The Final, Definitive Thread on Brokerage Transfer Bonuses

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.
User avatar
dual
Posts: 642
Joined: Mon Feb 26, 2007 7:02 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by dual » Sat Jan 12, 2019 2:05 pm

SlowMovingInvestor wrote:
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 ?
Tnx. Transfers between other Chase accounts take place immediately but I am not in a hurry.

User avatar
Topic Author
Earl Lemongrab
Posts: 7270
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Sat Jan 12, 2019 2:20 pm

Startled Cat wrote:
Sat Jan 12, 2019 1:05 pm
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.
I've never had much reason for large cash transfers, but it often differs by whether you're doing a push or a pull.

User avatar
dual
Posts: 642
Joined: Mon Feb 26, 2007 7:02 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by dual » Sat Jan 12, 2019 2:21 pm

Tried applying to Chase You Invest. The website failed repeatedly when entering some personal info:
It looks like this part of our site isn't working right now. Please try again.
Oh well. $200 is right on my threshold for all the fooling around with one of these offers.

User avatar
SlowMovingInvestor
Posts: 1426
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Sat Jan 12, 2019 2:24 pm

dual wrote:
Sat Jan 12, 2019 2:05 pm
SlowMovingInvestor wrote:
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 ?
Tnx. Transfers between other Chase accounts take place immediately but I am not in a hurry.
I think the YouInvest account is a sweep style account, so I'm guessing they can't actually move funds in or out till the end of the business day. And if you have a 'purchased' money market fund like a Vanguard fund at You Invest, I'm guessing it could take up to 2 days.

yukon50
Posts: 329
Joined: Thu Jan 13, 2011 8:23 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by yukon50 » Mon Jan 14, 2019 12:31 pm

SlowMovingInvestor wrote:
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]
This is my question as well. Last year I did a customized offer (which was pretty much the same terms as the posted offer) and the rep said I can only do one customized offer every 12 months. How do you go about adding the promo to an existing account and does it count as a customized offer?

User avatar
Topic Author
Earl Lemongrab
Posts: 7270
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Mon Jan 14, 2019 3:07 pm

yukon50 wrote:
Mon Jan 14, 2019 12:31 pm
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]
This is my question as well. Last year I did a customized offer (which was pretty much the same terms as the posted offer) and the rep said I can only do one customized offer every 12 months. How do you go about adding the promo to an existing account and does it count as a customized offer?
Your best bet is to contact Edge and see. If you had a rep contact you at some point, that's a place to start. Otherwise use the general contact methods. Opening new accounts doesn't bother me because it's easy when you already have a login ID and they will be automatically coded. You can of course combine like accounts at some point.

User avatar
Topic Author
Earl Lemongrab
Posts: 7270
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Mon Jan 14, 2019 5:21 pm

Did anyone do the HSBC $750 offer?

https://www.us.hsbc.com/checking-accoun ... AFF0000067

I opened the checking account, but I never could figure out how to open an investment account. Every link I found either was dead or took me somewhere irrelevant.

User avatar
SlowMovingInvestor
Posts: 1426
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Mon Jan 14, 2019 6:12 pm

Earl Lemongrab wrote:
Mon Jan 14, 2019 3:07 pm
yukon50 wrote:
Mon Jan 14, 2019 12:31 pm
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]
This is my question as well. Last year I did a customized offer (which was pretty much the same terms as the posted offer) and the rep said I can only do one customized offer every 12 months. How do you go about adding the promo to an existing account and does it count as a customized offer?
Your best bet is to contact Edge and see. If you had a rep contact you at some point, that's a place to start. Otherwise use the general contact methods. Opening new accounts doesn't bother me because it's easy when you already have a login ID and they will be automatically coded. You can of course combine like accounts at some point.
I was told:
The bonus is available once every 12 months per account type (retirement/non-retirement).


But no idea whether this is actually enforced or not. And not sure all the bonuses are the 'same' -- some are $600, some $900, some $1000.

