Two stock transfers completed
Recently, I have been transferring and consolidating my stock / ETF holdings between brokerages.
The first involved an ACAT transfer of all my holdings at Sogoinvest to Ameritrade. This transfer took a LONG time to complete: the transfer request was mailed on 2/24/2007 and was finally completed yesterday 4/26/2007. All in all, this transfer took more than two months. During this time, Sogoinvest also instituted a new $50 ACAT-out fee.
The good news is, when I checked my Sogoinvest account today, it shows a zero balance and it appears that no fee is due in my account. Hopefully, this means that I have managed to slip through the no-fee door before it closes. New ACAT request initiated is going to cost $50.
The second transfer is a partial transfer of a holding from Etrade to Wells Trade. This transfer went faster than expected: the forms were mailed on 4/16/2007, and the transfer was completed on 4/25/2007, less than 10 calendar days later.
As for the fees, Etrade initially charged $25 to my account for the transfer but then I emailed to tell them I am still under the old Brownco pricing plan. They credited the $25 back to my account the next day.
I am not exactly sure why the Sogoinvest-Ameritrade transfer took so long compared to the Etrade-Wells Trade transfer. One reason could be because Sogoinvest does not support electronic transfers (this is according to what Ameritrade told me). The second reason might be because Sogoinvest was swamped with people transferring out (so much so that they had to institute a $50-fee to stump the outflow).
The third reason could also be delays caused by the processing department at Ameritrade. Still I am glad the transfers are over and save me the trouble of checking the progress every other day.
Stumble it!
April 27th, 2007 at 10:22 am
wow, you managed to transfer your stocks out at zero cost. That’s really great!
April 27th, 2007 at 3:26 pm
Thanks for the response on the Nogoinvest transfer out info!
April 27th, 2007 at 9:26 pm
Well, I am still keeping my fingers crossed for the Sogoinvest-to-Ameritrade transfer since Sogoinvest’s online activity usually updates quite a long while later — a charge might pop up later next month.
July 30th, 2009 at 1:20 pm
[...] The transfer was completed on 4/26/07. See my post HERE. [...]