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.