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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
Post
by FrugalProfessor »
RandomGuyOnInternet wrote: ↑Wed Sep 04, 2024 5:52 pm
Additionally, does anybody have expertise with the Wells Fargo switch bonus? A number of questions:– Did you run into any sudden charges?
— Buy charges for ETFs?
— Account termination charges at earlier brokerage?
— Checking account charges?– How lengthy did the switch take? How lengthy was your cash “out of the market”?
Additionally, I spotted that the $2500 bonus is taxable in order that shortly turns into an $1800 bonus.
Thanks
RandomGuy
The best way to do any of those bonuses is switch property by way of “switch in variety”, which means that your investments are by no means out of the market and since you are not shopping for/promoting there are not any cap good points taxes to take care of. What makes this attention-grabbing is that you just’d merely switch “in-kind” from dealer A to B to C to D and gather bonuses alongside every cease.
I can not communicate to this particular WF deal, however I am planning on doing it myself (and partner) for $5k – taxes as you word.
However transferring “in-kind” would keep away from nearly all the issues you are involved about.
I weblog right here: https://www.frugalprofessor.com/
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
Post
by RandomGuyOnInternet »
FrugalProfessor wrote: ↑Wed Sep 04, 2024 10:20 pmRandomGuyOnInternet wrote: ↑Wed Sep 04, 2024 5:52 pm
Additionally, does anybody have expertise with the Wells Fargo switch bonus? A number of questions:– Did you run into any sudden charges?
— Buy charges for ETFs?
— Account termination charges at earlier brokerage?
— Checking account charges?– How lengthy did the switch take? How lengthy was your cash “out of the market”?
Additionally, I spotted that the $2500 bonus is taxable in order that shortly turns into an $1800 bonus.
Thanks
RandomGuyThe best way to do any of those bonuses is switch property by way of “switch in variety”, which means that your investments are by no means out of the market and since you are not shopping for/promoting there are not any cap good points taxes to take care of. What makes this attention-grabbing is that you just’d merely switch “in-kind” from dealer A to B to C to D and gather bonuses alongside every cease.
I can not communicate to this particular WF deal, however I am planning on doing it myself (and partner) for $5k – taxes as you word.
However transferring “in-kind” would keep away from nearly all the issues you are involved about.
Good level on the switch in variety. I maintain Vanguard Admiral shares so I’ll must convert to the ETFs to do a switch in variety.
RandomGuy
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
RandomGuyOnInternet wrote: ↑Wed Sep 04, 2024 10:47 pmFrugalProfessor wrote: ↑Wed Sep 04, 2024 10:20 pmRandomGuyOnInternet wrote: ↑Wed Sep 04, 2024 5:52 pm
Additionally, does anybody have expertise with the Wells Fargo switch bonus? A number of questions:– Did you run into any sudden charges?
— Buy charges for ETFs?
— Account termination charges at earlier brokerage?
— Checking account charges?– How lengthy did the switch take? How lengthy was your cash “out of the market”?
Additionally, I spotted that the $2500 bonus is taxable in order that shortly turns into an $1800 bonus.
Thanks
RandomGuyThe best way to do any of those bonuses is switch property by way of “switch in variety”, which means that your investments are by no means out of the market and since you are not shopping for/promoting there are not any cap good points taxes to take care of. What makes this attention-grabbing is that you just’d merely switch “in-kind” from dealer A to B to C to D and gather bonuses alongside every cease.
I can not communicate to this particular WF deal, however I am planning on doing it myself (and partner) for $5k – taxes as you word.
However transferring “in-kind” would keep away from nearly all the issues you are involved about.
Good level on the switch in variety. I maintain Vanguard Admiral shares so I’ll must convert to the ETFs to do a switch in variety.
RandomGuy
You presumably might switch the mutual funds, however ETF’s are definitely extra transportable and extra seemingly to have the ability to be traded without spending a dime wherever you find yourself.
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
hmw wrote: ↑Sat Aug 31, 2024 9:32 amsc9182 wrote: ↑Fri Aug 30, 2024 10:38 am
Simply received a heads-up from a bud about WeBull 3x IRA referral bonus from final Nov-Dec 2023 (1-year maintain):For any of us who could have participated on this WeBull bonus from last-year, was instructed the Rewards posted right this moment morning (Aug thirtieth, 2024).
(Ref: https://www.webull.com/ko-yield/1699416114037-5d012f)Go Declare these rewards (from their Cell app, MyRewards part), and you’re going to get these monies deposited into Brokerage account (if you have not opened one but – do open brokerage first, previous to Clicking the rewards) in 5-7 enterprise days. These ought to present “in-transit” tab of “My Rewards” part.
iirc – these Rewards have to be Claimed inside 30-days — in any other case, they might get misplaced
Thx
I claimed the bonus on Webull app yesterday and the bonus was paid out this am. It was a really juicy bonus. I do not know the way Webull shouldn’t be dropping cash on this type of bonuses.
Notice that the bonus obtained within the taxable account should stay for 90 days.
A number of questions on this, please:
1) Can we switch out the IRA funds earlier than this 90 day interval (there’s a switch out charge, however hopefully Constancy will reimburse)?
2) Though the bonus obtained within the taxable account should stay for 90 days, can or not it’s invested throughout this time (purchase SGOV now, and promote after the 90 day interval)?