Initiating Your Transfer

How do I transfer assets out of my account?

To transfer assets out of your account, you’ll need to submit the request through your receiving broker. Please review the following to ensure a smooth transfer to your new financial institution:

• Transfer fee: A $75 fee will be deducted from your account's cash balance for both full and partial outgoing transfers.

• Nontransferable assets: Fractional shares, Treasury bonds, and money market funds (MMF) cannot be transferred and will be liquidated once you initiate an account transfer.

• Options contracts: Options contracts that expire within two weeks cannot be transferred.

• Settlement requirement: All transactions, including trades or deposits, must be settled before an ACAT (Automated Customer Account Transfer) can be completed.

• Holding period: Recent deposits in your account may be subject to a holding period of up to 30 days, starting from the day your deposit has settled.

• Receiving broker details: Your receiving broker will need your account number and our DTC number (0158). If you’re transferring assets from an individual account to a joint account, provide this information to your new broker to ensure the transfer request is submitted correctly.

• Margin balances: Accounts with margin balances can only complete a full transfer out. Any partial transfer submitted while the account has a debit balance will be rejected. Please note that the receiving broker may have their own margin requirements, which could also cause the transfer to fail.

How do I enter my account number correctly for a transfer?

When initiating a transfer, be sure to include the prefix “WEB” before your account number. This prefix is required for the request to be processed correctly. Here is an example of how your account number should be entered at the receiving firm:

What fees apply when transferring my account?

How long does the transfer process take?

Please be aware that outgoing transfers typically take around 3-5 business days to complete when processed through the Automated Customer Account Transfer Service (ACATS). This timeframe is an estimate and can vary based on the specific circumstances of the transfer and the processing times of the financial institutions involved.

When will my cost basis be updated at my new firm?

All cost basis information will be provided to your new financial institution within 10-15 business days. If you have not received the cost basis data after this period, please feel free to contact us, and we will arrange to re-send the cost basis to your new institution.

How does my tax lot selection affect a partial transfer out?

When you submit a partial ACATS transfer out, the tax lots that are transferred are determined by your account's active tax lot method. For example:

• If your account is set to FIFO (First In, First Out), the oldest eligible tax lots will generally be transferred first.

• If your account is set to LIFO (Last In, First Out), the most recently acquired eligible tax lots will generally be transferred first.