Public.com 2% / $10k no risk return legit?? [as transfer bonus]

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Re: Public.com 2% / $10k no risk return legit?? [as transfer bonus]

Post by placeholder »

tj wrote: Sat Sep 17, 2022 6:08 pm For this offer, allegedly only ACAT transfers count.
Ah well that's possible but start with the brokerage to see if it's needed then go from there.
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Cranberry44
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Re: Public.com 2% / 10% no risk return legit??

Post by Cranberry44 »

am wrote: Sun Sep 11, 2022 1:21 pm
After the celsius debacle, I am burned for life. Although I rescued my money two days before the asset freeze.

:shock: Me too!!!! I didn’t think there’d be another boglehead impacted by Celsius. So sad and best of luck going forward.
tj
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Re: Public.com 2% / $10k no risk return legit?? [as transfer bonus]

Post by tj »

Just got a marketing email that transfer must be initiated by 9/24. They must be satisfied by the Assets they've received thus far.
abracadabra11
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Re: Public.com 2% / $10k no risk return legit?? [as transfer bonus]

Post by abracadabra11 »

Also note that public.com cannot accept transfers from Joint brokerage accounts yet.
tj
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Re: Public.com 2% / $10k no risk return legit?? [as transfer bonus]

Post by tj »

abracadabra11 wrote: Sun Sep 25, 2022 9:58 am Also note that public.com cannot accept transfers from Joint brokerage accounts yet.
I'm pretty sure they said they can, you just have to email them
abracadabra11
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Re: Public.com 2% / $10k no risk return legit?? [as transfer bonus]

Post by abracadabra11 »

I'll give it a shot. Initiating the transfer using their site resulted in a message indicating that it's a future feature that they're working on implementing.
patrick
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Re: Public.com 2% / $10k no risk return legit?? [as transfer bonus]

Post by patrick »

tj wrote: Mon Sep 19, 2022 11:07 am Just got a marketing email that transfer must be initiated by 9/24. They must be satisfied by the Assets they've received thus far.
I got an e-mail from them saying today (9/26) is the last day, while their web site says 12/31.
tj
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Re: Public.com 2% / $10k no risk return legit?? [as transfer bonus]

Post by tj »

patrick wrote: Mon Sep 26, 2022 10:59 am
tj wrote: Mon Sep 19, 2022 11:07 am Just got a marketing email that transfer must be initiated by 9/24. They must be satisfied by the Assets they've received thus far.
I got an e-mail from them saying today (9/26) is the last day, while their web site says 12/31.
They have no idea who is sending out their emails. lol
BackOfTheNet
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Re: Public.com 2% / $10k no risk return legit?? [as transfer bonus]

Post by BackOfTheNet »

I wonder if the cut-off date in the email corresponds to when you opened the account. Something like 2 weeks after.
tj
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Re: Public.com 2% / $10k no risk return legit?? [as transfer bonus]

Post by tj »

BackOfTheNet wrote: Mon Sep 26, 2022 11:30 am I wonder if the cut-off date in the email corresponds to when you opened the account. Something like 2 weeks after.
The real cut off date is 12/31
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ebotrd
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Re: Public.com 2% / $10k no risk return legit?? [as transfer bonus]

Post by ebotrd »

UPDATE:
I transferred some long term holdings total $1M to Public.com a couple of weeks ago.
It's unfortunately not $1M anymore lol! So I contacted their help chat to ask if I'd still be eligible for the $10k bonus.
So far, so good.
Here is the reply:
Thanks for following up. I was able to review your account transfers and see the one you mentioned. It looks like the transfer was for just over $1,000,000, so you are eligible for the $10,000 bonus. You should see that bonus applied to your account within 1 month of the transfer completing. Let me know if you have any other questions I can help with.
Best,
David with Team Public


I'll update you all when I see the $10k!
When something is important enough, you do it even if the odds are not in your favor. -- E. Musk.
clippersfan79
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Re: Public.com 2% / $10k no risk return legit?? [as transfer bonus]

Post by clippersfan79 »

ebotrd wrote: Sat Oct 08, 2022 3:10 pm UPDATE:
I transferred some long term holdings total $1M to Public.com a couple of weeks ago.
It's unfortunately not $1M anymore lol! So I contacted their help chat to ask if I'd still be eligible for the $10k bonus.
So far, so good.
Here is the reply:
Thanks for following up. I was able to review your account transfers and see the one you mentioned. It looks like the transfer was for just over $1,000,000, so you are eligible for the $10,000 bonus. You should see that bonus applied to your account within 1 month of the transfer completing. Let me know if you have any other questions I can help with.
Best,
David with Team Public
I had the same situation with both of my accounts I transferred and the bonus did come through. Takes about 2 weeks.
Tarkus
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Re: Public.com 2% / $10k no risk return legit?? [as transfer bonus]

Post by Tarkus »

For people who have done an ACATS transfer to Public.com -- were they able to maintain your cost basis information? This is my biggest concern at present...
Kookaburra
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Re: Public.com 2% / $10k no risk return legit?? [as transfer bonus]

Post by Kookaburra »

ebotrd wrote: Sat Oct 08, 2022 3:10 pm UPDATE:
I transferred some long term holdings total $1M to Public.com a couple of weeks ago.
It's unfortunately not $1M anymore lol! So I contacted their help chat to ask if I'd still be eligible for the $10k bonus.
So far, so good.
Here is the reply:
Thanks for following up. I was able to review your account transfers and see the one you mentioned. It looks like the transfer was for just over $1,000,000, so you are eligible for the $10,000 bonus. You should see that bonus applied to your account within 1 month of the transfer completing. Let me know if you have any other questions I can help with.
Best,
David with Team Public


I'll update you all when I see the $10k!
It’s been over a month. Did Public apply the bonus to your account?
sc9182
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Re: Public.com 2% / $10k no risk return legit?? [as transfer bonus]

Post by sc9182 »

Tarkus wrote: Sat Nov 19, 2022 10:38 am For people who have done an ACATS transfer to Public.com -- were they able to maintain your cost basis information? This is my biggest concern at present...
Create account at ApexClearing where the assets are held ; you will see all kinds of details ..

