The Final, Definitive Thread on Brokerage Transfer Bonuses

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ash000000
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by ash000000 »

Talked to a Merrill agent and he said they will happily offer the bonus on an existing account with the new money. Unfortunately, my account is in the name of a trust and they can apply the offer to only single/joint accounts.
Mike14
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 »

andyhere wrote: Sat Sep 24, 2022 5:10 pm One time, when I called Schwab to ask them to send securities to eTrade, Schwab gave me the same bonus as eTrade would have given me, just to leave the securities in Schwab.
Did Schwab also pay you a bonus on the transfer in or only on the transfer out?
Does Schwab have the ability to push to the receiving firm or why did you call?
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pre
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre »

ash000000 wrote: Mon Sep 26, 2022 2:43 pm Talked to a Merrill agent and he said they will happily offer the bonus on an existing account with the new money. Unfortunately, my account is in the name of a trust and they can apply the offer to only single/joint accounts.
I'd try calling again.

Did the $1k at $200k offer last year on a trust account. The phone rep had to get marketing's approval, but he matched the offer, albeit with a longer 1 year holding period.
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

Mike14 wrote: Mon Sep 26, 2022 4:28 pm
andyhere wrote: Sat Sep 24, 2022 5:10 pm One time, when I called Schwab to ask them to send securities to eTrade, Schwab gave me the same bonus as eTrade would have given me, just to leave the securities in Schwab.
Did Schwab also pay you a bonus on the transfer in or only on the transfer out?
Does Schwab have the ability to push to the receiving firm or why did you call?

SChwab isn't going to pay you a bonus for transferring out....lol...they paid the bonus to prevent the transfer out.

Schwab will match another broker's offer on a transfer in every 12 months. I'm assuming that the retention bonus counts as one bonus per 12 month period.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

ash000000 wrote: Mon Sep 26, 2022 2:43 pmUnfortunately, my account is in the name of a trust and they can apply the offer to only single/joint accounts.
This is something I've wondered about because I've thought about establishing a revocable trust for taxable accounts due to the probate system in my state although I guess you could move things in and out of the trust but that adds work and complexity.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by andyhere »

Mike14 wrote: Mon Sep 26, 2022 4:28 pm
andyhere wrote: Sat Sep 24, 2022 5:10 pm One time, when I called Schwab to ask them to send securities to eTrade, Schwab gave me the same bonus as eTrade would have given me, just to leave the securities in Schwab.
Did Schwab also pay you a bonus on the transfer in or only on the transfer out?
Does Schwab have the ability to push to the receiving firm or why did you call?
I called my Schwab rep and told him I was going to move my account to eTrade and get a nice incentive. Schwab paid me the same incentive to "do nothing" and leave the securities at Schwab, rather than transfer them out to eTrade.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 »

andyhere wrote: Tue Sep 27, 2022 8:00 am Schwab paid me the same incentive to "do nothing" and leave the securities at Schwab, rather than transfer them out to eTrade.
Did Schwab previously pay you an incentive to transfer assets to Schwab?
I know their holding period is 12 months, so how long after that 12 months period were they willing to match eTrade?
andyhere
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by andyhere »

No, Schwab did not pay me a previous incentive to fund the Schwab account. I was a long-time client with a couple of million in common stock.
bbrock
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

Transferred VTI in my taxable brokerage to E*Trade. Waiting for the $4k bonus, and will continue the 12 mo. holding period.
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whodidntante
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

For those of you scared of Public, Tastyworks upped the ante, offering 2k for 100k. https://info.tastyworks.com/tasty-offer

Tastyworks is legit. They mostly cater to derivatives traders, but you can park your boring Boglehead 100% US Stock ETF there and take their money.

It's your money and I do not care what you do, but when I find 2 grand laying on the ground, I bend down and pick it up.

Edited to say that this offer might require a cash deposit. Read the terms and contact them if in doubt.
Last edited by whodidntante on Sat Oct 01, 2022 12:01 am, edited 1 time in total.
bbrock
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

I'll notice the $2k and look for the trap...
And smile with my boring VTI
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

whodidntante wrote: Fri Sep 30, 2022 5:02 pm For those of you scared of Public, Tastyworks upped the ante, offering 2k for 100k. https://info.tastyworks.com/tasty-offer

Tastyworks is legit. They mostly cater to derivatives traders, but you can park your boring Boglehead 100% US Stock ETF there and take their money.

