Yes, it is possible to transfer eligible assets you have at other brokerage firms to Vest. Eligible transferrable assets are stocks, ETFs, and cash balances. To do this, simply follow these steps:
First of all, it is important to check with your brokerage firm to see if they charge any fees for the outbound transfer of your assets. Also, ask if the brokerage firm accepts transfers via ACATS (Automated Customer Account Transfer Service).
Go to the Portfolio tab
Click on "$ Manage funds" (if this is the first time you deposit money into your account, you will not see this button and can click directly on "Transfer accounts into Vest")
Click on "Deposit"
Select "Transfer portfolio from another broker" and click on "New transfer". You can also access this screen under "Account Settings". Remember to tell us the name of the brokerage firm and if they accept transfers via ACATS.
If the assets you have at the other brokerage are eligible for transfer, then we will ask you to fill out a form to start the transfer process.
After you send us the completed form, we'll take care of it from there!
Important:
ACATS (Automated Customer Account Transfer Service) is the system used by Vest to facilitate the transfer of assets from one trading (investment) account to another.
Vest does not charge any fees for incoming portfolio transfers. However, your current brokerage firm may charge some fees to perform the outbound transfer process. For a first-time ACAT transfer of $500 or more, we will reimburse the transfer fee your other brokerage firm may charge, up to $75. The credit will be deposited into your account at Vest's affiliate Northbound Securities LLC) within 30 days of Vest’s receipt of evidence of the transfer fee charged by your current brokerage firm. Once you receive the credit, both the cash credit and your qualifying transfer (minus any trading losses that are incurred) can’t be withdrawn for 90 days. A withdrawal may cause Vest to revoke the credit
A receipt of evidence of the transfer fee charged by your current brokerage firm can be a photo or screenshot/printscreen of your account statement with your name and/or account number, and the fee clearly visible
Depending on the brokerage firm, fractional shares may not be transferred. Brokerage firms will usually sell your fractional shares and transfer the cash proceeds. However, please always double-check this with them
In any case, we will be able to better assist you once you inform us from which brokerage you wish to transfer your portfolio.
ACATS Transfer Fee Credit Terms & Conditions:
Upon your first ACAT transfer of $500 or more (qualifying transfer), you are eligible to receive a transfer fee credit of up to $75 to cover the outgoing transfer fee from your current brokerage firm. The credit will be deposited into your brokerage account at Vest’s affiliate Northbound Securities LLC (”Northbound”) within 30 days of Vest’s receipt of evidence of the transfer fee charged by your current brokerage firm. The credit cannot be applied to Termination or Maintenance Fees charged by your current brokerage firm. Once you receive the credit, neither the cash credit nor qualifying transfer (minus any trading losses that are incurred) may be withdrawn for 90 days.; however, you can keep it as cash in your account or use the funds to invest in securities in your account. This offer is not retroactive. One offer per transferred account, with a maximum of one account at Northbound per customer. The credit may be delayed, declined, or rescinded at Vest’s sole discretion, if, for example, Vest determines that there may be circumstances indicating fraud or a violation of these Terms and Conditions. Vest reserves the right to modify these terms or terminate this offer at any time without notice, in its sole discretion.
Once you receive your bonus, neither the cash bonus nor your qualifying transfer (minus any trading losses that are incurred) may be withdrawn for 90 days. A withdrawal may cause Vest to revoke your bonus.
This offer is available only where legally permitted. Employees of any securities regulatory organization or exchange are not eligible. Other restrictions may apply. Participation in this program does not constitute a solicitation of a security or a recommendation to buy, sell, or hold any given security. Northbound does not provide investment advice and does not hereby recommend any security or transaction. This is not an offer or solicitation in any jurisdiction where it is not permitted, or where Northbound is not authorized to do business.
Securities trading is offered through Northbound Securities LLC, a US-registered broker-dealer and Member of SIPC, and an affiliate of Vest.
Still have questions? Contact us at support@mivest.io
Securities trading is offered through Northbound Securities LLC, an affiliate of Vest