The Final, Definitive Thread on Brokerage Transfer Bonuses

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.
student
Posts: 7369
Joined: Fri Apr 03, 2015 6:58 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by student »

Leesbro63 wrote: Tue Sep 13, 2022 2:00 pm
BuddyJet wrote: Tue Sep 13, 2022 9:59 am My transfer to Public just settled. The transfer was $1MM+ and I was informed that the bonus would post in 1-2 business days rather than the 30 days the T&C specify. I assume it is because the transfer was at the top tier.

I was also told:

Also, we just launched a new service called Public Premium which is free to all accounts with $20k+ and includes prioritized customer support and a ton of awesome content / data (among other things to be announced shortly).

The premium level may help my service concerns. FWIW, I did contact their customer service via email and got a real answer from a real person in a few hours.
Am I the only one here who would be comfortable doing a $1M bonus transfer to Fido, Schwab, ETrade or Merrill. But not to Public, Robinhood or any of the newer, less established brokerages?
I would be uncomfortable too.
student
Posts: 7369
Joined: Fri Apr 03, 2015 6:58 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by student »

jeffyscott wrote: Tue Sep 13, 2022 2:51 pm
TomatoTomahto wrote: Tue Sep 13, 2022 2:02 pm
Leesbro63 wrote: Tue Sep 13, 2022 2:00 pm
BuddyJet wrote: Tue Sep 13, 2022 9:59 am My transfer to Public just settled. The transfer was $1MM+ and I was informed that the bonus would post in 1-2 business days rather than the 30 days the T&C specify. I assume it is because the transfer was at the top tier.

I was also told:

Also, we just launched a new service called Public Premium which is free to all accounts with $20k+ and includes prioritized customer support and a ton of awesome content / data (among other things to be announced shortly).

The premium level may help my service concerns. FWIW, I did contact their customer service via email and got a real answer from a real person in a few hours.
Am I the only one here who would be comfortable doing a $1M bonus transfer to Fido, Schwab, ETrade or Merrill. But not to Public, Robinhood or any of the newer, less established brokerages?
Just did one to Schwab. Would not do Public, RobinHood, etc.
Same here.

I'm not even planning to constantly move money around to the more established firms. I only sent about 10% of our money on a little E-Trade detour on the way to consolidating to get an extra $1000. But once it's all at Schwab, the most that I might do is transfer some to Merrill for the credit card rebate boost.
Me too. I only do transfer for consolidation when there is a bonus. Too much anxiety. Since I have already done consolidation, so not too many opportunities.
Katietsu
Posts: 6340
Joined: Sun Sep 22, 2013 1:48 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Katietsu »

whodidntante wrote: Fri Sep 09, 2022 6:14 pm I'm going to share something that will make y'all cringe on the Public offer.

There is a single report that they don't know how to handle cost basis transfer over at Doc. It's maybe just the display that is wrong. It's also just one datapoint, so possibly wrong. Hook your peepers on it and decide if you want to risk it.
https://www.doctorofcredit.com/public-b ... nt-1441805

I always snapshot my basis anyway, and I can deal with the IRS. They audit me nearly every year anyway. But I know some of y'all like to keep your ride clean. I am proceeding but thought it was worth mentioning.
The rep provided more detail in later responses.

The good: Actual cost basis info does transfer.
The bad: Their app/website will only display average cost. There is no tax lot data. They hope to add tax lot data by end of year.

The good: The default basis method is MinTax. You may also select FIFO or LIFO.
The bad: You can not use specific lot to sell. This is a to be announced goal.

I also see that you can not hold treasuries.
tj
Posts: 6518
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

You can follow the process in Tastyworks "How to Create Apex Account" instructions to create log in credentials for your Public account @ Apex.

https://support.tastyworks.com/support/ ... n%20window.
BuddyJet
Posts: 864
Joined: Mon Jun 24, 2019 8:56 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

tj wrote: Wed Sep 14, 2022 11:43 pm You can follow the process in Tastyworks "How to Create Apex Account" instructions to create log in credentials for your Public account @ Apex.

https://support.tastyworks.com/support/ ... n%20window.
I found that Apex does not let you add additional brokerage accounts to your Apex account. I already have an Apex account login for my M1 Finance and had to set up a new Apex account with a different email for Public.
People say nothing is impossible. I do nothing all day.
sc9182
Posts: 1143
Joined: Wed Aug 17, 2016 7:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

BuddyJet wrote: Thu Sep 15, 2022 7:42 am
tj wrote: Wed Sep 14, 2022 11:43 pm You can follow the process in Tastyworks "How to Create Apex Account" instructions to create log in credentials for your Public account @ Apex.

