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Post by anitya on Mar 29, 2021 22:26:59 GMT
About a month ago, I moved 1/3rd assets from Fidelity to TDA because of Fidelity's repeated frustrating customer service. I have been a TDA customer longer than I have been with Fidelity. It was a bonus that TDA matched AllyInvest promotion. The real bonus is the transfer triggered Fidelity to give me very good service again - somehow my calls are getting routed to an experienced team. I had threatened many times to move assets but it fell on deaf ears at Fidelity until I actually moved assets.
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Post by chang on Apr 9, 2021 9:03:03 GMT
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Post by chang on Apr 9, 2021 9:03:42 GMT
I am wondering whether TDA will offer me a promotion not to transfer my money.
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Post by Chahta on Apr 9, 2021 12:18:10 GMT
I am wondering whether TDA will offer me a promotion not to transfer my money. When I read about these promotions I always wonder why the new customers get the benefit. Somehow you lose leverage when you stay a loyal customer.
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Post by yogibearbull on Apr 9, 2021 16:13:25 GMT
It is same everywhere- banks, brokerages, credit cards, phone & ISP providers, etc. Deals/promos for new customers, none for existing customers. This is foolish as it costs lot more to get new customers than to retain customers.
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Post by chang on Apr 10, 2021 4:28:13 GMT
I am wondering whether TDA will offer me a promotion not to transfer my money. When I read about these promotions I always wonder why the new customers get the benefit. Somehow you lose leverage when you stay a loyal customer. How true. Long-term, loyal customers are taken for granted. C'est la vie.
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Post by chang on Apr 10, 2021 4:32:14 GMT
It is same everywhere- banks, brokerages, credit cards, phone & ISP providers, etc. Deals/promos for new customers, none for existing customers. This is foolish as it costs lot more to get new customers than to retain customers. I had this argument with the Human Remains Resources Department at one of my previous companies. I wanted to give some monetary recognition awards to strong performers and valuable members of my team. HR said no. I told them that people in my industry are constantly moving -- usually for increases in responsibility and salary. And it will cost many times more than I was requesting to recruit new people, both in direct costs and lost business opportunity. Not to mention having my best people become my competitors. I could have been speaking Greek. HR didn't understand what I was saying. Which is ironic, because it was exactly what they are supposed to understand.
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Post by anovice on Apr 10, 2021 10:51:01 GMT
It is same everywhere- banks, brokerages, credit cards, phone & ISP providers, etc. Deals/promos for new customers, none for existing customers. This is foolish as it costs lot more to get new customers than to retain customers. I had this argument with the Human Remains Resources Department at one of my previous companies. I wanted to give some monetary recognition awards to strong performers and valuable members of my team. HR said no. I told them that people in my industry are constantly moving -- usually for increases in responsibility and salary. And it will cost many times more than I was requesting to recruit new people, both in direct costs and lost business opportunity. Not to mention having my best people become my competitors. I could have been speaking Greek. HR didn't understand what I was saying. Which is ironic, because it was exactly what they are supposed to understand. As you know, HR departments have a different set of criteria. They probably knew exactly what you were communicating.
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Post by chang on Apr 10, 2021 12:47:54 GMT
I had this argument with the Human Remains Resources Department at one of my previous companies. I wanted to give some monetary recognition awards to strong performers and valuable members of my team. HR said no. I told them that people in my industry are constantly moving -- usually for increases in responsibility and salary. And it will cost many times more than I was requesting to recruit new people, both in direct costs and lost business opportunity. Not to mention having my best people become my competitors. I could have been speaking Greek. HR didn't understand what I was saying. Which is ironic, because it was exactly what they are supposed to understand. As you know, HR departments have a different set of criteria. They probably knew exactly what you were communicating. At that company — and in my experience, at most companies — HR’s mission is to piss people off, make them disgruntled and less productive, harm morale, and generally do everything run their power to drive the best people out of the company.
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Post by anitya on Apr 27, 2021 1:52:27 GMT
Both Fidelity and BoA offer pretty lucrative cash rewards credit cards. I want to apply for one.
If you have experience with these, please let me know if the rewards can be deposited into an IRA and if not, whether I would get issued a Form 1099 for the rewards earned.
I am guessing, I should not be issued a 1099 because the cash rewards can also be credited against purchases on the credit card. Thought I should check with you guys notwithstanding what the customer service person might say.
Thanks.
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Post by yogibearbull on Apr 27, 2021 2:02:47 GMT
I have cash back cards from Chase [applied to card balance itself*] and Barclays [transferred to 529]. I never got any 1099.
As for putting money into IRA, that would depend on if you are eligible for contributions to IRA. It would be treated like any other fungible money.
*There are 110-125% shopping gift card that I don't care for.
