HOWTO Transfer Out Of WellsTrade Without ACAT Fees

WellsTrade ACAT feesACAT fees are fees you pay when you switch brokers to transfer your assets from one broker to another. Some brokers, to get your business, will reimburse ACAT fees to a certain extent – usually $50 or $75 and most ACAT fees are in that range…except one. WellsTrade.

WellsTrade has one one the highest ACAT fees among discount brokers. WellsTrade charges a whopping $95 for a full transfer per account!

If you are an existing WellsTrade customer who would like to switch to a different broker, but hesitant due to these fees, now would be a good time to switch!

WellsTrade recently updated their Terms & Conditions and buried among other things was this blurb:

If for any reason you do no accept these changes, please contact us by January 14, 2011, and there will be no fees charged to transfer your account to another broker-dealer

That’s your ticket! But hurry, this small window closes Jan 14!

Learn about ACAT and how to do an actual transfer.

For more cool tips, consider subscribing to MoneyCone, unless of course you don’t like saving money! :)

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13 thoughts on “HOWTO Transfer Out Of WellsTrade Without ACAT Fees

  1. HOWTO Transfer Out Of WellsTrade Without ACAT Fees

  2. Wow, that is a despicably high fee. Shame on Wells Trade!

  3. Wow, I’ve always had such good luck with Wells Fargo… More than a few years back , they actually sent me a refinancing kit in the mail with no closing cost. It was awesome!

    After acquiring my mortgage, they held it until I totally paid it off. Some mortgage holder will sell you in a year or two, but they kept me, that made it easy!

    Just curious, why are you jumping ship? Bad service of some sort?

  4. HOWTO Transfer Out Of WellsTrade Without ACAT Fees #RTW

  5. @MR:I have my portfolio with WellsTrade and don’t have any complaints.

    Nope, not jumping ship – something I noticed in their T&C and decided to blog about it for those considering transferring out.

    Like your experience, mine’s been pretty good with WT/WF! But if their fees are high I will call out on that! ;)

  6. Those are some high fees. I haven’t switched from Scottrade since I opened a brokerage account, but these high fees might make me think twice about Wells Fargo.

  7. @101 Centavos: I have accounts with a number of brokerages, and in my opinion Scottrade is the only broker with the least amount of hidden fees. I only wish their commissions were lower.

  8. It pays to read the fine print or better yet has friends who read the fine print. :)

  9. @retirebyforty: You bet! :)

  10. to add to retireby40 – just read a fine print yourself! I always do. :-)

  11. You’ve inspired me to actually add any “end dates” in my contracts into my ACT! 2010 scheduler. By setting them into alarms, I don’t have to worry about forgetting them. It would be awful to suddenly find that in February 2011.

  12. @Aloysa: Reading fine prints actually helped me get out of DirecTv without paying an early termination fee!

    @Jessica: :-)

  13. @moneycone
    Yeah, even though we did a no closing cost loan, we might have been able to get a better deal. But since it didn’t cost us anything, and we wouldn’t have refinanced since the rates (at the time) didn’t drop a full percentage point, it worked out well for us :)

    Have a happy holiday!

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