The Final, Definitive Thread on Brokerage Transfer Bonuses

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rich126
Posts: 1641
Joined: Thu Mar 01, 2018 4:56 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by rich126 » Thu Jul 23, 2020 11:44 pm

pre wrote:
Thu Jul 23, 2020 5:03 pm
caklim00 wrote:
Thu Jul 23, 2020 4:36 pm
pre wrote:
Thu Jul 23, 2020 4:19 pm
caklim00 wrote:
Thu Jul 23, 2020 4:09 pm
Anyone here able to use https://www.tdameritrade.com/offer/tdba ... index.html recently? Not a TD Bank customer but heard there might be a way to use it anyway.
Yup, my family member and I did this offer in April, both our bonuses credited on day assets arrived. We're not TD banking customers
Did you call someone or did you apply online for TDAM?
All online. I did sent a quick message between account set up and ACAT transfer to confirm we were enrolled in the offer, which they did.

I've done over 20 TDA bonus offers, and have never had an issue with them honoring the offer.
It says new account. I already have accounts with TD. Can I open a new second account and qualify? My guess is no.

hmw
Posts: 743
Joined: Sun Mar 02, 2014 11:44 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hmw » Fri Jul 24, 2020 12:53 pm

MikeG62 wrote:
Thu Jul 23, 2020 1:05 pm


I can't comment on whether your having enrolled in a different bonus plan within the last 12 months will create an issue for you. What I would say is that I'd find out the answer to that from a Chase Rep before investing time in the process for this bonus.

Please look upthread a bit for my post on this process (it's back around June 10th). Lot's of detail there to answer your question on the process.

I would not tell them I am only in it for the bonus and that's it. After all, you do need to be "approved" for this offer. I would hold out some hope that you are interested in checking out Chase and JPM and the bonus is helping to bring you in. Refuse any attempts on their part to enroll you in their asset management business. As I said, read my post upthread.

Lastly, I transferred in shares (in-kind) in one equity ETF in excess of the $250,000 threshold. Wanted to make sure even if the market pulled back it would be enough to still clear the hurdle.

My plan is to leave things alone until 30-60 days after the bonus posts. Then I will pull the securities out of JPM and close the checking account. I am not aware of any clawback relating to this bonus - no mention of it in the fine print of the offer.

Hope that helps.

Thanks! That was very helpful.

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

Post by hmw » Fri Jul 24, 2020 1:08 pm

rich126 wrote:
Thu Jul 23, 2020 11:44 pm
pre wrote:
Thu Jul 23, 2020 5:03 pm
caklim00 wrote:
Thu Jul 23, 2020 4:36 pm
pre wrote:
Thu Jul 23, 2020 4:19 pm
caklim00 wrote:
Thu Jul 23, 2020 4:09 pm
Anyone here able to use https://www.tdameritrade.com/offer/tdba ... index.html recently? Not a TD Bank customer but heard there might be a way to use it anyway.
Yup, my family member and I did this offer in April, both our bonuses credited on day assets arrived. We're not TD banking customers
Did you call someone or did you apply online for TDAM?
All online. I did sent a quick message between account set up and ACAT transfer to confirm we were enrolled in the offer, which they did.

I've done over 20 TDA bonus offers, and have never had an issue with them honoring the offer.
It says new account. I already have accounts with TD. Can I open a new second account and qualify? My guess is no.
I have had a TDA account for a while. If I have any new cash to invest, I usually just message TDA and ask if there is any promotions. The answer has always been yes. But the bonus is not as good as opening a new account. Usually $200 gift cards for 50k and $300 for 100k.

rich126
Posts: 1641
Joined: Thu Mar 01, 2018 4:56 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by rich126 » Fri Jul 24, 2020 3:12 pm

hmw wrote:
Fri Jul 24, 2020 1:08 pm
rich126 wrote:
Thu Jul 23, 2020 11:44 pm
pre wrote:
Thu Jul 23, 2020 5:03 pm
caklim00 wrote:
Thu Jul 23, 2020 4:36 pm
pre wrote:
Thu Jul 23, 2020 4:19 pm
Yup, my family member and I did this offer in April, both our bonuses credited on day assets arrived. We're not TD banking customers
Did you call someone or did you apply online for TDAM?
All online. I did sent a quick message between account set up and ACAT transfer to confirm we were enrolled in the offer, which they did.

I've done over 20 TDA bonus offers, and have never had an issue with them honoring the offer.
It says new account. I already have accounts with TD. Can I open a new second account and qualify? My guess is no.
I have had a TDA account for a while. If I have any new cash to invest, I usually just message TDA and ask if there is any promotions. The answer has always been yes. But the bonus is not as good as opening a new account. Usually $200 gift cards for 50k and $300 for 100k.
Thanks. Hence my question. The bonus for $250K here is $1,000 but since I have an account it looks like only $600.

Chicago60
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Joined: Tue Jan 29, 2013 3:40 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Chicago60 » Sat Jul 25, 2020 9:58 am

Something to consider: if you are happy with whatever brokerage firms you are using, you may want to ask for a retention bonus to keep your account with them, and ask that they match their competitors' bonus. Do your research in advance before making the call so you can tell them the bonus being offered elsewhere. This has worked for me this month at some brokerage firms, and rejected at another. I now need to decide whether to keep that account, or transfer to Ally Invest.

caklim00
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Joined: Mon May 26, 2008 10:09 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by caklim00 » Tue Jul 28, 2020 10:00 pm

TDAM got back to me via Secure Message and said I was not eligible for the promo. They specifically referred to states + TD Bank. They offered to add the awful publicly available offer. I'm going to go elsewhere. Should I ask TDAM to close the account I just opened or just do nothing and not fund it? I'm thinking of telling TDAM I'm going elsewhere and to ask them to close the account.

A bit of a bummer though for sure.

Rajsx
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Location: Florida

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Rajsx » Wed Jul 29, 2020 7:41 am

Chicago60 wrote:
Sat Jul 25, 2020 9:58 am
Something to consider: if you are happy with whatever brokerage firms you are using, you may want to ask for a retention bonus to keep your account with them, and ask that they match their competitors' bonus. Do your research in advance before making the call so you can tell them the bonus being offered elsewhere. This has worked for me this month at some brokerage firms, and rejected at another. I now need to decide whether to keep that account, or transfer to Ally Invest.
This may not work at Vanguard, where I have all our accounts.
We do not stop laughing because we grow old, we grow old because we stop laughing !!

