:14 pm
I would escalate this to the CFPB since this was not disclosed originally. Anyway, I would stay clear of Merrill Edge, they are the worst online broker I have ever used by far. Same for BofA with credit cards. The bonuses are not enough to make up for the headaches with these organizations.
Different strokes. I've had excellent experiences with Edge, and reasonable with BofA.

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

Post by Earl Lemongrab » Wed Jan 02, 2019 8:10 pm

madbrain wrote:
Wed Jan 02, 2019 7:18 pm
If you are lucky. If you end up having to do a share conversion before the transfer, for example from Admiral to Investor, those things may end up being lost. That ended up changing my cost basis from SpecID to average. After months of fighting with both Vanguard and Merrill Edge, I just gave up in trying to fix this. It was impossible to make up the per-lot basis from the old statements Vanguard provided, and they couldn't help. It may be this particular issue was with Vanguard and not Merill Edge, I will never know. As of now the funds have been transferred out of Merill Edge and I can probably never get it fixed. This cost me some TLH opportunities last year, much in excess of any bonus value.
I don't think there's any question that the basis problem was Vanguard. They routinely cause that problem for people who aren't going anywhere.

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

Post by drk » Wed Jan 02, 2019 10:26 pm

pre wrote:
Wed Jan 02, 2019 7:33 pm
May I ask if you repeated the bonus offer with the same promotion/code? I've done several Money Show or elevated offers ($900/$1k at the $200k tier) in the same 12 months without issue. The lone time Merrill denied an offer was because I had accidentally done the same promo twice, causing the system to automatically deny me. My relationship manager offered to contest or escalate, but I didn't want to get too many eyes on my accounts.

I'm reviewing the months of the current $1k offer and there's no mention of the 12 month language, either
They were different codes. I didn't pursue it any further because I only brought in an extra $25k and preferred not to reset the clock.
madbrain wrote:
Wed Jan 02, 2019 7:14 pm
I would escalate this to the CFPB since this was not disclosed originally. Anyway, I would stay clear of Merrill Edge, they are the worst online broker I have ever used by far. Same for BofA with credit cards. The bonuses are not enough to make up for the headaches with these organizations.
Eh, as noted above, it was a small bonus. Mountains and mole-hills, you know.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jeffyscott » Fri Jan 04, 2019 7:07 am

For an IRA, are there any better offers at the $50K+ level than the $225 from ME?

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

Since this one includes additions to existing accounts, I thought I would ask Schwab to match and just add to my current account there, if they will do so.
Time is your friend; impulse is your enemy. - John C. Bogle

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

Post by jeffyscott » Fri Jan 04, 2019 10:01 am

b0B wrote:
Fri Jan 04, 2019 9:45 am
jeffyscott wrote:
Fri Jan 04, 2019 7:07 am
For an IRA, are there any better offers at the $50K+ level than the $225 from ME?

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

Since this one includes additions to existing accounts, I thought I would ask Schwab to match and just add to my current account there, if they will do so.
Compare these two
https://www.merrilledge.com/offers/900offer
https://www.merrilledge.com/offers/1000offer
though the latter has a requirement that they may or may not check.
Also see
https://us.etrade.com/what-we-offer/how ... enrollment
Thanks, I'd thought of splitting my rollover and doing $25K for $200 at E-trade and then doing another increment of $25K later, but the offer linked expired Dec 31. The only current ones I can find exclude retirement accounts, plus I think the current bonuses are lower.

So far it looks like I can at least see if Schwab will match the $250, rather than $225 from Merrill. Only 8 days left to try for the extra 25 bucks.
Time is your friend; impulse is your enemy. - John C. Bogle

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

Post by jeffyscott » Fri Jan 04, 2019 11:48 am

b0B wrote:
Fri Jan 04, 2019 10:24 am
It could be the latter one expired, or it could be that they just didn't update the page, as these two
https://us.etrade.com/what-we-offer/how ... /brokerage
https://us.etrade.com/what-we-offer/how ... retirement
say 12/31/2019 now, but said 12/31/2018 yesterday.
They sure make it confusing, I'd seen the first one with 2019 and did not realize that they had an entirely separate page with all the very same bonuses for retirement accounts.

