The Final, Definitive Thread on Brokerage Transfer Bonuses

[tooluser]

1) I suggest reviewing the list at doctor of credit.
2) If it's been a year since your last taxable account bonus at ME, you can get a new bonus. You have to open a new account, so you'll have two accounts. Vanguard does not offer a bonus.
3) Not at the 250k level.

Very helpful, thanks!
Here's the DrOfCr link for others: https://www.doctorofcredit.com/best-bro ... p-to-3500/

[MikeG62]

...What's the best deal right now for moving ~$250k in taxable to some place reputable?

How about the Chase Private Client bonus offer - $2,000 for moving in $250K?

https://accounts.chase.com/consumer/ban ... =CPCP520B2

I am currently waiting on my bonus (opened my account in June of 2020). Process is a bit more involved than other transfer bonuses I have done, but not burdensome enough to cause me to wish I had not bothered with it. Wrote on my experience upthread.

[BuddyJet]

For taxable accounts, I currently have TD Ameritrade, Merrill Edge, and Vanguard. I intend to keep the latter two, and would like to transfer out of TD, who are not really doing much for me these days. It would be simplifying to choose one of the other two, but I am open to others. I also have a 401k at Fidelity, so that would also be simplifying in a way.

1) What's the best deal right now for moving ~$250k in taxable to some place reputable?
2) Do ME or Vanguard offer anything for transferring new money into existing taxable accounts?
3) Does Fidelity offer anything for adding a new taxable account?

I have it in the back of my mind to wait out the Schwab/TD merger, but I suspect I won't get any perks by waiting out the account consolidation, so I think I might as well move now and come in later as a new customer, if appropriate at the time.

Thank you.

Before deciding, call your ME rep and ask about bonus to existing. A few months back, I got a $900 bonus for a $250k transfer to an existing account. The rep had to add code to account so not a public offer. YMMV but worth a call.

[student]

Before deciding, call your ME rep and ask about bonus to existing. A few months back, I got a $900 bonus for a $250k transfer to an existing account. The rep had to add code to account so not a public offer. YMMV but worth a call.

Do you have an ME rep? When I first opened the account several years ago, they assigned someone to work with me but he was never officially my rep. But I know he is no longer at ME. Does one need to have certain level of assets to get a rep? Thanks.

[BuddyJet]

Before deciding, call your ME rep and ask about bonus to existing. A few months back, I got a $900 bonus for a $250k transfer to an existing account. The rep had to add code to account so not a public offer. YMMV but worth a call.

Do you have an ME rep? When I first opened the account several years ago, they assigned someone to work with me but he was never officially my rep. But I know he is no longer at ME. Does one need to have certain level of assets to get a rep? Thanks.

It’s been a few years for me too but I think I got my guy assigned at the local branch. Not sure of balance requirement but I opened with $100k for rewards level and started with him then.

My advice is to call or visit your branch and ask about the Merrill rep there. When you chat with the rep, mention that your old rep is no longer there and would like a local contact if things come up. Depending on how things go, you can then say you are thinking of simplifying accounts and ask about bonuses. I assume these reps have bonus or quota for bringing in new money.

Downside is I get a quarterly call asking if I need anything.

[student]

Before deciding, call your ME rep and ask about bonus to existing. A few months back, I got a $900 bonus for a $250k transfer to an existing account. The rep had to add code to account so not a public offer. YMMV but worth a call.

Do you have an ME rep? When I first opened the account several years ago, they assigned someone to work with me but he was never officially my rep. But I know he is no longer at ME. Does one need to have certain level of assets to get a rep? Thanks.

It’s been a few years for me too but I think I got my guy assigned at the local branch. Not sure of balance requirement but I opened with $100k for rewards level and started with him then.

My advice is to call or visit your branch and ask about the Merrill rep there. When you chat with the rep, mention that your old rep is no longer there and would like a local contact if things come up. Depending on how things go, you can then say you are thinking of simplifying accounts and ask about bonuses. I assume these reps have bonus or quota for bringing in new money.

Downside is I get a quarterly call asking if I need anything.

Thanks.

[JustinR]

Can someone explain M1 Finance to me?

Can you treat it like a regular brokerage? Can I transfer in and park my ETFs there?

[stilllurking]

For taxable accounts, I currently have TD Ameritrade, Merrill Edge, and Vanguard. I intend to keep the latter two, and would like to transfer out of TD, who are not really doing much for me these days. It would be simplifying to choose one of the other two, but I am open to others. I also have a 401k at Fidelity, so that would also be simplifying in a way.

1) What's the best deal right now for moving ~$250k in taxable to some place reputable?
2) Do ME or Vanguard offer anything for transferring new money into existing taxable accounts?
3) Does Fidelity offer anything for adding a new taxable account?

