The Final, Definitive Thread on Brokerage Transfer Bonuses

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.
bbrock
Posts: 679
Joined: Mon Nov 23, 2009 8:55 pm
Location: CA

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

sycamore wrote: Wed Nov 23, 2022 2:04 pm
bbrock wrote: Wed Nov 23, 2022 12:09 pm If u take advantage of this FIDO150 offer, how much do they charge to close accounts/transfer out? And will anyone answer whether it’s an ACAT or ACH transfer eligible?
1. Doesn't seem like an account closing fee or transfer out fee is related to whether you take advantage of the offer. Is that what you were asking? Or were you just asking about what the fees are regardless of whether you take the offer? Here are Fidelity's standard fees & pricing.

2. Regarding ACH or ACATS, read the offer's terms and conditions. I don't see ACH or ACATS specifically mentioned but these two points look relevant:
  • Fund the account with a minimum of $50 ("Net Deposit") from an external, non-Fidelity source.
  • For purposes of this offer, "Net Deposits" shall mean total external deposits or transfers (including cash, eligible securities and/or margin debit balance transfers) minus assets withdrawn or transferred out of the accounts within the qualification period.
Sure sounds like ACH or ACATS to me!
Regarding closing fees/transfer out, it’s just so that I could be informed of what to expect if they’re paying a bonus of $150 +50 minus a $75 closure fee, then the true bonus is $125. I’m at E*Trade currently with the bulk of my taxable assets, but I know they’re gonna hit me with something like a $75 transfer out fee.
bbrock
calwatch
Posts: 1175
Joined: Wed Oct 02, 2013 1:48 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by calwatch »

BuddyJet wrote: Fri Nov 11, 2022 9:08 pm Most brokerages only give margin loans up to 50% of value and 10-11% is pretty standard now.

While conversion to an ETF and moving from vanguard can make sense for other reasons, I don’t think you’ll get a higher margin loan.
At the big brokers, yes, but SoFi is a reputable brokerage and the rate is 5.25%. No mutual funds though, only ETFs, and the interface is basic. Earlier on this thread there are bonuses available.
Kookaburra
Posts: 1678
Joined: Thu Apr 02, 2020 11:14 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Kookaburra »

Can Treasuries (Tbills, specifically) be transferred between brokerages in-kind via ACATS, and count as eligible funds for a bonus transfer offer?
SnowBog
Posts: 3714
Joined: Fri Dec 21, 2018 11:21 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SnowBog »

Kookaburra wrote: Thu Nov 24, 2022 12:48 pm Can Treasuries (Tbills, specifically) be transferred between brokerages in-kind via ACATS, and count as eligible funds for a bonus transfer offer?
I don't believe so... But I might be wrong...

I know I can't transfer them between my accounts at Fidelity, like I can with anything else I've ever bought... At least not online.
manlymatt83
Posts: 901
Joined: Tue Jan 30, 2018 8:23 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by manlymatt83 »

How long do you usually have to leave the assets once you move them and the bonus posts?
rbd789
Posts: 107
Joined: Fri Jul 24, 2020 2:58 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by rbd789 »

SnowBog wrote: Thu Nov 24, 2022 3:57 pm
Kookaburra wrote: Thu Nov 24, 2022 12:48 pm Can Treasuries (Tbills, specifically) be transferred between brokerages in-kind via ACATS, and count as eligible funds for a bonus transfer offer?
I don't believe so... But I might be wrong...

I know I can't transfer them between my accounts at Fidelity, like I can with anything else I've ever bought... At least not online.
Yes. I transferred a taxable brokerage account from Vanguard to Fidelity last month. Three T-Bills were included. All transferred in kind, no issues at all.
nalor511
Posts: 3138
Joined: Mon Jul 27, 2015 1:00 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

whodidntante wrote: Fri Nov 11, 2022 9:47 pm
atwnsw wrote: Thu Nov 10, 2022 3:07 pm My wife and I each have $1M in brokerage account at Vanguard. All is invested in VTIAX & VTSAX.
We need to do a short-term loan of roughly $1.5M to provide a bridge while we sell existing house (Value = $1.5M)
and buy a new house for approx same valuation.

Vanguard limits our borrowing up to 50% of the amount of portfolio (which isn't enough as it only provides $1M in combined borrow) and charges over 10% interest.

We understand that we will have to switch from mutual fund to VXUS and VTI ETF's for simplicity.