I dislike getting multiple 1099s from a brokerage, so I would prefer to avoid opening another account if it's avoidable.

motorcyclesarecool
Posts: 785
Joined: Sun Dec 14, 2014 7:39 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by motorcyclesarecool » Tue Jan 15, 2019 6:26 am

Earl Lemongrab wrote:
Mon Jan 14, 2019 5:21 pm
Did anyone do the HSBC $750 offer?

https://www.us.hsbc.com/checking-accoun ... AFF0000067

I opened the checking account, but I never could figure out how to open an investment account. Every link I found either was dead or took me somewhere irrelevant.
It appears they really really want you to deal with an inve$tment advi$or at a local branch Also, their fees make no sense to me:

https://www.us.hsbc.com/content/dam/hsb ... hedule.pdf
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.

JustinR
Posts: 1122
Joined: Tue Apr 27, 2010 11:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JustinR » Tue Jan 15, 2019 6:40 am

JustinR wrote:
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?
Anyone know the answer to my question? I guess you just also open a YouInvest account at the same time?

User avatar
SlowMovingInvestor
Posts: 1426
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Tue Jan 15, 2019 8:27 am

JustinR wrote:
Tue Jan 15, 2019 6:40 am
JustinR wrote:
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?
Anyone know the answer to my question? I guess you just also open a YouInvest account at the same time?
Yes, you open a YouInvest account and transferr securities in. Or transfer cash in and buy a Vanguard MM fund at You Invest.

User avatar
Topic Author
Earl Lemongrab
Posts: 7270
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Tue Jan 15, 2019 8:09 pm

motorcyclesarecool wrote:
Tue Jan 15, 2019 6:26 am
Earl Lemongrab wrote:
Mon Jan 14, 2019 5:21 pm
Did anyone do the HSBC $750 offer?

https://www.us.hsbc.com/checking-accoun ... AFF0000067

I opened the checking account, but I never could figure out how to open an investment account. Every link I found either was dead or took me somewhere irrelevant.
It appears they really really want you to deal with an inve$tment advi$or at a local branch Also, their fees make no sense to me:

https://www.us.hsbc.com/content/dam/hsb ... hedule.pdf
I'll need to call I guess. There are no local branches. If it's too hard, I'll drop it.

User avatar
Topic Author
Earl Lemongrab
Posts: 7270
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Tue Jan 15, 2019 8:12 pm

I signed up for the $1000 Edge offer in both IRA and individual, then initiated transfers from two TDA accounts over the weekend. The transfer requests hit TDA today, and by the afternoon I had a voicemail from a local TDA rep. Got their attention!

User avatar
SlowMovingInvestor
Posts: 1426
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Wed Jan 16, 2019 11:37 am

Earl Lemongrab wrote:
Tue Jan 15, 2019 8:12 pm
I signed up for the $1000 Edge offer in both IRA and individual, then initiated transfers from two TDA accounts over the weekend. The transfer requests hit TDA today, and by the afternoon I had a voicemail from a local TDA rep. Got their attention!
Full or partial transfers ?

I'm guessing they'll match Merill Edge ..

marcopolo
Posts: 2508
Joined: Sat Dec 03, 2016 10:22 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by marcopolo » Wed Jan 16, 2019 12:40 pm

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.
Thanks for the suggestion, I think it saved me a lot of time and aggravation!

I received my $2.5k retention bonus from Fidelity today. Staying with them for the rollover from 401k to IRAs was definitely a good idea.
My PCG rep talked me through their "Transfer team", the whole thing took about 5 minutes on the phone, no paper work at all. The money was transferred in two days from my 401k and split between my tIRA and Roth IRA. The bonus showed up 2 days later. Given some of the stories i have read about problems and delays associated with 401k Rollovers (especially when splitting out after-tax contributions), I am really glad i stayed within one brokerage house.
Once in a while you get shown the light, in the strangest of places if you look at it right.

FlamingoTime
Posts: 114
Joined: Sat Nov 09, 2013 10:01 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by FlamingoTime » Wed Jan 16, 2019 1:16 pm

I was going to possibly bring almost $1M as a new customer/account to Fidelity, went in and spoke to them and my advisor called her boss to ask about the bonus. He said no, so I didn't move any $$ there. Too bad, would have been convenient, but they gave me no incentive.