I have it in the back of my mind to wait out the Schwab/TD merger, but I suspect I won't get any perks by waiting out the account consolidation, so I think I might as well move now and come in later as a new customer, if appropriate at the time.

Thank you.

Before deciding, call your ME rep and ask about bonus to existing. A few months back, I got a $900 bonus for a $250k transfer to an existing account. The rep had to add code to account so not a public offer. YMMV but worth a call.

+1

I did the same back in June and got an offer to move $200k to an existing taxable account. Downside is that I have to maintain it for a year before they pay out.

[slinky$]

I'm interested in dipping my toe in brokerage transfer bonuses and have a few questions if anyone can comment / help out:

I have a Roth IRA and taxable account at Vanguard both with large balances entirely in VASGX.

1. Is this life strategy fund transferable to other brokers?

2. If not and only ETFs are easily transferred, will converting the this fund to ETFs in my Roth cause any tax consequences (or no, because it is post tax )?

3. Lastly, I do a backdoor Roth at Vanguard and find this process relatively straightforward. I'd be interested in keeping my Roth accounts open at Vanguard and doing a partial transfer to another broker for a bonus. Is this generally possible?

[sycamore]

I'm interested in dipping my toe in brokerage transfer bonuses and have a few questions if anyone can comment / help out:

I have a Roth IRA and taxable account at Vanguard both with large balances entirely in VASGX.

1. Is this life strategy fund transferable to other brokers?

2. If not and only ETFs are easily transferred, will converting the this fund to ETFs in my Roth cause any tax consequences (or no, because it is post tax )?

3. Lastly, I do a backdoor Roth at Vanguard and find this process relatively straightforward. I'd be interested in keeping my Roth accounts open at Vanguard and doing a partial transfer to another broker for a bonus. Is this generally possible?

1. I don't have experience with this scenario. My guess is LS funds are transferable to most brokers. But you will have to pay a fee for new purchases (I think Chase YouInvest has no fees for Vanguard funds, E*Trade for a smaller list of Vanguard funds).

2. No tax consequences for transactions in a Roth IRA.

3. Yes. I transferred a Vanguard fund from my Roth IRA to Merrill Edge recently. Because I had only one fund in the Roth IRA, I had to code the transfer request as a complete transfer. This had the side effect of Vanguard closing out my Roth IRA account. If you don't want that to happen, leave a bit of money like $10 in the money market fund, and on your transfer requests specify a partial transfer of just the specific securities (the ETFs in your case).

Alternatively, transfer the whole account and open a new Roth IRA account at Vanguard for your backdoor Roth - it'll just have a new account number. Only downside is that online transaction history of the old account will be gone once it's closed by Vanguard, but that may not be all that important. You'd want to download any contribution statements, tax statements, etc. before closing the account just in case.

[slinky$]

1. I don't have experience with this scenario. My guess is LS funds are transferable to most brokers. But you will have to pay a fee for new purchases (I think Chase YouInvest has no fees for Vanguard funds, E*Trade for a smaller list of Vanguard funds).

2. No tax consequences for transactions in a Roth IRA.

3. Yes. I transferred a Vanguard fund from my Roth IRA to Merrill Edge recently. Because I had only one fund in the Roth IRA, I had to code the transfer request as a complete transfer. This had the side effect of Vanguard closing out my Roth IRA account. If you don't want that to happen, leave a bit of money like $10 in the money market fund, and on your transfer requests specify a partial transfer of just the specific securities (the ETFs in your case).

Alternatively, transfer the whole account and open a new Roth IRA account at Vanguard for your backdoor Roth - it'll just have a new account number. Only downside is that online transaction history of the old account will be gone once it's closed by Vanguard, but that may not be all that important. You'd want to download any contribution statements, tax statements, etc. before closing the account just in case.

Thanks - gonna give ME a go for the bonus & preferred rewards

[taxi22]

I have about 40k-50K at TD that I would like to either move somewhere else to get a bonus offer or keep at TD, if they have some sort of retention offer. My question is:

1) How should I approach TD in asking for a matching retention offer? What would one say?
2) Is 40k too low of an amount for them to match other offers?
3) I am leaning towards Etrade or ME, any preference on the platform?

[MikeG62]

I have about 40k-50K at TD that I would like to either move somewhere else to get a bonus offer or keep at TD, if they have some sort of retention offer. My question is:

1) How should I approach TD in asking for a matching retention offer? What would one say?
2) Is 40k too low of an amount for them to match other offers?
3) I am leaning towards Etrade or ME, any preference on the platform?

At that asset level I doubt you’ll get much receptivity in a retention bonus. Also, any transfer bonus will be limited in amount again due to the asset size.