Do you have a referral link or contact # for either Schwab or Fidelity (Is this considered high net worth)? Suggestions?
I originally misread that you had 1 million. Here's a replacement comment after I realized that you have two. Here are some ideas to get there, that may or may not work for you.

Equity index mutual funds are marginable. Still, convert to ETFs if the timeframe allows for it. If you transfer a mutual fund, the transferred shares are technically an IPO, which requires 30 days to become marginable. That can seem like a long time when you are sitting homeless in a new city.

Sell shares that have a loss. But how is that borrowing money, you might reasonably ask? Buy futures to restore exposure to the asset class. Or trade in other accounts to buy equities.

Apply for portfolio margin. This may give you a bit of extra borrowing power depending on your exact holdings, though likely not a ton if you have nothing but equity index ETFs.

Specifically on rates, if you want low rates at a low-rent broker like Vanguard, you can use box spreads to get near-institutional rates. Assuming you can actually enter a four-leg option trade on that Fisher Price UI.
Box spreads will lower the interest rate, but still not increase the amount able to borrow, which is set by regT/SEC
bestisfree
Posts: 121
Joined: Thu Jan 07, 2016 1:30 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bestisfree »

I was looking at Fidelity for
  • HSA
  • Able to buy T-bills that have an "auto-roll" feature.
(I found vanguard's particularly difficult... the ladder tool is a bit confusing to me)

I would like to take advantage of the FIDELITY150.

Questions:

1. It doesn't look like HSA is one of the eligible account types for the bonus. I have to open the HSA somewhere anyway; does anyone know any custodian that would offer bonus for new HSA account?

2. I was also looking at the cash management account at Fidelity - could I buy t-bills there?
HomeStretch
Posts: 8755
Joined: Thu Dec 27, 2018 3:06 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by HomeStretch »

bestisfree wrote: Fri Nov 25, 2022 8:27 am Questions:

1. It doesn't look like HSA is one of the eligible account types for the bonus. I have to open the HSA somewhere anyway; does anyone know any custodian that would offer bonus for new HSA account?

2. I was also looking at the cash management account at Fidelity - could I buy t-bills there?
1. Even without a bonus, Fidelity is a good choice for a HSA as a Fidelity HSA has no fees and low-ER investment options.

2. Yes
theplayer11
Posts: 1867
Joined: Tue Jul 22, 2014 8:55 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by theplayer11 »

For the Public promotion, are Roth and Traditional IRA transfers Included?
bbrock
Posts: 679
Joined: Mon Nov 23, 2009 8:55 pm
Location: CA

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

theplayer11 wrote: Fri Nov 25, 2022 1:13 pm For the Public promotion, are Roth and Traditional IRA transfers Included?
I had looked at that too awhile back; only taxable assets accepted.
bbrock
bbrock
Posts: 679
Joined: Mon Nov 23, 2009 8:55 pm
Location: CA

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

tj wrote: Tue Nov 22, 2022 5:09 pm
bbrock wrote: Tue Nov 22, 2022 4:49 pm
bbrock wrote: Tue Nov 22, 2022 12:12 pm
bbrock wrote: Sat Nov 19, 2022 4:31 pm
bbrock wrote: Fri Nov 18, 2022 7:04 pm Looks like the Public.com offer was modified. I have been trying to have Schwab match the $2k for $200k on some of my taxable brokerage, but now looks like I am going after Schwab to match $1k for $200k. Schwab rep never responded back to me prior to 11/1/22.

https://help.public.com/en/articles/649 ... er-account

I think Public's offer may be the best going around right now to get others to try to match.
I checked Dr. of credit. It looks like Citibank wealth is doing 1K on 200K

Let’s see what the Schwab rep comes back with.
Update:
Still waiting to hear back from Schwab.

Has anyone done the Citibank offer? What are the fees for this wealth management account?
Took call from Schwab rep. After much baloney, he told me that he can’t discuss promotions in emails or their counter offers, he was firm that they would not match it. I told him I have other offers for him to match, but I doubt that they’ll bite.
You need to find a rep that plays ball. I can give you the info of one that a Boglehead had provided to me.
I haven’t contacted that Schwab rep yet.