https://support.tastyworks.com/support/ ... n%20window.
I found that Apex does not let you add additional brokerage accounts to your Apex account. I already have an Apex account login for my M1 Finance and had to set up a new Apex account with a different email for Public.
+1 correct ..
tj
Posts: 6518
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

sc9182 wrote: Thu Sep 15, 2022 8:02 am
BuddyJet wrote: Thu Sep 15, 2022 7:42 am
tj wrote: Wed Sep 14, 2022 11:43 pm You can follow the process in Tastyworks "How to Create Apex Account" instructions to create log in credentials for your Public account @ Apex.

https://support.tastyworks.com/support/ ... n%20window.
I found that Apex does not let you add additional brokerage accounts to your Apex account. I already have an Apex account login for my M1 Finance and had to set up a new Apex account with a different email for Public.
+1 correct ..
I must have used a different email address for Tastyworks, as my primary email address worked.
BuddyJet
Posts: 864
Joined: Mon Jun 24, 2019 8:56 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

tj wrote: Thu Sep 15, 2022 8:48 am
sc9182 wrote: Thu Sep 15, 2022 8:02 am
BuddyJet wrote: Thu Sep 15, 2022 7:42 am
tj wrote: Wed Sep 14, 2022 11:43 pm You can follow the process in Tastyworks "How to Create Apex Account" instructions to create log in credentials for your Public account @ Apex.

https://support.tastyworks.com/support/ ... n%20window.
I found that Apex does not let you add additional brokerage accounts to your Apex account. I already have an Apex account login for my M1 Finance and had to set up a new Apex account with a different email for Public.
+1 correct ..
I must have used a different email address for Tastyworks, as my primary email address worked.
FWIW, when I need multiple logins for a website, a password manager like LastPass is helpful. I edit the name LastPass shows to differentiate between logins. In this case, I set up M1 Apex and Public Apex.
People say nothing is impossible. I do nothing all day.
spammagnet
Posts: 1958
Joined: Wed Apr 27, 2016 9:42 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by spammagnet »

Leesbro63 wrote: Tue Sep 13, 2022 2:00 pmAm I the only one here who would be comfortable doing a $1M bonus transfer to Fido, Schwab, ETrade or Merrill. But not to Public, Robinhood or any of the newer, less established brokerages?
If I could find written documentation of the additional SIPC protection described earlier in this thread, I would do that transfer, especially considering the short-term hold requirement. It's easy for me to say that, though, because I don't have $1M in a taxable account to transfer. :)
Leesbro63
Posts: 8436
Joined: Mon Nov 08, 2010 4:36 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 »

spammagnet wrote: Thu Sep 15, 2022 10:56 am
Leesbro63 wrote: Tue Sep 13, 2022 2:00 pmAm I the only one here who would be comfortable doing a $1M bonus transfer to Fido, Schwab, ETrade or Merrill. But not to Public, Robinhood or any of the newer, less established brokerages?
If I could find written documentation of the additional SIPC protection described earlier in this thread, I would do that transfer, especially considering the short-term hold requirement. It's easy for me to say that, though, because I don't have $1M in a taxable account to transfer. :)
I thought SIPC only covers up to half a mil?
User avatar
whodidntante
Posts: 11303
Joined: Thu Jan 21, 2016 11:11 pm
Location: outside the echo chamber

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

Katietsu wrote: Wed Sep 14, 2022 10:05 am
whodidntante wrote: Fri Sep 09, 2022 6:14 pm I'm going to share something that will make y'all cringe on the Public offer.

There is a single report that they don't know how to handle cost basis transfer over at Doc. It's maybe just the display that is wrong. It's also just one datapoint, so possibly wrong. Hook your peepers on it and decide if you want to risk it.
https://www.doctorofcredit.com/public-b ... nt-1441805

I always snapshot my basis anyway, and I can deal with the IRS. They audit me nearly every year anyway. But I know some of y'all like to keep your ride clean. I am proceeding but thought it was worth mentioning.
The rep provided more detail in later responses.

The good: Actual cost basis info does transfer.
The bad: Their app/website will only display average cost. There is no tax lot data. They hope to add tax lot data by end of year.

The good: The default basis method is MinTax. You may also select FIFO or LIFO.
The bad: You can not use specific lot to sell. This is a to be announced goal.

I also see that you can not hold treasuries.
Inability to deal with Treasuries is typical for these little brokerages.
spammagnet
Posts: 1958
Joined: Wed Apr 27, 2016 9:42 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by spammagnet »

Leesbro63 wrote: Thu Sep 15, 2022 1:04 pm
spammagnet wrote: Thu Sep 15, 2022 10:56 am
Leesbro63 wrote: Tue Sep 13, 2022 2:00 pmAm I the only one here who would be comfortable doing a $1M bonus transfer to Fido, Schwab, ETrade or Merrill. But not to Public, Robinhood or any of the newer, less established brokerages?
If I could find written documentation of the additional SIPC protection described earlier in this thread, I would do that transfer, especially considering the short-term hold requirement. It's easy for me to say that, though, because I don't have $1M in a taxable account to transfer. :)
I thought SIPC only covers up to half a mil?
See below. Emphasis added. That's the additional SIPC protection I referred to, which I'd need to see in writing before moving > $500K (that I don't have, anyway).
adherenceEnergy wrote: Thu Sep 08, 2022 6:08 pm If people are curious about that public.com offer, the coo (Stephen Sikes) came into a DoC thread answering a ton of questions people had: https://www.doctorofcredit.com/public-b ... 000-bonus/