It's your money and I do not care what you do, but when I find 2 grand laying on the ground, I bend down and pick it up.
Good find. Two small downsides:
1) No IRA (similar to public bonus offer)
2) 12 months retention required (Vs. public's 6-months, correct !?)
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

sc9182 wrote: Fri Sep 30, 2022 5:27 pm
whodidntante wrote: Fri Sep 30, 2022 5:02 pm For those of you scared of Public, Tastyworks upped the ante, offering 2k for 100k. https://info.tastyworks.com/tasty-offer

Tastyworks is legit. They mostly cater to derivatives traders, but you can park your boring Boglehead 100% US Stock ETF there and take their money.

It's your money and I do not care what you do, but when I find 2 grand laying on the ground, I bend down and pick it up.
Good find. Two small downsides:
1) No IRA (similar to public bonus offer)
2) 12 months retention required (Vs. public's 6-months, correct !?)
Yes, Public is only a 6 month hold. If Tastyworks still has this offer in 6 months, I'll move it from Public. Except I had a Tastyworks account in the past, so I may not be eligible.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by FrugalProfessor »

tj wrote: Fri Sep 30, 2022 5:30 pm
sc9182 wrote: Fri Sep 30, 2022 5:27 pm
whodidntante wrote: Fri Sep 30, 2022 5:02 pm For those of you scared of Public, Tastyworks upped the ante, offering 2k for 100k. https://info.tastyworks.com/tasty-offer

Tastyworks is legit. They mostly cater to derivatives traders, but you can park your boring Boglehead 100% US Stock ETF there and take their money.

It's your money and I do not care what you do, but when I find 2 grand laying on the ground, I bend down and pick it up.
Good find. Two small downsides:
1) No IRA (similar to public bonus offer)
2) 12 months retention required (Vs. public's 6-months, correct !?)
Yes, Public is only a 6 month hold. If Tastyworks still has this offer in 6 months, I'll move it from Public. Except I had a Tastyworks account in the past, so I may not be eligible.
Dumb question. Can I transfer $100k of mutual funds there? Or ETFs? Or must it be cash?
I blog here: https://www.frugalprofessor.com/
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

FrugalProfessor wrote: Fri Sep 30, 2022 7:52 pm
tj wrote: Fri Sep 30, 2022 5:30 pm
sc9182 wrote: Fri Sep 30, 2022 5:27 pm
whodidntante wrote: Fri Sep 30, 2022 5:02 pm For those of you scared of Public, Tastyworks upped the ante, offering 2k for 100k. https://info.tastyworks.com/tasty-offer

Tastyworks is legit. They mostly cater to derivatives traders, but you can park your boring Boglehead 100% US Stock ETF there and take their money.

It's your money and I do not care what you do, but when I find 2 grand laying on the ground, I bend down and pick it up.
Good find. Two small downsides:
1) No IRA (similar to public bonus offer)
2) 12 months retention required (Vs. public's 6-months, correct !?)
Yes, Public is only a 6 month hold. If Tastyworks still has this offer in 6 months, I'll move it from Public. Except I had a Tastyworks account in the past, so I may not be eligible.
Dumb question. Can I transfer $100k of mutual funds there? Or ETFs? Or must it be cash?
For Public, it can't be cash, unless it's cash that is being ACAT'd from another brokerage. Don't know about Tastyworks, would have to read their T&C.
Startled Cat
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Startled Cat »

The terms of the tastyworks offer are confusing. "The Promotion is available to... existing customers who have never funded any tastyworks account prior to the start of the Promotional Period". So it's available to... existing customers, as long as they've only been customers for two weeks or less?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

FrugalProfessor wrote: Fri Sep 30, 2022 7:52 pm
tj wrote: Fri Sep 30, 2022 5:30 pm
sc9182 wrote: Fri Sep 30, 2022 5:27 pm
whodidntante wrote: Fri Sep 30, 2022 5:02 pm For those of you scared of Public, Tastyworks upped the ante, offering 2k for 100k. https://info.tastyworks.com/tasty-offer

Tastyworks is legit. They mostly cater to derivatives traders, but you can park your boring Boglehead 100% US Stock ETF there and take their money.

It's your money and I do not care what you do, but when I find 2 grand laying on the ground, I bend down and pick it up.
Good find. Two small downsides:
1) No IRA (similar to public bonus offer)
2) 12 months retention required (Vs. public's 6-months, correct !?)
Yes, Public is only a 6 month hold. If Tastyworks still has this offer in 6 months, I'll move it from Public. Except I had a Tastyworks account in the past, so I may not be eligible.
Dumb question. Can I transfer $100k of mutual funds there? Or ETFs? Or must it be cash?
I do wonder if the Tastyworks offer requires a cash deposit or if ACATS will "git er done." If anybody contacts them, please update. I've done a prior offer with them so I won't be doing this one, but ACATS did count for that one.