Thanks, again.
Time is your friend; impulse is your enemy. - John C. Bogle

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by snowman » Sun Jan 06, 2019 8:54 pm

For those of you that have entered, exited, and re-entered Merrill Edge bonus land, what is the best way to exit? I see that they charge $49.95 for full account transfer, but $0 for partial account transfer. It seems to me that the best way is to leave couple dollars in the account to keep it open and avoid the fee altogether. Then, a year later, transfer directly into that account and collect the bonus.

Is that the best way to do it? If not, why not?

Thanks!

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

Post by Mike14 » Mon Jan 07, 2019 10:59 am

snowman wrote:
Sun Jan 06, 2019 8:54 pm
For those of you that have entered, exited, and re-entered Merrill Edge bonus land, what is the best way to exit? I see that they charge $49.95 for full account transfer, but $0 for partial account transfer. It seems to me that the best way is to leave couple dollars in the account to keep it open and avoid the fee altogether.
AFAIK, if you transfer out everything except a fractional share (qty < 1), it will count as a partial transfer. The fractional share will be sold automatically before the next dividend hits without a fee. You could then transfer the cash balance from the sale into your checking account, bringing the ME account down to zero. You should then be able to close the account. Maybe they'll close automatically after a while. Regardless, even when doing a full transfer, they'll sell fractional shares, so no way around that.

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

Post by snowman » Mon Jan 07, 2019 12:46 pm

Mike14 wrote:
Mon Jan 07, 2019 10:59 am
snowman wrote:
Sun Jan 06, 2019 8:54 pm
For those of you that have entered, exited, and re-entered Merrill Edge bonus land, what is the best way to exit? I see that they charge $49.95 for full account transfer, but $0 for partial account transfer. It seems to me that the best way is to leave couple dollars in the account to keep it open and avoid the fee altogether.
AFAIK, if you transfer out everything except a fractional share (qty < 1), it will count as a partial transfer. The fractional share will be sold automatically before the next dividend hits without a fee. You could then transfer the cash balance from the sale into your checking account, bringing the ME account down to zero. You should then be able to close the account. Maybe they'll close automatically after a while. Regardless, even when doing a full transfer, they'll sell fractional shares, so no way around that.
Thanks Mike for your reply. Not sure I follow. ME says that closing the account will trigger $50 charge. So I assume that if, for example, I have $60 left in my account after partial transfer out, and attempt to move it to my checking account, they will keep $50 and I will only receive $10. That's the scenario I am trying to avoid.

So given the fact that I want to exit without any fees to Etrade, and than later in the year come back to ME, what's the most efficient way to go? Close the account and eat $50 fee, and later create new one at ME? Or keep cash from partial shares sold in ME, avoid the $50 fee, and later in the year deposit funds from Etrade directly into that old account to collect another bonus?

I have never done this, but it seems other people have been playing the bonus game for years, so I was looking for real world experience. Thanks again for taking your time to reply!

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

Post by Mike14 » Tue Jan 08, 2019 3:02 am

snowman wrote:
Mon Jan 07, 2019 12:46 pm
ME says that closing the account will trigger $50 charge.
I see a full account transfer fee, and a close-out fee that is not charged for non-retirement accounts. A partial transfer will avoid the full account transfer fee, and withdrawing money down to zero manually is not considered an account transfer. Close the account once it reaches zero and you are home free on brokerage accounts.

For retirement accounts, you can follow the same strategy but simply leave it open. Only because the account has zero dollars in it, doesn't mean you want it closed. You'll see how much money you have available to withdraw, if they wanted to enforce this, they'd always put a $50 hold on the available balance. A while ago I discovered an still active account at a different brokerage that I thought I had closed. It had nothing in it for over a year, and was still open.