For example, he said they can manually override cost basis in case the sending broker messes it up. He also said they have supplemental SIPC insurance: "Yes, we do have supplemental SIPC coverage (through our custodian/clearing firm, Apex) that covers up to $35M in securities and $900k in cash (I think, I’ll confirm exact amounts)."
Leesbro63
Posts: 8436
Joined: Mon Nov 08, 2010 4:36 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 »

spammagnet wrote: Thu Sep 15, 2022 1:24 pm
Leesbro63 wrote: Thu Sep 15, 2022 1:04 pm
spammagnet wrote: Thu Sep 15, 2022 10:56 am
Leesbro63 wrote: Tue Sep 13, 2022 2:00 pmAm I the only one here who would be comfortable doing a $1M bonus transfer to Fido, Schwab, ETrade or Merrill. But not to Public, Robinhood or any of the newer, less established brokerages?
If I could find written documentation of the additional SIPC protection described earlier in this thread, I would do that transfer, especially considering the short-term hold requirement. It's easy for me to say that, though, because I don't have $1M in a taxable account to transfer. :)
I thought SIPC only covers up to half a mil?
See below. Emphasis added. That's the additional SIPC protection I referred to, which I'd need to see in writing before moving > $500K (that I don't have, anyway).
adherenceEnergy wrote: Thu Sep 08, 2022 6:08 pm If people are curious about that public.com offer, the coo (Stephen Sikes) came into a DoC thread answering a ton of questions people had: https://www.doctorofcredit.com/public-b ... 000-bonus/

For example, he said they can manually override cost basis in case the sending broker messes it up. He also said they have supplemental SIPC insurance: "Yes, we do have supplemental SIPC coverage (through our custodian/clearing firm, Apex) that covers up to $35M in securities and $900k in cash (I think, I’ll confirm exact amounts)."
I doubt that this is actually SIPC coverage. Sounds like private insurance coverage over and above the SPIC limit. Those coverages are suspect because they have limits on the total payout per brokerage. $35M per account might end up being $100,000 (just a “for instance” number that I made up) per account if there’s a big failure.
spammagnet
Posts: 1958
Joined: Wed Apr 27, 2016 9:42 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by spammagnet »

Leesbro63 wrote: Thu Sep 15, 2022 2:38 pmI doubt that this is actually SIPC coverage. Sounds like private insurance coverage over and above the SPIC limit. Those coverages are suspect because they have limits on the total payout per brokerage. $35M per account might end up being $100,000 (just a “for instance” number that I made up) per account if there’s a big failure.
Hence, my requirement for confirmation in writing.
Leesbro63
Posts: 8436
Joined: Mon Nov 08, 2010 4:36 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 »

spammagnet wrote: Thu Sep 15, 2022 2:42 pm
Leesbro63 wrote: Thu Sep 15, 2022 2:38 pmI doubt that this is actually SIPC coverage. Sounds like private insurance coverage over and above the SPIC limit. Those coverages are suspect because they have limits on the total payout per brokerage. $35M per account might end up being $100,000 (just a “for instance” number that I made up) per account if there’s a big failure.
Hence, my requirement for confirmation in writing.
This just reinforces my reluctance to put more than $500,000 with any of the new type brokerages that haven’t been around for a long time. And who are probably too big to fail.
spammagnet
Posts: 1958
Joined: Wed Apr 27, 2016 9:42 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by spammagnet »

Leesbro63 wrote: Thu Sep 15, 2022 3:56 pm
spammagnet wrote: Thu Sep 15, 2022 2:42 pm
Leesbro63 wrote: Thu Sep 15, 2022 2:38 pmI doubt that this is actually SIPC coverage. Sounds like private insurance coverage over and above the SPIC limit. Those coverages are suspect because they have limits on the total payout per brokerage. $35M per account might end up being $100,000 (just a “for instance” number that I made up) per account if there’s a big failure.
Hence, my requirement for confirmation in writing.
This just reinforces my reluctance to put more than $500,000 with any of the new type brokerages that haven’t been around for a long time. And who are probably too big to fail.
What reinforces your reluctance? What documentation have you seen that relates specifically to Public's levels of insurance?
Leesbro63
Posts: 8436
Joined: Mon Nov 08, 2010 4:36 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 »

