The Final, Definitive Thread on Brokerage Transfer Bonuses

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.
User avatar
runr
Posts: 98
Joined: Thu Oct 19, 2023 10:34 pm
Location: CA

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by runr »

placeholder wrote: Mon Feb 05, 2024 6:06 pm
StevieG72 wrote: Mon Feb 05, 2024 5:25 pm Thanks, i see there is a separate thread on RH. I may have to pull the trigger on this one, seems like easy money!
Right that is this one: viewtopic.php?t=410277
I was able to reactivate my taxable with RH after putting in a request, waiting 2 days and asking them to manually reactive it.
fired at 39 since 2021
EnjoyIt
Posts: 8167
Joined: Sun Dec 29, 2013 7:06 pm

Re: Chase Private Client Bonus

Post by EnjoyIt »

potatogun wrote: Mon Feb 05, 2024 4:27 pm Chase self directed is not account type that can be used for the CPC bonus. The advisor opened full service brokerage account under JPMorgan allows for self directed (using it as a description, not a product name) trading via web and app. Essentially you don't want advisor managed accounts with a AUM fee or advisors making trades on your behalf.

When you have an advisor open the JPMorgan wealth brokerage account they will want to do the ACATS via PDF form. Maybe they get credit. But after the account is setup you can initiate ACATS online as well.

Best to just let the advisor assist you the first time and let them get the account open. Thereafter you can tell them you want to be left alone.
EnjoyIt wrote: Mon Feb 05, 2024 7:47 am
tACKJAYE wrote: Mon Feb 05, 2024 6:17 am Has anyone done a CPC bonus lately? I have had appointments scheduled at two branches and for whatever reason I was told that Chase doesn't offer full-service brokerage accounts that clients have full control of or where clients can do ACAT.

I intend to open a CPC checking account and full brokerage account, where I have full control, and bring in SGOV ETF to earn the bonus. Any advice/recommendations?
I finished a full cycle with chase maybe in October 2023. I had no issues putting investments into their “self directed account.”
Is this something new in the last 6 months? Again, I did not have to go through the same steps as you described just 6 months ago.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
fusiontrebuchetz
Posts: 2
Joined: Wed Jan 24, 2024 10:51 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by fusiontrebuchetz »

For Chase CPC, have you gotten ACAT fee reimbursement?
EnjoyIt
Posts: 8167
Joined: Sun Dec 29, 2013 7:06 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt »

fusiontrebuchetz wrote: Wed Feb 07, 2024 8:12 am For Chase CPC, have you gotten ACAT fee reimbursement?
I don't remember. Sorry.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
potatogun
Posts: 136
Joined: Thu Dec 15, 2022 11:03 pm

Re: Chase Private Client Bonus

Post by potatogun »

I don't know what steps you're referring to. There is nothing substantially new about the Chase Private Client bonus. Are you thinking about the Chase Self Directed bonus for $700 or so?

As I said the full-service brokerage account under JPMorgan Wealth can be used as a self-directed account where you do your own trades. You still need an advisor to open it however. And if you had securities to transfer, they will assist you in doing the ACATS. It is possible that a CPC wealth advisor does NOT want to open a full-service brokerage account for you if you signal you're going to be an unprofitable customer. It's hit or miss on advisor willingness.
EnjoyIt wrote: Tue Feb 06, 2024 9:56 am
potatogun wrote: Mon Feb 05, 2024 4:27 pm Chase self directed is not account type that can be used for the CPC bonus. The advisor opened full service brokerage account under JPMorgan allows for self directed (using it as a description, not a product name) trading via web and app. Essentially you don't want advisor managed accounts with a AUM fee or advisors making trades on your behalf.

When you have an advisor open the JPMorgan wealth brokerage account they will want to do the ACATS via PDF form. Maybe they get credit. But after the account is setup you can initiate ACATS online as well.

Best to just let the advisor assist you the first time and let them get the account open. Thereafter you can tell them you want to be left alone.
EnjoyIt wrote: Mon Feb 05, 2024 7:47 am
tACKJAYE wrote: Mon Feb 05, 2024 6:17 am Has anyone done a CPC bonus lately? I have had appointments scheduled at two branches and for whatever reason I was told that Chase doesn't offer full-service brokerage accounts that clients have full control of or where clients can do ACAT.

I intend to open a CPC checking account and full brokerage account, where I have full control, and bring in SGOV ETF to earn the bonus. Any advice/recommendations?
I finished a full cycle with chase maybe in October 2023. I had no issues putting investments into their “self directed account.”
Is this something new in the last 6 months? Again, I did not have to go through the same steps as you described just 6 months ago.
bingunginter
Posts: 5
Joined: Wed Jul 29, 2020 11:01 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bingunginter »

etrade refused to reimburse acat fee, tried multiple times with different agent :( .
Keliot
Posts: 18
Joined: Wed Sep 13, 2023 4:19 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Keliot »