I just had my $900 bonus post from Merrill Edge for moving $200k in. I keep $100k between them and B of A to retain Platinum Rewards status.

User avatar
Topic Author
Earl Lemongrab
Posts: 7270
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Wed Jan 16, 2019 1:24 pm

SlowMovingInvestor wrote:
Wed Jan 16, 2019 11:37 am
Earl Lemongrab wrote:
Tue Jan 15, 2019 8:12 pm
I signed up for the $1000 Edge offer in both IRA and individual, then initiated transfers from two TDA accounts over the weekend. The transfer requests hit TDA today, and by the afternoon I had a voicemail from a local TDA rep. Got their attention!
Full or partial transfers ?
Partial. I usually do that, and always at TDA because they immediately close the account and block access to documents on a full transfer. In this case the 200k from each was significantly less than the total.
I'm guessing they'll match Merill Edge ..
Well, we won't know because I'm not stopping the transfer. In fact I see the funds are in my Edge accounts. ACATS sure is fast these days!

MikeG62
Posts: 2243
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 » Wed Jan 16, 2019 3:24 pm

marcopolo wrote:
Wed Jan 16, 2019 12:40 pm
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.
Thanks for the suggestion, I think it saved me a lot of time and aggravation!

I received my $2.5k retention bonus from Fidelity today. Staying with them for the rollover from 401k to IRAs was definitely a good idea.
My PCG rep talked me through their "Transfer team", the whole thing took about 5 minutes on the phone, no paper work at all. The money was transferred in two days from my 401k and split between my tIRA and Roth IRA. The bonus showed up 2 days later. Given some of the stories i have read about problems and delays associated with 401k Rollovers (especially when splitting out after-tax contributions), I am really glad i stayed within one brokerage house.
You are welcome!

Glad to hear your experience was positive as well. Mine was too - very simple (although I did not have the split between tIRA and Roth IRA as you did).
Real Knowledge Comes Only From Experience

sc9182
Posts: 291
Joined: Wed Aug 17, 2016 7:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 » Thu Jan 17, 2019 6:10 am

Last year already received Fidelity retention bonus (in-addition to the transfer-in bonus the year before). Requested Fidelity retention bonus this year (after 12 months passed). Was told NO. Indicated other brokerages are vying for monies, still NO retention bonus/offer. Hence, moved some rollover IRA monies (under $1MM) to ETrade - but got the promise that $2500 retention bonus be paid-out on that transfer-in. Waiting 60 days to roll brokerage monies (and hoping for additional $2500) - keeping fingers crossed.

Didn't want to jump around if Fid threw in decent retention bonus, but was told 'retention' bonus is once for lifetime of the account. So, may have to get-out (to etrade $2500 bonus); stay there for a 6-months, and and get-back-in to Fidelity (Fidelity indicated they still offer matching-bonus for net new monies), a round-trip appears more gainful than staying put. Where is the respect (monies) for the loyal customer! :-)

Will keep us posted.

BashDash
Posts: 681
Joined: Mon Nov 28, 2016 12:31 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BashDash » Thu Jan 17, 2019 10:40 am

Quick question regarding Ally Invest. I believe I read here that there bonus is a headache. If one already has a ally bank account maybe it might make a transfer easier to make. I have a oversized emergency account with ally bank and was hoping to take advantage of the ally invest bonus. Would there be a "cash-like" ETF I could invest in that would have a similar 2.2% interest rate? Would it create a taxable invest to go in and out of this ETF if it did exist? I'm not sure if I am explaining this properly.

worthit
Posts: 132
Joined: Tue Jun 19, 2018 2:10 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by worthit » Thu Jan 17, 2019 11:28 am

I am considering moving to Ally invest to take advantage of their promotions before Jan 31. How easy is it to move the accounts in and out of Ally? In my case it will be a brokerage account.

Anyone used them? Anything to be concerned about?

Thanks.

User avatar
Topic Author
Earl Lemongrab
Posts: 7270
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Thu Jan 17, 2019 12:26 pm

With Ally, be aware that the brokerage bonus is a once-in-a-lifetime thing. That also includes Tradeking bonuses from before the merger.