spammagnet wrote: Thu Sep 15, 2022 5:49 pm
Leesbro63 wrote: Thu Sep 15, 2022 3:56 pm
spammagnet wrote: Thu Sep 15, 2022 2:42 pm
Leesbro63 wrote: Thu Sep 15, 2022 2:38 pmI doubt that this is actually SIPC coverage. Sounds like private insurance coverage over and above the SPIC limit. Those coverages are suspect because they have limits on the total payout per brokerage. $35M per account might end up being $100,000 (just a “for instance” number that I made up) per account if there’s a big failure.
Hence, my requirement for confirmation in writing.
This just reinforces my reluctance to put more than $500,000 with any of the new type brokerages that haven’t been around for a long time. And who are probably too big to fail.
What reinforces your reluctance? What documentation have you seen that relates specifically to Public's levels of insurance?
None. My reinforced reluctance comes from no definitive extension of the $500,000 SIPC insurance. Truthfully I don't believe such a thing exists...I've been around the financial world for a long time and have never heard of this. And if it DID exist I would think the big players would all have it just to be competitive. A million bucks it serious money. I'm not gonna play around with the new players on the block with that kind of dough. I honestly don't understand all of the "meme" trading stuff and have no desire to get involved with risks I can't understand for a few thousand dollar bonus.
spammagnet
Posts: 1958
Joined: Wed Apr 27, 2016 9:42 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by spammagnet »

Leesbro63 wrote: Thu Sep 15, 2022 6:06 pm... I honestly don't understand all of the "meme" trading stuff and have no desire to get involved with risks I can't understand for a few thousand dollar bonus.
The "meme" trading stuff is simply aggressive marketing to encourage inexperienced people to get excited so they can be separated from their money. It's pretty dumb but is irrelevant to the bonus offers and level of insurance. The latter two should be evaluated separately, and objectively. Yes, a million bucks is a lot of money. That doesn't mean it's at more or less risk sitting in a Public account for 3 months than it is sitting in a different account elsewhere.
adherenceEnergy
Posts: 88
Joined: Tue Oct 18, 2016 1:12 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by adherenceEnergy »

Leesbro63 wrote: Thu Sep 15, 2022 2:38 pm I doubt that this is actually SIPC coverage. Sounds like private insurance coverage over and above the SPIC limit. Those coverages are suspect because they have limits on the total payout per brokerage. $35M per account might end up being $100,000 (just a “for instance” number that I made up) per account if there’s a big failure.
To people that may not be aware about sipc insurance, sipc insurance isn't needed in the vast majority of cases where firms go under. Customer assets are owned by customers and must be held in segregated accounts. Where sipc is generally needed is if the company wasn't keeping the funds segregated.
As FINRA points out: “In virtually all cases, when a brokerage firm ceases to operate, customer assets are safe and typically are transferred in an orderly fashion to another registered brokerage firm.”
The cases where they're not segregated are like Bernie madoff or mf global who were using customer funds to place massive bets in the markets, which isn't common from a regular broker.

As I understand it, I tell Public to transfer assets from my broker and put them in Apex, then Apex is the one that executes the acats transfer and holds my assets. Apex is a reputable clearing firm, imo. So if Public goes under, Apex still has my securities and sipc doesn't really matter. It's obviously not fully guaranteed to be fine, but I think the risk is incredibly low something goes bad.
ShaftoesSpreadsheet
Posts: 145
Joined: Wed Jan 11, 2017 5:58 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by ShaftoesSpreadsheet »

Is there an up to date list somewhere with the current offers as of 9/2022?
need403bhelp
Posts: 1361
Joined: Thu May 28, 2015 6:25 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by need403bhelp »

need403bhelp wrote: Sun Sep 04, 2022 6:34 pm
placeholder wrote: Sun Sep 04, 2022 5:39 pm
need403bhelp wrote: Sun Sep 04, 2022 7:53 am
placeholder wrote: Sat Sep 03, 2022 8:42 pm If you don't mind using it you have your one per rolling 12 months indirect rollover.
How does one do that? Do you have to follow some special process, or can you just withdraw funds and then work on some process to get it to receiving firm? Thanks!
The exact method would vary somewhat but basically you fund a rollover contribution from a cash transfer or personal check and use the 1099r you received from the original custodian at tax time to report the rollover.
Thanks. Looks like td ameritrade allows to request an early distribution with exception and vanguard allows to mobile deposit check as incoming rollover .
To update: was able to do partial transfer to get td ameritrade Roth IRA to $0.41. Then initiated distribution with exception of all $0.41 to linked bank account.

Went to vanguard to roll in, tried via same bank account but minimum is $1. No opinion to roll in via vanguard taxable account. Mailed personal check for $0.41 with form printed from their website.

