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Transferring stocks between brokerages might sound daunting, but don't worry -- it's easier than it looks. Whether you're moving to a new brokerage for lower fees, better tools, or something else, transferring your stocks is simple when you understand the process. Below, we provide a step-by-step breakdown so you can transition with confidence.
There are a few things you'll need to do before you start moving your stocks over. Here's how to get ready for a transfer.
Settle any outstanding fees. Unpaid fees or other issues could delay your transfer.
Read up on outgoing transfer fees. Some brokerages charge a fee when you move stocks out of your brokerage account. Your new brokerage might reimburse you for these fees -- check with them if you're concerned.
Make sure your new brokerage supports the stocks you'd like to transfer. Some brokerages don't support certain types of stocks, like fractional shares.
If you're transferring other types of investments, make sure the new brokerage also supports those investments.
You'll need some information to complete the transfer paperwork. Here's what to write down:
Your brokerage won't ask for stock details if you're moving your entire account. However, you should still write this information down for your personal records. Tracking your holdings can help you verify the transfer went through without any hiccups.
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Here's how to move stocks from one brokerage to another:
ACATS transfers usually take about five to seven business days to process. During this time, your investments will be out of reach.
Check on the status from time to time through your new brokerage. Delayed ACATS paperwork must be resolved within two days, or the transfer is canceled. Reach out to your brokerage if you notice your paperwork has hit a road bump.
Once the process is complete, double-check everything:
There are a few reasons your stocks might not have transferred successfully:
If your stocks failed to transfer, reach out to your new brokerage to understand why. They should have more detailed information on the cause of the failure and next steps, if applicable.
If you entered some details incorrectly, the transfer should fail. Reach out to your new brokerage and ask about re-submitting your ACATs form.
If you haven't opened your new brokerage account yet, now's the time! Make sure the account type is the same as your old account: joint brokerage accounts transfer to joint accounts, IRAs transfer to IRAs, and so on. Click below for a list of our experts' favorite brokerages:
For more information on moving to a new brokerage account, check out our guides:
No, you usually can't transfer fractional shares. Check with your old and new brokerages to be sure. If you can't transfer your shares, you can usually liquidate them and transfer the cash.
Yes, you can transfer a retirement account. You'll usually need to transfer the old account to a new account of the same type: Roth IRA to Roth IRA, for example. Look into the rules for your specific account type before transferring to make sure you can transfer your assets smoothly.
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