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LOYAL3 accounts will be transferred to FolioFirst, charging $5/month or $15/year

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TLDR: Don't forget to sell or transfer your holdings and close your LOYAL3 account before August 1, 2017.
email said: Dear Waffles,

Thank you for being a LOYAL3 customer. We have important news: we’ve entered into a transaction that will provide LOYAL3 customers with a new, larger platform and more services.

Effective May 22, 2017, LOYAL3 will transfer your brokerage account to FolioFirst, a new online brokerage platform being built for LOYAL3 customers.
...
If you elect to use FolioFirst brokerage services by buying or selling shares of available securities, you will be charged one low monthly fee of $5 beginning in the month when you start using the services. That fee will be waived until August 1, 2017.
...
 

Member Summary
Most Recent Posts
Finally got the cash transferred to my checking account today. I didn't complain.

maddybeagle (Jun. 23, 2017 @ 8:27p) |

Hey Maddy,
How were you able to? Do I need to sell my Account Value to be able to transfer to my bank? Sorry, trying to ... (more)

josephinefeliz (Jul. 25, 2017 @ 4:41p) |

If anyone can help me-

I have to sell my "account value" in order to transfer $$ into my bank account?

My account current... (more)

josephinefeliz (Jul. 25, 2017 @ 4:43p) |

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You might want to do it before May 15. FolioFirst has a $100 transfer out fee, while Loyal3's $25 fee is waived for now.

The email says FolioFirst will have free trading of more than 200 stocks with a minimum purchase of $25 per security instead of Loyal 3's $10..

FolioFirst might be a decent platform but Loyal3's way of breaking the news is not the best.

http://www.loyal3.com/notice/t7ZakX1A5h.pdf

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yeah, I was reading the terms and it looks like I'll probably by closing my L3 account.  Hard to justify paying $5/month given how little I use them.

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How are they going to survive against Robinhood?

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Does that mean foliofirst will charge $25 per transaction
i have several $50 buys for fractional shares at loyal 3 at the current time

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Here are the T&C for these changes.  Sorry for the long post, but they emailed this out and the FAQ on their site is both flaky and non-public.
Thank you for being a LOYAL3 customer. We have important news: we’ve entered into a transaction that will provide LOYAL3 customers with a new, larger platform and more services.

Effective May 22, 2017, LOYAL3 will transfer your brokerage account to FolioFirst, a new online brokerage platform being built for LOYAL3 customers.

The transfer to this new platform will happen automatically – there is nothing you need to do to have your account transferred – and there is no charge for the transfer. Your account, including securities and cash, will be available at FolioFirst starting on May 22, 2017. Following the transfer of all accounts, the LOYAL3 platform will close. Review the Important Deadlines section below for key dates before this transition.

We hope you’ll want to continue investing – and grow your account at FolioFirst. You’ll be offered significant enhanced services at FolioFirst compared to your LOYAL3 brokerage account including: commission-free trading in over 200 stocks, multiple account types (individual, IRA, and joint), performance reporting, and much more.

If you elect to use FolioFirst brokerage services by buying or selling shares of available securities, you will be charged one low monthly fee of $5 beginning in the month when you start using the services. That fee will be waived until August 1, 2017. If you do not make any purchases or sales, you can keep your current holdings in the FolioFirst brokerage account, and you will not be charged any fees until 2018.

If you do not want your account transferred to FolioFirst, you have 2 choices: 

Transfer your account to another brokerage firm. You will need to instruct your new broker to send us a Transfer Instruction Form (TIF). Per industry standard, fractional shares cannot be transferred. By submitting a request to transfer your account to a brokerage firm other than FolioFirst, you are also authorizing us to sell any fractional shares remaining in your account that cannot be transferred to your specified brokerage firm, return the proceeds to you and close your account. By submitting this request, you also authorize LOYAL3 to liquidate any cash equivalents that are part of LOYAL3’s money market sweep program for purposes of returning your funds to you.

Please instruct your new broker to send us this form by May 15, 2017. For more information about transferring your account, please see the information described below under the caption Information on Transferring Your Account.