I wonder if TurboTax will give problems reporting at tax time as $0.41 rounds to $0?
placeholder
Posts: 5915
Joined: Tue Aug 06, 2013 12:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

ShaftoesSpreadsheet wrote: Mon Sep 19, 2022 1:03 pm Is there an up to date list somewhere with the current offers as of 9/2022?
They change frequently so it's best to use a site like doctor of credit or something.
https://www.doctorofcredit.com/best-bro ... p-to-3500/
Leesbro63
Posts: 8436
Joined: Mon Nov 08, 2010 4:36 pm

Citi Wealth Self Directed

Post by Leesbro63 »

[Thread merged into here --admin LadyGeek]

I see that Citi has a big bonus for their self-directed brokerage account offering. I'm wondering if anyone here has used them and what was your experience. I haven't seen any discussion about this option.
User avatar
retired@50
Posts: 9142
Joined: Tue Oct 01, 2019 2:36 pm
Location: Living in the U.S.A.

Re: Citi Wealth Self Directed

Post by retired@50 »

Leesbro63 wrote: Tue Sep 20, 2022 7:29 am I see that Citi has a big bonus for their self-directed brokerage account offering. I'm wondering if anyone here has used them and what was your experience. I haven't seen any discussion about this option.
If you search within this thread: viewtopic.php?t=196884 you'll see several posters discussing Citi Wealth.

Regards,
This is one person's opinion. Nothing more.
User avatar
LadyGeek
Site Admin
Posts: 85025
Joined: Sat Dec 20, 2008 5:34 pm
Location: Philadelphia
Contact:

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LadyGeek »

I merged Leesbro63's thread into the ongoing discussion.

(Thanks to the member who reported the post and provided a link to this thread.)
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
Swimmer
Posts: 699
Joined: Tue Dec 29, 2015 4:24 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Swimmer »

TomatoTomahto wrote: Tue Sep 13, 2022 2:02 pm
Leesbro63 wrote: Tue Sep 13, 2022 2:00 pm
BuddyJet wrote: Tue Sep 13, 2022 9:59 am My transfer to Public just settled. The transfer was $1MM+ and I was informed that the bonus would post in 1-2 business days rather than the 30 days the T&C specify. I assume it is because the transfer was at the top tier.

I was also told:

Also, we just launched a new service called Public Premium which is free to all accounts with $20k+ and includes prioritized customer support and a ton of awesome content / data (among other things to be announced shortly).

The premium level may help my service concerns. FWIW, I did contact their customer service via email and got a real answer from a real person in a few hours.
Am I the only one here who would be comfortable doing a $1M bonus transfer to Fido, Schwab, ETrade or Merrill. But not to Public, Robinhood or any of the newer, less established brokerages?
Just did one to Schwab. Would not do Public, RobinHood, etc.
+1
spammagnet
Posts: 1958
Joined: Wed Apr 27, 2016 9:42 pm

Re: Citi Wealth Self Directed

Post by spammagnet »

Leesbro63 wrote: Tue Sep 20, 2022 7:29 amI see that Citi has a big bonus for their self-directed brokerage account offering. I'm wondering if anyone here has used them and what was your experience. I haven't seen any discussion about this option.
DW and I are getting the same bonuses for the second time. Citi is a PIA because opening accounts is entirely by phone interview and Docusign documents, rather than online like most do. That applies to ACAT transfers, as well. But, once the account is open and assets transferred, what else is there to do? Sit back and wait for them to give you free money.

We did it first in early 2021. After getting the bonus and waiting for the short required minimum holding period, we transferred the funds back and closed the accounts to reduce the number of accounts we have to track. I recommend not doing that because the bonus is for new money, not new accounts. For inexplicable reasons, Citi allows you to get the bonus, move the money out, wait awhile, then do it again.

Our process this time was made easier by being allowed to reopen the closed accounts. It would have been even easier had we left $100 cash in each account and simply moved new (actually, the same) money back in.
Leesbro63
Posts: 8436
Joined: Mon Nov 08, 2010 4:36 pm

Re: Citi Wealth Self Directed

Post by Leesbro63 »

spammagnet wrote: Wed Sep 21, 2022 7:48 pm
Leesbro63 wrote: Tue Sep 20, 2022 7:29 amI see that Citi has a big bonus for their self-directed brokerage account offering. I'm wondering if anyone here has used them and what was your experience. I haven't seen any discussion about this option.
DW and I are getting the same bonuses for the second time. Citi is a PIA because opening accounts is entirely by phone interview and Docusign documents, rather than online like most do. That applies to ACAT transfers, as well. But, once the account is open and assets transferred, what else is there to do? Sit back and wait for them to give you free money.

We did it first in early 2021. After getting the bonus and waiting for the short required minimum holding period, we transferred the funds back and closed the accounts to reduce the number of accounts we have to track. I recommend not doing that because the bonus is for new money, not new accounts. For inexplicable reasons, Citi allows you to get the bonus, move the money out, wait awhile, then do it again.