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

Post by BuddyJet » Wed Jul 29, 2020 8:24 am

caklim00 wrote:
Tue Jul 28, 2020 10:00 pm
TDAM got back to me via Secure Message and said I was not eligible for the promo. They specifically referred to states + TD Bank. They offered to add the awful publicly available offer. I'm going to go elsewhere. Should I ask TDAM to close the account I just opened or just do nothing and not fund it? I'm thinking of telling TDAM I'm going elsewhere and to ask them to close the account.

A bit of a bummer though for sure.
I’d suggest messaging to close account. Future Promos may require that you have not had an account for ?? Days to be considered new so better to start clock. Keep copy of message requesting closure to document date.
People say nothing is impossible. I do nothing all day.

the way
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by the way » Wed Jul 29, 2020 11:50 am

caklim00 wrote:
Tue Jul 28, 2020 10:00 pm
TDAM got back to me via Secure Message and said I was not eligible for the promo. They specifically referred to states + TD Bank. They offered to add the awful publicly available offer. I'm going to go elsewhere. Should I ask TDAM to close the account I just opened or just do nothing and not fund it? I'm thinking of telling TDAM I'm going elsewhere and to ask them to close the account.

A bit of a bummer though for sure.
This is for the promo you linked above (TDB1500)? I read the fine print but it doesn't say anything about states or being a bank customer. Are you saying that's the reason for rejection? I have a regular account there, no bank, and was thinking of moving my IRA over.

caklim00
Posts: 2207
Joined: Mon May 26, 2008 10:09 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by caklim00 » Wed Jul 29, 2020 4:55 pm

the way wrote:
Wed Jul 29, 2020 11:50 am
caklim00 wrote:
Tue Jul 28, 2020 10:00 pm
TDAM got back to me via Secure Message and said I was not eligible for the promo. They specifically referred to states + TD Bank. They offered to add the awful publicly available offer. I'm going to go elsewhere. Should I ask TDAM to close the account I just opened or just do nothing and not fund it? I'm thinking of telling TDAM I'm going elsewhere and to ask them to close the account.

A bit of a bummer though for sure.
This is for the promo you linked above (TDB1500)? I read the fine print but it doesn't say anything about states or being a bank customer. Are you saying that's the reason for rejection? I have a regular account there, no bank, and was thinking of moving my IRA over.

Code: Select all

Thank you for your patience and I have received a response from our Promotions Department regarding the promotion you asked for. They advised that your state is not a state that is eligible for this promotion. To receive this promotion a client must meet these requirements:
 
- Have a TD Bank account.
 
- Live in one of the following states -ME, NH, MA, CT, VT, NY, NJ, PA, RI, DE, DC, VA, FL, MD, NC, SC
 
We apologize then that we won't be able to add this promotion to your account.  We have another promotion that your account could be eligible for and below I have posted the details. If you have any questions, or would like this other promotion added to your account, please contact me by return email.
 
 
Net deposits between 7/1/20 and 9/30/20 will qualify for this offer: 
·       Deposit $250,000 - $499,999 and receive $350 cash 
·       Deposit $500,000 - $999,999 and receive $700 cash 
·       Deposit $1,000,000 or more and receive $1,500 cash

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

Post by Kookaburra » Wed Jul 29, 2020 5:19 pm

I have some questions re: brokerage transfers:

1. Does anyone get nervous transferring the large $ amounts needed to get the bonuses? Anyone have horror stories of transfers that have gone awry?

2. What are the implications to one’s credit score for opening new brokerage accounts?

3. Are there transfer fees?

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

Post by tj » Wed Jul 29, 2020 6:30 pm

Kookaburra wrote:
Wed Jul 29, 2020 5:19 pm
I have some questions re: brokerage transfers:

1. Does anyone get nervous transferring the large $ amounts needed to get the bonuses? Anyone have horror stories of transfers that have gone awry?

2. What are the implications to one’s credit score for opening new brokerage accounts?

3. Are there transfer fees?
I transferred from E Trade to Merrill Edge. Merrill Edge covered the fee. I have to think most would cover it. Vanguard doesn't.

Brokerages have nothing to do with your credit score.

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

Post by MichDad » Wed Jul 29, 2020 6:54 pm

tj wrote:
Wed Jul 29, 2020 6:30 pm
Kookaburra wrote:
Wed Jul 29, 2020 5:19 pm
I have some questions re: brokerage transfers:

1. Does anyone get nervous transferring the large $ amounts needed to get the bonuses? Anyone have horror stories of transfers that have gone awry?

2. What are the implications to one’s credit score for opening new brokerage accounts?

3. Are there transfer fees?
I transferred from E Trade to Merrill Edge. Merrill Edge covered the fee. I have to think most would cover it. Vanguard doesn't.
I've received transfer bonuses from Schwab (multiple), Merrill Edge (multiple), and TD Ameritrade (one). I've never had a problem with the transfers. I once had a problem with collecting a bonus from ME. Fortunately, I had emails confirming that I'd receive it and, after some back and forth, ME made good on their bonus offer.

I doubt making a transfer would impact on anyone's credit score one way or the other. It's not a loan or a liability. My credit score has always been outstanding and I haven't seen any movement of it after moving assets to any brokerage for bonuses.

Yes, most brokerage firms will charge transfer and/or closing fees when you move your assets out. However, Fidelity, ME, Schwab, and TD Ameritrade all reimburse those fees in full. I'm not sure about Vanguard but I suspect they would also reimburse such fees. I confirm this in advance and make sure to receive emails confirming this. Vanguard does not offer transfer bonuses. In general, Fidelity also doesn't but it might for particularly large transfers (e.g., over $1 million).

I'm not as aggressive as others on this thread in seeking transfer bonuses. But, between my wife and I, we've received somewhere between $5,000 and $8,000 in transfer bonuses between 2018 and 2020. The work involved was minimal.

I'd like to offer one pointer. When you have a choice, it's best to get your transfer bonuses added into Roth accounts. The bonuses are added to those Roth accounts as Roth assets and you'll not receive a Form 1099 requiring you to pay taxes on those bonuses. When the bonuses are put into traditional or taxable accounts, you'll have to pay taxes on them.

