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I am thinking of moving my TD Ameritrade account to Fidelity before the account converts to Schwab. My largest position is a brokered CD and I can’t get a definitive answer from TDA or Fidelity if the ACAT transfer can handle a brokered CD. They said it probably would transfer but I need a better answer than that. Has anyone here ever done an ACAT transfer of a brokered CD?
usually you can only acat cds from one bank to another not from one brokerage to another ..
fidelity will not allow a acat brokered cds as an example.
their reply when asked
“Certificates of Deposit (CDs) are not eligible to be transferred into a Fidelity account.
Therefore, you would need to liquidate the CD first and transfer the cash over. We recommend reaching out to the institution holding your CD to review your choices and determine what fees may be associated with liquidating and transferring the process. “
On the other hand, only certain bonds are ineligible to be transferred into Fidelity, so we could certainly look into it further for you before you initiate the transfer.
Thanks for the info. The Fidelity rep I spoke to checked something and said “most CDs” could be transferred but she didn’t seem knowledgeable about it. My CD matures before the Schwab conversion but a couple of days after the cutoff they are imposing for transferring out the account. I guess I will just leave the CD at TDA until maturity.
My TDA to Schwab conversion took place at the end of May.
I'm also thinking about moving to Fidelity or another online broker. I figure I can just open an account and, as each CD matures, move cash and buy new CDs.
My TDA to Schwab conversion took place at the end of May.
I'm also thinking about moving to Fidelity or another online broker. I figure I can just open an account and, as each CD matures, move cash and buy new CDs.
Do you like Schwab? I don’t like being forced to become their customer. Even though they owned TDA for a few years, nothing had changed until now. It’s easy to open a Fidelity account and move cash via an ACAT transaction that usually clears in a day.
Do you like Schwab? I don’t like being forced to become their customer. Even though they owned TDA for a few years, nothing had changed until now. It’s easy to open a Fidelity account and move cash via an ACAT transaction that usually clears in a day.
Other than transitioning your TDA account to Schwab because of the acquisition what does Schwab lack that Fidelity has or does?
FWIW, at age 79, I have had a Schwab account for 30 years now (and had a Fidelity account for 24 years) with IRA and brokerage accounts. Neither has been a problem, although Schwab was always a little more responsive and helpful, while Fidelity was just OK. Did not do any stock trading. I used their offices in 2 different States, CO & CT.
Recently I did an online ACATS transfer from S to F, in order to reduce the number of accounts my heirs will need to deal with. No CDs, just mutual funds and money markets.
BTW the money market did need to be cashed out, then transfered. Also needed to do an RMD from IRA at F before the transfer took place.
usually you can only acat cds from one bank to another not from one brokerage to another ..
fidelity will not allow a acat brokered cds as an example.
their reply when asked
“Certificates of Deposit (CDs) are not eligible to be transferred into a Fidelity account.
Therefore, you would need to liquidate the CD first and transfer the cash over. We recommend reaching out to the institution holding your CD to review your choices and determine what fees may be associated with liquidating and transferring the process. “
On the other hand, only certain bonds are ineligible to be transferred into Fidelity, so we could certainly look into it further for you before you initiate the transfer.
Brokered CDs move all the time via the acat system. Either fidelity’s response is wrong or they are an anomaly because it happens a all the time
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