Yes, cost basis is/will be preserved ..
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whodidntante
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Re: Public.com 2% / $10k no risk return legit?? [as transfer bonus]

Post by whodidntante »

My cost basis survived the trip. You do have to create an Apex Clearing account as noted above to see it. The public front end is minimalist.

They paid my bonus right away.
hmw
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Re: Public.com 2% / $10k no risk return legit?? [as transfer bonus]

Post by hmw »

I am in the process of transferring to public.com

It appears that apex clearing does all the bookkeeping for them. I couldn't find a way to designate a benefciary on the app. Emailed public, and they sent me a link to sign a TOD document from apex. It was pretty easy to do.
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ebotrd
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Re: Public.com 2% / $10k no risk return legit?? [as transfer bonus]

Post by ebotrd »

UPDATE: They've already deposited $5k of the bonus. Because the stocks I transferred to Public started at $1M but plummeted in value so quickly in this macro they erroneously put me in the 5k bonus category. However when I asked help chat about it they saw the error and said I'll see the other 5k on next months statement.
When something is important enough, you do it even if the odds are not in your favor. -- E. Musk.
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ebotrd
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Re: Public.com 2% / $10k no risk return legit?? [as transfer bonus]

Post by ebotrd »

UPDATE: The other $5k is came through...
Message from Public rep: Our team has applied the $5,000 bonus to your account on 11/15/22. Please note, that if you receive a bonus of equal to or less than $10,000, then the assets transferred, and any associated bonus, must stay in your Public account for at least 6 months, or the bonus will be revoked. I've included the full terms if you would like to review them.
When something is important enough, you do it even if the odds are not in your favor. -- E. Musk.
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whodidntante
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Re: Public.com 2% / $10k no risk return legit?? [as transfer bonus]

Post by whodidntante »

ebotrd wrote: Mon Nov 21, 2022 5:36 pm UPDATE: The other $5k is came through...
Message from Public rep: Our team has applied the $5,000 bonus to your account on 11/15/22. Please note, that if you receive a bonus of equal to or less than $10,000, then the assets transferred, and any associated bonus, must stay in your Public account for at least 6 months, or the bonus will be revoked. I've included the full terms if you would like to review them.
That's generous of them. Some brokers would tell us to pound sand.
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Makaveli
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Re: Public.com 2% / 10% no risk return legit?? [as transfer bonus]

Post by Makaveli »

CletusCaddy wrote: Sun Sep 11, 2022 7:57 pm I would not worry about whether Public is a scam. They have raised hundreds of millions of dollars from top shelf VCs like Accel and Tiger Global, and they are registered with FINRA, SIPC, etc.

What I would worry about is their management’s business acumen. According to this article at some point the executives considered asking their users for tips:

https://techcrunch.com/2022/01/12/publi ... er-growth/
Does FTX change your tune re capital raised and firms due diligence (or lack thereof)?
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Makaveli
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Re: Public.com 2% / $10k no risk return legit?? [as transfer bonus]

Post by Makaveli »

ebotrd wrote: Mon Nov 21, 2022 5:36 pm UPDATE: The other $5k is came through...
Message from Public rep: Our team has applied the $5,000 bonus to your account on 11/15/22. Please note, that if you receive a bonus of equal to or less than $10,000, then the assets transferred, and any associated bonus, must stay in your Public account for at least 6 months, or the bonus will be revoked. I've included the full terms if you would like to review them.
I’m surprised to see the 6 months, everywhere else now reads 1 year.

Edit: perhaps since you had 2 tranches that was the custom message for 5k yet in reality you’re at 10k so it’ll be one year.
Tarkus
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Re: Public.com 2% / $10k no risk return legit?? [as transfer bonus]

Post by Tarkus »

Makaveli wrote: Wed Nov 23, 2022 4:30 pm Does FTX change your tune re capital raised and firms due diligence (or lack thereof)?
I don't think you can compare FTX, a crypto company domiciled in the Bahamas, with Public, a broker dealer domiciled in the USA. Broker dealers are heavily regulated, insured and audited. Moreover, Public (and many other fintech companies) use Apex as a clearing agent. This is really where your shares are being held. My understanding is that you can get a login to Apex's system and see your shares there. I personally have a lot of confidence in the integrity of the US-based brokerage system. It is a *lot* harder to get away with the kind of blatant and egregious fraud that FTX was committing.

Strange that Public is using so much of their funding for customer acquisition via generous transfer bonuses. But I'm sure that you need to acquire customers to be successful in this industry, so maybe it makes sense. If you are concerned, transfer less than $500K, which is the limit of SIPC coverage.
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