As far as I know, the platform does not support mutual funds. ETFs and derivatives and probably bonds but I'm not sure about the latter. They publish a lot of content about how to trade derivatives. But it's not like they force it on you.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

I completed the Public offer. They paid me 2k on 100k right away and refunded the $75 outgoing transfer fee. No problems. As expected, the market went into a nosedive as soon as I initiated a 100k ACATS. A really wicked downturn in everything I sent their way. I'm not sure if they actually received 100k in securities or if they got almost that and decided to be nice. At any rate, they paid.

The platform is pretty ratchet but I don't care. My money has been with other weird brokers. I may or may not turn off securities lending prior to end-of-year distributions. Actually, I probably will. I have done my bit for King and country. The last thing I need is a larger tax bill.
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

whodidntante wrote: Sat Oct 01, 2022 12:07 am I completed the Public offer. They paid me 2k on 100k right away and refunded the $75 outgoing transfer fee. No problems. As expected, the market went into a nosedive as soon as I initiated a 100k ACATS. A really wicked downturn in everything I sent their way. I'm not sure if they actually received 100k in securities or if they got almost that and decided to be nice. At any rate, they paid.

The platform is pretty ratchet but I don't care. My money has been with other weird brokers. I may or may not turn off securities lending prior to end-of-year distributions. Actually, I probably will. I have done my bit for King and country. The last thing I need is a larger tax bill.
Same. I emailed them to turn off securities lending, they said they will make note, but I have no idea now I'd actually verify that this was processed. They also updated their terms to say that the bonus must stay in the account for 6 months so I just tossed that into the investment.
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whodidntante
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

tj wrote: Sat Oct 01, 2022 1:01 am
whodidntante wrote: Sat Oct 01, 2022 12:07 am I completed the Public offer. They paid me 2k on 100k right away and refunded the $75 outgoing transfer fee. No problems. As expected, the market went into a nosedive as soon as I initiated a 100k ACATS. A really wicked downturn in everything I sent their way. I'm not sure if they actually received 100k in securities or if they got almost that and decided to be nice. At any rate, they paid.

The platform is pretty ratchet but I don't care. My money has been with other weird brokers. I may or may not turn off securities lending prior to end-of-year distributions. Actually, I probably will. I have done my bit for King and country. The last thing I need is a larger tax bill.
Same. I emailed them to turn off securities lending, they said they will make note, but I have no idea now I'd actually verify that this was processed. They also updated their terms to say that the bonus must stay in the account for 6 months so I just tossed that into the investment.
Same here. I just invest the money and pretend that it is untouchable for the lockup period when I do these bonuses. One might get away with removing the bonus from the account, but I do not want to poke the bear.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BackOfTheNet »

For those that have done the Public offer. Are you able to view your cost basis in the app? Mine seems to show only gain / loss since the transfer. Did $100k, no bonus yet for me (about a week+).
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

BackOfTheNet wrote: Sun Oct 02, 2022 8:33 am For those that have done the Public offer. Are you able to view your cost basis in the app? Mine seems to show only gain / loss since the transfer. Did $100k, no bonus yet for me (about a week+).
I don't think the cost basis data has transferred from the old brokerage yet. You would probably see it at apex clearing.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by need403bhelp »

tj wrote: Sun Oct 02, 2022 9:36 am
BackOfTheNet wrote: Sun Oct 02, 2022 8:33 am For those that have done the Public offer. Are you able to view your cost basis in the app? Mine seems to show only gain / loss since the transfer. Did $100k, no bonus yet for me (about a week+).
I don't think the cost basis data has transferred from the old brokerage yet. You would probably see it at apex clearing.
Mine transferred next day as viewed from Apex account.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

need403bhelp wrote: Sun Oct 02, 2022 4:58 pm
tj wrote: Sun Oct 02, 2022 9:36 am
BackOfTheNet wrote: Sun Oct 02, 2022 8:33 am For those that have done the Public offer. Are you able to view your cost basis in the app? Mine seems to show only gain / loss since the transfer. Did $100k, no bonus yet for me (about a week+).
I don't think the cost basis data has transferred from the old brokerage yet. You would probably see it at apex clearing.
Mine transferred next day as viewed from Apex account.
How did you find your cost basis in Apex? Definitely not the most user friendly platform.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by need403bhelp »

tj wrote: Sun Oct 02, 2022 8:07 pm
need403bhelp wrote: Sun Oct 02, 2022 4:58 pm
tj wrote: Sun Oct 02, 2022 9:36 am
BackOfTheNet wrote: Sun Oct 02, 2022 8:33 am For those that have done the Public offer. Are you able to view your cost basis in the app? Mine seems to show only gain / loss since the transfer. Did $100k, no bonus yet for me (about a week+).
I don't think the cost basis data has transferred from the old brokerage yet. You would probably see it at apex clearing.
Mine transferred next day as viewed from Apex account.
How did you find your cost basis in Apex? Definitely not the most user friendly platform.
There is a menu top left? that has Account Summary option. Underneath is a Cost Basis option. Of note, when first logging in Apex seems to forget my linked account. I have to “Add Account” and try to add it, am told it is already linked with a user id, and then it just works
av111
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by av111 »

