The Final, Definitive Thread on Brokerage Transfer Bonuses

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.
Retired1809
Posts: 328
Joined: Fri Feb 23, 2007 4:11 pm
Location: North Carolina, USA

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Retired1809 » Fri May 03, 2019 2:42 pm

How often does Bank of America offer $900 for opening a Merrill Edge account with at least $200K. I tried it last year but closed both accounts (in June 2018) after getting the incentive and experiencing unsatisfactory service. Recently I learned that the bank has much better service at a different branch so I'm considering trying them again. (The difference in the quality of service was like night and day.) I believe the small print would require that I wait a year after closing the first accounts to open new accounts and be eligible for the incentive. Am I correct?

spitty
Posts: 288
Joined: Sat Apr 09, 2016 7:01 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by spitty » Sat May 04, 2019 6:05 am

I assume these bonuses are taxable to everyone? After transferring 250k to TDA last year we received $600 in Apple gift cards which showed up as taxable income on our 1099. Sorry, I didn't read the whole thread..

neilpilot
Posts: 3133
Joined: Fri Dec 04, 2015 1:46 pm
Location: Memphis area

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot » Sat May 04, 2019 7:37 am

spitty wrote:
Sat May 04, 2019 6:05 am
I assume these bonuses are taxable to everyone? After transferring 250k to TDA last year we received $600 in Apple gift cards which showed up as taxable income on our 1099. Sorry, I didn't read the whole thread..
It depends.....taxable if awarded to a taxable account. Tax deferred if the bonus goes into a tIRA. Tax free if your Roth gets the bonus.

Retired1809
Posts: 328
Joined: Fri Feb 23, 2007 4:11 pm
Location: North Carolina, USA

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Retired1809 » Wed May 08, 2019 10:47 am

Ally Invest credited my account for the transfer bonus last week. But now I have to keep my transferred assets in the Ally Invest account for 300 more days to avoid claw back of the transfer bonus. Somehow I missed that "300 more days" requirement when I transferred assets to Ally.

Is there a way to escape Ally without losing the transfer bonus?

pre
Posts: 98
Joined: Mon Apr 04, 2011 2:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre » Wed May 08, 2019 5:52 pm

pre wrote:
Sat Apr 27, 2019 3:16 pm

Of note, they don't seem eager to reimburse for any outgoing fees from the delivery firm. One CPC phone rep said they can offer reimbursement, but at the discretion of the local financial advisor; when I brought it up, however, my advisor said they generally only reimburse for managed clients, not self directed accounts
A quick follow up. Just completed the asset transfer into my Chase full service brokerage account and, sure enough, the advisor is not going to reimburse for the transfer out fee unless I use their managed services. Imagine this "policy" is very dependent on one's advisor, as mine seems pretty parsimonious.

Interestingly, JPMS verified they do provide reimbursements for You Invest self directed accounts for new assets exceeding $50k. Just require a statement from the delivering firm documenting the fee. JPMS sent me a written copy of this internal policy via secure message, so I'm glad it's not up to personal discretion like their full service accounts.

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 May 08, 2019 8:27 pm

Retired1809 wrote:
Wed May 08, 2019 10:47 am
Ally Invest credited my account for the transfer bonus last week. But now I have to keep my transferred assets in the Ally Invest account for 300 more days to avoid claw back of the transfer bonus. Somehow I missed that "300 more days" requirement when I transferred assets to Ally.

Is there a way to escape Ally without losing the transfer bonus?
A year's retention is not unusual. Some have a shorter period, like Merrill Edge. Why do you care where your assets are staying? Leave them there, take distributions in cash if you want and transfer out (for taxable of course).

User avatar
Ketawa
Posts: 2282
Joined: Mon Aug 22, 2011 1:11 am
Location: DC

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Ketawa » Thu May 09, 2019 1:27 pm

I'm planning a move to BoA/ME for some bonuses. There are 3 bonuses I am trying to maximize: BoA Premium Rewards card signup bonus, targeted $300 bonus for opening a BoA checking account, and ME brokerage transfer bonus.

I don't think I can enroll in Preferred Rewards if I want to get targeted for the checking account. Once targeted and opened, I could then enroll in Preferred Rewards.

My combined IRAs are $80K right now, which is a base $150 bonus. It sounds like the brokerage transfer bonus would be paid after 90 days + ~2 weeks, so the 3-month average should be up to the Platinum level by then, and I should be able to get it to $225.

Let me know if this order of operations makes sense.