But thus far, I got E*Trade to match the Citibank offer. $1000 on $200,000 plus. I haven’t discussed the holding period though. I think that Citibank looks like it’s a shorter duration term. Having it at E*TRADE is convenient since all taxable assets would be there, and their platform is smooth.
bbrock
d404040
Posts: 11
Joined: Thu Mar 17, 2022 9:51 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by d404040 »

Can the public bonus be earned for transferring an IRA or Roth?
d404040
Posts: 11
Joined: Thu Mar 17, 2022 9:51 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by d404040 »

Can the public bonus be earned for transferring an IRA or Roth?
User avatar
whodidntante
Posts: 11720
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 »

d404040 wrote: Sat Nov 26, 2022 10:49 am Can the public bonus be earned for transferring an IRA or Roth?
No. Look a few posts upward.
Katietsu
Posts: 6532
Joined: Sun Sep 22, 2013 1:48 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Katietsu »

A few of the limitations with Public: It can only be taxable assets. The new account can only be single person ownership not joint. The transfer of assets must be from an account with the same single person ownership. Cash transferred using a ACATS from a brokerage account count towards the bonus but any other deposits, eg ACH or check, do not count. You can not name beneficiaries according to Public but you can make the account TOD by requesting a form after opening the account. The form must be requested from customer service as it is not available even as the pdf online.
bbrock
Posts: 679
Joined: Mon Nov 23, 2009 8:55 pm
Location: CA

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

Katietsu wrote: Sat Nov 26, 2022 11:09 am A few of the limitations with Public: It can only be taxable assets. The new account can only be single person ownership not joint. The transfer of assets must be from an account with the same single person ownership. Cash transferred using a ACATS from a brokerage account count towards the bonus but any other deposits, eg ACH or check, do not count. You can not name beneficiaries according to Public but you can make the account TOD by requesting a form after opening the account. The form must be requested from customer service as it is not available even as the pdf online.
Good info to know re: the TOD. Thx.
bbrock
bbrock
Posts: 679
Joined: Mon Nov 23, 2009 8:55 pm
Location: CA

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

Although E*Trade will match the Citi offer for $1k on $200k, I'll have to hold x12 mo., vs. 3 mo. at Citi. Not worth it then.
https://banking.citi.com/cbol/investmen ... 6F3925D5E0

Now finally warming up to this offer by Public:
https://help.public.com/en/articles/649 ... er-account

Right now, I am at $225k in my position of VXUS in my taxable Vanguard brokerage. I'd move that to Pubic. <$249,999 Public is paying $1k. >$250k they are paying $2500. Thus, it seems worth it to me to relocate some of my Ally cash temporarily. I was thinking to park about $25k - $30k (depending on markets) of my Ally cash into BIL or SGOV (ultra short <3 mo. Treasury) while at Vanguard. Then, I'd make the $250k to hit the $2500 level and can ACAT it in. According to the fine print, I need to park it at Public x9 mo. Per this thread, I should turn off investment lending (or some verbiage to that sort), and also I'd setup a TOD after the fact. Does that extra $1500 bonus seem worth it to park ~$25k - $30k from my Ally savings to put it in, for example, SGOV with an ER of 0.05%, 30 day yield of 3.4%?

SGOV seems to have a tight bid/ask spread, but nevertheless I may lose some change on the buy/sell.
bbrock
tj
Posts: 6751
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

bbrock wrote: Mon Nov 28, 2022 6:39 pm Although E*Trade will match the Citi offer for $1k on $200k, I'll have to hold x12 mo., vs. 3 mo. at Citi. Not worth it then.
https://banking.citi.com/cbol/investmen ... 6F3925D5E0

Now finally warming up to this offer by Public:
https://help.public.com/en/articles/649 ... er-account

Right now, I am at $225k in my position of VXUS in my taxable Vanguard brokerage. I'd move that to Pubic. <$249,999 Public is paying $1k. >$250k they are paying $2500. Thus, it seems worth it to me to relocate some of my Ally cash temporarily. I was thinking to park about $25k - $30k (depending on markets) of my Ally cash into BIL or SGOV (ultra short <3 mo. Treasury) while at Vanguard. Then, I'd make the $250k to hit the $2500 level and can ACAT it in. According to the fine print, I need to park it at Public x9 mo. Per this thread, I should turn off investment lending (or some verbiage to that sort), and also I'd setup a TOD after the fact. Does that extra $1500 bonus seem worth it to park ~$25k - $30k from my Ally savings to put it in, for example, SGOV with an ER of 0.05%, 30 day yield of 3.4%?