Tastyworks promo requires 100k to be in the account for 12 months. Then you can get 2k. Why is this attractive when you can get 3k if you put 100k in dollarsavings fdic insured
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

av111 wrote: Mon Oct 03, 2022 12:05 pm Tastyworks promo requires 100k to be in the account for 12 months. Then you can get 2k. Why is this attractive when you can get 3k if you put 100k in dollarsavings fdic insured
Because presumably you are parking investments at Tastyworks that you would otherwise own and you wouldn't get paid $2k to do that elsewhere. I personally would never keep $100k in cash unless I was about to buy a house or something.
KISS
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by KISS »

A few warnings to those interested in the Public and Tastyworks promotions. I recently looked into both to get $2k signup bonuses, but ultimately decided against it.

Tastyworks requires an absurd amount of information. I have had several brokerage accounts over the years (Vanguard, Fidelity, Schwab among them) and I have never been asked to produce the documents that Tastyworks wants. Upon sign up you have to upload a pic of a government ID and another document such as a SSN card or W2. I submitted the documents, and a day later they sent an email saying they needed the documents re-submitted because the originals weren’t clear or bright enough (not true), AND they need a selfie of me holding up my ID. That last part is what turned me all the way off. No thanks.

I then looked into Public. Not much info is out there about this brokerage, but they do have an official Reddit page. There are a lot of reports about it being difficult to withdraw money or ACAT your funds out of Public. I am simply not comfortable gambling $100k at a fly-by-night fintech app for the payout of $2k. A few links to the experience of others:

- https://www.reddit.com/r/PublicApp/comm ... m_i_going/

- https://www.reddit.com/r/PublicApp/comm ... my_id_and/

- https://www.reddit.com/r/PublicApp/comm ... or_id_and/
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

Thx for the heads up KISS
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by av111 »

KISS wrote: Mon Oct 03, 2022 12:59 pm A few warnings to those interested in the Public and Tastyworks promotions. I recently looked into both to get $2k signup bonuses, but ultimately decided against it.

Tastyworks requires an absurd amount of information. I have had several brokerage accounts over the years (Vanguard, Fidelity, Schwab among them) and I have never been asked to produce the documents that Tastyworks wants. Upon sign up you have to upload a pic of a government ID and another document such as a SSN card or W2. I submitted the documents, and a day later they sent an email saying they needed the documents re-submitted because the originals weren’t clear or bright enough (not true), AND they need a selfie of me holding up my ID. That last part is what turned me all the way off. No thanks.

I then looked into Public. Not much info is out there about this brokerage, but they do have an official Reddit page. There are a lot of reports about it being difficult to withdraw money or ACAT your funds out of Public. I am simply not comfortable gambling $100k at a fly-by-night fintech app for the payout of $2k. A few links to the experience of others:

- https://www.reddit.com/r/PublicApp/comm ... m_i_going/

- https://www.reddit.com/r/PublicApp/comm ... my_id_and/

- https://www.reddit.com/r/PublicApp/comm ... or_id_and/
This might vary from person to person. My margin account at tastyworks opened in 15 minutes. Process was ridiculously painless
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

av111 wrote: Mon Oct 03, 2022 12:05 pm Tastyworks promo requires 100k to be in the account for 12 months. Then you can get 2k. Why is this attractive when you can get 3k if you put 100k in dollarsavings fdic insured
This covered in the mini faq:
2. You get like at most $1000 for transferring $250k. That's not a very good return on your money is it?
But it's not a return. This isn't like a bank deposit bonus, where you have to put in cash and take whatever interest rate the account generates. As mentioned above, the assets transfer in-kind, so you have the same investments. The money works as hard as it ever did, there's just a bit more.
viewtopic.php?p=3006389#p3006389
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

KISS wrote: Mon Oct 03, 2022 12:59 pm A few warnings to those interested in the Public and Tastyworks promotions. I recently looked into both to get $2k signup bonuses, but ultimately decided against it.