Or, sell all your shares held at LOYAL3 and transfer the cash to your bank account. You can do this on the LOYAL3 website using your current login username and password. You will need to enter your sell order by 1:45 PM ET on May 16, 2017. By submitting a request to sell all of your shares, you are authorizing LOYAL3 to return the proceeds (including any other cash or proceeds from cash equivalents held in your account) to you, if you have not done so by May 19, 2017. By submitting this request, you also authorize LOYAL3 to liquidate any cash equivalents that are part of LOYAL3’s money market sweep program for purposes of returning your funds to you. For more information about transferring your account, please see the information described below under the caption Sell Your Shares, Withdraw the Proceeds and Close Your Account. 

Introducing FolioFirst

FolioFirst is a brand new web site currently being built just for LOYAL3 customers. FolioFirst is part of an online stock brokerage and financial technology firm that has been serving investors for over 17 years. From its beginning, Folio has been dedicated to helping individual investors achieve their long-term financial goals.

With FolioFirst, you’ll have access to many additional features including:

Commission-free trading (up to 2,000 trades per month in twice-daily windows) in over 200 publicly traded stocks and ETFs, and with the ability to
buy and sell in any dollar amount1, and
trade with fractional shares
IRA and Joint Accounts, in addition to Individual Accounts (available by August 1, 2017)
An FDIC-insured cash sweep
An easy-to-use website with tools and displays to help make you a smarter investor
Performance reporting
The ability to upgrade to other brokerage offerings
No account minimums
And, more…
1 A minimum purchase amount of $25 per security applies; if you are purchasing ten or more securities at once, the minimum purchase amount is just $5 per security.

Your New Pricing Plan

The FolioFirst pricing is simple and straightforward.

If you hold your current securities and cash, with no purchases or sales, there’s no charge until February 1, 2018. After that, there will be a $15 per year annual account maintenance fee.

If you activate the brokerage features of your account by buying or selling securities then you will be charged only $5 per month, beginning the month that you make your first share purchase or sale. There is no annual account maintenance fee for activated brokerage accounts.

This $5 monthly fee gives you access to all of FolioFirst’s great new brokerage features, including commission-free trading (up to 2,000 per month in twice-daily trading windows) and in as many accounts as you need – individual, joint and retirement (there is a separate $25 annual IRA reporting fee).
Moreover, to give you a chance to experience all that FolioFirst has to offer, if you activate the brokerage features of your account, the $5 monthly fee will be waived until August 1, 2017. 

Other fees may apply - see Special Services and Fees below.

Next Steps

Information about how to login to FolioFirst, set up cash transfers, and more will be sent to you by email before May 22, 2017.

Your existing bank link will be set up at FolioFirst. However, any automatic purchases of stock will need to be set up on the FolioFirst site after May 22, 2017.

Please check to confirm that the contact information (both email and physical address) in your LOYAL3 account profile is correct so we can continue to communicate important information to you during this transition.  

We appreciate the opportunity we’ve had to serve you, and we are confident that you will be well served by FolioFirst.   

If you have questions about this transfer, or your account at LOYAL3, please feel free to call LOYAL3 Customer Service, Monday - Friday 9-5 PST at 855-256-9253.

Sincerely,
LOYAL3 Securities 


Important Deadlines

All shares (including fractional shares) and cash remaining in accounts eligible for transfer as of the close of business on Friday, May 19, 2017 will be transferred to FolioFirst. Your shares and cash will be in your FolioFirst account on Monday, May 22, 2017.

May 15, 2017

Last day to make new purchases on LOYAL3 (including AIPs)

May 15, 2017

Recommended date for LOYAL3 to receive transfer instructions from your new broker (other than FolioFirst)

May 16, 2017 (12:00 noon ET)

Last day to withdraw funds from your LOYAL3 account

May 16, 2017

(1:45 PM ET)

Last day to sell securities in your LOYAL3 account (proceeds of sales on May 16, 2017 will be sent to your bank account or by check)

May 18, 2017

Last possible date for LOYAL3 to receive transfer instructions from your new broker (other than FolioFirst)


Frequently Asked Questions

Q: Who will send me my tax forms?
A: Your 2016 tax documents have been sent to you by LOYAL3. Tax and other documents will be available at www.LOYAL3.com until June 18, 2017.