Leesbro63 wrote: Thu Feb 01, 2024 6:35 am I've had a Merrill Edge account for about 5 years. I just negotiated a bonus for a bigger amount. I knew that the nice lady at the new Bank of America branch was new and wasn't sure what to do, but she went back and forth with someone "higher up" and I got a decent bonus and transferred in some securities to my already existing account. After it was all done, I asked her for something in writing, as I realized that I did not have anything. I politely told her that I was concerned that if she hit the big Powerball and moved to her own island, I would have nothing to prove what we agreed to. The bonus was to be paid out at the end of a 9 month holding period. OK. She hemmed and hawed about getting me something in writing and finally her manager (who was also local) called me. He agreed to send me an Email, but almost as an afterthought he mentioned that the hold period "for such a big bonus" (it's not that big) was actually 12 months and not 9. He said that the nice lady was given info "for regular bonuses". I reminded him that every time she called me, she started with "you are on a recorded line". And that the deal was 9 months. Again he tried to downplay it and said that he'd see what he could do. And again I upplayed it and told him that I'd withdraw the money and write to the SIPC and FINRA if he doesn't make good. I just don't like BankofAmerica getting over on me, even if just for 3 months. They made a small error and I'll hold them to the deal. It's only been a day, but so far I haven't heard back from the manager.
I think this is fairly standard industry practice, it's neither fair nor like by anyone but it's been my experience multiple times.
The bank makes a mistake, they 'correct' it and you have to follow their rules.
You/me makes a mistake, oh, that's too bad, that money is lost, nothing we can do.
Yes, they all record this info and then say "the agent spoke incorrectly and had wrong information, the right information is....YOU LOSE".
Had that with Fidelity a couple of times, another bank, it's all the same, AT&T charged me wrong, never returned the money.
You may get your way but in general they strongarm their way over the customer, so not sure it is BoA/ME specific occurrence.
Good luck to you, though, I think we the people are on your side.
Keliot
Posts: 18
Joined: Wed Sep 13, 2023 4:19 pm

Re: Chase Private Client Bonus

Post by Keliot »

EnjoyIt wrote: Mon Feb 05, 2024 7:47 am
tACKJAYE wrote: Mon Feb 05, 2024 6:17 am Has anyone done a CPC bonus lately? I have had appointments scheduled at two branches and for whatever reason I was told that Chase doesn't offer full-service brokerage accounts that clients have full control of or where clients can do ACAT.

I intend to open a CPC checking account and full brokerage account, where I have full control, and bring in SGOV ETF to earn the bonus. Any advice/recommendations?
I finished a full cycle with chase maybe in October 2023. I had no issues putting investments into their “self directed account.”
After you deposit, wait, get the bonus, do you close out the account to avoid the CPC fees?
Then wait again until 12m is over and repeat?

I am starting with Chase and would like to clarify
bbrock
Posts: 1313
Joined: Mon Nov 23, 2009 7:55 pm
Location: CA

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

bingunginter wrote: Thu Feb 08, 2024 6:08 pm etrade refused to reimburse acat fee, tried multiple times with different agent :( .
From Wells to HSBC. Don’t bother trying to get the approximate $50 Wells ACAT reimbursed. HSBC won’t budge.
bbrock
JD09
Posts: 84
Joined: Tue Jul 21, 2020 3:49 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JD09 »

bbrock wrote: Sat Feb 10, 2024 1:03 pm
bingunginter wrote: Thu Feb 08, 2024 6:08 pm etrade refused to reimburse acat fee, tried multiple times with different agent :( .
From Wells to HSBC. Don’t bother trying to get the approximate $50 Wells ACAT reimbursed. HSBC won’t budge.
How's the HSBC experience so far? I'm not allowed to have a brokerage at HSBC, so only option for me is the 8 month 5.4% CD
User avatar
dual
Posts: 1366
Joined: Mon Feb 26, 2007 6:02 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by dual »

The Wells Fargo premier checking bonus offer has ended


https://accountoffers.wellsfargo.com/premierbonus/

This offer is no longer available
JD09
Posts: 84
Joined: Tue Jul 21, 2020 3:49 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JD09 »

dual wrote: Sat Feb 10, 2024 1:19 pm The Wells Fargo premier checking bonus offer has ended


https://accountoffers.wellsfargo.com/premierbonus/

This offer is no longer available
It ended early. As of now this link is working: https://accountoffers.wellsfargo.com/premierupgrade/?
EnjoyIt
Posts: 8167
Joined: Sun Dec 29, 2013 7:06 pm

Re: Chase Private Client Bonus

Post by EnjoyIt »

Keliot wrote: Sat Feb 10, 2024 12:20 pm
EnjoyIt wrote: Mon Feb 05, 2024 7:47 am
tACKJAYE wrote: Mon Feb 05, 2024 6:17 am Has anyone done a CPC bonus lately? I have had appointments scheduled at two branches and for whatever reason I was told that Chase doesn't offer full-service brokerage accounts that clients have full control of or where clients can do ACAT.

I intend to open a CPC checking account and full brokerage account, where I have full control, and bring in SGOV ETF to earn the bonus. Any advice/recommendations?
I finished a full cycle with chase maybe in October 2023. I had no issues putting investments into their “self directed account.”
After you deposit, wait, get the bonus, do you close out the account to avoid the CPC fees?
Then wait again until 12m is over and repeat?

I am starting with Chase and would like to clarify
I left it open because Chase is my bank and I’m already CPC customer. I just did their brokerage bonus.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
potatogun
Posts: 136
Joined: Thu Dec 15, 2022 11:03 pm

Re: Chase Private Client Bonus

Post by potatogun »

Yes, close or downgrade CPC checking after you receive all bonuses. You can leave the JPMorgan Wealth full-service brokerage at $0 after you ACATS out your securities. There's no fee for the $0 balance brokerage account. Makes it easier to churn CPC bonus again down the line by already having the brokerage account.