MichDad

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

Post by Kookaburra » Wed Jul 29, 2020 7:00 pm

MichDad wrote:
Wed Jul 29, 2020 6:54 pm

I'd like to offer one pointer. When you have a choice, it's best to get your transfer bonuses added into Roth accounts. The bonuses are added to those Roth accounts as Roth assets and you'll not receive a Form 1099 requiring you to pay taxes on those bonuses. When the bonuses are put into traditional or taxable accounts, you'll have to pay taxes on them.
Thanks for the tip. Setting aside the tax part, does this count (and get reported) as part of one’s annual Roth contribution? For example, if the bonus was $1,000, would that limit the individual to a $5K contribution for the year (to stay under the $6K limit)?

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

Post by tj » Wed Jul 29, 2020 7:06 pm

Kookaburra wrote:
Wed Jul 29, 2020 7:00 pm
MichDad wrote:
Wed Jul 29, 2020 6:54 pm

I'd like to offer one pointer. When you have a choice, it's best to get your transfer bonuses added into Roth accounts. The bonuses are added to those Roth accounts as Roth assets and you'll not receive a Form 1099 requiring you to pay taxes on those bonuses. When the bonuses are put into traditional or taxable accounts, you'll have to pay taxes on them.
Thanks for the tip. Setting aside the tax part, does this count (and get reported) as part of one’s annual Roth contribution? For example, if the bonus was $1,000, would that limit the individual to a $5K contribution for the year (to stay under the $6K limit)?
No. It's not a contribution. It's growth within the account.

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

Post by SlowMovingInvestor » Wed Jul 29, 2020 7:39 pm

MichDad wrote:
Wed Jul 29, 2020 6:54 pm

I'd like to offer one pointer. When you have a choice, it's best to get your transfer bonuses added into Roth accounts. The bonuses are added to those Roth accounts as Roth assets and you'll not receive a Form 1099 requiring you to pay taxes on those bonuses. When the bonuses are put into traditional or taxable accounts, you'll have to pay taxes on them.
But you can typically only get the bonus deposited in a Roth if you move a Roth. You can't normally move another type of account and ask for the deposit to be made to a Roth. In that case, it should be counted as a contribution to the Roth.

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

Post by tj » Wed Jul 29, 2020 10:54 pm

SlowMovingInvestor wrote:
Wed Jul 29, 2020 7:39 pm
MichDad wrote:
Wed Jul 29, 2020 6:54 pm

I'd like to offer one pointer. When you have a choice, it's best to get your transfer bonuses added into Roth accounts. The bonuses are added to those Roth accounts as Roth assets and you'll not receive a Form 1099 requiring you to pay taxes on those bonuses. When the bonuses are put into traditional or taxable accounts, you'll have to pay taxes on them.
But you can typically only get the bonus deposited in a Roth if you move a Roth. You can't normally move another type of account and ask for the deposit to be made to a Roth. In that case, it should be counted as a contribution to the Roth.

Obviously they are going to deposit the bonus into the account that you move.

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

Post by Kookaburra » Wed Jul 29, 2020 11:45 pm

tj wrote:
Wed Jul 29, 2020 10:54 pm
SlowMovingInvestor wrote:
Wed Jul 29, 2020 7:39 pm
MichDad wrote:
Wed Jul 29, 2020 6:54 pm

I'd like to offer one pointer. When you have a choice, it's best to get your transfer bonuses added into Roth accounts. The bonuses are added to those Roth accounts as Roth assets and you'll not receive a Form 1099 requiring you to pay taxes on those bonuses. When the bonuses are put into traditional or taxable accounts, you'll have to pay taxes on them.
But you can typically only get the bonus deposited in a Roth if you move a Roth. You can't normally move another type of account and ask for the deposit to be made to a Roth. In that case, it should be counted as a contribution to the Roth.

Obviously they are going to deposit the bonus into the account that you move.
Can I transfer part (but not all) of a Roth IRA? For example, just certain ETFs in my Roth account, but not all holdings or the entire account?

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

Post by Kookaburra » Thu Jul 30, 2020 12:02 am

I’m confused on how the bonus gets treated for different types of accounts. The above discussion says that if you transfer a Roth IRA, that the bonus gets put into the Roth space and is treated as growth, i.e., it doesn’t get taxed, and it doesn’t count against your contribution limit. But if one were to transfer a taxable brokerage account (at least with Schwab’s referral bonus), the fine print says they issue you a 1099-INT for the amount of the bonus. Why wouldn’t they just be able to add it to the account tax-free in the same way?

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

Post by sarabayo » Thu Jul 30, 2020 4:00 am

Kookaburra wrote:
Thu Jul 30, 2020 12:02 am
I’m confused on how the bonus gets treated for different types of accounts. The above discussion says that if you transfer a Roth IRA, that the bonus gets put into the Roth space and is treated as growth, i.e., it doesn’t get taxed, and it doesn’t count against your contribution limit. But if one were to transfer a taxable brokerage account (at least with Schwab’s referral bonus), the fine print says they issue you a 1099-INT for the amount of the bonus. Why wouldn’t they just be able to add it to the account tax-free in the same way?
I guess the way they finagle the "growth" thing in a Roth account is they pretend your settlement fund in there magically gave you $x in interest, and inside a Roth account, interest isn't taxable. In contrast, if the settlement fund in your taxable brokerage account magically gave you $x in interest, it would be taxable. That's why it's called a taxable account.

It seems pretty logical to me that a tax-free bonus can be added to a tax-sheltered account but not to a taxable account.

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

Post by SlowMovingInvestor » Thu Jul 30, 2020 7:57 am

tj wrote:
Wed Jul 29, 2020 10:54 pm
SlowMovingInvestor wrote:
Wed Jul 29, 2020 7:39 pm
MichDad wrote:
Wed Jul 29, 2020 6:54 pm

I'd like to offer one pointer. When you have a choice, it's best to get your transfer bonuses added into Roth accounts. The bonuses are added to those Roth accounts as Roth assets and you'll not receive a Form 1099 requiring you to pay taxes on those bonuses. When the bonuses are put into traditional or taxable accounts, you'll have to pay taxes on them.
But you can typically only get the bonus deposited in a Roth if you move a Roth. You can't normally move another type of account and ask for the deposit to be made to a Roth. In that case, it should be counted as a contribution to the Roth.

Obviously they are going to deposit the bonus into the account that you move.
Right, I was just clarifying the original post a little to emphasize the advantage of moving Roth IRA accounts.