FWIW, I did two asset transfers to Merrill Edge this year and the process was smooth and easy. I don’t trade so can’t comment on their platform. It was an easy way to pick up $1,800, I’ll say that.

[MikeG62]

Just got off the phone with my Private Client Advisor at Fidelity. After having to endure his pitch on why I should be using SMA’s and how Fidelity could help me buy some MYGA’s, he mentioned to me that Fidelity is dipping their toe back in the transfer bonus game waters. Not in a big way, but better than nothing. He said bonus is $1,000 per million transferred capped at $5,000. Really nothing to get excited about, but in the spirit of this thread I thought I’d share that bit of news.

He seemed to acknowledge that they’ve seen money move to Merrill Edge over the last couple of years - due to free commissions he posited. I told him it was more likely due to transfer bonuses and the ability to get Platinum Honors level status at BofA (and the benefits that come from that). He did not seem to be aware of the benefit ME clients were earning at BofA.

[Thrifty Femme]

Another data point for Chase Private Client. I received a targeted email to join. I scheduled a phone call online last Thursday and spoke with someone on the banking side for about 5 minutes last Friday. He explained the program and scheduled a same day appointment for me with an investments banker, since he couldn't answer any of my questions.

The conversation with the investment banker was about 10 minutes. He didn't continue trying to sell after I said I'm a DIY investor with 20 years experience. He asked about 1) the type of account I wanted to transfer 2) the ball park amount 3) what positions I hold 4) how much I had in liquid funds 5) and ball park net worth. He said he needed brokerage statements for an ACATS transfer. I'm finally grateful for Vanguard and Fidelity's unconsolidated statements! A few hours later he sent paperwork for me to e-sign and more paperwork on Monday. The accounts are visible on the .com site today, so totally time from initial conversation to arrival at Chase was 7 calendar days. Rather painless all in all.

My and my husband's existing accounts were updated to CPC by end of day Monday. They sent my husband CPC information via 2-day UPS. Apparently CPC members are losing the 4 free overdraft fees in early November. Oh well.

[snowman]

Is traditional IRA account eligible for $2K CPC offer? Or is this for taxable accounts only? Thanks.

[Thrifty Femme]

Is traditional IRA account eligible for $2K CPC offer? Or is this for taxable accounts only? Thanks.

Yes, non-Chase IRAs are eligible.

[snowman]

Is traditional IRA account eligible for $2K CPC offer? Or is this for taxable accounts only? Thanks.

Yes, non-Chase IRAs are eligible.

Thanks, that was quick! Reading the T&Cs it's not clearly spelled out. I assume you did transfer IRA account? Thanks again.

[Thrifty Femme]

Is traditional IRA account eligible for $2K CPC offer? Or is this for taxable accounts only? Thanks.

Yes, non-Chase IRAs are eligible.

Thanks, that was quick! Reading the T&Cs it's not clearly spelled out. I assume you did transfer IRA account? Thanks again.

Yes, I transferred Roth accounts.

[grp2c]

Is traditional IRA account eligible for $2K CPC offer? Or is this for taxable accounts only? Thanks.

Yes, non-Chase IRAs are eligible.

have you confirmed this with the chase representative

Offer says:

Accounts that qualify for your new money deposit:
Personal Checking and Savings accounts
Eligible J.P. Morgan investment accounts (opened in a Chase branch and serviced by a J.P Morgan Private Client Advisor or Financial Advisor)

Accounts that do not qualify for your new money deposit:
Business Checking and Savings accounts
Any You InvestSM accounts
Any J.P. Morgan retirement accounts (such as Traditional and Roth IRAs, Keoghs, SEP and SIMPLE IRAs, and 401(k) plans)
CDs
Insurance products
Fixed and variable annuities
J.P. Morgan Fund Accounts
529 College Savings Plans
Attorney trust accounts
Client fund trust accounts
Government or Non-Profit accounts

[snowman]

Is traditional IRA account eligible for $2K CPC offer? Or is this for taxable accounts only? Thanks.

Yes, non-Chase IRAs are eligible.

Thanks, that was quick! Reading the T&Cs it's not clearly spelled out. I assume you did transfer IRA account? Thanks again.

Yes, I transferred Roth accounts.

Thanks again, really appreciate your quick replies! I was about to do $1K ME offer but this is way better and doesn't appear too painful.

[Thrifty Femme]

Is traditional IRA account eligible for $2K CPC offer? Or is this for taxable accounts only? Thanks.