You can stack the Chase checking/savings and CPC upgrade. Do the CPC after your open the normal total checking/savings.
Keliot wrote: Sat Feb 10, 2024 12:20 pm After you deposit, wait, get the bonus, do you close out the account to avoid the CPC fees?
Then wait again until 12m is over and repeat?

I am starting with Chase and would like to clarify
Keliot
Posts: 18
Joined: Wed Sep 13, 2023 4:19 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Keliot »

nassau34 wrote: Fri Jan 12, 2024 12:20 pm I reached out to my Fidelity "Advisor” in later November (Nov 21) asking about bonuses associated with moving a smaller account (approx. $275k) from E*Trade to Fidelity. He responded that the bonuses started at $1 million transfer-in. I moved the account anyway because it made it more convenient for me. I thought I had a good relationship with this guy and wouldn't need to negotiate every last thing with him every single time to get their best current offer, but I may have been wrong. Did he not quote the best offer he could have? This may cause me to look at this guy differently.
When I spoke to them they certainly had offers for 250k, 500k, 1m, etc.
They were low-ish by other standards and the lock up periods were quoted to me as 9m informally and when I asked them to email me the info so I can look it over and review they kind of clammed up and never did.
They were VERY reluctant to discuss, made me jump through hoops by calling a few times, trying to suggest I go in person to the branch.
I did not like their attitude to the offers plus they ended up not honoring it at the end anyways.
I won't deal with them ever again personally but if you can get something from them by all means, not trying to stop, only sharing.
Keliot
Posts: 18
Joined: Wed Sep 13, 2023 4:19 pm

Re: Schwab vs Fido for transfer bonus

Post by Keliot »

four7s wrote: Thu Aug 17, 2023 7:15 pm [Thread merged into here --admin LadyGeek]

We are ready to transfer our business from Vanguard to either Schwab or Fido. We’ve been pleasantly surprised at Vanguards 5% interest rate for our money market holdings and wonder if both these firms are competitive with that rate. Also what we should expect for the current transfer bonus they offer. DW and I are mid 70s and are looking to the board for info before we talk on the phone with these two firms.
As far as MM Vanguard has hands down the best lineup with best yields.
That being said, the difference from the next best, which is often Fidelity's MM is small, in the 0.1-0.02 range (depending on the time frame you choose to compare them. Others are right behind there with another 0.1-0.2% difference.

Fidelity's bonuses are traditionally lower than others and the lock-up time seems longer. Plus to get them seems more of a hassle (personal negative experience plus they reneged at the end and it never happened).

Schwab...happy to share my negative experience, but that's only one person's of course, others have better.
The snag that I hit is they kept saying that you need a referral from an existing Schwab client and if you are coming 'off the street' so to speak there is no offers they can extend. I left it at that, I felt they didn't want my business, a few other unfriendly touches.

Chace Private Client and WellsFargo setup was straightforward without any hiccups and they were friendly but required about 1hr visit in person to the branch.
PSM
Posts: 144
Joined: Thu Aug 16, 2018 9:52 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by PSM »

Keliot wrote: Sat Feb 10, 2024 3:40 pm
nassau34 wrote: Fri Jan 12, 2024 12:20 pm I reached out to my Fidelity "Advisor” in later November (Nov 21) asking about bonuses associated with moving a smaller account (approx. $275k) from E*Trade to Fidelity. He responded that the bonuses started at $1 million transfer-in. I moved the account anyway because it made it more convenient for me. I thought I had a good relationship with this guy and wouldn't need to negotiate every last thing with him every single time to get their best current offer, but I may have been wrong. Did he not quote the best offer he could have? This may cause me to look at this guy differently.
When I spoke to them they certainly had offers for 250k, 500k, 1m, etc.
They were low-ish by other standards and the lock up periods were quoted to me as 9m informally and when I asked them to email me the info so I can look it over and review they kind of clammed up and never did.
They were VERY reluctant to discuss, made me jump through hoops by calling a few times, trying to suggest I go in person to the branch.
I did not like their attitude to the offers plus they ended up not honoring it at the end anyways.
I won't deal with them ever again personally but if you can get something from them by all means, not trying to stop, only sharing.

My wife and I initiated a transfer this past week of everything in our Bank of America and Merrill Edge accounts to Fidelity accounts.
Bonuses are available for $1000 per million, per individual SS number. So, our joint brokerage and joint cash management accounts and my rollover ira and Roth ira will count in the transfer total, but not my wife’s Roth.
Also, even if at the 2 month tranfer evaluation date, someone is just shy of a million, or 2 million, etc., awards are not offered on a pro rated basis. It is $1000 doled out per million through 5 million. The award is allocated across each account involved, and a 1099 tax form for taxable accounts will report any amounts greater than $600.
When i mentioned to my phone advisor that i saw others had received higher rewards last year, he mentioned that those programs ended in November.
Even the bonus that we will get does not seem to be advertised by Fidelity.
bbrock
Posts: 1313
Joined: Mon Nov 23, 2009 7:55 pm
Location: CA

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

JD09 wrote: Sat Feb 10, 2024 1:08 pm
bbrock wrote: Sat Feb 10, 2024 1:03 pm
bingunginter wrote: Thu Feb 08, 2024 6:08 pm etrade refused to reimburse acat fee, tried multiple times with different agent :( .
From Wells to HSBC. Don’t bother trying to get the approximate $50 Wells ACAT reimbursed. HSBC won’t budge.
How's the HSBC experience so far? I'm not allowed to have a brokerage at HSBC, so only option for me is the 8 month 5.4% CD
How come you are not allowed to have a brokerage at HSBC|