GeraniumLover
Posts: 187
Joined: Mon Feb 22, 2016 3:39 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by GeraniumLover » Thu Jan 17, 2019 1:21 pm

worthit wrote:
Thu Jan 17, 2019 11:28 am
I am considering moving to Ally invest to take advantage of their promotions before Jan 31.
Would someone please summarize or post a link to the current Ally promotions?


robertmcd
Posts: 554
Joined: Tue Aug 09, 2016 9:06 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by robertmcd » Thu Jan 17, 2019 2:57 pm

BashDash wrote:
Thu Jan 17, 2019 10:40 am
Quick question regarding Ally Invest. I believe I read here that there bonus is a headache. If one already has a ally bank account maybe it might make a transfer easier to make. I have a oversized emergency account with ally bank and was hoping to take advantage of the ally invest bonus. Would there be a "cash-like" ETF I could invest in that would have a similar 2.2% interest rate? Would it create a taxable invest to go in and out of this ETF if it did exist? I'm not sure if I am explaining this properly.
Plenty of ETF options like that. Yes if your shares appreciate and you want to sell it would be a capital gain, but on such short term quality securities the change in NAV will be minimal so you won't pay much.

Use the ETF.com screener and look at ultra-short term fixed income. Some of them are 100% 1-3 months t bills, some are <1 yr treasuries, and the riskier ones like GSY, ICSH, JPST include corporate, floating, MBS, etc.

User avatar
Ricchan
Posts: 178
Joined: Wed Jan 27, 2016 12:26 am
Location: Firestone D Floor

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Ricchan » Thu Jan 17, 2019 3:29 pm

robertmcd wrote:
Thu Jan 17, 2019 2:57 pm
BashDash wrote:
Thu Jan 17, 2019 10:40 am
Quick question regarding Ally Invest. I believe I read here that there bonus is a headache. If one already has a ally bank account maybe it might make a transfer easier to make. I have a oversized emergency account with ally bank and was hoping to take advantage of the ally invest bonus. Would there be a "cash-like" ETF I could invest in that would have a similar 2.2% interest rate? Would it create a taxable invest to go in and out of this ETF if it did exist? I'm not sure if I am explaining this properly.
Plenty of ETF options like that. Yes if your shares appreciate and you want to sell it would be a capital gain, but on such short term quality securities the change in NAV will be minimal so you won't pay much.

Use the ETF.com screener and look at ultra-short term fixed income. Some of them are 100% 1-3 months t bills, some are <1 yr treasuries, and the riskier ones like GSY, ICSH, JPST include corporate, floating, MBS, etc.
I've used the following ETFs with the intention to hold for a couple months to a year, in order of preference:

Treasury funds: SHV (0.40 yr avg maturity), BIL (0.17 yr), and SHY (1.88 yr).
Non-treasury funds: MINT (0.34 yr) and NEAR (1.35 yr). Note that MINT is an active fund.

These are not money market funds like VMMXX, so their NAV will fluctuate. Also note that the Ally bonus requires you to keep your qualifying deposit and bonus in the account for 300+ days (emphasis mine):
Cash Bonus: The minimum qualifying deposit to receive a cash bonus is $10,000. Cash bonus levels are identified above. Accounts will be reviewed 60 days after account opening to determine the total qualifying deposit. Corresponding cash bonus will be credited to the account within 10 business days. Once the bonus is credited to the account, the bonus and qualifying deposit (minus any trading losses) is not available for withdrawal for 300 days. If the qualifying deposit is withdrawn, the bonus may be revoked.
Last edited by Ricchan on Thu Jan 17, 2019 3:42 pm, edited 1 time in total.

tj
Posts: 2684
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj » Thu Jan 17, 2019 3:41 pm

I think I used VCHS when I held $$ at Tradeking for a couple months a year and a half ago. I don't remember if it gained or lost. It was negligible.