SGOV seems to have a tight bid/ask spread, but nevertheless I may lose some change on the buy/sell.
Is it worth risking some change to collect $2500 ? I would assume that it is.
bbrock
Posts: 679
Joined: Mon Nov 23, 2009 8:55 pm
Location: CA

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

tj wrote: Mon Nov 28, 2022 7:39 pm
bbrock wrote: Mon Nov 28, 2022 6:39 pm Although E*Trade will match the Citi offer for $1k on $200k, I'll have to hold x12 mo., vs. 3 mo. at Citi. Not worth it then.
https://banking.citi.com/cbol/investmen ... 6F3925D5E0

Now finally warming up to this offer by Public:
https://help.public.com/en/articles/649 ... er-account

Right now, I am at $225k in my position of VXUS in my taxable Vanguard brokerage. I'd move that to Pubic. <$249,999 Public is paying $1k. >$250k they are paying $2500. Thus, it seems worth it to me to relocate some of my Ally cash temporarily. I was thinking to park about $25k - $30k (depending on markets) of my Ally cash into BIL or SGOV (ultra short <3 mo. Treasury) while at Vanguard. Then, I'd make the $250k to hit the $2500 level and can ACAT it in. According to the fine print, I need to park it at Public x9 mo. Per this thread, I should turn off investment lending (or some verbiage to that sort), and also I'd setup a TOD after the fact. Does that extra $1500 bonus seem worth it to park ~$25k - $30k from my Ally savings to put it in, for example, SGOV with an ER of 0.05%, 30 day yield of 3.4%?

SGOV seems to have a tight bid/ask spread, but nevertheless I may lose some change on the buy/sell.
Is it worth risking some change to collect $2500 ? I would assume that it is.
My thoughts as well. With a duration on SGOV of 0.11, or 0.09 on BIL (insignificant difference), a 9 mo. hold for an extra $1500 appears worth it.
bbrock
02nz
Posts: 8753
Joined: Wed Feb 21, 2018 3:17 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 02nz »

bbrock wrote: Fri Nov 25, 2022 2:24 pm
theplayer11 wrote: Fri Nov 25, 2022 1:13 pm For the Public promotion, are Roth and Traditional IRA transfers Included?
I had looked at that too awhile back; only taxable assets accepted.
Not only that, no joint accounts allowed, individual accounts only. Brokered CDs, options, and mutual funds are also not supported.
bbrock
Posts: 679
Joined: Mon Nov 23, 2009 8:55 pm
Location: CA

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

02nz wrote: Mon Nov 28, 2022 10:43 pm
bbrock wrote: Fri Nov 25, 2022 2:24 pm
theplayer11 wrote: Fri Nov 25, 2022 1:13 pm For the Public promotion, are Roth and Traditional IRA transfers Included?
I had looked at that too awhile back; only taxable assets accepted.
Not only that, no joint accounts allowed, individual accounts only. Brokered CDs, options, and mutual funds are also not supported.
Got it. That’s why I’d be holding cash in a cash substitute: SGOV, or BIL.

And the account would be individual, it would just have a designated beneficiary under a transfer on death TOD designation.
bbrock
EnjoyIt
Posts: 6789
Joined: Sun Dec 29, 2013 8:06 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt »

bbrock wrote: Mon Nov 28, 2022 11:35 pm
02nz wrote: Mon Nov 28, 2022 10:43 pm
bbrock wrote: Fri Nov 25, 2022 2:24 pm
theplayer11 wrote: Fri Nov 25, 2022 1:13 pm For the Public promotion, are Roth and Traditional IRA transfers Included?
I had looked at that too awhile back; only taxable assets accepted.
Not only that, no joint accounts allowed, individual accounts only. Brokered CDs, options, and mutual funds are also not supported.
Got it. That’s why I’d be holding cash in a cash substitute: SGOV, or BIL.

And the account would be individual, it would just have a designated beneficiary under a transfer on death TOD designation.
I moves some ETFs over to public. Got the bonus pretty quickly. Now to see what happens after 6 months.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
User avatar
Makaveli
Posts: 905
Joined: Mon May 19, 2014 11:18 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Makaveli »

Public update:

Assets transferred in.
Transfer fees refunded.
Contacted that I qualified for full bonus.
Should deposit within 1 month (others experience is within days).
Securities lending turned OFF, Public confirmed this within hours.
APEX clearing house login created and securities are seen there.

