The Final, Definitive Thread on Brokerage Transfer Bonuses

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

Post by sco » Wed Feb 06, 2019 12:21 am

Earl Lemongrab wrote:
Tue Feb 05, 2019 8:15 pm
sco wrote:
Tue Feb 05, 2019 7:39 pm
For smaller ira’s, say 30k. I don’t see much out there that is worth the paperwork, once you factor in a possible account closure fee.
Fewer custodians charge a fee these days, especially for partial transfers. And most receivers will cover the fee in addition to a bonus.
More concerned about transfering back. Don't want to leave a .01 account at Swabb at something just to get the funds eventually back to fidelity.

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

Post by sc9182 » Fri Feb 08, 2019 3:31 pm

Thinking this is not a repeat, given that last offer link seems to have expired.

Fidelity Deposit amount ~~ Cash bonus

$1,000,000 to $2,499,999 ~~ $2,500
$2,500,000 to $4,999,999 ~~ $3,500
$5,000,000 or more ~~ $5,000

https://rewards.fidelity.com/offers/cashdepositbonus

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

Post by GeraniumLover » Fri Feb 08, 2019 8:47 pm

sc9182 wrote:
Fri Feb 08, 2019 3:31 pm
Thinking this is not a repeat, given that last offer link seems to have expired.

Fidelity Deposit amount ~~ Cash bonus

$1,000,000 to $2,499,999 ~~ $2,500
$2,500,000 to $4,999,999 ~~ $3,500
$5,000,000 or more ~~ $5,000

https://rewards.fidelity.com/offers/cashdepositbonus
Thanks for this. I had been negotiating a $3500 retention bonus at Fidelity in lieu of $4500 in bonuses for transferring funds from Fidelity to three other brokers. I think I will go ahead with those transfers, collect the $4500, then transfer those back to Fidelity after the lock-up period for an additional $2500.

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

Post by FlamingoTime » Sat Feb 09, 2019 12:49 am

Opened a Merrill Edge account a few months ago for $900 bonus. $200,000. (Self directed) Received a call from a Rep who was trying to get me to bring over more for additional bonus. Never mentioned there being an issue due to the fact that I just received a bonus.

Also, I learned something. They will give me a bonus for transferring brokered Cds from Vanguard. And the CD's will count towards my $100k minimum balance I need to keep my Platinum Rewards status.

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

Post by privatefarmer » Sat Feb 09, 2019 1:17 am

FlamingoTime wrote:
Sat Feb 09, 2019 12:49 am
Opened a Merrill Edge account a few months ago for $900 bonus. $200,000. (Self directed) Received a call from a Rep who was trying to get me to bring over more for additional bonus. Never mentioned there being an issue due to the fact that I just received a bonus.

Also, I learned something. They will give me a bonus for transferring brokered Cds from Vanguard. And the CD's will count towards my $100k minimum balance I need to keep my Platinum Rewards status.
how much more did they offer to give you? I originally got $600 from them for 200k transfer, just rcvd it few days ago, and then I complained and they said they'd give me an additional $400 (total $1000 bonus) w/o having to transfer more to them...

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

Post by b0B » Sat Feb 09, 2019 5:01 pm

Merrill Edge is cracking down. They will deny a bonus for bringing in assets they determine have been previously held in Merrill Edge, even if those assets had not been used for a bonus before. You cannot find out what value they calculate for assets brought in. They won't tell you if you ask. You just find out after the holding period when you see what bonus, if any, you get.

Also, don't use the Money Show code. They'll demand proof that you were there.

Also, always open a new account. Don't ask for a bonus to be added to an already open account, as this seems to be asking for scrutiny and trouble.

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

Post by pre » Sat Feb 09, 2019 5:19 pm

b0B wrote:
Sat Feb 09, 2019 5:01 pm
Merrill Edge is cracking down. They will deny a bonus for bringing in assets they determine have been previously held in Merrill Edge, even if those assets had not been used for a bonus before. You cannot find out what value they calculate for assets brought in. They won't tell you if you ask. You just find out after the holding period when you see what bonus, if any, you get.

Also, don't use the Money Show code. They'll demand proof that you were there.