At some point, they might have to close the account due to inactivity, but that will be on their dime. You can also try to get them to close it after a few months, and they'll probably just do it if they don't see any activity. Would be silly for them to say that you have to transfer more money in, then call them back, only for the privilege to have the account closed. Brokerages usually don't nickle and dime you like that. Just look at the size of the bonuses they are offering. Sure, they'll take the money when you do a full in-kind transfer out, as that's an automated process that can be easily be programed and is peanuts compared to the sum of the transfer, so most people won't notice / care as much.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by snowman » Wed Jan 09, 2019 10:13 am

Thanks Mike. Yes these are retirement accounts. Seems logical the way you described it. Will give it a shot. Thanks again for taking your time to reply!

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by GulfShoresBound » Thu Jan 10, 2019 8:54 pm

Hello all! New member here. I've been lurking for a while, reading quite a bit on various topics, and just stumbled across this topic. What a wonderful resource this site is! Sure wish I had found it years ago.

For those of you who have been playing this transfer bonus game for a while, have you had any issues transferring assets in kind rather than simply rolling cash from account to account?

Any problems with Merrill, Fidelity or TD Ameritrade in particular when doing account transfers in kind?

Between my wife and I, we have several individual accounts with various mixes of funds, individual stocks and individual treasury notes and treasury bonds at each of these brokerages. I'm thinking about moving the accounts around a bit - and maybe consolidating some - in part to take advantage of the bonuses being offered, but have never transferred accounts before. I certainly don't want to liquidate individual holdings and then transfer. From what I've read stocks and fund shares seem to transfer in kind easily via ACATS. Do treasuries transfer just as easily?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante » Thu Jan 10, 2019 10:14 pm

GulfShoresBound wrote:
Thu Jan 10, 2019 8:54 pm
Hello all! New member here. I've been lurking for a while, reading quite a bit on various topics, and just stumbled across this topic. What a wonderful resource this site is! Sure wish I had found it years ago.

For those of you who have been playing this transfer bonus game for a while, have you had any issues transferring assets in kind rather than simply rolling cash from account to account?

Any problems with Merrill, Fidelity or TD Ameritrade in particular when doing account transfers in kind?

Between my wife and I, we have several individual accounts with various mixes of funds, individual stocks and individual treasury notes and treasury bonds at each of these brokerages. I'm thinking about moving the accounts around a bit - and maybe consolidating some - in part to take advantage of the bonuses being offered, but have never transferred accounts before. I certainly don't want to liquidate individual holdings and then transfer. From what I've read stocks and fund shares seem to transfer in kind easily via ACATS. Do treasuries transfer just as easily?
Mutual funds are tricky. The target broker will tell you if they are unable to accept the fund. Stocks, ETFs, treasuries, and corporate bonds are almost always portable.

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

Post by whodidntante » Thu Jan 10, 2019 10:25 pm

New bonus alert. $200 for 25k at Chase You Invest.

https://accounts.chase.com/youinvest/tr ... You+Invest

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Pow » Fri Jan 11, 2019 12:38 am

whodidntante wrote:
Thu Jan 10, 2019 10:25 pm
New bonus alert. $200 for 25k at Chase You Invest.
I'm thinking transferring 25K and buying 13-week Treasury Bills to fulfill 90 days requirement. Brokerage account transfer fee (even partial) is $75. I'd like to avoid that. I don't see any fees if cash is transferred out and account closed.
Their fee schedule mentions no fees for Treasury Bills. Anyone has experience? Does it include new issues?

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

Post by Earl Lemongrab » Fri Jan 11, 2019 1:27 am

All my holdings outside of the 401(k) are ETFs, partly to facilitate transfers. I have had few problems, and never related to the assets themselves. One thing to be aware of with in-kind transfer is that the value of the assets can change between the time you send and when they arrive. Most custodians credit the value at the close of business the day they show up in the account. With taxable you can top up with cash as needed, but that can be trickier with IRAs.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by motorcyclesarecool » Fri Jan 11, 2019 6:50 am

whodidntante wrote:
Thu Jan 10, 2019 10:25 pm
New bonus alert. $200 for 25k at Chase You Invest.

https://accounts.chase.com/youinvest/tr ... You+Invest
I didn’t see cost to transfer out/close account after bonus. Also didn’t see if they’ll cover any fees charged by the sending brokerage in the fine print of the offer.