Happy to address any questions of my experience thus far.
manlymatt83
Posts: 901
Joined: Tue Jan 30, 2018 8:23 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by manlymatt83 »

Makaveli wrote: Tue Nov 29, 2022 11:05 pm Public update:

Assets transferred in.
Transfer fees refunded.
Contacted that I qualified for full bonus.
Should deposit within 1 month (others experience is within days).
Securities lending turned OFF, Public confirmed this within hours.
APEX clearing house login created and securities are seen there.

Happy to address any questions of my experience thus far.
How do you like them as a broker? Do they have auto-investing?
bbrock
Posts: 679
Joined: Mon Nov 23, 2009 8:55 pm
Location: CA

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

Makaveli wrote: Tue Nov 29, 2022 11:05 pm Public update:

Assets transferred in.
Transfer fees refunded.
Contacted that I qualified for full bonus.
Should deposit within 1 month (others experience is within days).
Securities lending turned OFF, Public confirmed this within hours.
APEX clearing house login created and securities are seen there.

Happy to address any questions of my experience thus far.
It may have been discussed already, but how do we go about having securities lending turned off?
bbrock
1andDone
Posts: 71
Joined: Mon Apr 24, 2017 2:18 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 1andDone »

bbrock wrote: Tue Nov 29, 2022 11:26 pm
Makaveli wrote: Tue Nov 29, 2022 11:05 pm Public update:

Assets transferred in.
Transfer fees refunded.
Contacted that I qualified for full bonus.
Should deposit within 1 month (others experience is within days).
Securities lending turned OFF, Public confirmed this within hours.
APEX clearing house login created and securities are seen there.

Happy to address any questions of my experience thus far.
It may have been discussed already, but how do we go about having securities lending turned off?
From their website: "You may opt-out of Apex’s Fully-Paid Securities Lending Program at any time by sending an email to us at support@public.com with “Securities Lending Opt-Out” in the subject."
https://help.public.com/en/articles/370 ... make-money
User avatar
Makaveli
Posts: 905
Joined: Mon May 19, 2014 11:18 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Makaveli »

manlymatt83 wrote: Tue Nov 29, 2022 11:08 pm
Makaveli wrote: Tue Nov 29, 2022 11:05 pm Public update:

Assets transferred in.
Transfer fees refunded.
Contacted that I qualified for full bonus.
Should deposit within 1 month (others experience is within days).
Securities lending turned OFF, Public confirmed this within hours.
APEX clearing house login created and securities are seen there.

Happy to address any questions of my experience thus far.
How do you like them as a broker? Do they have auto-investing?
Too soon to tell. They have auto dividend reinvestment but I do not see auto invest for weekly/monthly purchases. Low cost operator so there aren’t many frills. DIY on steroids. Not a big deal for Bogleheads who buy in taxable a few times per month.
Wannaretireearly
Posts: 3024
Joined: Wed Mar 31, 2010 4:39 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Wannaretireearly »

This is likely my first post on this thread.

I’m ready to play this game.
My rules: I only want to further consolidate with Fidelity.
I was tempted by Schwab, but not convinced.

Any Fido deals?
Death and taxes. Only one is under your control!
User avatar
whodidntante
Posts: 11720
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 »

Wannaretireearly wrote: Wed Nov 30, 2022 1:44 am This is likely my first post on this thread.

I’m ready to play this game.
My rules: I only want to further consolidate with Fidelity.
I was tempted by Schwab, but not convinced.

Any Fido deals?
Fidelity is a weird player in this game. They have basically two levels of bonuses:
- the pauper tier. Deposit $50, get $150.
- the aristrcrat tier. Transfer a million or more, get whatever you can negotiate

Everything in the middle is no-person's land.
Wannaretireearly
Posts: 3024
Joined: Wed Mar 31, 2010 4:39 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Wannaretireearly »

whodidntante wrote: Wed Nov 30, 2022 1:49 am
Wannaretireearly wrote: Wed Nov 30, 2022 1:44 am This is likely my first post on this thread.

I’m ready to play this game.
My rules: I only want to further consolidate with Fidelity.
I was tempted by Schwab, but not convinced.