But some brokerages allow you to move 2 types of accounts (brokerage + IRA) and count both towards a total, then try and prorate.

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

Post by tj » Thu Jul 30, 2020 8:16 am

Kookaburra wrote:
Wed Jul 29, 2020 11:45 pm
tj wrote:
Wed Jul 29, 2020 10:54 pm
SlowMovingInvestor wrote:
Wed Jul 29, 2020 7:39 pm
MichDad wrote:
Wed Jul 29, 2020 6:54 pm

I'd like to offer one pointer. When you have a choice, it's best to get your transfer bonuses added into Roth accounts. The bonuses are added to those Roth accounts as Roth assets and you'll not receive a Form 1099 requiring you to pay taxes on those bonuses. When the bonuses are put into traditional or taxable accounts, you'll have to pay taxes on them.
But you can typically only get the bonus deposited in a Roth if you move a Roth. You can't normally move another type of account and ask for the deposit to be made to a Roth. In that case, it should be counted as a contribution to the Roth.

Obviously they are going to deposit the bonus into the account that you move.
Can I transfer part (but not all) of a Roth IRA? For example, just certain ETFs in my Roth account, but not all holdings or the entire account?
Of course.

Chicago60
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Chicago60 » Thu Jul 30, 2020 8:18 am

Rajsx wrote:
Wed Jul 29, 2020 7:41 am
Chicago60 wrote:
Sat Jul 25, 2020 9:58 am
Something to consider: if you are happy with whatever brokerage firms you are using, you may want to ask for a retention bonus to keep your account with them, and ask that they match their competitors' bonus. Do your research in advance before making the call so you can tell them the bonus being offered elsewhere. This has worked for me this month at some brokerage firms, and rejected at another. I now need to decide whether to keep that account, or transfer to Ally Invest.
This may not work at Vanguard, where I have all our accounts.
Correct. The approach (obviously) only might work if the brokerage firm provides a bonus to transfer.

pop77
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pop77 » Thu Jul 30, 2020 8:20 am

I understand many of the brokerages now have $0 fees on stocks and ETFs. Does Chase, TD Ameritrade allow you to buy Vanguard mutual funds at zero transaction fee?

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

Post by tj » Thu Jul 30, 2020 9:28 am

pop77 wrote:
Thu Jul 30, 2020 8:20 am
I understand many of the brokerages now have $0 fees on stocks and ETFs. Does Chase, TD Ameritrade allow you to buy Vanguard mutual funds at zero transaction fee?
No. Not for TDA. Chase might have had some Vanguard funds on their NTF list. I think I held Vanguard Prime Money Market at Chase when I did their bonus.

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

Post by sycamore » Thu Jul 30, 2020 9:46 am

tj wrote:
Thu Jul 30, 2020 9:28 am
pop77 wrote:
Thu Jul 30, 2020 8:20 am
I understand many of the brokerages now have $0 fees on stocks and ETFs. Does Chase, TD Ameritrade allow you to buy Vanguard mutual funds at zero transaction fee?
No. Not for TDA. Chase might have had some Vanguard funds on their NTF list. I think I held Vanguard Prime Money Market at Chase when I did their bonus.
For more details on TDAM pricing, check out https://research.tdameritrade.com/grid/ ... p?tab=ntfs

Not sure about Chase.

E*Trade has many Vanguard funds with no transaction fee. https://www.etrade.wallst.com/Research/ ... rame=false and click on the NTF checkbox and enter "Vanguard" in the Fund Name field.

pop77
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pop77 » Thu Jul 30, 2020 10:06 am

sycamore wrote:
Thu Jul 30, 2020 9:46 am
tj wrote:
Thu Jul 30, 2020 9:28 am
pop77 wrote:
Thu Jul 30, 2020 8:20 am
I understand many of the brokerages now have $0 fees on stocks and ETFs. Does Chase, TD Ameritrade allow you to buy Vanguard mutual funds at zero transaction fee?
No. Not for TDA. Chase might have had some Vanguard funds on their NTF list. I think I held Vanguard Prime Money Market at Chase when I did their bonus.
For more details on TDAM pricing, check out https://research.tdameritrade.com/grid/ ... p?tab=ntfs

Not sure about Chase.

E*Trade has many Vanguard funds with no transaction fee. https://www.etrade.wallst.com/Research/ ... rame=false and click on the NTF checkbox and enter "Vanguard" in the Fund Name field.
Thank you both. I am currently grandfathered into Wells Trade zero commission trades. They pretty much allow to buy any vanguard fund as long as it is within the free trade number limit. I have lately been annoyed by their lack of online options, for most of the things I have to fill out a form and mail it. E*Trade looks like a better choice than TDA just based on the Vanguard funds they allow.

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

Post by michaeljc70 » Thu Jul 30, 2020 10:08 am

pop77 wrote:
Thu Jul 30, 2020 10:06 am
sycamore wrote:
Thu Jul 30, 2020 9:46 am
tj wrote:
Thu Jul 30, 2020 9:28 am
pop77 wrote:
Thu Jul 30, 2020 8:20 am
I understand many of the brokerages now have $0 fees on stocks and ETFs. Does Chase, TD Ameritrade allow you to buy Vanguard mutual funds at zero transaction fee?
No. Not for TDA. Chase might have had some Vanguard funds on their NTF list. I think I held Vanguard Prime Money Market at Chase when I did their bonus.
For more details on TDAM pricing, check out https://research.tdameritrade.com/grid/ ... p?tab=ntfs

Not sure about Chase.