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Post by anitya on Apr 27, 2021 3:13:13 GMT
I have cash back cards from Chase [applied to card balance itself*] and Barclays [transferred to 529]. I never got any 1099. As for putting money into IRA, that would depend on if you are eligible for contributions to IRA. It would be treated like any other fungible money. *There are 110-125% shopping gift card that I don't care for. Thanks, Yogi. The eligibility for IRA contribution makes sense but thought I would ask just in case there was a freebee the IRS was giving I was not aware of. The BoA customer service person said a Form 1099 will be issued if the cash rewards exceed $10 in a calendar year. Makes no sense as it is my money (rebate on the cost of the merchandise purchased) and not a return on investment to be taxable. Did you also receive an upfront cash bonus (using a few hundred $$ that is given after you spend XX amount within YY time period)? I ask to see if he is talking about the bonus. Even that I think should not treated as an earned income / lottery winnings/ windfall? After I sent the message I remembered that I had once availed a similar program (upfront cash bonus + recurring cash rewards) from Capital One and they did not issue me any Form 1099.
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Post by chang on Apr 27, 2021 3:20:26 GMT
Did you also receive an upfront cash bonus (using a few hundred $$ that is given after you spend XX amount within YY time period)? I ask to see if he is talking about the bonus. Even that I think should not treated as an earned income / lottery winnings/ windfall? After I sent the message I remembered that I had once availed a similar program (upfront cash bonus + recurring cash rewards) from Capital One and they did not issue me any Form 1099. Every brokerage bonus/promotion I have ever received (Fidelity, TDA, Schwab) has shown up on their 1099 form as "Other Income".
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Post by yogibearbull on Apr 27, 2021 3:27:08 GMT
My cards are quite old and I only get recurring cash backs and much more than $10. I pay insurance premiums, foreign travel tickets [well not lately, but those can add up for family], large purchases, etc if they allow credit card payments without fees tagged on. In my state, property tax payments are also allowed with credit cards, but a fee is tagged on, so I use online check payment. Never got any 1099 from card companies.
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Post by anitya on Apr 27, 2021 4:18:13 GMT
"Every brokerage bonus/promotion I have ever received (Fidelity, TDA, Schwab) has shown up on their 1099 form as "Other Income"."
I am assuming those are taxable accounts. All the promotions I ever received for rolling over / transferring IRAs never resulted in Forms 1099 (correctly).
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Post by chang on Apr 27, 2021 4:56:55 GMT
"Every brokerage bonus/promotion I have ever received (Fidelity, TDA, Schwab) has shown up on their 1099 form as "Other Income"." I am assuming those are taxable accounts. All the promotions I ever received for rolling over / transferring IRAs never resulted in Forms 1099 (correctly). Well there are both taxable and non-taxable accounts at the brokerages who paid me a bonus, but they always pay the bonus into the taxable account core position. (And yes, I believe the transfers that triggered the bonus payments were always between taxable accounts.) Would they even be allowed to pay a bonus into an IRA?
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Post by racqueteer on Apr 27, 2021 12:10:27 GMT
"Every brokerage bonus/promotion I have ever received (Fidelity, TDA, Schwab) has shown up on their 1099 form as "Other Income"." I am assuming those are taxable accounts. All the promotions I ever received for rolling over / transferring IRAs never resulted in Forms 1099 (correctly). Well there are both taxable and non-taxable accounts at the brokerages who paid me a bonus, but they always pay the bonus into the taxable account core position. (And yes, I believe the transfers that triggered the bonus payments were always between taxable accounts.) Would they even be allowed to pay a bonus into an IRA? Clearly anecdotal, but I was told by Schwab that opening a new IRA account would qualify the bonus to be provided WITHIN the IRA itself as with any earnings that might accrue for the IRA. I don't know that it actually WORKS that way, but the rep said it did.
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Post by steadyeddy on Apr 28, 2021 20:33:08 GMT
"Every brokerage bonus/promotion I have ever received (Fidelity, TDA, Schwab) has shown up on their 1099 form as "Other Income"." I am assuming those are taxable accounts. All the promotions I ever received for rolling over / transferring IRAs never resulted in Forms 1099 (correctly). Well there are both taxable and non-taxable accounts at the brokerages who paid me a bonus, but they always pay the bonus into the taxable account core position. (And yes, I believe the transfers that triggered the bonus payments were always between taxable accounts.) Would they even be allowed to pay a bonus into an IRA? Yes. I have had bonuses paid into both taxable and tax-deferred accounts. And a 1099 follows for taxable accounts and NOT for tax-deferred.
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Post by win1177 on May 3, 2021 22:57:29 GMT
Reading all these offers makes me wonder if I should approach Vanguard about some kind of “freebies”, etc., especially with the size of our accounts. But probably would be a waste of time.