Any Fido deals?
Fidelity is a weird player in this game. They have basically two levels of bonuses:
- the pauper tier. Deposit $50, get $150.
- the aristrcrat tier. Transfer a million or more, get whatever you can negotiate

Everything in the middle is no-person's land.
Lol honestly good to know. I just did pauper tier, cos I already have my 401k there. I’d like to understand aristocrat tier, it’s possible I could achieve this…soon ;)
Death and taxes. Only one is under your control!
placeholder
Posts: 6321
Joined: Tue Aug 06, 2013 12:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

If that includes what's in the 401k then usually you won't get a bonus for rolling over to an ira at the company administering your company plan.
placeholder
Posts: 6321
Joined: Tue Aug 06, 2013 12:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

For those that have done the public offer can you do the acats from their web site?
User avatar
whodidntante
Posts: 11720
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 »

placeholder wrote: Wed Nov 30, 2022 3:30 am For those that have done the public offer can you do the acats from their web site?
I think so. I only recall that it was fully electronic.
theplayer11
Posts: 1867
Joined: Tue Jul 22, 2014 8:55 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by theplayer11 »

BashDash wrote: Sat Oct 22, 2022 6:28 pm Merrill just retained me for 300$ for six months. Ten minute phone call. 200k ish account. This is the fourth or fifth time they've done this. First time in a while though they had denied me the last few times I tried within the year.
I had a $400 offer for both my wife and I 6 months ago, both have traditional and Roth IRAs.(high 6 figures) We also have a joint CMA account with about $10k in it at the time. The 6 months were just up and bonus didn't hit. I called in and was told since the CMA balance was below where it was 6 months ago, no bonus. I had them escalate as the CMA was never discussed as part of the retention bonus. They came back with $400 each, but must keep assets another 6 months. I'm definitely leaving Merrill after this and I told them if we didn't get the bonus we are gone. They don't care I guess.
What is best offer for retirement account transfers?
hmw
Posts: 1018
Joined: Sun Mar 02, 2014 11:44 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hmw »

placeholder wrote: Wed Nov 30, 2022 3:30 am For those that have done the public offer can you do the acats from their web site?
I think it has to done through their phone app.
need403bhelp
Posts: 1393
Joined: Thu May 28, 2015 6:25 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by need403bhelp »

placeholder wrote: Wed Nov 30, 2022 3:30 am For those that have done the public offer can you do the acats from their web site?
You can do it completely over email if you want to avoid app. Don’t know about website.
aristotelian
Posts: 10732
Joined: Wed Jan 11, 2017 8:05 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by aristotelian »

I was looking at the Public.com fee schedule and noticed that in addition to $75 ACAT fee there is $115 per security for "Outgoing DRS". Am I correct that DRS is always optional, not something I will be forced to pay should I decide to transfer out of Public.com?
need403bhelp
Posts: 1393
Joined: Thu May 28, 2015 6:25 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by need403bhelp »

whodidntante wrote: Wed Nov 30, 2022 7:43 am
placeholder wrote: Wed Nov 30, 2022 3:30 am For those that have done the public offer can you do the acats from their web site?
I think so. I only recall that it was fully electronic.
This may be a no one really knows question, but for the Merrill Edge offers, is the lookback period generally from (i) account opening or (ii) fund transfer? It seems that it would be (ii) from the language below, but wanted to check on people's experience:

"For purposes of this offer, qualifying net new assets are calculated by adding total incoming assets or transfers (including cash, securities and/or margin debit balance transfers) from external accounts, and subtracting assets withdrawn or transferred out of the account within the preceding 24 weeks."

https://www.merrilledge.com/offers/pr1000

Thanks!
tj
Posts: 6751
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

aristotelian wrote: Wed Nov 30, 2022 2:36 pm I was looking at the Public.com fee schedule and noticed that in addition to $75 ACAT fee there is $115 per security for "Outgoing DRS". Am I correct that DRS is always optional, not something I will be forced to pay should I decide to transfer out of Public.com?
What is DRS?
aristotelian
Posts: 10732
Joined: Wed Jan 11, 2017 8:05 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by aristotelian »

tj wrote: Wed Nov 30, 2022 2:52 pm
aristotelian wrote: Wed Nov 30, 2022 2:36 pm I was looking at the Public.com fee schedule and noticed that in addition to $75 ACAT fee there is $115 per security for "Outgoing DRS". Am I correct that DRS is always optional, not something I will be forced to pay should I decide to transfer out of Public.com?
What is DRS?
I've never heard of it before seeing it here. Appears to stand for Direct Registration System.
placeholder
Posts: 6321
Joined: Tue Aug 06, 2013 12:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