E*Trade has many Vanguard funds with no transaction fee. https://www.etrade.wallst.com/Research/ ... rame=false and click on the NTF checkbox and enter "Vanguard" in the Fund Name field.
Thank you both. I am currently grandfathered into Wells Trade zero commission trades. They pretty much allow to buy any vanguard fund as long as it is within the free trade number limit. I have lately been annoyed by their lack of online options, for most of the things I have to fill out a form and mail it. E*Trade looks like a better choice than TDA just based on the Vanguard funds they allow.
I thought that every major brokerage had very low expense ETFs or mutual funds that cover the major indexes available to buy/sell for no cost. At TDA I pay nothing to buy/sell ETFs. Once one brokerage started it, they all pretty much had to follow.

pop77
Posts: 460
Joined: Wed Dec 12, 2007 7:57 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pop77 » Thu Jul 30, 2020 11:30 am

michaeljc70 wrote:
Thu Jul 30, 2020 10:08 am
pop77 wrote:
Thu Jul 30, 2020 10:06 am
sycamore wrote:
Thu Jul 30, 2020 9:46 am
tj wrote:
Thu Jul 30, 2020 9:28 am
pop77 wrote:
Thu Jul 30, 2020 8:20 am
I understand many of the brokerages now have $0 fees on stocks and ETFs. Does Chase, TD Ameritrade allow you to buy Vanguard mutual funds at zero transaction fee?
No. Not for TDA. Chase might have had some Vanguard funds on their NTF list. I think I held Vanguard Prime Money Market at Chase when I did their bonus.
For more details on TDAM pricing, check out https://research.tdameritrade.com/grid/ ... p?tab=ntfs

Not sure about Chase.

E*Trade has many Vanguard funds with no transaction fee. https://www.etrade.wallst.com/Research/ ... rame=false and click on the NTF checkbox and enter "Vanguard" in the Fund Name field.
Thank you both. I am currently grandfathered into Wells Trade zero commission trades. They pretty much allow to buy any vanguard fund as long as it is within the free trade number limit. I have lately been annoyed by their lack of online options, for most of the things I have to fill out a form and mail it. E*Trade looks like a better choice than TDA just based on the Vanguard funds they allow.
I thought that every major brokerage had very low expense ETFs or mutual funds that cover the major indexes available to buy/sell for no cost. At TDA I pay nothing to buy/sell ETFs. Once one brokerage started it, they all pretty much had to follow.
True for stocks and ETFs but not for Mutual Funds. If you want to get Vanguard Wellesley for example, you need to pay a fee at TDA

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

Post by tj » Thu Jul 30, 2020 7:37 pm

michaeljc70 wrote:
Thu Jul 30, 2020 10:08 am
pop77 wrote:
Thu Jul 30, 2020 10:06 am
sycamore wrote:
Thu Jul 30, 2020 9:46 am
tj wrote:
Thu Jul 30, 2020 9:28 am
pop77 wrote:
Thu Jul 30, 2020 8:20 am
I understand many of the brokerages now have $0 fees on stocks and ETFs. Does Chase, TD Ameritrade allow you to buy Vanguard mutual funds at zero transaction fee?
No. Not for TDA. Chase might have had some Vanguard funds on their NTF list. I think I held Vanguard Prime Money Market at Chase when I did their bonus.
For more details on TDAM pricing, check out https://research.tdameritrade.com/grid/ ... p?tab=ntfs

Not sure about Chase.

E*Trade has many Vanguard funds with no transaction fee. https://www.etrade.wallst.com/Research/ ... rame=false and click on the NTF checkbox and enter "Vanguard" in the Fund Name field.
Thank you both. I am currently grandfathered into Wells Trade zero commission trades. They pretty much allow to buy any vanguard fund as long as it is within the free trade number limit. I have lately been annoyed by their lack of online options, for most of the things I have to fill out a form and mail it. E*Trade looks like a better choice than TDA just based on the Vanguard funds they allow.
I thought that every major brokerage had very low expense ETFs or mutual funds that cover the major indexes available to buy/sell for no cost. At TDA I pay nothing to buy/sell ETFs. Once one brokerage started it, they all pretty much had to follow.
Free ETF trade is common, Free mutual fund trades not so much.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by michaeljc70 » Thu Jul 30, 2020 7:51 pm

tj wrote:
Thu Jul 30, 2020 7:37 pm
michaeljc70 wrote:
Thu Jul 30, 2020 10:08 am
pop77 wrote:
Thu Jul 30, 2020 10:06 am
sycamore wrote:
Thu Jul 30, 2020 9:46 am
tj wrote:
Thu Jul 30, 2020 9:28 am


No. Not for TDA. Chase might have had some Vanguard funds on their NTF list. I think I held Vanguard Prime Money Market at Chase when I did their bonus.
For more details on TDAM pricing, check out https://research.tdameritrade.com/grid/ ... p?tab=ntfs

Not sure about Chase.

E*Trade has many Vanguard funds with no transaction fee. https://www.etrade.wallst.com/Research/ ... rame=false and click on the NTF checkbox and enter "Vanguard" in the Fund Name field.
Thank you both. I am currently grandfathered into Wells Trade zero commission trades. They pretty much allow to buy any vanguard fund as long as it is within the free trade number limit. I have lately been annoyed by their lack of online options, for most of the things I have to fill out a form and mail it. E*Trade looks like a better choice than TDA just based on the Vanguard funds they allow.
I thought that every major brokerage had very low expense ETFs or mutual funds that cover the major indexes available to buy/sell for no cost. At TDA I pay nothing to buy/sell ETFs. Once one brokerage started it, they all pretty much had to follow.
Free ETF trade is common, Free mutual fund trades not so much.
TDA offers both free....but the list of mutual funds is limited. If you buy index funds like I said you should be able to do that free at any major brokerage.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj » Thu Jul 30, 2020 8:14 pm

michaeljc70 wrote:
Thu Jul 30, 2020 7:51 pm
tj wrote:
Thu Jul 30, 2020 7:37 pm
michaeljc70 wrote:
Thu Jul 30, 2020 10:08 am
pop77 wrote:
Thu Jul 30, 2020 10:06 am
sycamore wrote:
Thu Jul 30, 2020 9:46 am


For more details on TDAM pricing, check out https://research.tdameritrade.com/grid/ ... p?tab=ntfs

Not sure about Chase.

E*Trade has many Vanguard funds with no transaction fee. https://www.etrade.wallst.com/Research/ ... rame=false and click on the NTF checkbox and enter "Vanguard" in the Fund Name field.
Thank you both. I am currently grandfathered into Wells Trade zero commission trades. They pretty much allow to buy any vanguard fund as long as it is within the free trade number limit. I have lately been annoyed by their lack of online options, for most of the things I have to fill out a form and mail it. E*Trade looks like a better choice than TDA just based on the Vanguard funds they allow.
I thought that every major brokerage had very low expense ETFs or mutual funds that cover the major indexes available to buy/sell for no cost. At TDA I pay nothing to buy/sell ETFs. Once one brokerage started it, they all pretty much had to follow.
Free ETF trade is common, Free mutual fund trades not so much.
TDA offers both free....but the list of mutual funds is limited. If you buy index funds like I said you should be able to do that free at any major brokerage.
Sure, there are certain funds on the NTF list. I have a State Street S&P 500 Index fund in my HSA Bank /TDA HSA. You can't buy Vanguard mutual funds NTF at TDA.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Rajsx » Fri Jul 31, 2020 11:07 am

How would you do this ? ?