User avatar
Ricchan
Posts: 178
Joined: Wed Jan 27, 2016 12:26 am
Location: Firestone D Floor

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Ricchan » Thu Jan 17, 2019 3:45 pm

tj wrote:
Thu Jan 17, 2019 3:41 pm
I think I used VCHS when I held $$ at Tradeking for a couple months a year and a half ago. I don't remember if it gained or lost. It was negligible.
Do you mean VGSH? I've considered that in the past, but the avg maturity of 2.0 yrs was a bit out of my range.

robertmcd
Posts: 554
Joined: Tue Aug 09, 2016 9:06 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by robertmcd » Thu Jan 17, 2019 3:50 pm

MINT and NEAR fall more in line with short term (1-3 yr) than ultra short (<1 yr) in my opinion, but they are ok. Riskier for sure and they have kinda high ER's.

libralibra
Posts: 345
Joined: Sat Jul 30, 2011 2:01 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by libralibra » Thu Jan 17, 2019 3:52 pm

post removed
Last edited by libralibra on Sat May 25, 2019 12:39 am, edited 1 time in total.

tj
Posts: 2684
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj » Thu Jan 17, 2019 4:17 pm

Ricchan wrote:
Thu Jan 17, 2019 3:45 pm
tj wrote:
Thu Jan 17, 2019 3:41 pm
I think I used VCHS when I held $$ at Tradeking for a couple months a year and a half ago. I don't remember if it gained or lost. It was negligible.
Do you mean VGSH? I've considered that in the past, but the avg maturity of 2.0 yrs was a bit out of my range.
No I used the corporate fund. It was a very small amount of $$$ though.

User avatar
Ricchan
Posts: 178
Joined: Wed Jan 27, 2016 12:26 am
Location: Firestone D Floor

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Ricchan » Thu Jan 17, 2019 4:50 pm

tj wrote:
Thu Jan 17, 2019 4:17 pm
Ricchan wrote:
Thu Jan 17, 2019 3:45 pm
tj wrote:
Thu Jan 17, 2019 3:41 pm
I think I used VCHS when I held $$ at Tradeking for a couple months a year and a half ago. I don't remember if it gained or lost. It was negligible.
Do you mean VGSH? I've considered that in the past, but the avg maturity of 2.0 yrs was a bit out of my range.
No I used the corporate fund. It was a very small amount of $$$ though.
Oh, I see, VCSH. (I had the letters mixed up when I googled for "VCHS".)

tj
Posts: 2684
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj » Thu Jan 17, 2019 4:52 pm

Looks like I had the mixed up too!

yougotitdude
Posts: 61
Joined: Fri Sep 15, 2017 12:40 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by yougotitdude » Thu Jan 17, 2019 4:55 pm

ally was horrible for me. It took many, many chats for them to credit a bonus last year. Totally not worth it.

User avatar
Ricchan
Posts: 178
Joined: Wed Jan 27, 2016 12:26 am
Location: Firestone D Floor

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Ricchan » Thu Jan 17, 2019 5:00 pm

libralibra wrote:
Thu Jan 17, 2019 3:52 pm
Ricchan wrote:
Thu Jan 17, 2019 3:29 pm
I've used the following ETFs with the intention to hold for a couple months to a year, in order of preference:

Treasury funds: SHV (0.40 yr avg maturity), BIL (0.17 yr), and SHY (1.88 yr).
Non-treasury funds: MINT (0.34 yr) and NEAR (1.35 yr). Note that MINT is an active fund.
Do you know how these Treasury ETFs are taxed? They pay an ordinary div every month, but are those 100% state tax free? Is this reported on the 1099div somehow? thx
From my memory, there was no special reporting for the Treasury ETF income in the 1099. In Turbotax, during the State section, there was an option to enter the amount of income from U.S. Government and agency obligations, which I calculated using information from the fund's website, e.g.:
https://www.ishares.com/us/library/tax
https://www.ishares.com/us/literature/t ... 364642.pdf

For SHV and SHY, the percentage was 98.74% and 99.71% for 2017, so they should be pretty close to 100% state tax free.

(I'm not a tax expert, so don't take this as official legal advice or anything.)

libralibra
Posts: 345
Joined: Sat Jul 30, 2011 2:01 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by libralibra » Thu Jan 17, 2019 6:19 pm

post removed
Last edited by libralibra on Sat May 25, 2019 12:39 am, edited 1 time in total.

oslocal
Posts: 109
Joined: Sat May 21, 2016 5:30 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by oslocal » Thu Jan 17, 2019 6:24 pm

Can I get the $900 transfer bonus to Merrill Edge with a combination of taxable and IRA accounts? Or does it all have to be for one account?


