Transferring Brokerage Assets to Sharebuilder
I have decided to consolidate some of my DRIP and brokerage accounts to simplify my finances and reduce account fees. Since I am most frustrated with my Etrade account I decided to start by pulling everything out of this account and transferring it to my Sharebuilder account.
Here is the progress I have made so far:
1) I decided to do this now since its the beginning of the quarter which should give me the most time to leave my Etrade account open and get everything transferred before they charge me a service fee of $40.
2) I needed to figure out what Etrade was going to charge me to move these assets. I had 3 stock investments and some cash sitting in my Etrade account. Currently, Etrade's fees were $25 are a partial transfer and $60 for a full account transfer. I decided to request a transfer of the 3 stock holdings hoping Etrade would only charge me $25 for the partial transfer, then I could just transfer out the cash in the account via an online transfer. I am hoping this will save me money.
3) Next I went to Sharebuilder's web site to find out how to do a transfer. Sharebuilder has a Transfer Assets to Sharebuilder form. I had to fill it out, listing the assets I wanted to transfer, get it notarized at the local bank, then fax it along with a recent Etrade statement to Sharebuilder.
4) Unfortunately, Sharebuilder is not an ACATS (Automated Customer Account Transfer System) eligible broker, so the transfer of assets must be done manually.
5) I got an email the same day I sent the request from Sharebuilder saying they have received my request and it could take 4-5 weeks to transfer.
6) Now I wait and see.
Followup: Transfer to Sharebuilder Complete.Tags: sharebuilder,
Related in Sharebuilder:
Merging Sharebuilder Accounts (Aug 27, 2008) Previous my wife and opened multiple Sharebuilder accounts to take advantage of the bonus money offered with the accounts (Sharebuilder review). While they might not be a service for everyone who is investing, taking advantage of their offer for free...
Just Earned My 3rd $50 Bonus (Aug 24, 2006) Last month, I wrote about the possibility of getting multiple Sharebuilder bonuses by opening multiple accounts.I was able to confirm this morning that I have now received my 3rd $50 Sharebuilder bonus by opening my 3rd account with them.This is...
Get Multiple $50 Sharebuilder Bonuses (Jul 24, 2006) I have been able to confirm that you can take advantage of multiple Sharebuilder promotion codes for the same person for more free investments.I established a Sharebuilder account last year with a free $50 bonus and have been happy with...