I am looking into gradually converting my Vanguard Admiral Shares into ETFs, with an eye to moving to another Brokerage. I have read up some on the ETFs but they are new to me, guess I am behind the curve & a late Bloomer to ETFs.


My Funds are -

Taxable -
Total Stock Market - VTSAX
Total International Stock - VTIAX
Intermediate - Term Tax Exempt - VWIUX

Tax Deferred -
Total Bond Index - VBTLX
Total International Bond Index - VTABX


Question -

1) Should I convert & transfer the tax deferred accounts first or taxable. ?

2) Are there any pitfalls I have to watch out for. ?

3) I plan to transfer our whole Flagship Select Portfolio in stages taking time to test out the new Brokerage's Website, Customer Service & any possible Bonuses. Vanguard has been our sole Brokerage for 30 years (yes too long).

4) Fidelity & Schwab have their Offices in our city, but will check out other Brokerages also.

Any advise from anyone who has traveled this route before would be greatly appreciated, thanks in advance.
Last edited by Rajsx on Fri Jul 31, 2020 2:06 pm, edited 1 time in total.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sycamore » Fri Jul 31, 2020 12:36 pm

Rajsx wrote:
Fri Jul 31, 2020 11:07 am
How would you do this ? ?

I am looking into gradually converting my Vanguard Admiral Shares into ETFs, with an eye to moving to another Brokerage. I have read up some on the ETFs but they are new to me, guess I am behind the curve & a late Bloomer to ETFs.


My Funds are -

Taxable -
Total Stock Market - VTSAX
Total International Stock - VTIAX
Intermediate - Term Tax Exempt - VWIUX

Tax Deferred -
Total Bond Index - VBTLX
Total International Bond Index - VTABX


Question -

1) Should I convert & transfer the tax deferred accounts first or taxable. ?

2) Are there any pitfalls I have to watch out for. ?

3) I plan to transfer our whole Flagship Select Portfolio in stages taking time to test out the new Brokerage's Website, Customer Service & any possible Bonuses. Vanguard has been our sole Brokerage for 30 years (yes too long).

4) Fidelity & Schwab have their Offices in our city, but will check out other Brokerages also.

Any advise from who has traveled route would be greatly appreciated, thanks in advance.
Rajsx,

ETFs and mutual funds are very similar in most respects but there are some significant differences, namely that with ETFs the purchase (and sale) price varies throughout the day, rather than having a single end-of-day net asset value that transactions are based on. See more info about differences here:https://www.bogleheads.org/wiki/ETFs_vs_mutual_funds

1) Which account to convert first is up to you. Many times a brokerage bonus depends on how much $ you're transferring. So pick one account that has enough to get the desired level of bonus.

2) For taxable accounts, one pitfall is making sure that your cost basis transfers over. In your case with over 30 years of investing, much of that history is "non-covered". Make sure you have complete documentation on all your purchases so that you know your cost basis. You'll want to download any transaction documents BEFORE you initiate a transfer requests - there's a risk you may get locked out of your old brokerage account once the transfer request is made (for a full transfer, that is; if you leave some assets in taxable your account won't be closed).

Most of your mutual funds can be directly converted to ETF with no tax consequences. However, VBTLX Total Bond Market fund can not be directly converted to the ETF BND. Luckily it's in your tax-deferred account so you can simply sell VBTLX and then buy BND with no tax consequences.

In taxable, your VWIUX is an active muni fund that can't be converted to an ETF. You'd have to sell it first and then buy the VTEB ETF (Vanguard Tax-Exempt Bond Fund). They're similar funds in terms of credit quality and duration. It's possible that some brokerages will accept an incoming transfer of VWIUX but likely you'll have to pay a transaction fee to buy any more shares. Look at your cost basis for this holding and see how much you'd have to pay in capital gains tax if you sell. Then decide if it's worth it converting to ETF.

For more info on converting, there are some details on the process here: How to convert mutual funds to ETFs at Vanguard.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Rajsx » Fri Jul 31, 2020 2:03 pm

Sycamore, I am so thankful for your helpful post.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt » Fri Jul 31, 2020 5:20 pm

Rajsx wrote:
Fri Jul 31, 2020 2:03 pm
Sycamore, I am so thankful for your helpful post.
Just to add on what sycamore wrote.
You can keep your vanguard account open leaving some investments behind and do all your new buying there.

This way you just transfer what you want to reach the bonus you want and don’t make any trades at all. Many brokerage houses will accept your vanguard mutual funds and won’t charge you anything as long as you don’t buy and sell. This is what I am doing.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by GeraniumLover » Fri Jul 31, 2020 6:42 pm

Rajsx wrote:
Fri Jul 31, 2020 2:03 pm
Sycamore, I am so thankful for your helpful post.
I agree. One of the best posts I've read on BH.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante » Wed Aug 05, 2020 5:07 pm

Interactive Brokers has a really good referral offer right now. I do not recall IB offering a transfer bonus before. Referrer gets zip, Referee gets 1% of deposit, up to $1,000. The reward is given as IBKR shares and you must hold for one year. I have zero interest in holding their shares, but hey, a grand is a grand. One of the better bonuses I've seen if you need to rehome 100k. Doc has coverage and you can beg for referrals there if you need one. It's against the rules here.

Before you ask, yes, IBKR Lite is eligible. You can also use the Pro account if you prefer.

Note that the old referral program incentivized the referrer, and the person being referred got nothing. So make sure the offer is mentioned in the refer e-mail you receive. If it isn't, do not proceed because you will not get anything.

Privacy note: as far as I know, there is no way you can get or supply a referral and stay anonymous. The person referring you must know your first name, last name, and e-mail address. IB also tells you who referred you.