Looks like $75 for a full outbound account transfer.
https://www.chase.com/content/dam/chase ... hedule.pdf Any data points re: whether they refund outbound transfer fees from incoming transfers?
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 SlowMovingInvestor » Fri Jan 11, 2019 7:19 am

whodidntante wrote:
Thu Jan 10, 2019 10:25 pm
New bonus alert. $200 for 25k at Chase You Invest.

https://accounts.chase.com/youinvest/tr ... You+Invest
I think I prefer the 60K Ultimate Rewards Sapphire account bonus -- with You Invest. Needs 75K, but easy enough to transfer that much. It will likely be 1099ed, probably at $750, so figure $250 for that. But I make vrey good use of URs.

Judging by the T&C, it's not possible to stack these 2 bonuses.

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

Post by SlowMovingInvestor » Fri Jan 11, 2019 7:37 am

b0B wrote:
Fri Jan 04, 2019 9:45 am
jeffyscott wrote:
Fri Jan 04, 2019 7:07 am
For an IRA, are there any better offers at the $50K+ level than the $225 from ME?

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

Since this one includes additions to existing accounts, I thought I would ask Schwab to match and just add to my current account there, if they will do so.
Compare these two
https://www.merrilledge.com/offers/900offer
https://www.merrilledge.com/offers/1000offer

The ME offers say in the fine print.

Offer valid for new and existing individual Merrill Edge IRAs or Cash Management Accounts (CMAs) opened by April 30, 2019.

I already have an existing CMA at Merill, so don't want to add a new account just for logistical reasons (new 1099s etc.). is there any way to get the $900 offer added to an existing account ? [ I wouldn't even try to the add the $1000 offer since I didn't attend the Expo]

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

Post by GulfShoresBound » Fri Jan 11, 2019 9:28 am

whodidntante wrote:
Thu Jan 10, 2019 10:14 pm
Mutual funds are tricky. The target broker will tell you if they are unable to accept the fund. Stocks, ETFs, treasuries, and corporate bonds are almost always portable.
Earl Lemongrab wrote:
Fri Jan 11, 2019 1:27 am
All my holdings outside of the 401(k) are ETFs, partly to facilitate transfers. I have had few problems, and never related to the assets themselves. One thing to be aware of with in-kind transfer is that the value of the assets can change between the time you send and when they arrive. Most custodians credit the value at the close of business the day they show up in the account. With taxable you can top up with cash as needed, but that can be trickier with IRAs.
whodidntante and Earl - thanks so much for your helpful replies and info! :sharebeer

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

Post by GulfShoresBound » Fri Jan 11, 2019 9:31 am

SlowMovingInvestor wrote:
Fri Jan 11, 2019 7:37 am
I already have an existing CMA at Merill, so don't want to add a new account just for logistical reasons (new 1099s etc.). is there any way to get the $900 offer added to an existing account ? [ I wouldn't even try to the add the $1000 offer since I didn't attend the Expo]


FWIW - I know from personal experience that if you call Merrill, tell them you saw the $1,000 offer and ask them if they will make it available to you even though you didn't attend the expo, that they will do so . . . . 8-)

venus_06
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by venus_06 » Fri Jan 11, 2019 9:53 am

whodidntante wrote:
Thu Jan 10, 2019 10:25 pm
New bonus alert. $200 for 25k at Chase You Invest.

https://accounts.chase.com/youinvest/tr ... You+Invest
Thanks for this information. Thinking of transferring 25k over for the bonus. Do you know if they have something like the Prime Money Market fund and what the yield is?