Our process this time was made easier by being allowed to reopen the closed accounts. It would have been even easier had we left $100 cash in each account and simply moved new (actually, the same) money back in.
This is useful information, thank you very much. We don't have any Citi branches in Pittsburgh, so you answered my second question too!
User avatar
sarabayo
Posts: 710
Joined: Fri Jun 29, 2018 6:59 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sarabayo »

Merrill's $1k bonus offer is back, btw:

DoctorOfCredit post: https://www.doctorofcredit.com/merrill- ... vestments/
Offer link: https://www.merrilledge.com/offers/pr1000
User avatar
whodidntante
Posts: 11303
Joined: Thu Jan 21, 2016 11:11 pm
Location: outside the echo chamber

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

sarabayo wrote: Thu Sep 22, 2022 6:53 pm Merrill's $1k bonus offer is back, btw:

DoctorOfCredit post: https://www.doctorofcredit.com/merrill- ... vestments/
Offer link: https://www.merrilledge.com/offers/pr1000
Yeah, I need to re-up for Platinum Honors. Problem is that all my securities are in a lockup period somewhere. Maybe I'll find an extra 100k laying around.
tj
Posts: 6518
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

whodidntante wrote: Thu Sep 22, 2022 8:11 pm
sarabayo wrote: Thu Sep 22, 2022 6:53 pm Merrill's $1k bonus offer is back, btw:

DoctorOfCredit post: https://www.doctorofcredit.com/merrill- ... vestments/
Offer link: https://www.merrilledge.com/offers/pr1000
Yeah, I need to re-up for Platinum Honors. Problem is that all my securities are in a lockup period somewhere. Maybe I'll find an extra 100k laying around.
Looks like it's good through May, I'll have some I can move by then. :)
placeholder
Posts: 5915
Joined: Tue Aug 06, 2013 12:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

sarabayo wrote: Thu Sep 22, 2022 6:53 pm Merrill's $1k bonus offer is back, btw:

DoctorOfCredit post: https://www.doctorofcredit.com/merrill- ... vestments/
Offer link: https://www.merrilledge.com/offers/pr1000
I notice that this one is 250k to get the top bonus when it used to be 200k but that's now in line with most offers so something to be aware of.
placeholder
Posts: 5915
Joined: Tue Aug 06, 2013 12:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

whodidntante wrote: Thu Sep 22, 2022 8:11 pm Yeah, I need to re-up for Platinum Honors. Problem is that all my securities are in a lockup period somewhere. Maybe I'll find an extra 100k laying around.
Note this is the offer:
Promotional Early Enrollment in Preferred Rewards: Until May 26, 2023, when you enroll in the Preferred Rewards $1000 More Cash Offer, you consent to early enrollment in the Preferred Rewards Program. Once you satisfy the funding requirement for the offer, you will be enrolled in Preferred Rewards within 45 days based on your current balances at that time rather than the usual requirement of three month average combined balances. You also must have or open an eligible Bank of America personal checking Advantage Banking account to be enrolled in Preferred Rewards. All Preferred Rewards benefits available in the tier associated with your combined balance level will be active within 30 days of enrollment.
tj
Posts: 6518
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

placeholder wrote: Thu Sep 22, 2022 10:44 pm
sarabayo wrote: Thu Sep 22, 2022 6:53 pm Merrill's $1k bonus offer is back, btw:

DoctorOfCredit post: https://www.doctorofcredit.com/merrill- ... vestments/
Offer link: https://www.merrilledge.com/offers/pr1000
I notice that this one is 250k to get the top bonus when it used to be 200k but that's now in line with most offers so something to be aware of.
And it's only $400 for $100k, it used to be $500.
ash000000
Posts: 16
Joined: Sun Feb 24, 2008 10:51 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by ash000000 »

Does Merill offer applies to adding new money to an existing account as well?
ash000000
Posts: 16
Joined: Sun Feb 24, 2008 10:51 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by ash000000 »

Does Merill offer applies to adding new money to an existing account as well?
placeholder
Posts: 5915
Joined: Tue Aug 06, 2013 12:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

ash000000 wrote: Thu Sep 22, 2022 11:50 pm Does Merill offer applies to adding new money to an existing account as well?
Usually that's the case and this offer says:
Offer valid for new and existing individual Merrill IRAs or Cash Management Accounts (CMA) opened September 1, 2022 through May 26, 2023.
You would need to call them and give them the promo code to apply but I usually just open a new one because you can do it all online that way.
need403bhelp
Posts: 1361
Joined: Thu May 28, 2015 6:25 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by need403bhelp »

placeholder wrote: Fri Sep 23, 2022 12:05 am
ash000000 wrote: Thu Sep 22, 2022 11:50 pm Does Merill offer applies to adding new money to an existing account as well?
Usually that's the case and this offer says:
Offer valid for new and existing individual Merrill IRAs or Cash Management Accounts (CMA) opened September 1, 2022 through May 26, 2023.
You would need to call them and give them the promo code to apply but I usually just open a new one because you can do it all online that way.
Re your second point, any way to get transfer fees reimbursed without calling? Chat? Or have you tried?
User avatar
sarabayo
Posts: 710
Joined: Fri Jun 29, 2018 6:59 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sarabayo »