1. BoA Premium Rewards card
2. Hope to get targeted for the $300 checking account bonus, then open it
3. Transfer IRAs
4. Should be able to enroll in Preferred Rewards after 1 month. By the time brokerage bonus is reached, will be at Platinum level

Retired1809
Posts: 328
Joined: Fri Feb 23, 2007 4:11 pm
Location: North Carolina, USA

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Retired1809 » Thu May 09, 2019 2:44 pm

Retired1809 wrote: ↑
Wed May 08, 2019 10:47 am
Ally Invest credited my account for the transfer bonus last week. But now I have to keep my transferred assets in the Ally Invest account for 300 more days to avoid claw back of the transfer bonus. Somehow I missed that "300 more days" requirement when I transferred assets to Ally.

Is there a way to escape Ally without losing the transfer bonus?

A year's retention is not unusual. Some have a shorter period, like Merrill Edge. Why do you care where your assets are staying? Leave them there, take distributions in cash if you want and transfer out (for taxable of course).


I had hoped to turn over this Roth account again and earn another reward from a different broker. Now I have to wait ten months before I can start the process again.

(Just like in retailing, profits in this game are affected by margins and inventory turnover. The more times I can roll this Roth, the better my returns from this operation.)

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 May 09, 2019 8:55 pm

Retired1809 wrote:
Thu May 09, 2019 2:44 pm
(Just like in retailing, profits in this game are affected by margins and inventory turnover. The more times I can roll this Roth, the better my returns from this operation.)
Well, sure, but they aren't doing this to benefit you.

poundwise
Posts: 145
Joined: Wed Apr 06, 2011 1:17 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by poundwise » Thu May 09, 2019 9:58 pm

WorldWanderer wrote:
Thu Apr 18, 2019 8:54 pm
I secured $7,000 in bonuses in 7 days. I'm very happy.
1. Yesterday, Fidelity granted me a $3,000 retention bonus. Here's how I did it: I went into the local Fidelity office and set an appointment with my advisor. (Only the second time in 20 years I've met with the assigned rep).

I shared that I was seriously considering going to E-Trade for a $3,000 bonus and wanted to give him an opportunity to retain me as a client if he so desired. He immediately went to work with a district manager, and then all the way up to a regional vice president. It took about one and a half days for Fidelity to approve it, but it was well worth a few minutes of my time.
This was for a $1 million account.
My tip is to make it personal by reaching out to your assigned rep, versus a random call center representative.

2. I also transferred a $1m account from Vanguard to E-Trade. They had advertised a $3,000 bonus, but I was surprised that they had a short-term bonus for $4k available! This required a 12-month commitment, which I'm comfortable with doing.

Life is good.
This is an amazing outcome. Did your conversations with the Fidelity reps involve how you would invest the money? I wonder if they would be so eager to retain your business if the $1M were just sitting in VTI with zero trades in the past year.

hailstate
Posts: 20
Joined: Tue Feb 06, 2018 11:35 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hailstate » Fri May 10, 2019 9:39 am

Ketawa wrote:
Thu May 09, 2019 1:27 pm
Let me know if this order of operations makes sense.

1. BoA Premium Rewards card
2. Hope to get targeted for the $300 checking account bonus, then open it
3. Transfer IRAs
4. Should be able to enroll in Preferred Rewards after 1 month. By the time brokerage bonus is reached, will be at Platinum level
Hey Ketawa, I believe you're missing a couple items, which is affecting your order above.

-The Premium Rewards card spend earns the multiplier on your current Preferred Rewards level. So if you apply and spend before transferring any assets, you will only be getting the base rate.
-I was unable to get targeted for the $300. I opened a savings account, deposited $200k in my ME account, and opened the PR card and still wasn't targeted. I'd try to at least have a nationwide $100 offer on backup.
-The brokerage bonus is not multiplied by any bonus tier. The card bonus is also not multiplied by any bonus tier.
-Higher ME bonuses are common, either 50% higher for enrolling in Preferred Rewards or an even slightly higher one associated with Money Show attendance.

Here's the general order I'd recommend:

1. Wait until there is a higher ME bonus and a nationwide BofA $100 checking bonus that are valid for a couple months.
2. Transfer IRAs.
3. Wait as long as you feel comfortable, hoping to get targeted for the $300 checking bonus.
4. Open checking account, enroll in Preferred Rewards.
5. Open Premium Rewards card, earn multiplier on your minimum spend.

The step in which you open the card can be moved around depending on how important the earnings multiplier is to you, how easy it is for you to meet the minimum spend, and if you think it could help you get targeted for the $300 checking bonus.

Hope that helps.