2017 Tax Documents

If your account is transferred to FolioFirst, both your tax documents for i) the partial year your account was at LOYAL3 and ii) the partial year your account was at FolioFirst, will be available at FolioFirst.
If your account is transferred to another broker, you will receive tax documents from LOYAL3 for the portion of 2017 that you were at LOYAL3, and tax documents for the balance of 2017 from the new firm that holds your account.
If you liquidate your account by selling all your shares and moving the proceeds to your bank before May 19, 2017, you will only receive 2017 tax documents from LOYAL3.
Q: Can I keep my account at LOYAL3 open?

A: No. Your account will be transferred to FolioFirst unless you transfer it to another broker or liquidate it by selling all of the shares in your account and moving the proceeds to your bank account using the LOYAL3 website before May 19, 2017. The LOYAL3 platform will close after all accounts have been transferred or closed.

There is no charge for this transfer to FolioFirst, though you will be liable for any FolioFirst charges you incur after the transfer. If you wish to liquidate and close your account instead of transferring it, you may incur a taxable event when selling your securities. You must submit your final sell order by 1:45 PM ET on Tuesday, May 16, 2017.

Q: What are the terms and conditions I am agreeing to if I participate in the transfer to FolioFirst?

A: In addition to the terms and information provided in this notice, the FolioFirst brokerage account agreement will be available on the FolioFirst website in advance of the May 22 conversion date. Immediately following the transfer of your account, you will be asked to accept this agreement as part of the setup on FolioFirst.

Q: Does the $5 per month FolioFirst fee really allow me to trade commission-free (up to 2,000 trades) each month across multiple accounts – such as an individual account, a joint account and an IRA account with no per account fee (other than the annual reporting fee for IRA accounts)?

A: Yes!

Q: When will the FolioFirst website be open for use?

A: The FolioFirst website is being built just for LOYAL3 customers and will be available for use on the May 22 conversion date.

Q: What is the exact timing of the transfer to FolioFirst?

A: All cash and securities will be transferred to FolioFirst on May 22, 2017. LOYAL3 will continue to accept sell orders for your account until 1:45 PM ET on Tuesday, May 16, 2017. You will be able to begin trading in your new online brokerage account on May 22, 2017 at FolioFirst (and only there) after you log in to their website and complete the new account setup at FolioFirst.

Q: Will my personal information be protected?

A: LOYAL3 will provide FolioFirst with your account information so that your account can be established there. In anticipation of this transfer, you are consenting to our sharing your personal information with FolioFirst. If you close your account or transfer it to another firm as described above, FolioFirst will securely delete your personal information. We will provide FolioFirst with the personal financial information necessary to service your account and the positions that are being transferred. With respect to your information, both LOYAL3 and FolioFirst will comply with the SEC’s Regulation S-P on the Privacy of Consumer Information. Any transfer of your data will be made in compliance with Regulation S-P.

FolioFirst Account Features and Customer Pricing  

For accounts that hold securities but have no securities purchases or sales:

Price Comparison

LOYAL3

Your New Pricing

Account Fee

None

None until February 1, 2018, at which time a $15.00 annual account fee will apply.  

For customers who elect to activate their accounts by buying or selling shares of any available security:

Price Comparison

LOYAL3

Your New Pricing

Monthly Fee

None

$5 per month, waived until August 1, 2017. A single $5 monthly fee covers all the accounts owned by a customer.

Per-Trade Fee

$0 commission, batch trades only

$0 commission (for up to 2,000 Window Trades per month across as many accounts as the customer has for the $5 monthly fee – then $.50 per trade for additional transactions), window trades only

FolioFirst Special Services and Fees (other fees may also apply from time to time and all fees are subject to change):

Service

LOYAL3 Fee

Your New Pricing

Account Transfer In

Not available

No Charge

Full Account Transfer Out

Fee applied when you transfer all of your holdings to another brokerage firm - this charge is applied per account transferred.

