Originally Posted by
petey2428
Sorry for a newbie question, but I currently have some stocks on etrade. I'm thinking about transfering them over to fidelity to take advantage of this offer. I do not trade regularly and feel apathetic about etrade as a trading platform.
1. Is etrade going to charge me any fee to transfer my stocks over?
2. Is this worth the 15k miles? I believe that this is a in kind transfer, so technically this shouldn't affect my investments/tax right?
3. Is this going to complicate my tax return?
Fidelity's commission is actually $2 cheaper, so this might be worth it. What do you guys think?
Thank you very much for your help!
E*Trade
fee schedule
$25** for partial transfers
$75 for full transfers
**Following a partial transfer, customers with a remaining account balance of greater than $5,000 will not be charged the partial transfer fee.
There may be some (minor) effect on tax return because you can not transfer fractional shares. For example, you originally purchased 100 shares of APPL. If you normally set up your dividends to be automatically be reinvested, you may end up with 100.493 shares. When you do a in-kind transfer, only the full shares (100) will be transferred. The remaining 0.493 shares will be automatically sold when the transfer is complete and the the proceeds will be transferred over as cash. This is a generally a taxable event if you are transferring a non-retirement account.