User avatar
jeffyscott
Posts: 8859
Joined: Tue Feb 27, 2007 9:12 am
Location: Wisconsin

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jeffyscott » Fri May 10, 2019 10:06 am

Earl Lemongrab wrote:
Thu May 09, 2019 8:55 pm
Retired1809 wrote:
Thu May 09, 2019 2:44 pm
(Just like in retailing, profits in this game are affected by margins and inventory turnover. The more times I can roll this Roth, the better my returns from this operation.)
Well, sure, but they aren't doing this to benefit you.
They are, of course, doing it in order to try to gain a new customer/client. Makes sense that they'd require you to stay for some time, so that you actually use their brokerage and hopefully (from their perspective) that experience makes you decide to stay.

They are not doing this so that a handful of people can abuse these promotions by constantly churning accounts. I would expect they will eventually start to shut this down with added restrictions. If they had any sense, in addition to requiring a long stay, they'd make the promo offers once per lifetime as Amex has done with credit cards.
Time is your friend; impulse is your enemy. - John C. Bogle

User avatar
Ketawa
Posts: 2282
Joined: Mon Aug 22, 2011 1:11 am
Location: DC

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Ketawa » Fri May 10, 2019 5:39 pm

hailstate wrote:
Fri May 10, 2019 9:39 am
Ketawa wrote:
Thu May 09, 2019 1:27 pm
Let me know if this order of operations makes sense.

1. BoA Premium Rewards card
2. Hope to get targeted for the $300 checking account bonus, then open it
3. Transfer IRAs
4. Should be able to enroll in Preferred Rewards after 1 month. By the time brokerage bonus is reached, will be at Platinum level
Hey Ketawa, I believe you're missing a couple items, which is affecting your order above.

-The Premium Rewards card spend earns the multiplier on your current Preferred Rewards level. So if you apply and spend before transferring any assets, you will only be getting the base rate.
-I was unable to get targeted for the $300. I opened a savings account, deposited $200k in my ME account, and opened the PR card and still wasn't targeted. I'd try to at least have a nationwide $100 offer on backup.
-The brokerage bonus is not multiplied by any bonus tier. The card bonus is also not multiplied by any bonus tier.
-Higher ME bonuses are common, either 50% higher for enrolling in Preferred Rewards or an even slightly higher one associated with Money Show attendance.

Here's the general order I'd recommend:

1. Wait until there is a higher ME bonus and a nationwide BofA $100 checking bonus that are valid for a couple months.
2. Transfer IRAs.
3. Wait as long as you feel comfortable, hoping to get targeted for the $300 checking bonus.
4. Open checking account, enroll in Preferred Rewards.
5. Open Premium Rewards card, earn multiplier on your minimum spend.

The step in which you open the card can be moved around depending on how important the earnings multiplier is to you, how easy it is for you to meet the minimum spend, and if you think it could help you get targeted for the $300 checking bonus.

Hope that helps.
A couple follow-up questions/comments on this.

A few posts in the thread indicate a higher ME bonus with Preferred Rewards. Are they referring to a different offer of some kind, or does it actually boost the ME brokerage bonus? Or is this some other kind of Preferred Rewards? I'm very confused what they're talking about. It does make sense to me that the ME brokerage bonus wouldn't be affected by Preferred Rewards level. Here and here are examples.

Since enrolling in BoA Preferred Rewards requires having the checking account open, my thought was to put the brokerage bonus after enrolling in BoA Preferred Rewards if it meant I could get a higher brokerage bonus. Plus waiting for a $200 higher checking bonus would be better than a $75 higher brokerage bonus.


I'm not completely sure I want to park $500 in a savings account for no fees, but could do it.

I put the BoA Premium Rewards card first because a 50% or 75% boost to 1.5% cash back from $3K in spend is only $22.50-$33.75, so not a major factor if it would help me get targeted for the $300 checking bonus.

If most of these things are not affected much by the others, I won't worry too much about the order except to wait to get targeted for checking. I don't have an urgent need for free ETF trades from Preferred Rewards.

Edit: I see now this was a different brokerage offer that required Preferred Rewards by 90 days after transferring funds, which would not be a problem. At any rate, I'd rather get targeted for a $200 higher checking account, and don't see much of a reason to delay opening the credit card if it might help towards that.

User avatar
whodidntante
Posts: 8325
Joined: Thu Jan 21, 2016 11:11 pm
Location: outside the echo chamber

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante » Sat May 11, 2019 12:55 pm

I just applied for a sapphire checking account and a youinvest account. I should net 60k points for basically nothing. We will see.

sharwinkersh
Posts: 4
Joined: Fri May 10, 2019 11:53 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sharwinkersh » Sat May 11, 2019 2:13 pm

Does anyone have experience with TD Ameritrade actually clawing back a bonus? I am considering moving out some asssts 6 months into a 12 month hold. I would be moving out about half of my account to take advantage of another bonus.
BonusFreak

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 May 11, 2019 2:20 pm

sharwinkersh wrote:
Sat May 11, 2019 2:13 pm
Does anyone have experience with TD Ameritrade actually clawing back a bonus? I am considering moving out some asssts 6 months into a 12 month hold. I would be moving out about half of my account to take advantage of another bonus.
I've never tried. I wouldn't risk a bonus in hand. You signed up with certain restrictions, so it's easiest to follow them.