Yes, non-Chase IRAs are eligible.

have you confirmed this with the chase representative

Offer says:

Accounts that qualify for your new money deposit:
Personal Checking and Savings accounts
Eligible J.P. Morgan investment accounts (opened in a Chase branch and serviced by a J.P Morgan Private Client Advisor or Financial Advisor)

Accounts that do not qualify for your new money deposit:
Business Checking and Savings accounts
Any You InvestSM accounts
Any J.P. Morgan retirement accounts (such as Traditional and Roth IRAs, Keoghs, SEP and SIMPLE IRAs, and 401(k) plans)
CDs
Insurance products
Fixed and variable annuities
J.P. Morgan Fund Accounts
529 College Savings Plans
Attorney trust accounts
Client fund trust accounts
Government or Non-Profit accounts

Yes, I confirmed non-JPM retirement accounts are eligible. IRAs are investment accounts, specifically brokerage accounts. I had an offer with slightly different language on opening the account. My offer was targeted, but I'm pretty sure you can go to chase.com/ PrivateClient to find the promo.

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[snowman]

I have done investment bonuses with most brokers, but never with Chase, and online data points on CPC $2K offer are very limited. I'd like to confirm with people that already received the bonus that my understanding is 100% correct.

Steps needed to get $2K:

1. Meet with private banker, give them my online promo code, they will in turn convert my total checking account (that just received $300 bonus and is open just to satisfy 6-month bonus requirement) into CPC checking account, and connect me with investment advisor.

2. Meet with that person, give them my latest TDA statement, they will open CPC IRA account and initiate ACAT transfer.

3. Wait 90 days, $2K bonus posts. After it posts, convert the account to YouInvest at no cost. Then transfer out of Chase for another bonus, since there isn't any minimum time requirement once bonus is paid.

Seems easy enough, I have no problem talking to a banker or advisor. Couple questions:

1. Can I trade online for free without contacting my advisor in those 3-4 months with Chase? It seems the answer is yes, though someone posted they had to go through advisor. Would like clarification on that.

2. Does Chase reimburse outgoing account transfer fee from TDA? I will ask but would like to know from you guys.

3. Are there any hidden monthly account fees, or any AUM fees? Again, looking at fee schedule and the answer seems no, but wanted additional confirmation.

Thank you guys!

[MikeG62]

Is traditional IRA account eligible for $2K CPC offer? Or is this for taxable accounts only? Thanks.

Yes, non-Chase IRAs are eligible.

Thanks, that was quick! Reading the T&Cs it's not clearly spelled out. I assume you did transfer IRA account? Thanks again.

Yes, I transferred Roth accounts.

Thanks again, really appreciate your quick replies! I was about to do $1K ME offer but this is way better and doesn't appear too painful.

The conversations with the advisor are the painful parts. I detailed my experience upthread. My 90 calendar days just completed. Now it is 30 business days I think till the bonus posts.

[Thrifty Femme]

I have done investment bonuses with most brokers, but never with Chase, and online data points on CPC $2K offer are very limited. I'd like to confirm with people that already received the bonus that my understanding is 100% correct.

Steps needed to get $2K:

1. Meet with private banker, give them my online promo code, they will in turn convert my total checking account (that just received $300 bonus and is open just to satisfy 6-month bonus requirement) into CPC checking account, and connect me with investment advisor. Yes.

2. Meet with that person, give them my latest TDA statement, they will open CPC IRA account and initiate ACAT transfer. I did this digitally.

3. Wait 90 days, $2K bonus posts. After it posts, convert the account to YouInvest at no cost. Then transfer out of Chase for another bonus, since there isn't any minimum time requirement once bonus is paid. If you don't plan to stay with Chase, there's no reason to convert to YouInvest.

Seems easy enough, I have no problem talking to a banker or advisor. Couple questions:

1. Can I trade online for free without contacting my advisor in those 3-4 months with Chase? It seems the answer is yes, though someone posted they had to go through advisor. Would like clarification on that.
Not sure. The ability is available online, but I haven't tried to see what happens. Ask and let us know.

2. Does Chase reimburse outgoing account transfer fee from TDA? I will ask but would like to know from you guys. No.

3. Are there any hidden monthly account fees, or any AUM fees? Again, looking at fee schedule and the answer seems no, but wanted additional confirmation. No, tell them you don't want to sign up for AUM. My guy didn't try to sell after I said I've been a DIY investor for 20 years.

Thank you guys!

Please report back your findings.

[hmw]

I have done investment bonuses with most brokers, but never with Chase, and online data points on CPC $2K offer are very limited. I'd like to confirm with people that already received the bonus that my understanding is 100% correct.


Seems easy enough, I have no problem talking to a banker or advisor. Couple questions:

1. Can I trade online for free without contacting my advisor in those 3-4 months with Chase? It seems the answer is yes, though someone posted they had to go through advisor. Would like clarification on that.

2. Does Chase reimburse outgoing account transfer fee from TDA? I will ask but would like to know from you guys.

3. Are there any hidden monthly account fees, or any AUM fees? Again, looking at fee schedule and the answer seems no, but wanted additional confirmation.

Thank you guys!