Tastyworks requires an absurd amount of information. I have had several brokerage accounts over the years (Vanguard, Fidelity, Schwab among them) and I have never been asked to produce the documents that Tastyworks wants. Upon sign up you have to upload a pic of a government ID and another document such as a SSN card or W2. I submitted the documents, and a day later they sent an email saying they needed the documents re-submitted because the originals weren’t clear or bright enough (not true), AND they need a selfie of me holding up my ID. That last part is what turned me all the way off. No thanks.

I then looked into Public. Not much info is out there about this brokerage, but they do have an official Reddit page. There are a lot of reports about it being difficult to withdraw money or ACAT your funds out of Public. I am simply not comfortable gambling $100k at a fly-by-night fintech app for the payout of $2k. A few links to the experience of others:

- https://www.reddit.com/r/PublicApp/comm ... m_i_going/

- https://www.reddit.com/r/PublicApp/comm ... my_id_and/

- https://www.reddit.com/r/PublicApp/comm ... or_id_and/
Withdrawing cash is pretty easy once you learn how to use the admittedly non-intuitive app.

Sounds like this person's issue with ACATS was resolved since it's been 5 months since they posted that with no follow up.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by KISS »

tj wrote: Mon Oct 03, 2022 5:01 pm
KISS wrote: Mon Oct 03, 2022 12:59 pm A few warnings to those interested in the Public and Tastyworks promotions. I recently looked into both to get $2k signup bonuses, but ultimately decided against it.

Tastyworks requires an absurd amount of information. I have had several brokerage accounts over the years (Vanguard, Fidelity, Schwab among them) and I have never been asked to produce the documents that Tastyworks wants. Upon sign up you have to upload a pic of a government ID and another document such as a SSN card or W2. I submitted the documents, and a day later they sent an email saying they needed the documents re-submitted because the originals weren’t clear or bright enough (not true), AND they need a selfie of me holding up my ID. That last part is what turned me all the way off. No thanks.

I then looked into Public. Not much info is out there about this brokerage, but they do have an official Reddit page. There are a lot of reports about it being difficult to withdraw money or ACAT your funds out of Public. I am simply not comfortable gambling $100k at a fly-by-night fintech app for the payout of $2k. A few links to the experience of others:

- https://www.reddit.com/r/PublicApp/comm ... m_i_going/

- https://www.reddit.com/r/PublicApp/comm ... my_id_and/

- https://www.reddit.com/r/PublicApp/comm ... or_id_and/
Withdrawing cash is pretty easy once you learn how to use the admittedly non-intuitive app.

Sounds like this person's issue with ACATS was resolved since it's been 5 months since they posted that with no follow up.
I think that’s a bit of a leap to say they got the issue resolved just because they didn’t post anymore about it. And regardless, to have Public reject his ACAT transfer multiple times after the receiving firm, Fidelity, confirmed he completed the process correctly each time does not exactly give me confidence in Public.

As for withdrawals, none of the shared experiences mentioned trouble with the app — each one had issues with Public demanding identifying information over and over, and ignoring customer questions.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

KISS wrote: Mon Oct 03, 2022 5:59 pm
tj wrote: Mon Oct 03, 2022 5:01 pm
KISS wrote: Mon Oct 03, 2022 12:59 pm A few warnings to those interested in the Public and Tastyworks promotions. I recently looked into both to get $2k signup bonuses, but ultimately decided against it.

Tastyworks requires an absurd amount of information. I have had several brokerage accounts over the years (Vanguard, Fidelity, Schwab among them) and I have never been asked to produce the documents that Tastyworks wants. Upon sign up you have to upload a pic of a government ID and another document such as a SSN card or W2. I submitted the documents, and a day later they sent an email saying they needed the documents re-submitted because the originals weren’t clear or bright enough (not true), AND they need a selfie of me holding up my ID. That last part is what turned me all the way off. No thanks.

I then looked into Public. Not much info is out there about this brokerage, but they do have an official Reddit page. There are a lot of reports about it being difficult to withdraw money or ACAT your funds out of Public. I am simply not comfortable gambling $100k at a fly-by-night fintech app for the payout of $2k. A few links to the experience of others:

- https://www.reddit.com/r/PublicApp/comm ... m_i_going/

- https://www.reddit.com/r/PublicApp/comm ... my_id_and/

- https://www.reddit.com/r/PublicApp/comm ... or_id_and/
Withdrawing cash is pretty easy once you learn how to use the admittedly non-intuitive app.

Sounds like this person's issue with ACATS was resolved since it's been 5 months since they posted that with no follow up.
I think that’s a bit of a leap to say they got the issue resolved just because they didn’t post anymore about it. And regardless, to have Public reject his ACAT transfer multiple times after the receiving firm, Fidelity, confirmed he completed the process correctly each time does not exactly give me confidence in Public.