User avatar
whodidntante
Posts: 8325
Joined: Thu Jan 21, 2016 11:11 pm
Location: outside the echo chamber

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante » Sat May 11, 2019 2:24 pm

sharwinkersh wrote:
Sat May 11, 2019 2:13 pm
Does anyone have experience with TD Ameritrade actually clawing back a bonus? I am considering moving out some asssts 6 months into a 12 month hold. I would be moving out about half of my account to take advantage of another bonus.
I never test their enforcement of clawback provisions. They held up their end of the bargain, and I always hold up mine.

sharwinkersh
Posts: 4
Joined: Fri May 10, 2019 11:53 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sharwinkersh » Sat May 11, 2019 2:28 pm

The only reason I’d risk it is Wells Fargo is offering me a 0.5% reduction in rate for a mortgage refinance, but I have to transfer assets to Wells. Want to see whether I should factor in TD clawback into my decision.
BonusFreak

pre
Posts: 98
Joined: Mon Apr 04, 2011 2:14 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre » Sat May 11, 2019 2:52 pm

sharwinkersh wrote:
Sat May 11, 2019 2:13 pm
Does anyone have experience with TD Ameritrade actually clawing back a bonus? I am considering moving out some asssts 6 months into a 12 month hold. I would be moving out about half of my account to take advantage of another bonus.
Yep, I transferred out early one month, miscounting the dates, and they clawed back all remaining cash. I did the $1k for $250k offer. Fortunately, I only had about $150 cash in the account, so they withdrew the account to $0 then transferred out my ETFs. I'm glad they didn't prevent the account transfer, forcing me to pay back the full $1k

SlowMovingInvestor
Posts: 1759
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Sun May 12, 2019 5:30 am

whodidntante wrote:
Sat May 11, 2019 12:55 pm
I just applied for a sapphire checking account and a youinvest account. I should net 60k points for basically nothing. We will see.
Chase Private Client is giving $1250 now. $250K required at JPM (YouInvest doesn't count). But you can only get one brokerage bonus a year so it's a choice between Sapphire bonus or the $1250.

sharwinkersh
Posts: 4
Joined: Fri May 10, 2019 11:53 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sharwinkersh » Sun May 12, 2019 6:47 am

pre wrote:
Sat May 11, 2019 2:52 pm
[quote=sharwinkersh post_id=4539248 time=<a href="tel:1557601984">1557601984</a> user_id=148406]
Does anyone have experience with TD Ameritrade actually clawing back a bonus? I am considering moving out some asssts 6 months into a 12 month hold. I would be moving out about half of my account to take advantage of another bonus.
Yep, I transferred out early one month, miscounting the dates, and they clawed back all remaining cash. I did the $1k for $250k offer. Fortunately, I only had about $150 cash in the account, so they withdrew the account to $0 then transferred out my ETFs. I'm glad they didn't prevent the account transfer, forcing me to pay back the full $1k
[/quote]

If your cash balance is zero would they still be able to claw back, or would they just leave a negative balance and then transfer a negative balance if I ultimately close the account? I would not initially be closing the account and would retain about 250k in the account.
BonusFreak

student
Posts: 4885
Joined: Fri Apr 03, 2015 6:58 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by student » Sun May 12, 2019 7:46 am

jeffyscott wrote:
Fri May 10, 2019 10:06 am
Earl Lemongrab wrote:
Thu May 09, 2019 8:55 pm
Retired1809 wrote:
Thu May 09, 2019 2:44 pm
(Just like in retailing, profits in this game are affected by margins and inventory turnover. The more times I can roll this Roth, the better my returns from this operation.)
Well, sure, but they aren't doing this to benefit you.
They are, of course, doing it in order to try to gain a new customer/client. Makes sense that they'd require you to stay for some time, so that you actually use their brokerage and hopefully (from their perspective) that experience makes you decide to stay.

They are not doing this so that a handful of people can abuse these promotions by constantly churning accounts. I would expect they will eventually start to shut this down with added restrictions. If they had any sense, in addition to requiring a long stay, they'd make the promo offers once per lifetime as Amex has done with credit cards.
I also expect they will add one per lifetime policy, which seems far to me.