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

Post by SlowMovingInvestor » Fri Jan 11, 2019 10:01 am

GulfShoresBound wrote:
Fri Jan 11, 2019 9:31 am
SlowMovingInvestor wrote:
Fri Jan 11, 2019 7:37 am
I already have an existing CMA at Merill, so don't want to add a new account just for logistical reasons (new 1099s etc.). is there any way to get the $900 offer added to an existing account ? [ I wouldn't even try to the add the $1000 offer since I didn't attend the Expo]


FWIW - I know from personal experience that if you call Merrill, tell them you saw the $1,000 offer and ask them if they will make it available to you even though you didn't attend the expo, that they will do so . . . . 8-)
They'l make it available to an existing account ?

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

Post by GulfShoresBound » Fri Jan 11, 2019 10:03 am

SlowMovingInvestor wrote:
Fri Jan 11, 2019 10:01 am
GulfShoresBound wrote:
Fri Jan 11, 2019 9:31 am
SlowMovingInvestor wrote:
Fri Jan 11, 2019 7:37 am
I already have an existing CMA at Merill, so don't want to add a new account just for logistical reasons (new 1099s etc.). is there any way to get the $900 offer added to an existing account ? [ I wouldn't even try to the add the $1000 offer since I didn't attend the Expo]


FWIW - I know from personal experience that if you call Merrill, tell them you saw the $1,000 offer and ask them if they will make it available to you even though you didn't attend the expo, that they will do so . . . . 8-)
They'l make it available to an existing account ?
Not sure about an existing account - but definitely will do it (or at least did it for me) for a new account. It wouldn't hurt to call an try though. :D

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

Post by Ricchan » Fri Jan 11, 2019 8:32 pm

venus_06 wrote:
Fri Jan 11, 2019 9:53 am
whodidntante wrote:
Thu Jan 10, 2019 10:25 pm
New bonus alert. $200 for 25k at Chase You Invest.

https://accounts.chase.com/youinvest/tr ... You+Invest
Thanks for this information. Thinking of transferring 25k over for the bonus. Do you know if they have something like the Prime Money Market fund and what the yield is?
I'm wondering about this as well. It would be nice if they have something comparable to VMMXX, but it seems like most places do not (in terms of yield), so I'm not setting my expectations too high. I might just end up putting the money in a short term bond fund like MINT if their money market fund offerings are not appealing.

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

Post by sc9182 » Fri Jan 11, 2019 10:43 pm

Called ETrade this afternoon to find/improvise on their published offer. One of accounts could transfer about 800k. Asked their best offer, and been referred to a intown ETrade consultant. Got promised offered of $2500 upon $800k transfer-in. 6 months retention required.

Hope this helps folks achieve better bonus $$s, especially if your balance is tad short of the magic number(s) for maximum bonus. Good luck.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by confusedinvestor » Fri Jan 11, 2019 10:55 pm

Yes, that can do that in the existing account - that's is what they are doing for me when I called them...I am getting $500 to move 100K in my existing CMA account and they will waive any initial purchase fees of Vanguard MF....hope this helps
GulfShoresBound wrote:
Fri Jan 11, 2019 10:03 am
SlowMovingInvestor wrote:
Fri Jan 11, 2019 10:01 am
GulfShoresBound wrote:
Fri Jan 11, 2019 9:31 am
SlowMovingInvestor wrote:
Fri Jan 11, 2019 7:37 am
I already have an existing CMA at Merill, so don't want to add a new account just for logistical reasons (new 1099s etc.). is there any way to get the $900 offer added to an existing account ? [ I wouldn't even try to the add the $1000 offer since I didn't attend the Expo]


FWIW - I know from personal experience that if you call Merrill, tell them you saw the $1,000 offer and ask them if they will make it available to you even though you didn't attend the expo, that they will do so . . . . 8-)
They'l make it available to an existing account ?
Not sure about an existing account - but definitely will do it (or at least did it for me) for a new account. It wouldn't hurt to call an try though. :D

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

Post by whodidntante » Fri Jan 11, 2019 11:01 pm

venus_06 wrote:
Fri Jan 11, 2019 9:53 am
whodidntante wrote:
Thu Jan 10, 2019 10:25 pm
New bonus alert. $200 for 25k at Chase You Invest.

https://accounts.chase.com/youinvest/tr ... You+Invest
Thanks for this information. Thinking of transferring 25k over for the bonus. Do you know if they have something like the Prime Money Market fund and what the yield is?
No, sorry. I don't have an account at Chase. I'll probably do the Sapphire 60k points offer instead of this one, if it's still available after my current lockup periods end. You could certainly hold an ultrashort bond ETF like ICSH (3.04%), SHV (2.29%), or T-bills.