As for withdrawals, none of the shared experiences mentioned trouble with the app — each one had issues with Public demanding identifying information over and over, and ignoring customer questions.
Hey, if $2000-$10,000 isn't worth the potential of a couple hours of your time at the back end, then by all means skip the offer.

The user has been plenty active on Reddit since then and didn't come back to that thread - if they would have a reason to continue to complain, it seems like they should have done that to reach an acceptable resolution. People rarely post about their good experiences online.



They seem pretty responsive on this thread:

https://www.doctorofcredit.com/public-b ... 000-bonus/

We'll know for sure in 6 months when several people head to another brokerage.
BuddyJet
Posts: 1106
Joined: Mon Jun 24, 2019 8:56 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

KISS wrote: Mon Oct 03, 2022 12:59 pm A few warnings to those interested in the Public and Tastyworks promotions. I recently looked into both to get $2k signup bonuses, but ultimately decided against it.

Tastyworks requires an absurd amount of information. I have had several brokerage accounts over the years (Vanguard, Fidelity, Schwab among them) and I have never been asked to produce the documents that Tastyworks wants. Upon sign up you have to upload a pic of a government ID and another document such as a SSN card or W2. I submitted the documents, and a day later they sent an email saying they needed the documents re-submitted because the originals weren’t clear or bright enough (not true), AND they need a selfie of me holding up my ID. That last part is what turned me all the way off. No thanks.
My tastyworks opening experience was the same as for every other broker.

My guess is that your difficulty resulted from an error in answering the public information identity verification questions.
Last edited by BuddyJet on Mon Oct 03, 2022 6:48 pm, edited 1 time in total.
People say nothing is impossible. I do nothing all day.
KISS
Posts: 8
Joined: Mon Oct 03, 2022 12:49 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by KISS »

tj wrote: Mon Oct 03, 2022 6:16 pm
KISS wrote: Mon Oct 03, 2022 5:59 pm
tj wrote: Mon Oct 03, 2022 5:01 pm
KISS wrote: Mon Oct 03, 2022 12:59 pm A few warnings to those interested in the Public and Tastyworks promotions. I recently looked into both to get $2k signup bonuses, but ultimately decided against it.

Tastyworks requires an absurd amount of information. I have had several brokerage accounts over the years (Vanguard, Fidelity, Schwab among them) and I have never been asked to produce the documents that Tastyworks wants. Upon sign up you have to upload a pic of a government ID and another document such as a SSN card or W2. I submitted the documents, and a day later they sent an email saying they needed the documents re-submitted because the originals weren’t clear or bright enough (not true), AND they need a selfie of me holding up my ID. That last part is what turned me all the way off. No thanks.

I then looked into Public. Not much info is out there about this brokerage, but they do have an official Reddit page. There are a lot of reports about it being difficult to withdraw money or ACAT your funds out of Public. I am simply not comfortable gambling $100k at a fly-by-night fintech app for the payout of $2k. A few links to the experience of others:

- https://www.reddit.com/r/PublicApp/comm ... m_i_going/

- https://www.reddit.com/r/PublicApp/comm ... my_id_and/

- https://www.reddit.com/r/PublicApp/comm ... or_id_and/
Withdrawing cash is pretty easy once you learn how to use the admittedly non-intuitive app.

Sounds like this person's issue with ACATS was resolved since it's been 5 months since they posted that with no follow up.
I think that’s a bit of a leap to say they got the issue resolved just because they didn’t post anymore about it. And regardless, to have Public reject his ACAT transfer multiple times after the receiving firm, Fidelity, confirmed he completed the process correctly each time does not exactly give me confidence in Public.

As for withdrawals, none of the shared experiences mentioned trouble with the app — each one had issues with Public demanding identifying information over and over, and ignoring customer questions.
Hey, if $2000-$10,000 isn't worth the potential of a couple hours of your time at the back end, then by all means skip the offer.

The user has been plenty active on Reddit since then and didn't come back to that thread - if they would have a reason to continue to complain, it seems like they should have done that to reach an acceptable resolution. People rarely post about their good experiences online.



They seem pretty responsive on this thread:

https://www.doctorofcredit.com/public-b ... 000-bonus/

We'll know for sure in 6 months when several people head to another brokerage.

The majority of people in that doctorofcredit comment section are complaining about Public, I am confused of why you think this is a positive for Public?