SlowMovingInvestor
Posts: 1759
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Sun May 12, 2019 7:52 am

student wrote:
Sun May 12, 2019 7:46 am
I also expect they will add one per lifetime policy, which seems far to me.
Fidelity and Schwab seem to have that sort of unstated policy already. Although they might make an exception for a really large account, or someone who brings in a lot of $$ to them.

hexrexodex
Posts: 1
Joined: Wed May 15, 2019 11:23 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hexrexodex » Wed May 15, 2019 11:26 am

A month ago someone mentioned a 4k etrade bonus that was better than...

https://us.etrade.com/what-we-offer/how ... enrollment

....but didn't post it, is the short time bonus still available?

Also, i've gotten an Etrade bonus before, so how churnable are they? Are Fidelity and Schwab the only once per lifetime unstated policy providers?

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 May 15, 2019 4:04 pm

hexrexodex wrote:
Wed May 15, 2019 11:26 am
Also, i've gotten an Etrade bonus before, so how churnable are they? Are Fidelity and Schwab the only once per lifetime unstated policy providers?
They seem to be very churnable. I get email offers for new ones.

User avatar
Ketawa
Posts: 2282
Joined: Mon Aug 22, 2011 1:11 am
Location: DC

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Ketawa » Thu May 16, 2019 9:47 am

Ketawa wrote:
Thu May 09, 2019 1:27 pm
I'm planning a move to BoA/ME for some bonuses. There are 3 bonuses I am trying to maximize: BoA Premium Rewards card signup bonus, targeted $300 bonus for opening a BoA checking account, and ME brokerage transfer bonus.

I don't think I can enroll in Preferred Rewards if I want to get targeted for the checking account. Once targeted and opened, I could then enroll in Preferred Rewards.

My combined IRAs are $80K right now, which is a base $150 bonus. It sounds like the brokerage transfer bonus would be paid after 90 days + ~2 weeks, so the 3-month average should be up to the Platinum level by then, and I should be able to get it to $225.

Let me know if this order of operations makes sense.

1. BoA Premium Rewards card
2. Hope to get targeted for the $300 checking account bonus, then open it
3. Transfer IRAs
4. Should be able to enroll in Preferred Rewards after 1 month. By the time brokerage bonus is reached, will be at Platinum level
Well, so much for this. Instant denial on the BoA Premium Rewards card. The customer service rep on the recon line mentioned too many recent credit card accounts and cited 6 in the last 18 months.

Pu239
Posts: 264
Joined: Mon Dec 17, 2018 6:24 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Pu239 » Thu May 16, 2019 2:12 pm

Ketawa wrote:
Thu May 16, 2019 9:47 am


Well, so much for this. Instant denial on the BoA Premium Rewards card. The customer service rep on the recon line mentioned too many recent credit card accounts and cited 6 in the last 18 months.
I've read somewhere on this forum or maybe DoC that it's better to open a BOA checking account first before applying for a cc. Your plan might still be salvageable.
Between the idea And the reality...Between the motion And the act...Falls the Shadow - T. S. Eliot

User avatar
whodidntante
Posts: 8325
Joined: Thu Jan 21, 2016 11:11 pm
Location: outside the echo chamber

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante » Fri May 24, 2019 12:42 pm

whodidntante wrote:
Sat May 11, 2019 12:55 pm
I just applied for a sapphire checking account and a youinvest account. I should net 60k points for basically nothing. We will see.
I submitted the transfer form on May 13th and the transfer completed today. That's the slowest transfer yet, but it's not like I had to do any work in that time. I asked for a refund of the $75 fee that TDA transfer charged me and received a form letter back telling me the requirements for a fee refund. We'll see if they do it. If I forget to update, just ask.

SlowMovingInvestor
Posts: 1759
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Mon Jun 03, 2019 2:56 pm

PNC bonus

https://www.pnc.com/en/personal-banking ... offer.html

$200 for $100K
$600 for $250K
$1500 for $500K

PNC fees

https://www.pnc.com/content/dam/pnc-com ... d_Fees.pdf

$75 annual service fee, $125 xfer fee. Also a whole host of smaller fees.

No idea whether PNC Investment's back end systems are robust when it comes to taxes, cost basis etc.

hailstate
Posts: 20
Joined: Tue Feb 06, 2018 11:35 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hailstate » Mon Jun 03, 2019 4:33 pm

SlowMovingInvestor wrote:
Mon Jun 03, 2019 2:56 pm
PNC fees

https://www.pnc.com/content/dam/pnc-com ... d_Fees.pdf

$75 annual service fee, $125 xfer fee. Also a whole host of smaller fees.
I was curious about the annual service fee and called at lunch. The fee is charged on all accounts, there are no waivers or exemptions for new accounts, etc. The only way the fee would not be charged would be hold your entire position in cash. November 2018 was the first time the fee was charged, his assumption was that it would be charged around then in 2019. Additionally, if you notice the fine print on when they determine the brokerage balance to assess the fee, it says "generally to occur in the month of September." So with the June time frame, you could hopefully get off with paying only one annual fee.