User avatar
Topic Author
Earl Lemongrab
Posts: 7270
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Thu Jan 17, 2019 8:05 pm

oslocal wrote:
Thu Jan 17, 2019 6:24 pm
Can I get the $900 transfer bonus to Merrill Edge with a combination of taxable and IRA accounts? Or does it all have to be for one account?
Usually it's per account, but it's worth contacting them to see. I'm sure people have reported getting offers spread over accounts, with the bonus pro-rata, but I don't know if that was for Edge.

One of the odd things about the offer is that two 50k transfers are worth more than one 100k, but a 200k is better than two 100k.

JustinR
Posts: 1122
Joined: Tue Apr 27, 2010 11:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JustinR » Fri Jan 18, 2019 1:53 am

Damn...looks like the $1000 Merrill Edge offer expired

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

So these are the ones still active?

$900 - https://www.merrilledge.com/offers/900offer
$600 - https://www.merrilledge.com/cmaoffer

User avatar
SlowMovingInvestor
Posts: 1426
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Fri Jan 18, 2019 3:53 pm

JustinR wrote:
Fri Jan 18, 2019 1:53 am
Damn...looks like the $1000 Merrill Edge offer expired

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

So these are the ones still active?

$900 - https://www.merrilledge.com/offers/900offer
$600 - https://www.merrilledge.com/cmaoffer
Look for the expiry date. it's April 30th for the $900 offer. Not sure why anybody would take the $600 offer as long as the $900 one is open.

User avatar
Topic Author
Earl Lemongrab
Posts: 7270
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Fri Jan 18, 2019 4:33 pm

SlowMovingInvestor wrote:
Fri Jan 18, 2019 3:53 pm
JustinR wrote:
Fri Jan 18, 2019 1:53 am
Damn...looks like the $1000 Merrill Edge offer expired

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

So these are the ones still active?

$900 - https://www.merrilledge.com/offers/900offer
$600 - https://www.merrilledge.com/cmaoffer
Look for the expiry date. it's April 30th for the $900 offer. Not sure why anybody would take the $600 offer as long as the $900 one is open.
The $900 is only for Preferred Rewards customers, so be sure to sign up for that if you don't already have it (should anyway).

User avatar
celia
Posts: 9836
Joined: Sun Mar 09, 2008 6:32 am
Location: SoCal

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by celia » Fri Jan 18, 2019 4:49 pm

madbrain wrote:
Wed Jan 02, 2019 7:18 pm
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 hope you know that you can still report the original basis even if the custodian reports something else. If you have good records to support your claims, when you list your capital gains and losses on your tax return, you first put down what the custodian reports to the IRS (since the IRS will expect that). Then, there should be a question, such as "Is this reporting correct?" to which you would answer NO. Then you will have an opportunity to enter the correct data which will override what the custodian reported. In other words, both ways are being reported to the IRS.

The only "hitch" is that you should be prepared to show the IRS your records. When I did this, they accepted it and never contacted me, likely because the difference was small (as in 5-10% difference). This was back in the day when "covered shares" just started and lots of the basis reporting by the custodians was wrong.

Mike14
Posts: 110
Joined: Sun Jun 29, 2014 9:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 » Fri Jan 18, 2019 11:00 pm

Earl Lemongrab wrote:
Tue Jan 15, 2019 8:12 pm
Partial. I usually do that, and always at TDA because they immediately close the account and block access to documents on a full transfer. In this case the 200k from each was significantly less than the total.
Is it possible to get another TDA bonus with an existing account, or does everything have to be closed down first?

reefsurfah
Posts: 3
Joined: Fri Jan 18, 2019 11:57 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by reefsurfah » Sat Jan 19, 2019 12:07 am

Anyone received a clawback from TD ameritrade? I'm about 7 months but am considering moving to Merril since TD ameritrade denied my requests for free trades. I could try to ask for free trades over the phone again but lately they have been tough to get even if an apex account holder.

