Author Topic: stock broker transfer reimbursement fee  (Read 356 times)

billy

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stock broker transfer reimbursement fee
« on: March 28, 2020, 05:05:27 PM »
I have a old rIRA at m1 finance with about $10,000 and want to transfer it to another broker that will reimburse the $100 transfer fee. I see that fidelity offers that, is there anyone else?

TomTX

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Re: stock broker transfer reimbursement fee
« Reply #1 on: March 29, 2020, 11:53:52 AM »
I have a old rIRA at m1 finance with about $10,000 and want to transfer it to another broker that will reimburse the $100 transfer fee. I see that fidelity offers that, is there anyone else?
I believe Merrill Edge and Schwab will as well, but you should confirm in advance.

terran

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Re: stock broker transfer reimbursement fee
« Reply #2 on: March 29, 2020, 12:32:41 PM »
Don't know if they'll reimburse transfer fees in addition, but Etrade will give you $100 for transferring accounts over $5000 (more for larger accounts): https://us.etrade.com/what-we-offer/how-it-works/retirement

billy

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Re: stock broker transfer reimbursement fee
« Reply #3 on: March 29, 2020, 12:40:02 PM »
Okay thanks, so I already max out my current IRA at Vanguard, when I transfer my old rIRA, wouldn't I be going over yearly max contribution when the new broker gives me $100 reimbursement and or sign up bonus?

terran

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Re: stock broker transfer reimbursement fee
« Reply #4 on: March 29, 2020, 01:02:56 PM »
Okay thanks, so I already max out my current IRA at Vanguard, when I transfer my old rIRA, wouldn't I be going over yearly max contribution when the new broker gives me $100 reimbursement and or sign up bonus?

Etrade told me that the bonus I got for transferring my solo 401(k) was considered an investment gain, not a contribution. They also didn't send me any kind of tax form for it, so I don't know how the IRS would find about it anyway even if etrade is wrong.

Edit: also, I'm not necessarily advocating etrade. IMO they're the best choice for a solo 401(k) because they offer some features others don't, but if you can get just as good a deal with another broker you can consider them too. All my other accounts are with Fidelity.
« Last Edit: March 29, 2020, 01:05:02 PM by terran »