Correct , a sign up bonus that comes with a questionable company isn’t worth it to me. Too many things can go wrong, and what little info out there on Public indicates those things likely will go wrong. But good luck to you if you’re trying for a bonus with them.
tj
Posts: 9317
Joined: Wed Dec 23, 2009 11:10 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

KISS wrote: Mon Oct 03, 2022 6:45 pm
tj wrote: Mon Oct 03, 2022 6:16 pm
KISS wrote: Mon Oct 03, 2022 5:59 pm
tj wrote: Mon Oct 03, 2022 5:01 pm
KISS wrote: Mon Oct 03, 2022 12:59 pm A few warnings to those interested in the Public and Tastyworks promotions. I recently looked into both to get $2k signup bonuses, but ultimately decided against it.

Tastyworks requires an absurd amount of information. I have had several brokerage accounts over the years (Vanguard, Fidelity, Schwab among them) and I have never been asked to produce the documents that Tastyworks wants. Upon sign up you have to upload a pic of a government ID and another document such as a SSN card or W2. I submitted the documents, and a day later they sent an email saying they needed the documents re-submitted because the originals weren’t clear or bright enough (not true), AND they need a selfie of me holding up my ID. That last part is what turned me all the way off. No thanks.

I then looked into Public. Not much info is out there about this brokerage, but they do have an official Reddit page. There are a lot of reports about it being difficult to withdraw money or ACAT your funds out of Public. I am simply not comfortable gambling $100k at a fly-by-night fintech app for the payout of $2k. A few links to the experience of others:

- https://www.reddit.com/r/PublicApp/comm ... m_i_going/

- https://www.reddit.com/r/PublicApp/comm ... my_id_and/

- https://www.reddit.com/r/PublicApp/comm ... or_id_and/
Withdrawing cash is pretty easy once you learn how to use the admittedly non-intuitive app.

Sounds like this person's issue with ACATS was resolved since it's been 5 months since they posted that with no follow up.
I think that’s a bit of a leap to say they got the issue resolved just because they didn’t post anymore about it. And regardless, to have Public reject his ACAT transfer multiple times after the receiving firm, Fidelity, confirmed he completed the process correctly each time does not exactly give me confidence in Public.

As for withdrawals, none of the shared experiences mentioned trouble with the app — each one had issues with Public demanding identifying information over and over, and ignoring customer questions.
Hey, if $2000-$10,000 isn't worth the potential of a couple hours of your time at the back end, then by all means skip the offer.

The user has been plenty active on Reddit since then and didn't come back to that thread - if they would have a reason to continue to complain, it seems like they should have done that to reach an acceptable resolution. People rarely post about their good experiences online.



They seem pretty responsive on this thread:

https://www.doctorofcredit.com/public-b ... 000-bonus/

We'll know for sure in 6 months when several people head to another brokerage.

The majority of people in that doctorofcredit comment section are complaining about Public, I am confused of why you think this is a positive for Public?

Correct , a sign up bonus that comes with a questionable company isn’t worth it to me. Too many things can go wrong, and what little info out there on Public indicates those things likely will go wrong. But good luck to you if you’re trying for a bonus with them.
I already received my $2000 from them, I'm happy to report back after I transfer out to somebody else for more $$$ in 6 months.
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JDCarpenter
Posts: 1800
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JDCarpenter »

Just a piece of information regarding Schwab. Called a local rep and got a match on Etrade transfer bonus. Transfer of Wife's large TIRA and kind of tiny Roth went through on 8/19. As of yesterday, they awarded the $3500 bonus. Nicely, it all went into the Roth.

_________________________
E.T.A. Sigh. Sloppiness on my part. It went into the traditional. A tiny bit more for ongoing and future Roth conversions!
Our personal blog (no ads) of why we saved/invested: https://www.lisajtravels.com/
foursix
Posts: 89
Joined: Wed Dec 24, 2014 2:45 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by foursix »

Has anyone recently had Schwab match the Merrill Edge offer...maxing out at $1000 for transfer of $250,000+? It's a bit better than the etrade offer at that tier.
euler
Posts: 57
Joined: Wed May 27, 2020 7:31 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by euler »