I also asked if they reimburse transfer fees, he hadn't ever been asked that question before and I didn't feel like waiting around for him to find out.

SlowMovingInvestor
Posts: 1759
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Tue Jun 04, 2019 9:37 am

hailstate wrote:
Mon Jun 03, 2019 4:33 pm
SlowMovingInvestor wrote:
Mon Jun 03, 2019 2:56 pm
PNC fees

https://www.pnc.com/content/dam/pnc-com ... d_Fees.pdf

$75 annual service fee, $125 xfer fee. Also a whole host of smaller fees.
I was curious about the annual service fee and called at lunch. The fee is charged on all accounts, there are no waivers or exemptions for new accounts, etc. The only way the fee would not be charged would be hold your entire position in cash. November 2018 was the first time the fee was charged, his assumption was that it would be charged around then in 2019. Additionally, if you notice the fine print on when they determine the brokerage balance to assess the fee, it says "generally to occur in the month of September." So with the June time frame, you could hopefully get off with paying only one annual fee.
They also have some references to a trading fee.

The PNC bonus isn't that high. And I'd be seriously concerned about the robustness of their back end system for brokerage/investing. Not a bonus I would go for.

User avatar
Rick Ferri
Posts: 9110
Joined: Mon Feb 26, 2007 11:40 am
Location: Georgetown, TX. Twitter: @Rick_Ferri
Contact:

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Rick Ferri » Tue Jun 04, 2019 9:50 am

Is there a website or Wiki page that keeps current on brokerage transfer bonuses?

Rick Ferri
The Education of an Index Investor: born in darkness, finds indexing enlightenment, overcomplicates everything, embraces simplicity.

neilpilot
Posts: 3133
Joined: Fri Dec 04, 2015 1:46 pm
Location: Memphis area

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot » Tue Jun 04, 2019 10:22 am

Rick Ferri wrote:
Tue Jun 04, 2019 9:50 am
Is there a website or Wiki page that keeps current on brokerage transfer bonuses?

Rick Ferri
This is in the OP's initial post, back in 2016....not sure if it's the best but you can start here: https://www.hustlermoneyblog.com/best-b ... e-bonuses/

Pu239
Posts: 264
Joined: Mon Dec 17, 2018 6:24 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Pu239 » Tue Jun 04, 2019 10:24 am

Rick Ferri wrote:
Tue Jun 04, 2019 9:50 am
Is there a website or Wiki page that keeps current on brokerage transfer bonuses?

Rick Ferri
Also, https://www.doctorofcredit.com/best-bro ... p-to-3500/
Between the idea And the reality...Between the motion And the act...Falls the Shadow - T. S. Eliot

snowman
Posts: 1140
Joined: Thu Jan 31, 2013 12:59 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by snowman » Tue Jun 04, 2019 10:41 am

Rick Ferri wrote:
Tue Jun 04, 2019 9:50 am
Is there a website or Wiki page that keeps current on brokerage transfer bonuses?

Rick Ferri
Hi Rick,

There are many websites that track brokerage bonuses, hard to list them all here.

This thread is a good place to ask questions on personal experiences when it comes to account churning, taxes, fee waivers, unadvertised offers, personal (targeted) offers, "small print" issues, etc.

tj
Posts: 2958
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj » Tue Jun 04, 2019 3:10 pm

neilpilot wrote:
Tue Jun 04, 2019 10:22 am
Rick Ferri wrote:
Tue Jun 04, 2019 9:50 am
Is there a website or Wiki page that keeps current on brokerage transfer bonuses?

Rick Ferri
This is in the OP's initial post, back in 2016....not sure if it's the best but you can start here: https://www.hustlermoneyblog.com/best-b ... e-bonuses/
That's going to be a no. They maintain the links even if the offers die, since they get affiliate income. DoC is probably better since they don't use affiliate links.

michaeljc70
Posts: 6708
Joined: Thu Oct 15, 2015 3:53 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by michaeljc70 » Tue Jun 04, 2019 9:40 pm

Rick Ferri wrote:
Tue Jun 04, 2019 9:50 am
Is there a website or Wiki page that keeps current on brokerage transfer bonuses?