$25 (waived at this time)

$100

Partial Account Transfer Out

Fee applied for each security when you transfer some securities, but not your entire account, to another brokerage firm.

Not available

$5 per security
($25 min, $75 max)

Setup ACH Link

No Charge

No Charge

Stop Payment on or Returned Electronic Funds Transfer (EFT)

Fee applied when you request a stop payment on or an EFT request fails due to insufficient funds or incorrect information provided by you.

$50 (starting May 19, 2017)

$35

Paper Copies of a Current or Prior Account Statement or Confirmation (per statement or confirmation)

Not available

$12.50

Broker-Assisted Services

Fee applied when you request broker-assistance to buy and sell securities by phone, transfer securities, cash, and tax lots between accounts.

Not available

$45 per request

Voluntary Corporate Action

Fee applied per action when you participate in a voluntary tender offer - there is no charge for mandatory actions, such as mergers or acquisitions.

No Charge

$30

Special Services

Hourly charge applied when you request services not included on this fee schedule, such as research requests, manual credit card transactions, and validation for IRA distributions when beneficiaries are not designated or there are no living designated beneficiaries.

Not available

$250/hour 
($25 min)

Trading Service Fees

Fees to offset regulatory and transaction costs imposed on brokers relating to sell transactions in certain securities.

No Charge

Adjusted periodically

Account Statement Alert Failure/Bad Email Address Fee

Applied when email alert regarding your monthly statement cannot be delivered. You can avoid this fee by simply updating your email address before the end of the month upon receiving a physical letter regarding delivery failure of email alert.

No Charge

$5

IRA Custodial Fee

Fee applied to each IRA custodial account you hold.  This fee is applied when you close your IRA if it has not yet been charged for the year.

Account Type Not Available

N/A

$25 per year

Residual Balance Fee

Quarterly fee applied to closed accounts under closed memberships that still have a balance - this fee or the lesser of the remaining account balance will be charged quarterly to pay for custody services.

No Charge

$15

Cash Management

FolioFirst provides an FDIC insured bank sweep program for uninvested cash, instead of money market funds or other methods of holding your cash.  Your current sweep money market fund positions at LOYAL3 do not earn interest. They will be transferred to FolioFirst (where they will continue not to earn interest) along with your other securities. You will be able to sell those positions at FolioFirst, if you wish. Any new cash you deposit at FolioFirst or generated due to sales will then be held in FolioFirst’s multi-bank FDIC-insured sweep program pursuant to the terms of the FolioFirst Customer Agreement, and begin to earn interest pursuant to the terms of that program.

Cash Sweep Comparison between LOYAL3 and FolioFirst


Provider / Features

LOYAL3 (also applies to holding the same fund at FolioFirst until you sell it)**

FolioFirst (for funds moved to its cash sweep program)

Investment Type

Vanguard Money Market Fund (VMMXX)

FDIC Insured Cash Sweep

Prospectus Date

12/23/16

N/A

Management Fee

0.13%

N/A

Net Expense Ratio

0.16%

N/A

Interest Yield

0%

Currently 1 basis point but varies with changes in interest rates

Insurance

Up to $500,000 per account of SIPC insurance

Up to $4.5 million per customer of FDIC insurance*

* FolioFirst accounts automatically participate in its FDIC insured bank deposit program. The FDIC insurance coverage amount, rates and other factors are as of the date of this letter and are subject to change. The FolioFirst website will provide up-to-date Cash Sweep Program details after the transfer is complete. 

** In connection with the closure of the LOYAL3 platform, LOYAL3 may elect to terminate its cash sweep program, in which case your cash will be held as free credit balances earning no interest.


Sell Your Shares, Withdraw the Proceeds and Close Your Account

If you elect to sell your shares, withdraw the proceeds and close your account, you will need to sell your securities and transfer the proceeds to your bank. There is no need to call us.