1. Yes. You can trade on line for free without contacting your advisor.
2. I don't know.
3. No.

[snowman]

Thank you both!!! Will give it a shot and will post my experience here.

[hmw]

I came across this offer which may be useful for people who already have a Merrill Edge account and Preferred rewards.

https://www.merrilledge.com/offers/900offer

$900 bonus for $200K transfer.

[Thrifty Femme]

The ME $1000 for 200k link is still alive.

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

[hmw]

The ME $1000 for 200k link is still alive.

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

The $1000 offer is only good for opening a new ME account. I already have a ME account in order to get extra bonus on my BofA cc. The $900 offer is good for existing account as well.

[snowman]

The ME $1000 for 200k link is still alive.

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

The $1000 offer is only good for opening a new ME account. I already have a ME account in order to get extra bonus on my BofA cc. The $900 offer is good for existing account as well.

I am not sure I follow your logic. Both offers require you to open a new account, whether you are an existing ME customer or not. The $1K offer is superior to $900, the only disadvantage being that you have to wait 6 months to get the bonus, instead of 3.

[hmw]

The ME $1000 for 200k link is still alive.

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

The $1000 offer is only good for opening a new ME account. I already have a ME account in order to get extra bonus on my BofA cc. The $900 offer is good for existing account as well.

I am not sure I follow your logic. Both offers require you to open a new account, whether you are an existing ME customer or not. The $1K offer is superior to $900, the only disadvantage being that you have to wait 6 months to get the bonus, instead of 3.

According the fine print at the bottom of the offer, the $900 offer is valid for new and existing accounts whereas the $1000 offer is only valid for new accounts. I called to ME today to code my account for my $900 offer. But the CSR told me that the Dept that handles cash offers is not open on weekends. They will call me tomorrow.

[snowman]

The ME $1000 for 200k link is still alive.

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

The $1000 offer is only good for opening a new ME account. I already have a ME account in order to get extra bonus on my BofA cc. The $900 offer is good for existing account as well.

I am not sure I follow your logic. Both offers require you to open a new account, whether you are an existing ME customer or not. The $1K offer is superior to $900, the only disadvantage being that you have to wait 6 months to get the bonus, instead of 3.

According the fine print at the bottom of the offer, the $900 offer is valid for new and existing accounts whereas the $1000 offer is only valid for new accounts. I called to ME today to code my account for my $900 offer. But the CSR told me that the Dept that handles cash offers is not open on weekends. They will call me tomorrow.

That's correct, it's the standard small print and ME has been doing these promos for years. What it doesn't tell you is that existing customers that open new account with that promo code attached qualify for the bonus. That's why I have 3 IRA accounts with them - after bonus posts, I do partial transfer out (leaving few cents there) to get bonus elsewhere. Once I satisfy time requirement there (say Schwab or TDA), I open new account at ME and start all over again.

If ME wanted the promo to be available to new customers only, they would clearly say that in the small print (many brokers do). I was just about to do the $1K promo again (been out of ME for a year) but noticed $2K Chase promo in this thread so that's what I will go after.

[hmw]

The ME $1000 for 200k link is still alive.

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

The $1000 offer is only good for opening a new ME account. I already have a ME account in order to get extra bonus on my BofA cc. The $900 offer is good for existing account as well.

I am not sure I follow your logic. Both offers require you to open a new account, whether you are an existing ME customer or not. The $1K offer is superior to $900, the only disadvantage being that you have to wait 6 months to get the bonus, instead of 3.

According the fine print at the bottom of the offer, the $900 offer is valid for new and existing accounts whereas the $1000 offer is only valid for new accounts. I called to ME today to code my account for my $900 offer. But the CSR told me that the Dept that handles cash offers is not open on weekends. They will call me tomorrow.

That's correct, it's the standard small print and ME has been doing these promos for years. What it doesn't tell you is that existing customers that open new account with that promo code attached qualify for the bonus. That's why I have 3 IRA accounts with them - after bonus posts, I do partial transfer out (leaving few cents there) to get bonus elsewhere. Once I satisfy time requirement there (say Schwab or TDA), I open new account at ME and start all over again.

If ME wanted the promo to be available to new customers only, they would clearly say that in the small print (many brokers do). I was just about to do the $1K promo again (been out of ME for a year) but noticed $2K Chase promo in this thread so that's what I will go after.

I didn't know that I can have two CMA accounts at ME and be eligible for sign up bonus. Do you leave your accounts with a few cents open indefinitely? I see that ME charges $49.95 for closing out an account but no fee for a partial transfer out.

[snowman]

I didn't know that I can have two CMA accounts at ME and be eligible for sign up bonus. Do you leave your accounts with a few cents open indefinitely? I see that ME charges $49.95 for closing out an account but no fee for a partial transfer out.