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

Post by JustinR » Fri Jan 11, 2019 11:01 pm

For the Chase Sapphire offer: https://accounts.chase.com/consumer/ban ... sapphireUR

It's a checking account so how does that work if you want to move securities in? Does it come linked with a brokerage account?

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

Post by FlamingoTime » Sat Jan 12, 2019 1:44 am

Ricchan wrote:
Fri Jan 11, 2019 8:32 pm
venus_06 wrote:
Fri Jan 11, 2019 9:53 am
whodidntante wrote:
Thu Jan 10, 2019 10:25 pm
New bonus alert. $200 for 25k at Chase You Invest.

https://accounts.chase.com/youinvest/tr ... You+Invest
Thanks for this information. Thinking of transferring 25k over for the bonus. Do you know if they have something like the Prime Money Market fund and what the yield is?
I'm wondering about this as well. It would be nice if they have something comparable to VMMXX, but it seems like most places do not (in terms of yield), so I'm not setting my expectations too high. I might just end up putting the money in a short term bond fund like MINT if their money market fund offerings are not appealing.
Merrill Edge has a Preferred Deposit (1.97% a few weeks ago). It has a minimum of $100,000 initial investment. I don't think think it has to stay at that level though. Downside is you have to call to move it back to savings/settlement account - but transfer happens pretty quickly.

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

Post by SlowMovingInvestor » Sat Jan 12, 2019 7:44 am

confusedinvestor wrote:
Fri Jan 11, 2019 10:55 pm
Yes, that can do that in the existing account - that's is what they are doing for me when I called them...I am getting $500 to move 100K in my existing CMA account and they will waive any initial purchase fees of Vanguard MF....hope this helps
GulfShoresBound wrote:
Fri Jan 11, 2019 10:03 am
SlowMovingInvestor wrote:
Fri Jan 11, 2019 10:01 am
GulfShoresBound wrote:
Fri Jan 11, 2019 9:31 am
SlowMovingInvestor wrote:
Fri Jan 11, 2019 7:37 am
I already have an existing CMA at Merill, so don't want to add a new account just for logistical reasons (new 1099s etc.). is there any way to get the $900 offer added to an existing account ? [ I wouldn't even try to the add the $1000 offer since I didn't attend the Expo]


FWIW - I know from personal experience that if you call Merrill, tell them you saw the $1,000 offer and ask them if they will make it available to you even though you didn't attend the expo, that they will do so . . . . 8-)
They'l make it available to an existing account ?
Not sure about an existing account - but definitely will do it (or at least did it for me) for a new account. It wouldn't hurt to call an try though. :D
Unfortunately I already got a bonus about 7 months back in this account, and they said that only one bonus per account type per 12 months would be paid. I'm not sure what would happen if I opened an account under the radar for the 900 bonus and transferred securities there -- i.e. I am not sure their back end systems actually enforce this rule for multiple accounts with the same SS

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Startled Cat » Sat Jan 12, 2019 12:52 pm

I'm finally about to jump on some of these offers. I'm thinking of using the $1000 Merrill Edge promo twice (IRA, and taxable), and also opening a You Invest account to hold funds for the 60,000 UR Sapphire Banking promo.

Does anyone have experience with You Invest yet? Online reviews seem to suggest it has very limited functionality. I'm curious if it supports margin accounts and selling specific tax lots. I don't want margin to use for leverage, but I find margin accounts more convenient because they avoid confusing rules about settlement that I've accidentally violated before.