So far, just tolerable. I have some issues; just dealing with it. 1) As mentioned, no ACAT reimbursement. 2) No free trades. DIY is $10.99/trade, $35 phone assist is $35. After I ACAT'ed from Wells, I planned to purchase more SGOV. However, I see I should have done all that prior to trading from Wells. 3) I can't place a POD beneficiary to my Trust. No matter what, they just won't allow it.
Last edited by bbrock on Mon Feb 12, 2024 1:15 pm, edited 1 time in total.
bbrock
JD09
Posts: 84
Joined: Tue Jul 21, 2020 3:49 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JD09 »

bbrock wrote: Sun Feb 11, 2024 4:01 pm

How come you are not allowed to have a brokerage at HSBC|
I work in a Wall St firm - so have to keep my accounts with designated brokers and HSBC is not on the approved list. I think, I'll just do the checking + 8 month CD
bbrock
Posts: 1313
Joined: Mon Nov 23, 2009 7:55 pm
Location: CA

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

bbrock wrote: Sun Feb 11, 2024 4:01 pm
JD09 wrote: Sat Feb 10, 2024 1:08 pm
bbrock wrote: Sat Feb 10, 2024 1:03 pm
bingunginter wrote: Thu Feb 08, 2024 6:08 pm etrade refused to reimburse acat fee, tried multiple times with different agent :( .
From Wells to HSBC. Don’t bother trying to get the approximate $50 Wells ACAT reimbursed. HSBC won’t budge.
How's the HSBC experience so far? I'm not allowed to have a brokerage at HSBC, so only option for me is the 8 month 5.4% CD
How come you are not allowed to have a brokerage at HSBC|

So far, just tolerable. I have some issues; just dealing with it. 1) As mentioned, no ACAT reimbursement. 2) No free trades. DIY is $10.99/trade, $35 phone assist is $35. After I ACAT'ed from Wells, I planned to purchase more SGOV. However, I see I should have done all that prior to trading from Wells. 3) I can't place a POD beneficiary to my Trust. No matter what, they just won't allow it.
Edit:
4) Full ACAT out $99. Partial (defined by anything more than just closing out account) $0. So I’ll plan to ACAT most out, and make a trade/pay the lame DIY $10.99 trade commission and sell shares of SGOV with LTCG (won’t be much gain anyway).
bbrock
potatogun
Posts: 136
Joined: Thu Dec 15, 2022 11:03 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by potatogun »

Could always transfer SGOV (save for leaving a couple shares at HSBC to avoid full ACATS out) to another broker and sell there. But $11 is immaterial money. If anything, any transfer time (in days) of the money not earning any yield cost more than $11 😁.
selfinvestor
Posts: 35
Joined: Tue Jan 09, 2024 5:47 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by selfinvestor »

JD09 wrote: Sat Feb 10, 2024 1:08 pm
bbrock wrote: Sat Feb 10, 2024 1:03 pm
bingunginter wrote: Thu Feb 08, 2024 6:08 pm etrade refused to reimburse acat fee, tried multiple times with different agent :( .
From Wells to HSBC. Don’t bother trying to get the approximate $50 Wells ACAT reimbursed. HSBC won’t budge.
How's the HSBC experience so far? I'm not allowed to have a brokerage at HSBC, so only option for me is the 8 month 5.4% CD
I transferred one mutual fund there which has a value of over $500K and long term holdings. It just arrived there today so now I am just holding it. Very few brokerages accept mutual funds so I am happy to park it and get paid to do it. I have called customer service a few times and they are very helpful. After I get the bonus I will move nearly all shares out or if I can get another firm to pay the fees I will transfer all shares out.
bbrock
Posts: 1313
Joined: Mon Nov 23, 2009 7:55 pm
Location: CA

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

potatogun wrote: Mon Feb 12, 2024 2:49 pm Could always transfer SGOV (save for leaving a couple shares at HSBC to avoid full ACATS out) to another broker and sell there. But $11 is immaterial money. If anything, any transfer time (in days) of the money not earning any yield cost more than $11 😁.
Good pt on lost opportunity.

Yeah, that was the plan to sell some shares of SGOV when the this time comes.
bbrock
Startled Cat
Posts: 703
Joined: Thu Apr 03, 2008 8:54 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Startled Cat »

Yikes, Moomoo issued me a 1099-B wrongly showing 0 cost basis on $50k of SGOV I transfered in from Fidelity and then sold. The transfer record in the Moomoo app shows correct cost basis. I emailed tax@us.moomoo.com with details and supporting documents. Let's hope they're responsive.

I was about to transfer ~1M to Moomoo for a $5k bonus, but this makes me hesitate.
Leesbro63
Posts: 10449
Joined: Mon Nov 08, 2010 3:36 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 »

Did any of you do a Tastytrade regular taxable brokerage account bonus during 2023? I noticed that my Form 1099-Consolidated doesn't show the bonus anywhere. Specifically Form 1099-MISC is zero. And Form 1099-INT doesn't show that brokerage bonus either (lately most report brokerage bonuses under 1099-MISC but I've had it reported as interest some years back).
tj
Posts: 9067
Joined: Wed Dec 23, 2009 11:10 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

Startled Cat wrote: Wed Feb 14, 2024 6:18 am Yikes, Moomoo issued me a 1099-B wrongly showing 0 cost basis on $50k of SGOV I transfered in from Fidelity and then sold. The transfer record in the Moomoo app shows correct cost basis. I emailed tax@us.moomoo.com with details and supporting documents. Let's hope they're responsive.

