Take the 2-minute tour ×
Personal Finance & Money Stack Exchange is a question and answer site for people who want to be financially literate. It's 100% free, no registration required.

I transferred my accounts (Brokerage + Traditional IRA + Roth IRA) from E*Trade to Edward Jones in full. I didn't realize a couple things in the process:

  • That fees would be assessed ($180).
  • That the E*Trade accounts would be closed instead of just 0'd out.
  • That Edward Jones would do the transfer without my express permission.

Is there any way for me to roll back the transfer?

Also, if I wanted to let the transfer stand but keep the E*Trade accounts open with a $0 balance, how would I do that?

share|improve this question
4  
This doesn't make sense. Didn't you initiate the transfer? If that's the case, then how did this happen without your permission? –  mbhunter Mar 17 '11 at 7:47
2  
Not to be crude, but every broker explicitly lists transfer out fees, partial and full. The $180 fee should have been listed there. –  fideli Mar 17 '11 at 14:07
add comment

2 Answers 2

  1. The fees are assessed by E*Trade and usually the receiving broker reimburses for the transfer. You have to ask.

  2. Most brokers keep the account open atleast till the end of the year since you have to have access to tax records (especially if you've opted for online delivery). Check with E*Trade.

  3. No one can transfer without your permission. Something isn't right.

If you want to keep your eTrade account open, you do what's called a partial ACAT transfer (which may or may not have a fee depending on the broker).

I suggest you read up on ACATs.

You may find this article useful : http://www.moneycone.com/switching-brokers-what-you-need-to-know-to-avoid-getting-hit-with-fees/

(that's my blog)

share|improve this answer
add comment

You can always submit the paperwork to transfer. All you want. But (a) how/why would you expect Edward Jones to refuse an incoming transfer and (b) why would you think a broker (eTrade) would keep accounts open? A 100% transfer implies you've left them. It's not malice, it's closing an account per the transfer.

share|improve this answer
add comment

Your Answer

 
discard

By posting your answer, you agree to the privacy policy and terms of service.

Not the answer you're looking for? Browse other questions tagged or ask your own question.