Happy hunting.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Wed Aug 05, 2020 9:38 pm

whodidntante wrote:
Wed Aug 05, 2020 5:07 pm
Interactive Brokers has a really good referral offer right now. I do not recall IB offering a transfer bonus before. Referrer gets zip, Referee gets 1% of deposit, up to $1,000. The reward is given as IBKR shares and you must hold for one year. I have zero interest in holding their shares, but hey, a grand is a grand. One of the better bonuses I've seen if you need to rehome 100k. Doc has coverage and you can beg for referrals there if you need one. It's against the rules here.
That's pretty good. Not clear if an IRA account is eligible. And if so, whether the reward would be counted as a contribution to the IRA (it shouldn't as other bonuses don't, but who knows ..)

Also, does Ibroker support ACATS ? And, I've heard that you can't download 1099s electronically into Turbotax ? That would be an issue if they don't support this bonus for an IRA account.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante » Wed Aug 05, 2020 10:31 pm

SlowMovingInvestor wrote:
Wed Aug 05, 2020 9:38 pm
whodidntante wrote:
Wed Aug 05, 2020 5:07 pm
Interactive Brokers has a really good referral offer right now. I do not recall IB offering a transfer bonus before. Referrer gets zip, Referee gets 1% of deposit, up to $1,000. The reward is given as IBKR shares and you must hold for one year. I have zero interest in holding their shares, but hey, a grand is a grand. One of the better bonuses I've seen if you need to rehome 100k. Doc has coverage and you can beg for referrals there if you need one. It's against the rules here.
That's pretty good. Not clear if an IRA account is eligible. And if so, whether the reward would be counted as a contribution to the IRA (it shouldn't as other bonuses don't, but who knows ..)

Also, does Ibroker support ACATS ? And, I've heard that you can't download 1099s electronically into Turbotax ? That would be an issue if they don't support this bonus for an IRA account.
Yes, it's a top tier bonus for just 100k.

Not sure about IRA eligibility. I think so but I'm not certain. IB hasn't paid a bonus before as far as I know, so I don't think you'll find data points on whether it counts as a contribution. They support ACATS and there is no fee in or out. I've never seen a data point of them refunding the fee charged by another broker, however. Not sure about Turbotax automatic import. I already have some accounts that don't support that. It's not a big deal.
Last edited by whodidntante on Wed Aug 05, 2020 10:33 pm, edited 1 time in total.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj » Wed Aug 05, 2020 10:33 pm

whodidntante wrote:
Wed Aug 05, 2020 5:07 pm
Interactive Brokers has a really good referral offer right now. I do not recall IB offering a transfer bonus before. Referrer gets zip, Referee gets 1% of deposit, up to $1,000. The reward is given as IBKR shares and you must hold for one year. I have zero interest in holding their shares, but hey, a grand is a grand. One of the better bonuses I've seen if you need to rehome 100k. Doc has coverage and you can beg for referrals there if you need one. It's against the rules here.

Before you ask, yes, IBKR Lite is eligible. You can also use the Pro account if you prefer.

Note that the old referral program incentivized the referrer, and the person being referred got nothing. So make sure the offer is mentioned in the refer e-mail you receive. If it isn't, do not proceed because you will not get anything.

Privacy note: as far as I know, there is no way you can get or supply a referral and stay anonymous. The person referring you must know your first name, last name, and e-mail address. IB also tells you who referred you.

Happy hunting.
I suppose the risk that the stock is worth less than $1k in a year....

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante » Wed Aug 05, 2020 10:35 pm

tj wrote:
Wed Aug 05, 2020 10:33 pm
whodidntante wrote:
Wed Aug 05, 2020 5:07 pm
Interactive Brokers has a really good referral offer right now. I do not recall IB offering a transfer bonus before. Referrer gets zip, Referee gets 1% of deposit, up to $1,000. The reward is given as IBKR shares and you must hold for one year. I have zero interest in holding their shares, but hey, a grand is a grand. One of the better bonuses I've seen if you need to rehome 100k. Doc has coverage and you can beg for referrals there if you need one. It's against the rules here.

Before you ask, yes, IBKR Lite is eligible. You can also use the Pro account if you prefer.

Note that the old referral program incentivized the referrer, and the person being referred got nothing. So make sure the offer is mentioned in the refer e-mail you receive. If it isn't, do not proceed because you will not get anything.

Privacy note: as far as I know, there is no way you can get or supply a referral and stay anonymous. The person referring you must know your first name, last name, and e-mail address. IB also tells you who referred you.

Happy hunting.
I suppose the risk that the stock is worth less than $1k in a year....
If that bothers you, sell IBKR short in another account. They have no way to know and it will effectively cancel your exposure.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 » Thu Aug 06, 2020 8:44 am

Merrill Edge has increased their transfer bonus to $1,000 (for transferring $200K). Requires a 180 day holding period before bonus posts.

See here:

https://www.doctorofcredit.com/merrill- ... vestments/

and here:

https://www.merrilledge.com/offers/me1000

You can open one CMA and one IRA at the same time - so $2,000 in bonuses. Also, consider opening BofA checking (no-fee) and BofA Premium rewards CC ($500 bonus if charing $3,000 in first 90 days) to get platinum honors level benefits of 2.625% general cash back (and 3.5% on travel and dining) on that CC.
Real Knowledge Comes Only From Experience

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj » Thu Aug 06, 2020 9:04 am

MikeG62 wrote:
Thu Aug 06, 2020 8:44 am
Merrill Edge has increased their transfer bonus to $1,000 (for transferring $200K). Requires a 180 day holding period before bonus posts.

See here:

https://www.doctorofcredit.com/merrill- ... vestments/

and here:

https://www.merrilledge.com/offers/me1000

You can open one CMA and one IRA at the same time - so $2,000 in bonuses. Also, consider opening BofA checking (no-fee) and BofA Premium rewards CC ($500 bonus if charing $3,000 in first 90 days) to get platinum honors level benefits of 2.625% general cash back (and 3.5% on travel and dining) on that CC.
If you are going to open a BofA checking account, might as well get a bonus for it:

https://promo.bankofamerica.com/choosey ... ing1/offer

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt » Thu Aug 06, 2020 11:09 am

tj wrote:
Thu Aug 06, 2020 9:04 am
MikeG62 wrote:
Thu Aug 06, 2020 8:44 am
Merrill Edge has increased their transfer bonus to $1,000 (for transferring $200K). Requires a 180 day holding period before bonus posts.