I was about to transfer ~1M to Moomoo for a $5k bonus, but this makes me hesitate.
They put one of my SGOV transactions with a cost basis of $0.00. The rest seem to be correct. Makes no sense.
calwatch
Posts: 1371
Joined: Wed Oct 02, 2013 1:48 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by calwatch »

Interesting stats on the Robinhood transfer bonus, which just ended for taxable on January 31 and continues for IRAs until April. Net deposits, defined as cash + ACATS in minus cash + ACATS (and miscellaneous other items) out, went from $1 billion in October, to $1.4 billion in November, $2.2 billion in December, and $3.8 billion in January. So the bonus is working.
https://s28.q4cdn.com/948876185/files/d ... tation.pdf (page 23)
Leesbro63
Posts: 10449
Joined: Mon Nov 08, 2010 3:36 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 »

calwatch wrote: Wed Feb 14, 2024 2:31 pm Interesting stats on the Robinhood transfer bonus, which just ended for taxable on January 31 and continues for IRAs until April. Net deposits, defined as cash + ACATS in minus cash + ACATS (and miscellaneous other items) out, went from $1 billion in October, to $1.4 billion in November, $2.2 billion in December, and $3.8 billion in January. So the bonus is working.
https://s28.q4cdn.com/948876185/files/d ... tation.pdf (page 23)
Doesn’t pass the smell test. Abiding by SIPC limits is your friend.
placeholder
Posts: 8218
Joined: Tue Aug 06, 2013 12:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

Leesbro63 wrote: Wed Feb 14, 2024 8:05 am Did any of you do a Tastytrade regular taxable brokerage account bonus during 2023? I noticed that my Form 1099-Consolidated doesn't show the bonus anywhere. Specifically Form 1099-MISC is zero. And Form 1099-INT doesn't show that brokerage bonus either (lately most report brokerage bonuses under 1099-MISC but I've had it reported as interest some years back).
According to the Full Tax Document Calendar under My Tax Center

Feb 23
Consolidated 1099 2nd Run
Available online between 2/23/24 through 2/29/24
A consolidated tax document containing forms 1099-B, 1099-DIV, 1099-INT and 1099-MISC
furiouschads
Posts: 177
Joined: Tue Jun 04, 2019 9:01 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by furiouschads »

Robinhood datapoint, and thanks for all the fish

I’d like to share my appreciation to all those who have contributed to this thread. Earl Lemongrab for starting it, John Bogle for inspiring the site, and to people like Taylor Larimore, Rick Ferri, and LadyGeek for keeping it all working and more or less on task. With a little fun along the way!

Last year I participated in the $3,000 E*Trade and $2,500 Wells Fargo promotions, as well as smaller ones from Chase, Moomoo, and WeBull.

This year I capped it off by moving my long-term traditional and Roth holdings to Robinhood. Without this thread, I would have turned up my nose at the Robinhood promotion. Moving all that money means that I won’t be paying attention to broker promotions for five years or so.

Before I moved my long-term money to Robinhood, I worked with a Fidelity rep to see if they had anything competitive. All they offered was the $1,000 for a million.

*************
What was my Robinhood experience? TLDR: the water is fine, jump in!

I moved my Roth from Vanguard and my traditional IRA from E*Trade and Wells Fargo.

**************************Transfer Request
Acccount*************Started******Completed
Vanguard Roth------2/2/24-----2/8/24
E*Trade tIRA--------2/2/24-----2/9/24
Wells Fargo tIRA-----2/2/24-----2/9/24

The promotion money appeared immediately after the transfer completed.
I used full account transfers of assets. I moved cash and ETFs, no fractional shares.
On 2/14/24, buying power credits appeared at RH to cover the transfer fees charged by E*Trade and Wells Fargo. Some of my holdings have been lent out already.

Customer support has been excellent. I quickly got callbacks from staff who were knowledgeable. The app is fine both via the web and my phone. Much better than the WeBull and Moomoo experience. I hadn’t used Robinhood before.
Normal is an illusion. What is normal for the spider is chaos for the fly. --Charles Addams. #613 in 2022 BH prediction contest. #42 in 2023. Not that I am keeping track.
nalor511
Posts: 4879
Joined: Mon Jul 27, 2015 1:00 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

Leesbro63 wrote: Wed Feb 14, 2024 8:05 am Did any of you do a Tastytrade regular taxable brokerage account bonus during 2023? I noticed that my Form 1099-Consolidated doesn't show the bonus anywhere. Specifically Form 1099-MISC is zero. And Form 1099-INT doesn't show that brokerage bonus either (lately most report brokerage bonuses under 1099-MISC but I've had it reported as interest some years back).
It arrived separately via mail
tj
Posts: 9067
Joined: Wed Dec 23, 2009 11:10 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

furiouschads wrote: Wed Feb 14, 2024 9:08 pm Robinhood datapoint, and thanks for all the fish

I’d like to share my appreciation to all those who have contributed to this thread. Earl Lemongrab for starting it, John Bogle for inspiring the site, and to people like Taylor Larimore, Rick Ferri, and LadyGeek for keeping it all working and more or less on task. With a little fun along the way!