placeholder wrote: Fri Sep 23, 2022 12:05 am
ash000000 wrote: Thu Sep 22, 2022 11:50 pm Does Merill offer applies to adding new money to an existing account as well?
Usually that's the case and this offer says:
Offer valid for new and existing individual Merrill IRAs or Cash Management Accounts (CMA) opened September 1, 2022 through May 26, 2023.
You would need to call them and give them the promo code to apply but I usually just open a new one because you can do it all online that way.
The offer also says:
Cash bonus offers, in the aggregate, are limited to one CMA and one IRA per accountholder.
I'm not sure what "in the aggregate" means precisely, but commenters on DoctorOfCredit say that the phone reps are willing to apply the promo to an existing account that has enjoyed a promo bonus in the past if it's been more than a year since then. That's anecdotal, though, so ymmv I guess?
Leesbro63
Posts: 8436
Joined: Mon Nov 08, 2010 4:36 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 »

sarabayo wrote: Fri Sep 23, 2022 12:24 pm
placeholder wrote: Fri Sep 23, 2022 12:05 am
ash000000 wrote: Thu Sep 22, 2022 11:50 pm Does Merill offer applies to adding new money to an existing account as well?
Usually that's the case and this offer says:
Offer valid for new and existing individual Merrill IRAs or Cash Management Accounts (CMA) opened September 1, 2022 through May 26, 2023.
You would need to call them and give them the promo code to apply but I usually just open a new one because you can do it all online that way.
The offer also says:
Cash bonus offers, in the aggregate, are limited to one CMA and one IRA per accountholder.
I'm not sure what "in the aggregate" means precisely, but commenters on DoctorOfCredit say that the phone reps are willing to apply the promo to an existing account that has enjoyed a promo bonus in the past if it's been more than a year since then. That's anecdotal, though, so ymmv I guess?
Merrill pays the bonus at the END of the 9 month (or 1 year) holding period. I wonder when the clock starts on the new bonus? At the beginning of the prior bonus period or when the prior bonus was paid. Because if the latter, then it’s really 21 or 24 months between bonuses.
placeholder
Posts: 5915
Joined: Tue Aug 06, 2013 12:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

sarabayo wrote: Fri Sep 23, 2022 12:24 pm The offer also says:
Cash bonus offers, in the aggregate, are limited to one CMA and one IRA per accountholder.
I saw that and I don't know if that means you could do one ira and one taxable account under the same offer at the same time.
drk
Posts: 3637
Joined: Mon Jul 24, 2017 10:33 pm
Location: Overlooking Elliott Bay

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drk »

Leesbro63 wrote: Fri Sep 23, 2022 2:35 pm Merrill pays the bonus at the END of the 9 month (or 1 year) holding period. I wonder when the clock starts on the new bonus? At the beginning of the prior bonus period or when the prior bonus was paid. Because if the latter, then it’s really 21 or 24 months between bonuses.
The look-back period is one year since the last bonus was paid.
Leesbro63
Posts: 8436
Joined: Mon Nov 08, 2010 4:36 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 »

drk wrote: Fri Sep 23, 2022 10:12 pm
Leesbro63 wrote: Fri Sep 23, 2022 2:35 pm Merrill pays the bonus at the END of the 9 month (or 1 year) holding period. I wonder when the clock starts on the new bonus? At the beginning of the prior bonus period or when the prior bonus was paid. Because if the latter, then it’s really 21 or 24 months between bonuses.
The look-back period is one year since the last bonus was paid.
So it’s really 21 months between bonuses.
abracadabra11
Posts: 320
Joined: Sat May 01, 2010 2:09 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by abracadabra11 »

Has anyone found details on public.com transfer OUT fee and conditions?

Intrigued by the high bonus, but weary of a surprise on the backside. Would only transfer $100k - don't have enough confidence to do $1M+.
tj
Posts: 6518
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

abracadabra11 wrote: Sat Sep 24, 2022 6:58 am Has anyone found details on public.com transfer OUT fee and conditions?

Intrigued by the high bonus, but weary of a surprise on the backside. Would only transfer $100k - don't have enough confidence to do $1M+.
$75 for ACAT out
drk
Posts: 3637
Joined: Mon Jul 24, 2017 10:33 pm
Location: Overlooking Elliott Bay

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drk »

Leesbro63 wrote: Sat Sep 24, 2022 6:34 am So it’s really 21 months between bonuses.
Sorry, I overlooked this from your previous post:
Leesbro63 wrote: Fri Sep 23, 2022 2:35 pm Merrill pays the bonus at the END of the 9 month (or 1 year) holding period.
Merrill pays the bonus 90 days after you meet the bonus criteria. I haven't seen them require a holding period as long as nine months or one year. Instead, they usually restrict eligibility to not having received a bonus in the last year, which would be 15 months between bonus enrollments.