Also, always open a new account. Don't ask for a bonus to be added to an already open account, as this seems to be asking for scrutiny and trouble.
Hmm, mind sharing your experience/anecdote with this? I just did two new accounts with the January promotion and my relationship manager touched base with me to reimburse the 2x ACATS fees. I mentioned attending a financial seminar where the promotion was offered and he was cordial/supportive.

One of the accounts had holdings I previously kept with Merrill, too.

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

Post by SlowMovingInvestor » Sat Feb 09, 2019 5:29 pm

b0B wrote:
Sat Feb 09, 2019 5:01 pm
Merrill Edge is cracking down. They will deny a bonus for bringing in assets they determine have been previously held in Merrill Edge, even if those assets had not been used for a bonus before. You cannot find out what value they calculate for assets brought in. They won't tell you if you ask. You just find out after the holding period when you see what bonus, if any, you get.
I don't really see how they can do that. Nowhere in the T&C does it say that.

Maybe if it's assets that you transfer out just after the holding period and transfer in within a few days, yes. Or if you have more than one bonus per account type in 1 year.

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

Post by b0B » Sat Feb 09, 2019 5:40 pm

It was the only bonus in a year. They disqualified assets that they deemed had been in the account in the past. I believe this is what happens when you get "human eyes" on an account, and an individual has the discretion to modify the bonus at will.

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

Post by SlowMovingInvestor » Sat Feb 09, 2019 7:21 pm

b0B wrote:
Sat Feb 09, 2019 5:40 pm
It was the only bonus in a year. They disqualified assets that they deemed had been in the account in the past. I believe this is what happens when you get "human eyes" on an account, and an individual has the discretion to modify the bonus at will.
Thanks for the tip. I agree that getting human eyes on an account may cause problems.

I still don't see how they can legally justify disqualifying assets that had been in the account in the past, unless it was just in the last month or so. The T&Cs say nothing about that. Still, it's best to vote with one's feet in such cases.

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

Post by GeraniumLover » Mon Feb 11, 2019 5:30 pm

b0B wrote:
Sat Feb 09, 2019 5:01 pm
Merrill Edge is cracking down. They will deny a bonus for bringing in assets they determine have been previously held in Merrill Edge, even if those assets had not been used for a bonus before. You cannot find out what value they calculate for assets brought in. They won't tell you if you ask. You just find out after the holding period when you see what bonus, if any, you get.

Also, don't use the Money Show code. They'll demand proof that you were there.

Also, always open a new account. Don't ask for a bonus to be added to an already open account, as this seems to be asking for scrutiny and trouble.
What did they consider acceptable forms of proof that you were at the MoneyShow?

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

Post by b0B » Mon Feb 11, 2019 7:28 pm

GeraniumLover wrote:
Mon Feb 11, 2019 5:30 pm
b0B wrote:
Sat Feb 09, 2019 5:01 pm
Merrill Edge is cracking down. They will deny a bonus for bringing in assets they determine have been previously held in Merrill Edge, even if those assets had not been used for a bonus before. You cannot find out what value they calculate for assets brought in. They won't tell you if you ask. You just find out after the holding period when you see what bonus, if any, you get.

Also, don't use the Money Show code. They'll demand proof that you were there.

Also, always open a new account. Don't ask for a bonus to be added to an already open account, as this seems to be asking for scrutiny and trouble.
What did they consider acceptable forms of proof that you were at the MoneyShow?
I wasn't there, so I just gave up (got the regular bonus).

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

Post by JustinR » Mon Feb 11, 2019 7:42 pm

b0B wrote:
Sat Feb 09, 2019 5:40 pm
It was the only bonus in a year. They disqualified assets that they deemed had been in the account in the past. I believe this is what happens when you get "human eyes" on an account, and an individual has the discretion to modify the bonus at will.
If it's not in the fine print of the bonus, file a CFPB complaint.

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

Post by jwasilko » Mon Feb 11, 2019 7:44 pm

Recent offer from Etrade (better than what's on the web site)

Code: Select all

You are now enrolled in the TF60D_2500CFC_IRA promotion. Here is how it works:

Deposit or Transfer	Receive
$1MM	$2,500 		60 Days of commission free trades
$500K - $999,999	$1,500 60 Days of commission free trades
$250K - $499,999	$1,000 60 Days of commission free trades
$100K - $249,999	$500 60 Days of commission free trades
$25K - $99,999		$200 60 Days of commission free trades
$10K - $24,999		60 Days of commission free trades

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

Post by b0B » Mon Feb 11, 2019 7:45 pm

SlowMovingInvestor wrote:
Sat Feb 09, 2019 7:21 pm
b0B wrote:
Sat Feb 09, 2019 5:40 pm
It was the only bonus in a year. They disqualified assets that they deemed had been in the account in the past. I believe this is what happens when you get "human eyes" on an account, and an individual has the discretion to modify the bonus at will.
Thanks for the tip. I agree that getting human eyes on an account may cause problems.