Yes, I leave them open, precisely because closing the account would cost me $50, whereas transferring out the whole account minus few pennies is free.

I also found that opening new account online is much easier and faster than contacting the broker. If you click on promo offer, and click to open new account from there, it will show you that the code is attached to that account, and if you already have account with ME, it will ask you to login, and it will prefill your application. So quick, easy, no mistakes, and promo code is correctly attached.

[JustinR]

I didn't know that I can have two CMA accounts at ME and be eligible for sign up bonus. Do you leave your accounts with a few cents open indefinitely? I see that ME charges $49.95 for closing out an account but no fee for a partial transfer out.

Yes, I leave them open, precisely because closing the account would cost me $50, whereas transferring out the whole account minus few pennies is free.

I also found that opening new account online is much easier and faster than contacting the broker. If you click on promo offer, and click to open new account from there, it will show you that the code is attached to that account, and if you already have account with ME, it will ask you to login, and it will prefill your application. So quick, easy, no mistakes, and promo code is correctly attached.

If your account has no more money and you close it, how would they charge you the $50 closeout fee? Bill you in some way?

[tj]

I didn't know that I can have two CMA accounts at ME and be eligible for sign up bonus. Do you leave your accounts with a few cents open indefinitely? I see that ME charges $49.95 for closing out an account but no fee for a partial transfer out.

Yes, I leave them open, precisely because closing the account would cost me $50, whereas transferring out the whole account minus few pennies is free.

I also found that opening new account online is much easier and faster than contacting the broker. If you click on promo offer, and click to open new account from there, it will show you that the code is attached to that account, and if you already have account with ME, it will ask you to login, and it will prefill your application. So quick, easy, no mistakes, and promo code is correctly attached.

If your account has no more money and you close it, how would they charge you the $50 closeout fee? Bill you in some way?

You get charged on a full transfer out (and sometimes less on a partial transfer out), not a closing of the account. So if you keep 1 share and eventually sell it, you can empty it out at no cost.

[whodidntante]

I didn't know that I can have two CMA accounts at ME and be eligible for sign up bonus. Do you leave your accounts with a few cents open indefinitely? I see that ME charges $49.95 for closing out an account but no fee for a partial transfer out.

Yes, I leave them open, precisely because closing the account would cost me $50, whereas transferring out the whole account minus few pennies is free.

I also found that opening new account online is much easier and faster than contacting the broker. If you click on promo offer, and click to open new account from there, it will show you that the code is attached to that account, and if you already have account with ME, it will ask you to login, and it will prefill your application. So quick, easy, no mistakes, and promo code is correctly attached.

If your account has no more money and you close it, how would they charge you the $50 closeout fee? Bill you in some way?

Brokers can apparently debit the transfer target account for the fee. So if you have no cash, you'll go on margin for it. I transferred an account to Chase and the transferring broker debited $75. Chase YouInvest doesn't offer margin, but I noticed they were charging me interest anyway, so I brought the account to zero. Then I asked them to refund the transfer fee, which they did, after I jumped through the hoops they set up.

[JustinR]

I didn't know that I can have two CMA accounts at ME and be eligible for sign up bonus. Do you leave your accounts with a few cents open indefinitely? I see that ME charges $49.95 for closing out an account but no fee for a partial transfer out.

Yes, I leave them open, precisely because closing the account would cost me $50, whereas transferring out the whole account minus few pennies is free.

I also found that opening new account online is much easier and faster than contacting the broker. If you click on promo offer, and click to open new account from there, it will show you that the code is attached to that account, and if you already have account with ME, it will ask you to login, and it will prefill your application. So quick, easy, no mistakes, and promo code is correctly attached.

If your account has no more money and you close it, how would they charge you the $50 closeout fee? Bill you in some way?

You get charged on a full transfer out (and sometimes less on a partial transfer out), not a closing of the account. So if you keep 1 share and eventually sell it, you can empty it out at no cost.

Merrill Edge charges a closeout fee for retirement accounts (separate from a transfer fee, which they also have): https://www.merrilledge.com/pricing

What I'm unclear about is what happens if you leave $1 in your account after doing an ACAT transfer, then withdraw the $1 in cash, and then close the account. Where would they charge $50 to?

Brokers can apparently debit the transfer target account for the fee. So if you have no cash, you'll go on margin for it. I transferred an account to Chase and the transferring broker debited $75. Chase YouInvest doesn't offer margin, but I noticed they were charging me interest anyway, so I brought the account to zero. Then I asked them to refund the transfer fee, which they did, after I jumped through the hoops they set up.

That's true if you do a full ACAT transfer. They'll charge the receiving brokerate and it'll show up as -$75 cash in your receiving brokerage.

