Ally Invest Reimbursing ACAT Transfer Fees
Unfortunately, Ally Invest does not reimburse ACAT (transfer) fee for moving
an investment account from another firm. As an alternative, Charles Schwab will
reimburse up to $100 of your current broker’s transfer fee
if your transfer is at least $10,000.
Charles Schwab Website
Open Schwab Account
Ally Invest Refunds ACAT Transfer Fees
If you’re considering transferring your brokerage account to Ally Invest but have been hesitant because of your current broker’s transfer fee, now might be the time to move.
Ally Invest will cover any transfer fee (up to $75) that your current brokerage charges when you transfer electronically through the Automated Customer Account Transfer (ACAT) Service. This offer applies to one transfer per customer, and a minimum of $2,500 must be transferred. The ACAT request needs to be submitted within 15 days of opening the new Ally Invest account.
Ally’s refund does not apply to termination or maintenance fees from your old brokerage. It might take up to a month for Ally to process the refund into your new account.
Making the Transfer
To move your old brokerage account to Ally Invest, first, open a new Ally Invest account. Once that’s done, log into your new account and click on My Accounts in the top menu. From the drop-down, choose Transfer Funds and then select Transfer an Account.
On the next screen, Ally’s website will guide you through the transfer process step-by-step. Everything is handled electronically for your convenience. If you prefer, you can fill out a paper transfer request form and mail it to Ally.
Make sure the names on both accounts match. Also, Ally Invest doesn’t accept transfers of penny stocks, worthless securities, or foreign securities.
Transfer from M1 Finance to Ally Invest
Thanks to a fully electronic transfer system, moving a brokerage account from M1 Finance to Ally Invest is quite straightforward. There are four main steps to complete the process.
First Step: Consider the cost of transferring a brokerage account. M1 Finance charges $100 for an outgoing transfer. Ally Invest will reimburse the fee, but only if your transfer is at least $2,500.
Second Step: Open a new Ally Invest account. This is only necessary if you don’t already have an Ally Invest account that matches your M1 Finance account (the account types and names must be the same).
Third Step: Prepare your M1 Finance account. While this part of the process can be challenging with some brokers, M1 Finance only offers trading in stocks and ETFs, so it shouldn’t be too difficult. Fractional shares will be automatically converted to cash.
If you’re doing a full account transfer, you’ll need to close any open orders and allow all trades to settle.
If you have a margin debit, it must comply with Ally Invest’s margin policies, and your Ally account must have margin approval.
Fourth Step: Submit a transfer request. This last step is done on the receiving broker’s website. In your Ally Invest account, click on “My Accounts” in the top menu and select “Transfer an Account.” On Ally’s ACATS form, M1 Finance and its clearing broker, Apex Clearing Corp, are not listed as options. You’ll need to type in the details manually. The DTC number is 0158.
You can choose either a full or partial transfer on the virtual transfer form. Keep in mind that with a partial transfer, your M1 account will stay open.
Updated on 11/1/2024.
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