I still don't see how they can legally justify disqualifying assets that had been in the account in the past, unless it was just in the last month or so. The T&Cs say nothing about that. Still, it's best to vote with one's feet in such cases.
I should have kept track more carefully (and PSA: don't do what I did). I transferred assets out of an account (e.g. 123 shares of XYZ), and transferred the exact same assets back into the same account, almost but less than 12 months later. I've decided not to dispute, as it may be better not to attract more attention.

Someone had mention earlier that they thought there might be a rule to get two bonuses in same account type within 12 months. That did not apply here. But it seems that they are also watching for returning assets that don't look "new". I don't know if it is seen by software, or by "human eyes", and I don't know if it is inconsistently applied and I got unlucky.

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

Post by b0B » Mon Feb 11, 2019 7:49 pm

JustinR wrote:
Mon Feb 11, 2019 7:42 pm
b0B wrote:
Sat Feb 09, 2019 5:40 pm
It was the only bonus in a year. They disqualified assets that they deemed had been in the account in the past. I believe this is what happens when you get "human eyes" on an account, and an individual has the discretion to modify the bonus at will.
If it's not in the fine print of the bonus, file a CFPB complaint.
I just saw this after I posted, but I'm letting it go. I've got plenty out of BoA/ME, mostly credit card bonuses, (and their cash back has become very generous) and I'd rather not get into a dispute now.

michaeljc70
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by michaeljc70 » Wed Feb 13, 2019 10:41 am

Has anyone tried Ally? I think I am going for the $1200 bonus for $500k+ from TDA. I haven't seen anything really negative, but wanted to ask before taking the plunge since I will be stuck there 300 days. Chances are good I will not make any trades so not sure how much could go wrong. It is the best bonus I've found for an IRA without a lot of hoops.

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

Post by Longtermgrowth » Wed Feb 13, 2019 4:37 pm

Question for those who got a bonus below the $600 threshold for a 1099-MISC:

Where did your broker report the bonus amount in your tax forms?

If not reported by brokerage, how did you report it on your tax return?

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

Post by Earl Lemongrab » Wed Feb 13, 2019 6:07 pm

The $600 figure is for mandatory 1099 generation. Custodians can and do issue them for lower amounts. For taxable brokerage accounts, there is usually a combined 1099 with MISC, B, INT, whatever.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

Retired1809
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Retired1809 » Wed Feb 13, 2019 6:22 pm

michaeljc70 » Wed Feb 13, 2019 10:41 am
Has anyone tried Ally? I think I am going for the $1200 bonus for $500k+ from TDA. I haven't seen anything really negative, but wanted to ask before taking the plunge since I will be stuck there 300 days. Chances are good I will not make any trades so not sure how much could go wrong. It is the best bonus I've found for an IRA without a lot of hoops.


I haven't gotten around to it but am considering it. In addition to the $1200 from Ally, maybe you can get a few hundred $ when you later bring it back to TDA. Good way to juice up earnings on the account.

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

Post by sc9182 » Wed Feb 13, 2019 6:31 pm

michaeljc70 wrote:
Wed Feb 13, 2019 10:41 am
Has anyone tried Ally? I think I am going for the $1200 bonus for $500k+ from TDA. I haven't seen anything really negative, but wanted to ask before taking the plunge since I will be stuck there 300 days. Chances are good I will not make any trades so not sure how much could go wrong. It is the best bonus I've found for an IRA without a lot of hoops.
ETrade May be able to offer $1500 for 500k. Do call ..

michaeljc70
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by michaeljc70 » Wed Feb 13, 2019 6:33 pm

sc9182 wrote:
Wed Feb 13, 2019 6:31 pm
michaeljc70 wrote:
Wed Feb 13, 2019 10:41 am
Has anyone tried Ally? I think I am going for the $1200 bonus for $500k+ from TDA. I haven't seen anything really negative, but wanted to ask before taking the plunge since I will be stuck there 300 days. Chances are good I will not make any trades so not sure how much could go wrong. It is the best bonus I've found for an IRA without a lot of hoops.
ETrade May be able to offer $1500 for 500k. Do call ..
I had eTrade before TDA and got a bonus there. Do you think that matters? They are offering the $1200 for a non-IRA.