need403bhelp wrote: Wed Nov 30, 2022 2:09 pm
placeholder wrote: Wed Nov 30, 2022 3:30 am For those that have done the public offer can you do the acats from their web site?
You can do it completely over email if you want to avoid app. Don’t know about website.
My ipad is older and sometimes apps need a higher ios level but I was able to install their app last night so I'll probably be all right one way or the other.
bbrock
Posts: 679
Joined: Mon Nov 23, 2009 8:55 pm
Location: CA

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

Opened the Public acct., however, a question if this is correct. Have some questions.
1) if we’re partaking in this transfer bonus, do we need to enter a referral code?
2) I’m at the point in the application that it is asking me to enter the funding method in order for them to give a couple free shares of some stock choice. I thought the fine print shows to ACAT in. Where do we enter that information?
bbrock
tj
Posts: 6751
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

bbrock wrote: Wed Nov 30, 2022 4:32 pm Opened the Public acct., however, a question if this is correct. Have some questions.
1) if we’re partaking in this transfer bonus, do we need to enter a referral code?
2) I’m at the point in the application that it is asking me to enter the funding method in order for them to give a couple free shares of some stock choice. I thought the fine print shows to ACAT in. Where do we enter that information?
That's just a random transfer to get a free stock. ACH $50 in or whatever.

You need to find the transfer stock page to ACAT in. More than likely it will fail and you will need to email them and they will send you forms to send back.
bbrock
Posts: 679
Joined: Mon Nov 23, 2009 8:55 pm
Location: CA

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

Thx TJ!
bbrock
theplayer11
Posts: 1867
Joined: Tue Jul 22, 2014 8:55 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by theplayer11 »

Schwab matched Etrade's current offer, gave wife and I $900 each for our Roth and traditional IRAs.($600 for 1 account, $300 other). See ya Merrill.
manlymatt83
Posts: 901
Joined: Tue Jan 30, 2018 8:23 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by manlymatt83 »

theplayer11 wrote: Wed Nov 30, 2022 6:42 pm Schwab matched Etrade's current offer, gave wife and I $900 each for our Roth and traditional IRAs.($600 for 1 account, $300 other). See ya Merrill.
I like E*Trade. Might leave Schwab for them tbh.
User avatar
whodidntante
Posts: 11720
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 »

tj wrote: Wed Nov 30, 2022 2:52 pm
aristotelian wrote: Wed Nov 30, 2022 2:36 pm I was looking at the Public.com fee schedule and noticed that in addition to $75 ACAT fee there is $115 per security for "Outgoing DRS". Am I correct that DRS is always optional, not something I will be forced to pay should I decide to transfer out of Public.com?
What is DRS?
Short answer: if one has never heard of "computershare" this is most likely not an issue.
User avatar
whodidntante
Posts: 11720
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 »

need403bhelp wrote: Wed Nov 30, 2022 2:37 pm
whodidntante wrote: Wed Nov 30, 2022 7:43 am
placeholder wrote: Wed Nov 30, 2022 3:30 am For those that have done the public offer can you do the acats from their web site?
I think so. I only recall that it was fully electronic.
This may be a no one really knows question, but for the Merrill Edge offers, is the lookback period generally from (i) account opening or (ii) fund transfer? It seems that it would be (ii) from the language below, but wanted to check on people's experience:

"For purposes of this offer, qualifying net new assets are calculated by adding total incoming assets or transfers (including cash, securities and/or margin debit balance transfers) from external accounts, and subtracting assets withdrawn or transferred out of the account within the preceding 24 weeks."

https://www.merrilledge.com/offers/pr1000

Thanks!
What is (ii)?

I'll take "brokerage transfer bonuses" for $400, Alex. :happy
User avatar
whodidntante
Posts: 11720
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 »

manlymatt83 wrote: Wed Nov 30, 2022 8:48 pm
theplayer11 wrote: Wed Nov 30, 2022 6:42 pm Schwab matched Etrade's current offer, gave wife and I $900 each for our Roth and traditional IRAs.($600 for 1 account, $300 other). See ya Merrill.
I like E*Trade. Might leave Schwab for them tbh.
Customer loyalty does not pay.
Post Reply