This is a two-step process.

Step one: Sell your shares:

Please ensure that your bank account details provided in your LOYAL3 account are correct before you sell your shares.

To sell your shares:

Log into your LOYAL3 Account
Click "Sell All Shares"
Click "Review Order," then "Sell Shares" to complete
It will take at least 3-4 business days after entering your sell order for the transaction to settle.

After the transaction has settled, then, transfer cash to your bank account.

Step two: Transfer cash to your bank account:

You can only initiate this transfer 3-4 business days after you enter your sell order.

To transfer cash to your bank account:

Log into your LOYAL3 account
Confirm that your bank account number in your profile is correct
Find the blue bar "Total Account Value" near the top of the page
Under this bar you will see "Available Funds" and a link that says "Transfer Funds"
Click on the "Transfer Funds" link
Enter your transfer order or click “All Available.”  Make sure it reflects that you are transferring from LOYAL3 to your bank account. 
Click "Available for Withdrawal" balance
Click "Review" then click "Transfer"
Your funds should be available in your bank account in 2-3 business days, depending on your bank.
You must complete both steps by May 16, 2017. You will be responsible for any tax consequences resulting from the sale of your shares.

In connection with the closure of your account, LOYAL3 may elect to transfer the cash held in your account to the bank account you have previously linked to your LOYAL3 account, or send you a check to your address of record.

Please ensure that your bank account details provided in your LOYAL3 account are correct and up to date.

After cash amounts have been returned to you, LOYAL3 will close your account. You will be able to log in to access records like monthly statements or tax forms for a transitional period ending on June 18, 2017.

Information on Transferring Your Account

If you elect to transfer your account to another brokerage firm, there is no need to call us. This is a two-step process.

Step one: Instruct your new broker to send us transfer instructions

First, you need to instruct your new broker to send us a completed Transfer Initiation Form (TIF). Please send this for delivery to LOYAL3 by May 15, 2017.

You will need to provide your new broker with:

Your recent LOYAL3 account statement
LOYAL3's DTC number (0472)
Your new broker should send the completed TIF to transfers@loyal3.com or fax 415-200-0245 by May 15, 2017. Your TIF should provide instruction to us to sell any fractional shares in your account. We will not process any TIFs received after May 18, 2017.

When your transfer request is received, LOYAL3 will temporarily restrict your account to stop any new transactions that may delay or prevent a timely transfer.

Please note, the transfer may only be made to an account with the same name and SSN as your LOYAL3 account.

We will not charge you any fees to close or transfer your account; however, you should review any fees the new firm may charge to receive your account.  

If you instruct us to transfer your positions to another broker, we will provide that broker with personal financial information in order to permit your new broker to service your account. Any transfer of your data will be made in compliance with the SEC’s Regulation S-P on the Privacy of Consumer Information.

Transfers normally take 7-10 business days to process.

Step Two: LOYAL3 will sell your fractional shares and return the proceeds to you.

The proceeds of the sale of fractional share interests, and any other cash amounts remaining in your account, will be transferred to you by ACH transfer to the bank account you previously linked to your LOYAL3 account or by sending a check to your address of record, at our election.

Please ensure that your bank account details provided in your LOYAL3 account are correct and up to date.

After cash amounts have been returned to you, LOYAL3 will close your account. You will be able to log in to access records like monthly statements or tax forms for a transitional period ending on June 18, 2017.

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jyothsnaninja said:   Does that mean foliofirst will charge $25 per transaction
i have several $50 buys for fractional shares at loyal 3 at the current time

  No!  The charge is $0 per transaction.  The minimum purchase is $25 instead of $10 as at Loyal3.  You can continue to buy fractional shares. 

 

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Don't forget to download your 2016 1099 before you leave.  I guess for 2017 they'll have to send out paper to those with closed accounts, as it says their transition access will be going away mid June.

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Is there a free brokerage service to transfer my single T-Mobile stock to if I wish to keep it?