But I'm asking specifically about brokerages with a closing fee (like Merrill). What happens if you do a partial transfer with $1 left in cash. Then withdraw the cash to a bank account and close it? I don't think they can debit a regular checking or savings account with the -$75, but can they?

[whodidntante]

That's true if you do a full ACAT transfer. They'll charge the receiving brokerate and it'll show up as -$75 cash in your receiving brokerage.

But I'm asking specifically about brokerages with a closing fee (like Merrill). What happens if you do a partial transfer with $1 left in cash. Then withdraw the cash to a bank account and close it? I don't think they can debit a regular checking or savings account with the -$75, but can they?

I see. They can, but I guess you're asking if they will. If you don't find any data points, try it and see.

[hmw]

I didn't know that I can have two CMA accounts at ME and be eligible for sign up bonus. Do you leave your accounts with a few cents open indefinitely? I see that ME charges $49.95 for closing out an account but no fee for a partial transfer out.

Yes, I leave them open, precisely because closing the account would cost me $50, whereas transferring out the whole account minus few pennies is free.

I also found that opening new account online is much easier and faster than contacting the broker. If you click on promo offer, and click to open new account from there, it will show you that the code is attached to that account, and if you already have account with ME, it will ask you to login, and it will prefill your application. So quick, easy, no mistakes, and promo code is correctly attached.

Is there a maximum number of taxable or CMA accounts you can have at ME? I know it is somewhat rational, but it bothers me a little bit when I have a few brokerage accounts open with minimal balance.

Had ME or any brokerage try to close your dormant account with minimal balance without a fee?

thanks

[snowman]

Is there a maximum number of taxable or CMA accounts you can have at ME? I know it is somewhat rational, but it bothers me a little bit when I have a few brokerage accounts open with minimal balance.

Had ME or any brokerage try to close your dormant account with minimal balance without a fee?

thanks

No idea on first question. I only do IRA for bonuses, never had an issue, accounts with few pennies don't bother me at all. I don't think ME or any broker for that matter would try to close IRA account, as that can potentially have large tax consequences - it would have to be distribution, unqualified, with taxes and penalties involved. But who knows.

One way around it would be to call ME and ask them to transfer "dormant" accounts into currently active account while you are waiting for the bonus to hit. I doubt they would charge fees for that, they might even like the idea.

Never had broker close any of my accounts. I had banks close my accounts unexpectedly after several years of inactivity and zero balance (just forgot to close them after getting bonus). But never brokerage account, and never bank account with a balance.

If these things really bother you, just go for the $900 promo, and be done with it. You will get it in 3 months instead of 6, so you can collect another bonus elsewhere 3 months sooner. Now that I think about it, with Schwab closing on TDA acquisition tomorrow, future bonuses at TDA might disappear. So you might have better luck there sooner rather than later.

Good luck, and don't overthink it. Get either bonus, and move on.

[whodidntante]

I didn't know that I can have two CMA accounts at ME and be eligible for sign up bonus. Do you leave your accounts with a few cents open indefinitely? I see that ME charges $49.95 for closing out an account but no fee for a partial transfer out.

Yes, I leave them open, precisely because closing the account would cost me $50, whereas transferring out the whole account minus few pennies is free.

I also found that opening new account online is much easier and faster than contacting the broker. If you click on promo offer, and click to open new account from there, it will show you that the code is attached to that account, and if you already have account with ME, it will ask you to login, and it will prefill your application. So quick, easy, no mistakes, and promo code is correctly attached.

Is there a maximum number of taxable or CMA accounts you can have at ME? I know it is somewhat rational, but it bothers me a little bit when I have a few brokerage accounts open with minimal balance.

Had ME or any brokerage try to close your dormant account with minimal balance without a fee?

thanks

I have three CMA accounts and three Roth IRAs. No sign of any limits so far. You can sort of consolidate by transferring securities between accounts. But I've never bothered to actually close one. I believe they charge to close an IRA.

[sc9182]

M1Finance seem to UP the Transfer Bonus game a bit for this month only (Oct 2020):
https://www.m1finance.com/earn-up-to-3125/
Promotional credit for any IRA or taxable brokerage accounts ! See some of my previous posts in the last 4 months for M1Finance experiences (and minor quirks)

Best bang for buck can be realized at 1 million+ tier.
$1,000,000+ can get bonus of: $3,125

Code: Select all

Account Value:          Bonus Credit:
$10,000 to $20,000      $20 + $5
$20,000 to $100,000     $100 + $25
$100,000 to $250,000    $250 + $62.50
$250,000 to $500,000    $500 + $125
$500,000 to $1,000,000  $1,000 + $250
$1,000,000+             $2,500 + $625 ~~ $3125 

Transfer a brokerage account to M1 and earn up to $3125
From October 1, 2020 through October 31, 2020, transfer a brokerage account or IRA to M1 and earn up to $3,125. Here’s how to get started:

• Get a copy of a recent account statement from your brokerage.