Probably no news here, but another data point if someone is interested. I asked Fidelity if they would give a bonus for moving ~$500k in assets currently at Vanguard. They said no, bonuses only available for moving > $1M. As a current Fidelity customer, I'd rather not go from two brokerages to three by chasing bonuses at Schwab, etc. So I guess I will stay put and see if the situation changes later.
tj
Posts: 9317
Joined: Wed Dec 23, 2009 11:10 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

foursix wrote: Wed Oct 05, 2022 3:40 pm Has anyone recently had Schwab match the Merrill Edge offer...maxing out at $1000 for transfer of $250,000+? It's a bit better than the etrade offer at that tier.
They matched the E-Trade of 1k for 200k for me, not sure why needing to bring over an extra 50k would be better
placeholder
Posts: 8373
Joined: Tue Aug 06, 2013 12:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

tj wrote: Wed Oct 05, 2022 5:53 pm
foursix wrote: Wed Oct 05, 2022 3:40 pm Has anyone recently had Schwab match the Merrill Edge offer...maxing out at $1000 for transfer of $250,000+? It's a bit better than the etrade offer at that tier.
They matched the E-Trade of 1k for 200k for me, not sure why needing to bring over an extra 50k would be better
Isn't the etrade one only for iras or is schwab matching that for regular accounts too?
placeholder
Posts: 8373
Joined: Tue Aug 06, 2013 12:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

euler wrote: Wed Oct 05, 2022 5:26 pm Probably no news here, but another data point if someone is interested. I asked Fidelity if they would give a bonus for moving ~$500k in assets currently at Vanguard. They said no, bonuses only available for moving > $1M. As a current Fidelity customer, I'd rather not go from two brokerages to three by chasing bonuses at Schwab, etc. So I guess I will stay put and see if the situation changes later.
To me it's just not that big of a deal since it's so fast and easy to check all your accounts online so having a extra one never has bothered me for extra dough.
tj
Posts: 9317
Joined: Wed Dec 23, 2009 11:10 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

placeholder wrote: Thu Oct 06, 2022 12:20 am
tj wrote: Wed Oct 05, 2022 5:53 pm
foursix wrote: Wed Oct 05, 2022 3:40 pm Has anyone recently had Schwab match the Merrill Edge offer...maxing out at $1000 for transfer of $250,000+? It's a bit better than the etrade offer at that tier.
They matched the E-Trade of 1k for 200k for me, not sure why needing to bring over an extra 50k would be better
Isn't the etrade one only for iras or is schwab matching that for regular accounts too?
I don't know. I moved an IRA. Try it and see what happens.
placeholder
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Joined: Tue Aug 06, 2013 12:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

tj wrote: Thu Oct 06, 2022 12:23 am
placeholder wrote: Thu Oct 06, 2022 12:20 am Isn't the etrade one only for iras or is schwab matching that for regular accounts too?
I don't know. I moved an IRA. Try it and see what happens.
I have no particular desire to move to schwab.
tj
Posts: 9317
Joined: Wed Dec 23, 2009 11:10 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

placeholder wrote: Thu Oct 06, 2022 12:28 am
tj wrote: Thu Oct 06, 2022 12:23 am
placeholder wrote: Thu Oct 06, 2022 12:20 am Isn't the etrade one only for iras or is schwab matching that for regular accounts too?
I don't know. I moved an IRA. Try it and see what happens.
I have no particular desire to move to schwab.
Then why did you ask?
placeholder
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Joined: Tue Aug 06, 2013 12:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

tj wrote: Thu Oct 06, 2022 12:31 am
placeholder wrote: Thu Oct 06, 2022 12:28 am
tj wrote: Thu Oct 06, 2022 12:23 am
placeholder wrote: Thu Oct 06, 2022 12:20 am Isn't the etrade one only for iras or is schwab matching that for regular accounts too?
I don't know. I moved an IRA. Try it and see what happens.
I have no particular desire to move to schwab.
Then why did you ask?
This is a general discussion thread and I thought it useful to clarify this point so I have no idea why you have decided to be hostile and rude about it.
tj
Posts: 9317
Joined: Wed Dec 23, 2009 11:10 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

placeholder wrote: Thu Oct 06, 2022 1:09 am
tj wrote: Thu Oct 06, 2022 12:31 am
placeholder wrote: Thu Oct 06, 2022 12:28 am
tj wrote: Thu Oct 06, 2022 12:23 am
placeholder wrote: Thu Oct 06, 2022 12:20 am Isn't the etrade one only for iras or is schwab matching that for regular accounts too?
I don't know. I moved an IRA. Try it and see what happens.
I have no particular desire to move to schwab.
Then why did you ask?
This is a general discussion thread and I thought it useful to clarify this point so I have no idea why you have decided to be hostile and rude about it.
It was just a question - nothing hostile or rude about it.
placeholder
Posts: 8373
Joined: Tue Aug 06, 2013 12:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

tj wrote: Thu Oct 06, 2022 1:12 am It was just a question - nothing hostile or rude about it.
I will accept that it was not your intent but that's not at all the way it came across.
nalor511
Posts: 5015
Joined: Mon Jul 27, 2015 1:00 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

Schwab will match offers. Does not have to be retirement. But they will match only one offer, no stacking
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