Main advantage of Vanguard is access to some great funds, extremely low fees for their mutual funds, and no fees for anything I do now. I suspect those “freebies” in the long run pay off for the brokerage companies, as it is a royal pain to switch from one company to the next, especially with multiple accounts, large accounts, etc.
Win
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Post by anovice on May 4, 2021 14:17:55 GMT
Reading all these offers makes me wonder if I should approach Vanguard about some kind of “freebies”, etc., especially with the size of our accounts. But probably would be a waste of time. Vanguard's Center City Philadelphia lawyers do not allow Vanguard to give freebies!
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Post by yogibearbull on May 4, 2021 14:43:47 GMT
Reading all these offers makes me wonder if I should approach Vanguard about some kind of “freebies”, etc., especially with the size of our accounts. But probably would be a waste of time. Main advantage of Vanguard is access to some great funds, extremely low fees for their mutual funds, and no fees for anything I do now. I suspect those “freebies” in the long run pay off for the brokerage companies, as it is a royal pain to switch from one company to the next, especially with multiple accounts, large accounts, etc. Win You can play brokers' incentive/bonus game by moving just enough required and then back later.
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Post by anitya on May 4, 2021 19:06:19 GMT
win1177, I do not move for freebees. All my moves have been motivated by getting better services, access to investments, etc. I am slow to action and more of a status quo person. Once I decide to move, I first look to see which brokerage would fill the need and if more than one brokerage would fill the need, then who will offer more freebees. More often than not it is only one brokerage that fills the then specific need, but I still call that brokerage and ask them to match the best freebee offer in the market place and they usually match. For example, recently, I moved some funds from Merrill Edge because their fund selection was very limited for me and I sold securities and wanted to invest in OEFs; I still sat on cash for nearly 10 days (i.e., the inaction part of me). I moved the funds to TD without any offers because TD met my needs the best.
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Post by chang on May 7, 2021 14:53:15 GMT
Well, Fido surprised me. The total amount in my TDA account was about $40K shy of the TOA threshold for a $2,000 promotion, so I asked my rep if they could make an exception. If necessary I could make up the difference by selling some VUSFX at VG and shoveling over some extra cash, but I'd prefer not to do that. They came back and said (a) yeah, sure, no problem; and (b) we're going to give you $2,500 because we're in a good mood today.
I realize that these promotions are peanuts amid the daily fluctuations of a decent-sized portfolio. But you can also think of it another way: $2,500 is the equivalent of a free Starbucks coffee every morning for the next two years. Nothing to sneeze at.
I've done a few of these over the last decade (Fido -> Schwab -> TDA -> etc.) and pocketed $2,500 four times, I think. I probably won't do it again, because I really am trying to simplify, and I'm getting too old to fool around with more than 2 brokerage accounts, 1099 forms, etc. But it's actually a pretty good wheeze if you don't mind the hassles.
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Post by chang on May 7, 2021 14:56:14 GMT
Reading all these offers makes me wonder if I should approach Vanguard about some kind of “freebies”, etc., especially with the size of our accounts. But probably would be a waste of time. Main advantage of Vanguard is access to some great funds, extremely low fees for their mutual funds, and no fees for anything I do now. I suspect those “freebies” in the long run pay off for the brokerage companies, as it is a royal pain to switch from one company to the next, especially with multiple accounts, large accounts, etc. Win I don't think VG does promotions. Actually, TOAs can be very easy. The one I'm doing now was the easiest of all: I sent Fido a statement from TDA, and they did everything. I literally had to click one button. I didn't even have to follow the online procedure -- they did it for me. But I agree that VG has big advantages. After this TOA, I will be about evenly split 50/50 between Fido and VG.
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Post by steadyeddy on May 8, 2021 0:57:20 GMT
Reading all these offers makes me wonder if I should approach Vanguard about some kind of “freebies”, etc., especially with the size of our accounts. But probably would be a waste of time. Main advantage of Vanguard is access to some great funds, extremely low fees for their mutual funds, and no fees for anything I do now. I suspect those “freebies” in the long run pay off for the brokerage companies, as it is a royal pain to switch from one company to the next, especially with multiple accounts, large accounts, etc. Win I don't think VG does promotions. Actually, TOAs can be very easy. The one I'm doing now was the easiest of all: I sent Fido a statement from TDA, and they did everything. I literally had to click one button. I didn't even have to follow the online procedure -- they did it for me. But I agree that VG has big advantages. After this TOA, I will be about evenly split 50/50 between Fido and VG. As of today, I have completely consolidated at Fido. Closed out of VG and Schwab. The only risk I run is when their website is down and I want to do some transactions. Should that happen, I will take that as a signal from above to "do nothing."
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Post by anitya on Mar 22, 2024 6:16:57 GMT
Bumping up this thread in the hope posters might share current promotions they are aware of.
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