That said, it looks like they don't have the one-year eligibility criterion for this offer, just an exclusion for assets transferred out in the preceding 24 weeks.
tj
Posts: 6518
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

drk wrote: Sat Sep 24, 2022 9:30 am
Leesbro63 wrote: Sat Sep 24, 2022 6:34 am So it’s really 21 months between bonuses.
Sorry, I overlooked this from your previous post:
Leesbro63 wrote: Fri Sep 23, 2022 2:35 pm Merrill pays the bonus at the END of the 9 month (or 1 year) holding period.
Merrill pays the bonus 90 days after you meet the bonus criteria. I haven't seen them require a holding period as long as nine months or one year. Instead, they usually restrict eligibility to not having received a bonus in the last year, which would be 15 months between bonus enrollments.

That said, it looks like they don't have the one-year eligibility criterion for this offer, just an exclusion for assets transferred out in the preceding 24 weeks.

Typically he increased offers have a 1 year hold period and the normal offer has a 6 month period. Unless I'm mis remembering and its 6 and 3 months.
Leesbro63
Posts: 8436
Joined: Mon Nov 08, 2010 4:36 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 »

tj wrote: Sat Sep 24, 2022 9:44 am
drk wrote: Sat Sep 24, 2022 9:30 am
Leesbro63 wrote: Sat Sep 24, 2022 6:34 am So it’s really 21 months between bonuses.
Sorry, I overlooked this from your previous post:
Leesbro63 wrote: Fri Sep 23, 2022 2:35 pm Merrill pays the bonus at the END of the 9 month (or 1 year) holding period.
Merrill pays the bonus 90 days after you meet the bonus criteria. I haven't seen them require a holding period as long as nine months or one year. Instead, they usually restrict eligibility to not having received a bonus in the last year, which would be 15 months between bonus enrollments.

That said, it looks like they don't have the one-year eligibility criterion for this offer, just an exclusion for assets transferred out in the preceding 24 weeks.

Typically he increased offers have a 1 year hold period and the normal offer has a 6 month period. Unless I'm mis remembering and its 6 and 3 months.
I recently received a bonus that was only paid at the end of a 9 month holding period. If I want to bring over additional money for a new bonus, what will be the current terms?
tj
Posts: 6518
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

Leesbro63 wrote: Sat Sep 24, 2022 12:17 pm
tj wrote: Sat Sep 24, 2022 9:44 am
drk wrote: Sat Sep 24, 2022 9:30 am
Leesbro63 wrote: Sat Sep 24, 2022 6:34 am So it’s really 21 months between bonuses.
Sorry, I overlooked this from your previous post:
Leesbro63 wrote: Fri Sep 23, 2022 2:35 pm Merrill pays the bonus at the END of the 9 month (or 1 year) holding period.
Merrill pays the bonus 90 days after you meet the bonus criteria. I haven't seen them require a holding period as long as nine months or one year. Instead, they usually restrict eligibility to not having received a bonus in the last year, which would be 15 months between bonus enrollments.

That said, it looks like they don't have the one-year eligibility criterion for this offer, just an exclusion for assets transferred out in the preceding 24 weeks.

Typically he increased offers have a 1 year hold period and the normal offer has a 6 month period. Unless I'm mis remembering and its 6 and 3 months.
I recently received a bonus that was only paid at the end of a 9 month holding period. If I want to bring over additional money for a new bonus, what will be the current terms?
I have no idea. What does the T&C say? It seems like brokerages usually make you wait 12 months?
andyhere
Posts: 23
Joined: Sat Dec 17, 2016 8:48 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by andyhere »

Leesbro63 wrote: Tue Sep 13, 2022 2:00 pm
BuddyJet wrote: Tue Sep 13, 2022 9:59 am My transfer to Public just settled. The transfer was $1MM+ and I was informed that the bonus would post in 1-2 business days rather than the 30 days the T&C specify. I assume it is because the transfer was at the top tier.

I was also told:

Also, we just launched a new service called Public Premium which is free to all accounts with $20k+ and includes prioritized customer support and a ton of awesome content / data (among other things to be announced shortly).

The premium level may help my service concerns. FWIW, I did contact their customer service via email and got a real answer from a real person in a few hours.
Am I the only one here who would be comfortable doing a $1M bonus transfer to Fido, Schwab, ETrade or Merrill. But not to Public, Robinhood or any of the newer, less established brokerages?
Over the years, I have probably done 10 transfers out of Vanguard and into Schwab, Fido, eTrade, M1, Citi, and Tradestation. After the securities sit in the new accounts for a year or so, I ask Vanguard to take 'em back. I've probably grossed $40k in bonuses. My transfers are usually at least $2mm or higher. One time, when I called Schwab to ask them to send securities to eTrade, Schwab gave me the same bonus as eTrade would have given me, just to leave the securities in Schwab.
Post Reply