See here:

https://www.doctorofcredit.com/merrill- ... vestments/

and here:

https://www.merrilledge.com/offers/me1000

You can open one CMA and one IRA at the same time - so $2,000 in bonuses. Also, consider opening BofA checking (no-fee) and BofA Premium rewards CC ($500 bonus if charing $3,000 in first 90 days) to get platinum honors level benefits of 2.625% general cash back (and 3.5% on travel and dining) on that CC.
If you are going to open a BofA checking account, might as well get a bonus for it:

https://promo.bankofamerica.com/choosey ... ing1/offer
What qualifies as a direct deposit? I have a hard time achieving that. I own two businesses (s-corp and also a C-corp) can I send myself a payment via ACH? Would that qualify?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sycamore » Thu Aug 06, 2020 1:03 pm

EnjoyIt wrote:
Thu Aug 06, 2020 11:09 am
tj wrote:
Thu Aug 06, 2020 9:04 am
...
If you are going to open a BofA checking account, might as well get a bonus for it:

https://promo.bankofamerica.com/choosey ... ing1/offer
What qualifies as a direct deposit? I have a hard time achieving that. I own two businesses (s-corp and also a C-corp) can I send myself a payment via ACH? Would that qualify?
AFAIK, it depends on how the ACH is coded, which depends on BoA and which bank your businesses are with.

The doctorofcredit web site has a page that tracks people's experience as to what counts as a direct deposit. The idea is to scroll down to the Bank of America section, then look for the bank/brokerage you're transferring funds from. E.g., from Alliant, one person had success, another person did not. It's not a fool-proof system.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt » Thu Aug 06, 2020 1:35 pm

sycamore wrote:
Thu Aug 06, 2020 1:03 pm
EnjoyIt wrote:
Thu Aug 06, 2020 11:09 am
tj wrote:
Thu Aug 06, 2020 9:04 am
...
If you are going to open a BofA checking account, might as well get a bonus for it:

https://promo.bankofamerica.com/choosey ... ing1/offer
What qualifies as a direct deposit? I have a hard time achieving that. I own two businesses (s-corp and also a C-corp) can I send myself a payment via ACH? Would that qualify?
AFAIK, it depends on how the ACH is coded, which depends on BoA and which bank your businesses are with.

The doctorofcredit web site has a page that tracks people's experience as to what counts as a direct deposit. The idea is to scroll down to the Bank of America section, then look for the bank/brokerage you're transferring funds from. E.g., from Alliant, one person had success, another person did not. It's not a fool-proof system.
I have seen that page and just figured it would not work based on the datapoint provided.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Thu Aug 06, 2020 5:56 pm

whodidntante wrote:
Wed Aug 05, 2020 10:31 pm
Yes, it's a top tier bonus for just 100k.

Not sure about IRA eligibility. I think so but I'm not certain. IB hasn't paid a bonus before as far as I know, so I don't think you'll find data points on whether it counts as a contribution. They support ACATS and there is no fee in or out. I've never seen a data point of them refunding the fee charged by another broker, however. Not sure about Turbotax automatic import. I already have some accounts that don't support that. It's not a big deal.
Thanks.

I have a friend who has an Ibroker account. Where should I tell him to look to find the referral link and fill my data in ? The only thing that I can see with google search is regular referral, which gives bonuses to the referrer.

Also, a non bonus question -- is it possible to switch between ibroker pro and lite ? I might start with lite to get my allocation setup (with 0 trading fees) and then switch to pro simply because I want to play around with their APIs.

I saw this with terms and conditions of the offer

https://ndcdyn.interactivebrokers.com/U ... ormdb=4293

It mentions a 1099-MISC, which leads me to believe that IRA accounts are not eligible for this bonus. And I'm not sure I want to take the chance of opening an IRA account, and having the bonus count as a contribution. It also mentions that the 1099-MISC will contain the stock value the day the bonus was deposited. Strictly speaking, if you can't sell for one year, the value should be when it finally becomes saleable (like a RSU).

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante » Thu Aug 06, 2020 6:18 pm

SlowMovingInvestor wrote:
Thu Aug 06, 2020 5:56 pm
whodidntante wrote:
Wed Aug 05, 2020 10:31 pm
Yes, it's a top tier bonus for just 100k.

Not sure about IRA eligibility. I think so but I'm not certain. IB hasn't paid a bonus before as far as I know, so I don't think you'll find data points on whether it counts as a contribution. They support ACATS and there is no fee in or out. I've never seen a data point of them refunding the fee charged by another broker, however. Not sure about Turbotax automatic import. I already have some accounts that don't support that. It's not a big deal.
Thanks.

I have a friend who has an Ibroker account. Where should I tell him to look to find the referral link and fill my data in ? The only thing that I can see with google search is regular referral, which gives bonuses to the referrer.

Also, a non bonus question -- is it possible to switch between ibroker pro and lite ? I might start with lite to get my allocation setup (with 0 trading fees) and then switch to pro simply because I want to play around with their APIs.

I saw this with terms and conditions of the offer

https://ndcdyn.interactivebrokers.com/U ... ormdb=4293

It mentions a 1099-MISC, which leads me to believe that IRA accounts are not eligible for this bonus. And I'm not sure I want to take the chance of opening an IRA account, and having the bonus count as a contribution. It also mentions that the 1099-MISC will contain the stock value the day the bonus was deposited. Strictly speaking, if you can't sell for one year, the value should be when it finally becomes saleable (like a RSU).
Ask your friend to search for an e-mail with the subject "Give your friend the gift of free IBKR shares." I'm sure things will go smoothly from there. :happy

I don't know if every IB client got the e-mail.

You can easily switch between lite and pro after opening your account. It's done online. No interaction with their famously kurt support is needed.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Thu Aug 06, 2020 6:52 pm

whodidntante wrote:
Thu Aug 06, 2020 6:18 pm

Ask your friend to search for an e-mail with the subject "Give your friend the gift of free IBKR shares." I'm sure things will go smoothly from there. :happy

I don't know if every IB client got the e-mail.

You can easily switch between lite and pro after opening your account. It's done online. No interaction with their famously kurt support is needed.
Thanks again.

Correcting myself, here's what Interactive says.

For accounts owned by U.S. tax residents, we intend to treat the fair market value of the Shares
on the date the Transfer Restrictions lapse as ordinary taxable income
to you. We further
intend to issue IRS Form 1099-MISC to you reporting such income.


So the 1099-MISC would be issued only when transfer restrictions end on the FMV at that time, so it would be for next year. But yes, likely not for an IRA.

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