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Schwab gave me a hard when I was opening my account. I registered but was locked out of doing anything. I called to ask why and they said they needed time to confirm my identity. I got mailed a letter through the post asking for ID to verify my identity, which is fine. But after I sent it to them through their website, as I was given the option for, they didn’t respond. I had to call them again and then there was more processing time after that. Altogether it took almost a month just to start investing through them. Also, they charge high fees for anything non-Schwab and their Schwab offerings are pretty mediocre performance wise.
Vanguard looks more appealing and appears to have better funds. But is it worth transferring? Will I get taxed a lot in the process?
many investments could be transferred but you have to check .personally i would never trade schwab for vanguard . but that's me . personally i experienced the worst customer service from them out of anyone i ever dealt with .
You will not be taxed at all as long as you do it Trustee to Trustee. Be very careful of distribution by check as you are only allowed to do that once per year without being taxed. Vanguard can guide you through the process.
I am in the process of moving my brokerage account from Scottrade to Fidelity, as Scottrade is being absorbed by TD Ameritrade. I found setting up the account transfer from Fidelity's website to be very easy, they even have a transfer status page where you can follow the transition... I ultimately chose Fidelity (I have accounts with VG already) because of the lower trading fees ($4.95 vs $6.95 fro TD) and to simplify our accounts as my wife already has all of her stuff with Fidelity. Their research tools have been impressive so far as well.
whether or not the assets can be transferred depends what they are though . in any case they won't be taxed but not everything can be transferred unless converted to cash first . you have to sell and rebuy something else sometimes as the funds you own just may not be allowed to be transferred directly .
i had that with vanguard when i wanted to move my vanguard s&p 500 admiral share mutual fund to fidelity .
in that case i had to convert vfiax to a like kind etf voo and then do an acat transfer .
I am in the process of moving my brokerage account from Scottrade to Fidelity, as Scottrade is being absorbed by TD Ameritrade. I found setting up the account transfer from Fidelity's website to be very easy, they even have a transfer status page where you can follow the transition... I ultimately chose Fidelity (I have accounts with VG already) because of the lower trading fees ($4.95 vs $6.95 fro TD) and to simplify our accounts as my wife already has all of her stuff with Fidelity. Their research tools have been impressive so far as well.
Most B/D's will have some sort of feature now to track your ACAT status. If you're transferring b/c of trading fee's I would contact Schwab, let them know specifically you have a Scottrade account, and how long you've had it. Ask for the active trading desks, they'll (regular broker line) know where to get you.
Most B/D's will have some sort of feature now to track your ACAT status. If you're transferring b/c of trading fee's I would contact Schwab, let them know specifically you have a Scottrade account, and how long you've had it. Ask for the active trading desks, they'll (regular broker line) know where to get you.
You're welcome.
I already looked into Schwab pretty extensively, but there was nothing to me that positively differentiated it from Fidelity (for my needs), plus, like I said previously, my wife already had all her investments at Fidelity, as well as our childrens 529's...
I believe Schwab's trading fees are identical to Fidelity's ($4.95). Not that I am an active trader, I just make periodic purchases of things I plan to hold onto long term.
while i do 90% of my business with fidelity , i did move the 10% i had at vanguard over to chase . i took advantage of a chase private client account and the chase sapphire reserve card for an almost 2k in perks .
I already looked into Schwab pretty extensively, but there was nothing to me that positively differentiated it from Fidelity (for my needs), plus, like I said previously, my wife already had all her investments at Fidelity, as well as our childrens 529's...
I believe Schwab's trading fees are identical to Fidelity's ($4.95). Not that I am an active trader, I just make periodic purchases of things I plan to hold onto long term.
Are you sure you talked to their trade desk? Tell them you had an account from Scottrade? Their stated trade fee's are $4.95 (same as Fido's), but there is an offer there you need to ask them about even if you're a buy & hold guy.
I did transfer from Scottrade to Fidelity. I transferred cash to cash, but I was charged $75. I still don't know who charged me and what for.
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