The source of some of my funds will be WellsTrade. I've been increasingly disappointed with WellsTrade and taking advantages of the bonuses will be a good excuse to move away from Wells Fargo completely. I feel they've underinvested in their online platform, and it's clunky to the point of unusability. Just today I logged in and tried to sell some fractional shares of a mutual fund that were left over from an earlier transaction. These were split across cash and margin accounts for some reason, so "sell all shares" told me to go enter individual sell orders for shares in the two accounts. But "sell" won't accept a fractional number of shares! Also, a lot of things that other platforms can do online, like designating a beneficiary or requesting a rollover, require submitting a long form by mail or fax.

Anyway, Wells Fargo charges $95 to transfer out an account, and I would be moving three accounts. I seem to remember that in the past it was common for receving brokerages to reimburse these fees. Is that still a thing, or have the cash bonuses largely replaced it?

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

Post by Earl Lemongrab » Sat Jan 12, 2019 1:00 pm

Startled Cat wrote:
Sat Jan 12, 2019 12:52 pm
Anyway, Wells Fargo charges $95 to transfer out an account, and I would be moving three accounts. I seem to remember that in the past it was common for receving brokerages to reimburse these fees. Is that still a thing, or have the cash bonuses largely replaced it?
Depends on the custodian. If it's not a part of the advertised offer, you can ask about it.

Startled Cat
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Startled Cat » Sat Jan 12, 2019 1:05 pm

Startled Cat wrote:
Sat Jan 12, 2019 12:52 pm
Does anyone have experience with You Invest yet? Online reviews seem to suggest it has very limited functionality. I'm curious if it supports margin accounts and selling specific tax lots. I don't want margin to use for leverage, but I find margin accounts more convenient because they avoid confusing rules about settlement that I've accidentally violated before.
Another thing I'm curious about, for both You Invest and Merrill Edge, is what kind of limits they place on outgoing fund transfers. WellsTrade limited me to $25k per day (or was it per week or per month?), which was annoying and one of the reasons I want to leave WellsTrade. Fidelity's limit is $100k per transaction, and the attached checking account at Fidelity makes it straightforward to do larger transactions.

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

Post by Ricola » Sat Jan 12, 2019 1:06 pm

Startled Cat wrote:
Sat Jan 12, 2019 12:52 pm
Anyway, Wells Fargo charges $95 to transfer out an account, and I would be moving three accounts. I seem to remember that in the past it was common for receving brokerages to reimburse these fees. Is that still a thing, or have the cash bonuses largely replaced it?
Unfortunately, Wells Fargo has the highest hostage (ACAT and closing) fees that I am aware of. For awhile Fidelity and Schwab were offering some dollar incentives to move over that would have taken the sting out of Wells Fargo. Vanguard does not offer any incentives, however, they also don't charge hostage fees. https://investorjunkie.com/stock-broker ... -accounts/

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

Post by dual » Sat Jan 12, 2019 1:22 pm

Chase You Invest (CYI) investment commissions and fees:
Stocks and ETFs $2.95 ($100 trades at $0 commission for 1 year for anyone opening and funding a You Invest Trade account)
Options not offered
Mutual funds $0
Bonds $1 per bond with $10 minimum, $250 maximum
Treasuries commission-free
Futures not offered
Automated Customer Account Transfer (ACAT) $75
Retirement Brokerage Account Termination (IRAs and SEPs) $75
Applies when all assets are distributed or transferred out of the account.
I have some TBills in other accounts so I am thinking of transferring in cash via check to my new CYI account, buying Tbill at auction, and then after the lockup period transferring out by transferring to m Chase checking account and then to my Fidelity account via ACH transfer.

Does anyone know if I can link the CYI to my Chase checking account?

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

Post by SlowMovingInvestor » Sat Jan 12, 2019 2:01 pm

dual wrote:
Sat Jan 12, 2019 1:22 pm
Does anyone know if I can link the CYI to my Chase checking account?
Yes, it's linked. Not sure how long transfers take though. I'm guessing 1 business day ?

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