Last year I participated in the $3,000 E*Trade and $2,500 Wells Fargo promotions, as well as smaller ones from Chase, Moomoo, and WeBull.

This year I capped it off by moving my long-term traditional and Roth holdings to Robinhood. Without this thread, I would have turned up my nose at the Robinhood promotion. Moving all that money means that I won’t be paying attention to broker promotions for five years or so.

Before I moved my long-term money to Robinhood, I worked with a Fidelity rep to see if they had anything competitive. All they offered was the $1,000 for a million.

*************
What was my Robinhood experience? TLDR: the water is fine, jump in!

I moved my Roth from Vanguard and my traditional IRA from E*Trade and Wells Fargo.

**************************Transfer Request
Acccount*************Started******Completed
Vanguard Roth------2/2/24-----2/8/24
E*Trade tIRA--------2/2/24-----2/9/24
Wells Fargo tIRA-----2/2/24-----2/9/24

The promotion money appeared immediately after the transfer completed.
I used full account transfers of assets. I moved cash and ETFs, no fractional shares.
On 2/14/24, buying power credits appeared at RH to cover the transfer fees charged by E*Trade and Wells Fargo. Some of my holdings have been lent out already.

Customer support has been excellent. I quickly got callbacks from staff who were knowledgeable. The app is fine both via the web and my phone. Much better than the WeBull and Moomoo experience. I hadn’t used Robinhood before.

You want to participate in their securities lending? Some of us have chosen to opt out: viewtopic.php?p=7714095#p7714095
potatogun
Posts: 136
Joined: Thu Dec 15, 2022 11:03 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by potatogun »

Net deposits per new customer at Robinhood is almost certainly well-below the SIPC limit. I assume calwatch's point was to highlight the $ volume.
Leesbro63 wrote: Wed Feb 14, 2024 2:35 pm
calwatch wrote: Wed Feb 14, 2024 2:31 pm Interesting stats on the Robinhood transfer bonus, which just ended for taxable on January 31 and continues for IRAs until April. Net deposits, defined as cash + ACATS in minus cash + ACATS (and miscellaneous other items) out, went from $1 billion in October, to $1.4 billion in November, $2.2 billion in December, and $3.8 billion in January. So the bonus is working.
https://s28.q4cdn.com/948876185/files/d ... tation.pdf (page 23)
Doesn’t pass the smell test. Abiding by SIPC limits is your friend.
furiouschads
Posts: 177
Joined: Tue Jun 04, 2019 9:01 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by furiouschads »

tj wrote: Wed Feb 14, 2024 9:54 pm
furiouschads wrote: Wed Feb 14, 2024 9:08 pm Robinhood datapoint, and thanks for all the fish

-------
The promotion money appeared immediately after the transfer completed.
I used full account transfers of assets. I moved cash and ETFs, no fractional shares.
On 2/14/24, buying power credits appeared at RH to cover the transfer fees charged by E*Trade and Wells Fargo. Some of my holdings have been lent out already.
........

You want to participate in their securities lending? Some of us have chosen to opt out: viewtopic.php?p=7714095#p7714095
Thank you for pointing that out. I am aware and I am participating. As I move more $$ to Fidelity, I will turn securities lending on there as well.
Normal is an illusion. What is normal for the spider is chaos for the fly. --Charles Addams. #613 in 2022 BH prediction contest. #42 in 2023. Not that I am keeping track.
Leesbro63
Posts: 10449
Joined: Mon Nov 08, 2010 3:36 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 »

potatogun wrote: Wed Feb 14, 2024 10:39 pm Net deposits per new customer at Robinhood is almost certainly well-below the SIPC limit. I assume calwatch's point was to highlight the $ volume.
Leesbro63 wrote: Wed Feb 14, 2024 2:35 pm
calwatch wrote: Wed Feb 14, 2024 2:31 pm Interesting stats on the Robinhood transfer bonus, which just ended for taxable on January 31 and continues for IRAs until April. Net deposits, defined as cash + ACATS in minus cash + ACATS (and miscellaneous other items) out, went from $1 billion in October, to $1.4 billion in November, $2.2 billion in December, and $3.8 billion in January. So the bonus is working.
https://s28.q4cdn.com/948876185/files/d ... tation.pdf (page 23)
Doesn’t pass the smell test. Abiding by SIPC limits is your friend.
YES BUT! There's been a lot of discussion by Bogleheads of doing $1M for $30,000. I'd only do that if it was in more than one account type where everything was covered by SIPC. Like doing a Traditional IRA as well as a Roth IRA.
selfinvestor
Posts: 35
Joined: Tue Jan 09, 2024 5:47 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by selfinvestor »

Leesbro63 wrote: Thu Feb 15, 2024 5:11 am YES BUT! There's been a lot of discussion by Bogleheads of doing $1M for $30,000. I'd only do that if it was in more than one account type where everything was covered by SIPC. Like doing a Traditional IRA as well as a Roth IRA.
Does Robinhood still have offers going on now. On their website it says the promotion bonus expired on 1/31/2024.
User avatar
runr
Posts: 98
Joined: Thu Oct 19, 2023 10:34 pm
Location: CA

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by runr »

