Transfer From Fidelity to Tastytrade Or Vice Versa
Fidelity is a well-known broker offering a wide range of investment tools and services. Tastytrade is also a unique and highly-rated broker with a different approach to trading.
If you want to transfer a Fidelity account to Tastytrade or vice versa, here’s how to do it.
Transfer Methods
There are two main ways to transfer your account: using the automated customer account transfer (ACATS) system or manually moving your assets. Here’s how to do both.
Transfer a Fidelity Account to Tastytrade
The first step is to open an account at Tastytrade.
To transfer your Fidelity account to Tastytrade using the ACATS system, use the ACAT option at Tastytrade.
First, gather the necessary information for your Fidelity account, including:
- Your Fidelity account number
- Login information for your Fidelity account
- A digital copy of a recent account statement
Go to the ‘Deposits’ page at Tastytrade and select ‘ACAT.’
Next, choose the account type you are transferring, and enter the account details (like account number). Remember, the Fidelity and Tastytrade account types must match.
Tastytrade uses the Plaid service to link accounts, so during the transfer process, you’ll log in to your Fidelity account to establish the connection.
You’ll then choose whether to transfer all or some of your assets.
Finally, confirm the transfer and upload any requested documents to complete the process.
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Open TastyTrade Account
Transfer a Tastytrade Account to Fidelity
To transfer from Tastytrade to Fidelity, the process starts with Fidelity.
Go to Fidelity’s account transfers page and select ‘Start a Transfer.’ Make sure you choose the correct option for the type of account you’re transferring.
Select Tastytrade from the broker list. If you don’t see it, use the search tool to find it.
Next, provide the details of your Tastytrade account, including the account number and account type (retirement, individual margin, etc.).
You can choose to transfer assets into an existing Fidelity account or open a new one, as long as the account types match.
You can speed up the process by uploading a recent broker statement from Tastytrade. Fidelity uses this to fill in any missing details.
Finally, initiate the full or partial ACATS transfer, review your request, and confirm the transfer.
Top Transfer Destinations
Setting up a Manual Transfer
For a manual transfer, follow these steps:
First, liquidate all the open positions in your account.
Next, wait for all your transactions to settle. This typically takes three days.
If you have any other transactions (like money transfers or margin calls), wait for those to settle as well.
Once your account is all in cash and there are no outstanding debts, transfer the funds to your bank account. Once the money is in your bank, you can use it to fund your new brokerage account.
Reminders and Considerations
Whether you use the manual or automatic transfer process, here are some things to keep in mind:
Automatic transfers may not allow certain securities to move, such as fractional shares, complex options positions, foreign stock, and cryptocurrencies.
Full ACATS transfers will close the old account once the transfer is complete. If you want to close your old brokerage account after a manual transfer, you’ll need to request an account closure.
ACATS transfers only work between matching account types. For example, a cash account at Fidelity can only transfer to a cash account at Tastytrade.
Finally, many brokers reimburse transfer fees, often up to $75, so be sure to check with the receiving broker for reimbursement options.
Updated on 10/16/2024.
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