Rick Ferri
https://www.bankrate.com/investing/best ... t-bonuses/

There are others too. But this is generally a well regarded site for comparing things like CD rates, mortgage rates, etc.

klaus14
Posts: 473
Joined: Sun Nov 25, 2018 7:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by klaus14 » Thu Jun 06, 2019 10:02 pm

i got the $1000 from TD A. i am wondering if i can open a second account and get another $1000.
Any ideas?
35% US, 20 ExUS Dev, 10% EM, 10% EM Bonds, 10% Gold, 10% EDV, 5% I/EE Bonds.

rascott
Posts: 2110
Joined: Wed Apr 15, 2015 10:53 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by rascott » Fri Jun 07, 2019 9:58 am

michaeljc70 wrote:
Tue Jun 04, 2019 9:40 pm
Rick Ferri wrote:
Tue Jun 04, 2019 9:50 am
Is there a website or Wiki page that keeps current on brokerage transfer bonuses?

Rick Ferri
https://www.bankrate.com/investing/best ... t-bonuses/

There are others too. But this is generally a well regarded site for comparing things like CD rates, mortgage rates, etc.
I'll add that Ally will pay up to $150 in transfer fees charged by the old broker. That's not something most seem to offer.

rascott
Posts: 2110
Joined: Wed Apr 15, 2015 10:53 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by rascott » Fri Jun 07, 2019 10:03 am

dogagility wrote:
Wed May 01, 2019 4:21 am
Allow me to vent about ME/BoA. I recently took advantage of their IRA transfer bonus program. Signed up, transferred 200K into an Edge IRA, opened up a BoA checking account, opened a Premium Rewards credit card.

To increase the credit card rewards bonus, I wanted to be enrolled in their Preferred Rewards program. Typically, there is a three month waiting period in which a person has to have a minimum balance of 20K.

However, the details of the IRA transfer bonus stated: "Until April 30, 2019, when you enroll in the 50% More offer, you are consenting to be enrolled in the Preferred Rewards Program within 30 days of funding your new Merrill Edge account with a minimum of $20,000. During the promotional period, the Preferred Rewards requirement to maintain your combined balances for a three month calendar period will be waived."

Talked to four people at ME/BoA over the last two weeks to get enrolled in Preferred Rewards "within 30 days" as stated in the offer and received four different answers. Final person said "no there are actually two different Preferred Rewards programs, one for ME and one for BoA, and the three month waiver only applies to the ME side."

Of course, nowhere on their websites is this stated.

What a load of BS and poor customer service.

I've had some confusion on this as well. I did the 50% more offer in April as well.....I had no BOA accounts, so knew I would need to open a checking account...however still waiting to be eligible for preferred rewards. Transferred $200k+ to ME. Only $25 min into the new checking account. The min balance requirements are a 3 month rolling average, so my thought is that that rolling avg should be hit after 1 month.

neilpilot
Posts: 3133
Joined: Fri Dec 04, 2015 1:46 pm
Location: Memphis area

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot » Fri Jun 07, 2019 10:17 am

klaus14 wrote:
Thu Jun 06, 2019 10:02 pm
i got the $1000 from TD A. i am wondering if i can open a second account and get another $1000.
Any ideas?
Here's an idea - call or visit TDA and ask.

In the past I collected the then current bonus $ from Scottrade (prior to TDA's acquisition) for adding the specified amount of funds to an existing account. Also, T^DA's web site lists bonus $ to "deposit" the specified amount, not necessarily to a new account. So just ask them about your specific plans.

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 Jun 07, 2019 12:38 pm

rascott wrote:
Fri Jun 07, 2019 9:58 am
I'll add that Ally will pay up to $150 in transfer fees charged by the old broker. That's not something most seem to offer.
I've had good success in getting fees reimbursed. It's not always advertised, but if you ask it will usually happen.

drzzzzz
Posts: 506
Joined: Sat Sep 22, 2012 9:56 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drzzzzz » Fri Jun 07, 2019 2:47 pm

Earl Lemongrab wrote:
Fri Jun 07, 2019 12:38 pm
rascott wrote:
Fri Jun 07, 2019 9:58 am
I'll add that Ally will pay up to $150 in transfer fees charged by the old broker. That's not something most seem to offer.
I've had good success in getting fees reimbursed. It's not always advertised, but if you ask it will usually happen.
Except at Vanguard it seems or has someone had Vanguard reimburse fees charged by another broker when transferring assets to Vanguard

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 Jun 07, 2019 3:03 pm

drzzzzz wrote:
Fri Jun 07, 2019 2:47 pm
Earl Lemongrab wrote:
Fri Jun 07, 2019 12:38 pm
I've had good success in getting fees reimbursed. It's not always advertised, but if you ask it will usually happen.
Except at Vanguard it seems or has someone had Vanguard reimburse fees charged by another broker when transferring assets to Vanguard
Right. We usually don't discuss Vanguard on this thread because they don't have transfer bonuses either.