When ACATS a Fidelity IRA to transfer out, do I tell the new broker the 9 or 17 digit account number?
fired at 39 since 2021
User avatar
LadyGeek
Site Admin
Posts: 95051
Joined: Sat Dec 20, 2008 4:34 pm
Location: Philadelphia
Contact:

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LadyGeek »

The Robinhood IRA match is discussed here: Robinhood 3% IRA Match
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.
lstone19
Posts: 2313
Joined: Fri Nov 03, 2017 3:33 pm
Location: Nevada

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by lstone19 »

runr wrote: Thu Feb 15, 2024 9:50 am When ACATS a Fidelity IRA to transfer out, do I tell the new broker the 9 or 17 digit account number?
You use the nine character (not digits as the first could be a letter) that you find on your statement. The account number is in the format A12-345678 or 123-456789. The 17 digit number (as well as the 13 digit number on checks) is only for ACH (banking system) transactions and will have no meaning for an ACATS transfer.
placeholder
Posts: 8218
Joined: Tue Aug 06, 2013 12:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

Today I received an email from firstrade about a new ira promotion which they hadn't had before but in the terms it states that the bonus will be paid to a taxable account and the tiers are fairly mundane but it's there if you're interested.

https://www.firstrade.com/accounts/promos
potatogun
Posts: 136
Joined: Thu Dec 15, 2022 11:03 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by potatogun »

I did this one (for the taxable promo) about a month ago. They pay fast, but 12mo hold time makes it not the first choice. Their KYC/identity process was some friction + asking me about how I accumulated my wealth (all for the $100K level too!).

Also if you want to withdrawal via ACH you have to submit statements and identity docs on top of account opening docs (if requested).
placeholder wrote: Thu Feb 15, 2024 3:47 pm Today I received an email from firstrade about a new ira promotion which they hadn't had before but in the terms it states that the bonus will be paid to a taxable account and the tiers are fairly mundane but it's there if you're interested.

https://www.firstrade.com/accounts/promos
bravesfan21
Posts: 6
Joined: Thu Jul 22, 2021 9:50 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bravesfan21 »

UncleLeo wrote: Sun Jan 21, 2024 4:47 am
I think T&C (https://www.webull.com/ko-yield/1704276 ... 3Afalse%7D) addresses this specifically:
"Notwithstanding the foregoing, if an Eligible Participant causes the aggregate value of cash and securities in their Webull Account to fall below the Initial Transfer amount during the period beginning on the date of the Initial Transfer and ending on [December 30, 2025] by withdrawing or transferring cash or securities from their Webull Account, Webull Financial will have no obligation to make any subsequent Transfer Bonus payments to such Eligible Participant, and Webull Financial may, in its sole discretion, rescind the amount of any Transfer Bonus payments made to such Eligible Participant by debiting their Webull Account. For the avoidance of doubt, trading losses experienced by an Eligible Participant will not affect their eligibility to receive the Transfer Bonus."

This is why I asked about your plan - the timing makes it hard to get both bonuses (and maybe that's intentional).
So if I understand the T&C correctly, as long as your total assets remain above your initial transfer amount, you can withdraw some of your initial assets and still get the bonus?
nalor511
Posts: 4879
Joined: Mon Jul 27, 2015 1:00 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

bravesfan21 wrote: Sat Feb 17, 2024 2:16 pm
UncleLeo wrote: Sun Jan 21, 2024 4:47 am
I think T&C (https://www.webull.com/ko-yield/1704276 ... 3Afalse%7D) addresses this specifically:
"Notwithstanding the foregoing, if an Eligible Participant causes the aggregate value of cash and securities in their Webull Account to fall below the Initial Transfer amount during the period beginning on the date of the Initial Transfer and ending on [December 30, 2025] by withdrawing or transferring cash or securities from their Webull Account, Webull Financial will have no obligation to make any subsequent Transfer Bonus payments to such Eligible Participant, and Webull Financial may, in its sole discretion, rescind the amount of any Transfer Bonus payments made to such Eligible Participant by debiting their Webull Account. For the avoidance of doubt, trading losses experienced by an Eligible Participant will not affect their eligibility to receive the Transfer Bonus."

This is why I asked about your plan - the timing makes it hard to get both bonuses (and maybe that's intentional).
So if I understand the T&C correctly, as long as your total assets remain above your initial transfer amount, you can withdraw some of your initial assets and still get the bonus?
Asset value in the same account plus 3% bonus.
User avatar
GeraniumLover
Posts: 554
Joined: Mon Feb 22, 2016 2:39 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by GeraniumLover »

Has anyone ever had a bonus clawed back by Schwab for withdrawing assets within the required one-year holding period?
Scotttheking
Posts: 389
Joined: Wed Apr 09, 2008 7:58 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Scotttheking »

potatogun wrote: Thu Feb 15, 2024 5:39 pm I did this one (for the taxable promo) about a month ago. They pay fast, but 12mo hold time makes it not the first choice. Their KYC/identity process was some friction + asking me about how I accumulated my wealth (all for the $100K level too!).

