ACAT 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!
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