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How to Move an Account from Ally Invest to TD Ameritrade (and Vice Versa)
If you have found Ally Invest’s brokerage services wanting, you can easily move your account to TD Ameritrade. We’re going to show you how and we’ll also show you how to go in the other direction.
Transfer an Account from Ally Invest to TD Ameritrade
If you thought transferring an investment account from one brokerage firm to another would be a long and arduous process, you should say hello to the modern world. The Automated Customer Account Transfer (ACAT) network was created in the 1980’s to make moving assets fast and straightforward.
Using the ACAT computerized system, you can move an Ally Invest securities account to TD Ameritrade. The latter broker promises that the digital paperwork only takes about 5 to 10 minutes to complete.
The first thing you need to do is open a TD Ameritrade brokerage account. It does need to be a brokerage account and not a deposit account with TD Bank.
With your TD Ameritrade investment account open, it’s time to log into your account and start the computerized transfer of securities. Everything will be handled on the incoming side, so there’s nothing you need to do with your Ally Invest account.
In the top menu on TD Ameritrade’s website, click on the My Account link and then select Account Transfer. The broker’s software will generate the online transfer form. You’ll need to specify the broker you want to transfer from, which in this case will be Ally Invest.
You will see two buttons for full account and partial account. These are the two transfer types available. If you select a full transfer, your Ally Invest account will be closed and all securities will be moved into your TD Ameritrade account.
If you choose a partial transfer, you’ll be able to select which securities move to TD Ameritrade and which securities stay behind. With this selection, your Ally Invest account won’t be closed.
If you go with the full account transfer, you’ll want to close any open orders in your Ally Invest account before submitting the ACAT request at TD Ameritrade. You should also make sure all trades have settled.
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Transferring a TD Ameritrade Account to Ally Invest
If you’re at TD Ameritrade but want to be at Ally Invest, the process follows the outline described
above. Open an account by clicking on promo link:
Get $0 stock commissions at Ally Invest.
Inside your Ally Invest account, hover over the My Accounts tab in the far left-hand side of the top menu and then hover over the Transfer Funds link in the drop-down menu, and then click on Transfer an Account.
A new tab will appear in your browser. This new page mentions that you can’t transfer any penny stocks from your TD Ameritrade account; so be sure to liquidate any holdings of those that you may have.
You’ll be able to select full or partial transfer. Although TD Ameritrade didn’t display a broker icon for Ally Invest, Ally Invest does display a broker icon for TD Ameritrade. When selecting the brokerage firm you’re transferring from, just click on the TD Ameritrade logo and follow the rest of the prompts. Remember that the account names and types must match.
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Cost of Moving
TD Ameritrade charges $75 for a full account outgoing transfer. It charges nothing for incoming transfers and partial outgoing transfers. Ally Invest will reimburse the charge if you move at least $2,500 in assets.
Going in the other direction, Ally Invest charges $50 for outgoing transfers (and nothing for incoming transfers). Although TD Ameritrade does not advertise any ACAT fee refunds, they will do reimbursing if your account is at least $10K.
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