User avatar
dogagility
Posts: 848
Joined: Fri Feb 24, 2017 6:41 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by dogagility » Fri Jun 07, 2019 4:03 pm

rascott wrote:
Fri Jun 07, 2019 10:03 am
dogagility wrote:
Wed May 01, 2019 4:21 am
Allow me to vent about ME/BoA. I recently took advantage of their IRA transfer bonus program. Signed up, transferred 200K into an Edge IRA, opened up a BoA checking account, opened a Premium Rewards credit card.

To increase the credit card rewards bonus, I wanted to be enrolled in their Preferred Rewards program. Typically, there is a three month waiting period in which a person has to have a minimum balance of 20K.

However, the details of the IRA transfer bonus stated: "Until April 30, 2019, when you enroll in the 50% More offer, you are consenting to be enrolled in the Preferred Rewards Program within 30 days of funding your new Merrill Edge account with a minimum of $20,000. During the promotional period, the Preferred Rewards requirement to maintain your combined balances for a three month calendar period will be waived."

Talked to four people at ME/BoA over the last two weeks to get enrolled in Preferred Rewards "within 30 days" as stated in the offer and received four different answers. Final person said "no there are actually two different Preferred Rewards programs, one for ME and one for BoA, and the three month waiver only applies to the ME side."

Of course, nowhere on their websites is this stated.

What a load of BS and poor customer service.
I've had some confusion on this as well. I did the 50% more offer in April as well.....I had no BOA accounts, so knew I would need to open a checking account...however still waiting to be eligible for preferred rewards. Transferred $200k+ to ME. Only $25 min into the new checking account. The min balance requirements are a 3 month rolling average, so my thought is that that rolling avg should be hit after 1 month.
I was told I would have to wait 3 months to be eligible for Preferred Rewards, even though my "3 month average combined balance" will clearly be above the $20,000 threshold after only 1 month. Plus, BoA is extracting $5/month from me for the checking account until I am enrolled in Preferred Rewards.

All of this puts a bad BoA taste in my mouth compared to prior experiences at Vanguard and Fidelity.
"The stock market is a device for transferring money from the impatient to the patient" -- Warren Buffett

JustinR
Posts: 1297
Joined: Tue Apr 27, 2010 11:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JustinR » Thu Jun 27, 2019 3:40 am

The fine print on the ETrade offer says "One promotion per customer."

Has anyone experienced this being enforced?

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 Jun 27, 2019 12:32 pm

JustinR wrote:
Thu Jun 27, 2019 3:40 am
The fine print on the ETrade offer says "One promotion per customer."

Has anyone experienced this being enforced?
I have received many from Etrade. I think they mean is that this particular one can only be used once. Like you can't do multiple transfers.

JustinR
Posts: 1297
Joined: Tue Apr 27, 2010 11:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JustinR » Thu Jun 27, 2019 1:55 pm

Earl Lemongrab wrote:
Thu Jun 27, 2019 12:32 pm
JustinR wrote:
Thu Jun 27, 2019 3:40 am
The fine print on the ETrade offer says "One promotion per customer."

Has anyone experienced this being enforced?
I have received many from Etrade. I think they mean is that this particular one can only be used once. Like you can't do multiple transfers.
What do you mean by multiple transfers?

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 Jun 27, 2019 3:48 pm

JustinR wrote:
Thu Jun 27, 2019 1:55 pm
Earl Lemongrab wrote:
Thu Jun 27, 2019 12:32 pm
JustinR wrote:
Thu Jun 27, 2019 3:40 am
The fine print on the ETrade offer says "One promotion per customer."

Has anyone experienced this being enforced?
I have received many from Etrade. I think they mean is that this particular one can only be used once. Like you can't do multiple transfers.
What do you mean by multiple transfers?
Open three accounts, make three transfers.

JustinR
Posts: 1297
Joined: Tue Apr 27, 2010 11:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JustinR » Thu Jun 27, 2019 9:37 pm

Earl Lemongrab wrote:
Thu Jun 27, 2019 3:48 pm
JustinR wrote:
Thu Jun 27, 2019 1:55 pm
Earl Lemongrab wrote:
Thu Jun 27, 2019 12:32 pm
JustinR wrote:
Thu Jun 27, 2019 3:40 am
The fine print on the ETrade offer says "One promotion per customer."

Has anyone experienced this being enforced?
I have received many from Etrade. I think they mean is that this particular one can only be used once. Like you can't do multiple transfers.
What do you mean by multiple transfers?
Open three accounts, make three transfers.
I literally did this exact bonus a few months ago though. Do you think that's different?

Post Reply