User avatar
Topic Author
Earl Lemongrab
Posts: 7270
Joined: Tue Jun 10, 2014 1:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Sat Jan 19, 2019 12:44 am

Mike14 wrote:
Fri Jan 18, 2019 11:00 pm
Earl Lemongrab wrote:
Tue Jan 15, 2019 8:12 pm
Partial. I usually do that, and always at TDA because they immediately close the account and block access to documents on a full transfer. In this case the 200k from each was significantly less than the total.
Is it possible to get another TDA bonus with an existing account, or does everything have to be closed down first?
Way back in the beginning I asked for and received a bonus for existing accounts. I believe at least once since then I got targeted offer for an existing account. Other than that I usually find it easier to open new accounts with the bonus code. You can always merge accounts later.

Mike14
Posts: 110
Joined: Sun Jun 29, 2014 9:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 » Sun Jan 20, 2019 3:19 am

Earl Lemongrab wrote:
Sat Jan 19, 2019 12:44 am
Mike14 wrote:
Fri Jan 18, 2019 11:00 pm
Earl Lemongrab wrote:
Tue Jan 15, 2019 8:12 pm
Partial. I usually do that, and always at TDA because they immediately close the account and block access to documents on a full transfer. In this case the 200k from each was significantly less than the total.
Is it possible to get another TDA bonus with an existing account, or does everything have to be closed down first?
Way back in the beginning I asked for and received a bonus for existing accounts. I believe at least once since then I got targeted offer for an existing account. Other than that I usually find it easier to open new accounts with the bonus code. You can always merge accounts later.
Yes, I understand about having to open a new account with TDA, and it sounds like having an existing account at TDA will not invalidate the promo code for a new a TDA account.

drk
Posts: 1427
Joined: Mon Jul 24, 2017 10:33 pm
Location: Seattle

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drk » Sun Jan 20, 2019 8:24 pm

drk wrote:
Sun Oct 28, 2018 4:01 pm
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.
Re-upping this because we now have confirmation that Chase values Ultimate Rewards points at 1 cent per point.

JustinR
Posts: 1122
Joined: Tue Apr 27, 2010 11:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JustinR » Mon Jan 21, 2019 6:15 am

Earl Lemongrab wrote:
Fri Jan 18, 2019 4:33 pm
SlowMovingInvestor wrote:
Fri Jan 18, 2019 3:53 pm
JustinR wrote:
Fri Jan 18, 2019 1:53 am
Damn...looks like the $1000 Merrill Edge offer expired

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

So these are the ones still active?

$900 - https://www.merrilledge.com/offers/900offer
$600 - https://www.merrilledge.com/cmaoffer
Look for the expiry date. it's April 30th for the $900 offer. Not sure why anybody would take the $600 offer as long as the $900 one is open.
The $900 is only for Preferred Rewards customers, so be sure to sign up for that if you don't already have it (should anyway).
You can simply sign up for it while/after you open an account right?

User avatar
SlowMovingInvestor
Posts: 1426
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Mon Jan 21, 2019 11:21 am

JustinR wrote:
Mon Jan 21, 2019 6:15 am
Earl Lemongrab wrote:
Fri Jan 18, 2019 4:33 pm
SlowMovingInvestor wrote:
Fri Jan 18, 2019 3:53 pm
JustinR wrote:
Fri Jan 18, 2019 1:53 am
Damn...looks like the $1000 Merrill Edge offer expired

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

So these are the ones still active?

$900 - https://www.merrilledge.com/offers/900offer
$600 - https://www.merrilledge.com/cmaoffer
Look for the expiry date. it's April 30th for the $900 offer. Not sure why anybody would take the $600 offer as long as the $900 one is open.
The $900 is only for Preferred Rewards customers, so be sure to sign up for that if you don't already have it (should anyway).
You can simply sign up for it while/after you open an account right?
Yes, just open a checking account at BoA afterwards -- you may even get a small bonus for opening a BoA account (4100 or so). I don't recollect if you have to explicitly link it to your ME account or if it gets linked automatically by SS#.

Post Reply