• Ensure you have an account open at M1 that matches the account type you’re transferring (e.g. if you are transferring securities from a joint brokerage account, you’ll need a joint brokerage account open at M1)

• Submit a transfer request from another brokerage account during promotion period (10/1/2020 12:00 a.m. ET – 10/31/2020 11:59 p.m. ET).

• Promotional credits will be paid to eligible clients on February 16, 2021.

Eligibility:

• M1 clients who have transferred a brokerage account to M1 prior to 10/01/2020 are eligible to participate in M1 Finance’s October Transfer Promotion.

• Clients who have previously transferred a brokerage account to M1 and subsequently transferred out of M1 are not eligible for this promotion.

[ZinCO]

Historically I have not gone after brokerage bonuses, and I may have missed out on the good ones (although I used to clean up on the Fidelity 50k United miles per year x2 for joint accounts, before that program got canceled). I have a mid-6-figure mutual fund account with its sponsor company (bought direct, the way we used to do it in the old days). It finally dawned on me that I can transfer that in-kind to a brokerage to get the bonus and maybe reduce the amount of tax paperwork at the end of the year. I know most of you are moving IRAs around, but has anyone here moved a mutual fund stake as an in-kind transfer for a bonus? I'm not interested in adding another brokerage, and this would be a permanent move rather than temporary for bonus purposes, so I'm only interested in Fidelity, E-Trade, Merrill Edge, or Schwab.

(There was a comment last week I think about Fidelity bonuses possibly coming back? Anybody seen anything?)

[SEAworld9]

In the middle of the JPM private client $2k offer. Process has been super simple and straightforward. Closest branch is 3 blocks from home so that helps too, and the reps are very friendly and not salesy at all.

[sc9182]

Historically I have not gone after brokerage bonuses, and I may have missed out on the good ones (although I used to clean up on the Fidelity 50k United miles per year x2 for joint accounts, before that program got canceled). I have a mid-6-figure mutual fund account with its sponsor company (bought direct, the way we used to do it in the old days). It finally dawned on me that I can transfer that in-kind to a brokerage to get the bonus and maybe reduce the amount of tax paperwork at the end of the year. I know most of you are moving IRAs around, but has anyone here moved a mutual fund stake as an in-kind transfer for a bonus? I'm not interested in adding another brokerage, and this would be a permanent move rather than temporary for bonus purposes, so I'm only interested in Fidelity, E-Trade, Merrill Edge, or Schwab.

(There was a comment last week I think about Fidelity bonuses possibly coming back? Anybody seen anything?)

For low-to-mid 6 figure accounts, especially Mutual-funds -- its hard to navigate pursuing these "Brokerage Bonus" - many of us that do ACAT Transfers are: "large amounts - at which point $$s actually start making sense","mostly ETFs and/or individual holdings", and "mostly non-frequent-traders". Yes, you may be able to navigate "mutual funds" also - but lots of brokerages have different rules/qualifications on transfer-in of mutual funds (worse-yet, pay serious $$s if you want to contribute/trade to these mutual funds while trading on away-platform..). Worse yet - for smaller bonus yield due to smaller portfolio - transfer-out fees and/or potential 1099 may significantly negate the whole transfer-bonus you signed-up for

Want easy button !? Try to get 'retention bonus' from existing house, which most of the brokerage houses gotten away with BTW! Or simply stay put - and miss the transfer-bonus party

[sc9182]

In the middle of the JPM private client $2k offer. Process has been super simple and straightforward. Closest branch is 3 blocks from home so that helps too, and the reps are very friendly and not salesy at all.

Try one CPC (JPMc/Chase private client) bonus for your spouse as well, double the fun within 3 months

[Makaveli]

M1Finance seem to UP the Transfer Bonus game a bit for this month only (Oct 2020):
https://www.m1finance.com/earn-up-to-3125/
Promotional credit for any IRA or taxable brokerage accounts ! See some of my previous posts in the last 4 months for M1Finance experiences (and minor quirks)

Has anyone done this yet? It has been awhile since my last transfer bonus but I am still turned off from the experience because my cost basis has always been botched (converted to average vs SpecID). Any solutions or input on how you kept your records/lots straight when transferring assets?

[MikeG62]

...Any solutions or input on how you kept your records/lots straight when transferring assets?

I took screenshots of the tax lots before initiating the transfer. I spoke with rep's at the destination broker and emphasized the importance of maintaining the tax lots. Was assured in every case that it would be no problem. So far so good - maybe I've been lucky. The transfers I have done so far:

Fidelity to Merrill Edge (x3)
Merrill Edge to JPM/Chase (x1)