Also if you want to withdrawal via ACH you have to submit statements and identity docs on top of account opening docs (if requested).
placeholder wrote: Thu Feb 15, 2024 3:47 pm Today I received an email from firstrade about a new ira promotion which they hadn't had before but in the terms it states that the bonus will be paid to a taxable account and the tiers are fairly mundane but it's there if you're interested.

https://www.firstrade.com/accounts/promos
Worth it still? I’m considering it for a higher tier as I need to move money anyway.
lstone19
Posts: 2313
Joined: Fri Nov 03, 2017 3:33 pm
Location: Nevada

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by lstone19 »

Does Schwab have any transfer bonuses for existing customers? In late 2022, I replaced my existing accounts with them (in the name of my individual RLT) with new accounts (brokerage and Schwab Bank checking) in the name of our new joint RLT. Due to problems on their end with the account opening process (lots of calls to Compliance to resolve them), I decided to let things just sit with $1K in each account for a year to make sure there were no further problems before doing more with them. It's been a year and no further problems so time to consider moving some funds there if it's worthwhile. This would be from a Roth IRA (so a new account under an existing login) and I can move up to $300K. Thanks.
veggivet
Posts: 1334
Joined: Sun Jan 25, 2015 12:07 pm
Location: New England

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by veggivet »

lstone19 wrote: Sun Feb 18, 2024 12:07 pm Does Schwab have any transfer bonuses for existing customers? In late 2022, I replaced my existing accounts with them (in the name of my individual RLT) with new accounts (brokerage and Schwab Bank checking) in the name of our new joint RLT. Due to problems on their end with the account opening process (lots of calls to Compliance to resolve them), I decided to let things just sit with $1K in each account for a year to make sure there were no further problems before doing more with them. It's been a year and no further problems so time to consider moving some funds there if it's worthwhile. This would be from a Roth IRA (so a new account under an existing login) and I can move up to $300K. Thanks.
From what I understand, Schwab is pretty stingy with any bonus incentives. When I mentioned I might move 1.5 mil to RH (in three separate accounts), they didn't even make an offer to retain those funds once they found out the RH bonus was 3%.
nalor511
Posts: 4879
Joined: Mon Jul 27, 2015 1:00 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

veggivet wrote: Sun Feb 18, 2024 12:33 pm
lstone19 wrote: Sun Feb 18, 2024 12:07 pm Does Schwab have any transfer bonuses for existing customers? In late 2022, I replaced my existing accounts with them (in the name of my individual RLT) with new accounts (brokerage and Schwab Bank checking) in the name of our new joint RLT. Due to problems on their end with the account opening process (lots of calls to Compliance to resolve them), I decided to let things just sit with $1K in each account for a year to make sure there were no further problems before doing more with them. It's been a year and no further problems so time to consider moving some funds there if it's worthwhile. This would be from a Roth IRA (so a new account under an existing login) and I can move up to $300K. Thanks.
From what I understand, Schwab is pretty stingy with any bonus incentives. When I mentioned I might move 1.5 mil to RH (in three separate accounts), they didn't even make an offer to retain those funds once they found out the RH bonus was 3%.
Best I've gotten Schwab to do in the past 2 years is 0.4% with 12mo hold.
EnjoyIt
Posts: 8167
Joined: Sun Dec 29, 2013 7:06 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt »

nalor511 wrote: Sun Feb 18, 2024 12:55 pm
veggivet wrote: Sun Feb 18, 2024 12:33 pm
lstone19 wrote: Sun Feb 18, 2024 12:07 pm Does Schwab have any transfer bonuses for existing customers? In late 2022, I replaced my existing accounts with them (in the name of my individual RLT) with new accounts (brokerage and Schwab Bank checking) in the name of our new joint RLT. Due to problems on their end with the account opening process (lots of calls to Compliance to resolve them), I decided to let things just sit with $1K in each account for a year to make sure there were no further problems before doing more with them. It's been a year and no further problems so time to consider moving some funds there if it's worthwhile. This would be from a Roth IRA (so a new account under an existing login) and I can move up to $300K. Thanks.
From what I understand, Schwab is pretty stingy with any bonus incentives. When I mentioned I might move 1.5 mil to RH (in three separate accounts), they didn't even make an offer to retain those funds once they found out the RH bonus was 3%.
Best I've gotten Schwab to do in the past 2 years is 0.4% with 12mo hold.
$6k on 1.5 million sounds pretty good to me.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
tj
Posts: 9067
Joined: Wed Dec 23, 2009 11:10 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

EnjoyIt wrote: Sun Feb 18, 2024 4:35 pm
nalor511 wrote: Sun Feb 18, 2024 12:55 pm
veggivet wrote: Sun Feb 18, 2024 12:33 pm
lstone19 wrote: Sun Feb 18, 2024 12:07 pm Does Schwab have any transfer bonuses for existing customers? In late 2022, I replaced my existing accounts with them (in the name of my individual RLT) with new accounts (brokerage and Schwab Bank checking) in the name of our new joint RLT. Due to problems on their end with the account opening process (lots of calls to Compliance to resolve them), I decided to let things just sit with $1K in each account for a year to make sure there were no further problems before doing more with them. It's been a year and no further problems so time to consider moving some funds there if it's worthwhile. This would be from a Roth IRA (so a new account under an existing login) and I can move up to $300K. Thanks.
From what I understand, Schwab is pretty stingy with any bonus incentives. When I mentioned I might move 1.5 mil to RH (in three separate accounts), they didn't even make an offer to retain those funds once they found out the RH bonus was 3%.
Best I've gotten Schwab to do in the past 2 years is 0.4% with 12mo hold.
$6k on 1.5 million sounds pretty good to me.
It sounds pretty terrible compared to $45k for $1.5M - or $6k for $200k.
Post Reply