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

Post by SlowMovingInvestor » Wed Feb 13, 2019 7:09 pm

Earl Lemongrab wrote:
Wed Feb 13, 2019 6:07 pm
The $600 figure is for mandatory 1099 generation. Custodians can and do issue them for lower amounts. For taxable brokerage accounts, there is usually a combined 1099 with MISC, B, INT, whatever.
IIRC, 1099-MISC reporting causes some issues in TT over whether it's subject to the NIIT or not.

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

Post by Earl Lemongrab » Wed Feb 13, 2019 8:08 pm

michaeljc70 wrote:
Wed Feb 13, 2019 6:33 pm
I had eTrade before TDA and got a bonus there. Do you think that matters? They are offering the $1200 for a non-IRA.
They're pretty liberal on bonuses. Past ones don't matter much.
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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privatefarmer
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by privatefarmer » Thu Feb 14, 2019 3:18 am

michaeljc70 wrote:
Wed Feb 13, 2019 10:41 am
Has anyone tried Ally? I think I am going for the $1200 bonus for $500k+ from TDA. I haven't seen anything really negative, but wanted to ask before taking the plunge since I will be stuck there 300 days. Chances are good I will not make any trades so not sure how much could go wrong. It is the best bonus I've found for an IRA without a lot of hoops.
I transferred 25k to ally last month, still waiting on the bonus...

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

Post by LiveSimple » Thu Feb 14, 2019 4:43 am

How do the holding companies make money to recover the bonus paid, if you are an indexer and do not do much trade or fall for their assets management or high fee funds.

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

Post by agreatlife » Thu Feb 14, 2019 7:59 am

sc9182 wrote:
Wed Feb 13, 2019 6:31 pm
michaeljc70 wrote:
Wed Feb 13, 2019 10:41 am
Has anyone tried Ally? I think I am going for the $1200 bonus for $500k+ from TDA. I haven't seen anything really negative, but wanted to ask before taking the plunge since I will be stuck there 300 days. Chances are good I will not make any trades so not sure how much could go wrong. It is the best bonus I've found for an IRA without a lot of hoops.
ETrade May be able to offer $1500 for 500k. Do call ..

I was able to secure a $1k bonus for a 250k taxable account and a $1k bonuses for a 250k Roth Ira from Etrade in the CT-NY area. I spoke with Headquarters, and then a local office manager who secured the bonus.

Please call Etrade, since they are willing to go higher than their regular offer.

michaeljc70
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by michaeljc70 » Thu Feb 14, 2019 10:08 am

privatefarmer wrote:
Thu Feb 14, 2019 3:18 am
michaeljc70 wrote:
Wed Feb 13, 2019 10:41 am
Has anyone tried Ally? I think I am going for the $1200 bonus for $500k+ from TDA. I haven't seen anything really negative, but wanted to ask before taking the plunge since I will be stuck there 300 days. Chances are good I will not make any trades so not sure how much could go wrong. It is the best bonus I've found for an IRA without a lot of hoops.
I transferred 25k to ally last month, still waiting on the bonus...
Interesting. I'm pretty sure it said 10 days on their site.

Edit: This is what it says, so I guess you have to wait 70 days.

" 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."

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

Post by GeraniumLover » Fri Feb 15, 2019 7:04 pm

I am looking to fund a new E*TRADE account from transfers from Fidelity. If I transfer less than the total holdings of an ETF (e.g., only 100 of the 143.245 shares), does anyone know whether the transfer is done on a FIFO basis with respect to the various lots, or is that something I will need to specify directly with E*TRADE and/or Fidelity?

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

Post by spitty » Mon Feb 18, 2019 7:21 am

We transferred some funds to TdA last year and got $300 in Apple gift cards. It appears on our 1099 under "miscellaneous income" so I guess it's taxable. At least frequent flyer miles aren't taxed...yet!
@HelpingRhinos...1 rhino poached every 8 hours in 2017...501(c)(3)

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