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Argyll said:   You might want to do it before May 15. FolioFirst has a $100 transfer out fee, while Loyal3's $25 fee is waived for now.


 

  
Any recommendations for a  broker with a good  $$ transfer in promo?

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Any recommendation on something similar to Loyal 3 to move to now?

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I'm sorry, but I fail to see an answer to a question I put to loyal3 support: to wit: If I simply keep my account after it has transferred, and I do NOTHING but log on to see how it's value is holding, am I going to be charged $5 a month for that account and viewing it?
Someone mentioned it's $15 a year. I did not see that in my e-mail, which someone posted above.
Square/loyal3 support simply told me they didn't have an answer for that (on the phone), so they told me to e-mail the question so they could 'review' it. I did and the reply I got back was 'your question is answered in the email you were sent. Meaning by my interpretation : kiss my ass.

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chtrich said:   Any recommendation on something similar to Loyal 3 to move to now?
  What appears to be most similar to Loyal3 is FolioFirst.

http://info.foliofirst.com/

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feedback49 said:   I'm sorry, but I fail to see an answer to a question I put to loyal3 support: to wit: If I simply keep my account after it has transferred, and I do NOTHING but log on to see how it's value is holding, am I going to be charged $5 a month for that account and viewing it?
Someone mentioned it's $15 a year. I did not see that in my e-mail, which someone posted above.
Square/loyal3 support simply told me they didn't have an answer for that (on the phone), so they told me to e-mail the question so they could 'review' it. I did and the reply I got back was 'your question is answered in the email you were sent. Meaning by my interpretation : kiss my ass.

  Starting August 1, you would be charged $5 a month.    It's stated in the email, more than once. 

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never heard about a stock broker will charge monthly fee...aren't they supposed to make money by collecting the transaction fees/margin interests, etc?

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There are no transaction fees, and probably no margin trading.

Trades are free.

Most brokers  that charge commissions don't need monthly fees.

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I started to move my 'assets' to fidelity by getting a form. Instead, Fidelity wants me to provide a statement. I don't know which one to do. I'm looking into Robinhood. Anyone want to share their experience with RobinHood? I'm not a fan of this $5/month fee with Foliofirst.

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bargainhunter3 said:   I started to move my 'assets' to fidelity by getting a form. Instead, Fidelity wants me to provide a statement. I don't know which one to do. I'm looking into Robinhood. Anyone want to share their experience with RobinHood? I'm not a fan of this $5/month fee with Foliofirst.
  
i asked robinhood about transfers, this is response i got

"Broker to broker transfers are processed via ACATS (Automated Customer Account Transfer Service). We don't support ACATS right now, but we hope to in the future. We'll let everyone know as soon as the ACATS feature is available.We appreciate you bearing with us in the meantime!To stay updated, follow us on social media and keep an eye on our broker to broker transfers Help Center page here.Sincerely,
The Robinhood Team
robinhood.com"

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CzechPms said:   Is there a free brokerage service to transfer my single T-Mobile stock to if I wish to keep it?
  
I have the same question. But since we have just one stock. Best way I see is sell it and cash out. Looks like they will charge $5 starting Feb 18th 2018. You should have gotten a email.

I will wait until june/july until it will be one year after we received the stock. Seems they will charge $5 for holding it after anniversary date(the date we received the stock). So if I sell it, it will long term hold and less tax to pay. (yes it is just one stock) and more over accessing 1099 in the new account will be better than the loyal3 account which is going away anyways  

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For people that do nothing or didn't even read the email what happens? How will this new company start billing for its fees? Will they eventually just take the tmobile stock as a penalty payment?

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Argyll said:   
chtrich said:   Any recommendation on something similar to Loyal 3 to move to now?
  What appears to be most similar to Loyal3 is FolioFirst.

http://info.foliofirst.com/

  
Clever.............I'm looking for something without a monthly fee though. Thanks for playing.  

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chtrich said:   
Argyll said:   
chtrich said:   Any recommendation on something similar to Loyal 3 to move to now?
  What appears to be most similar to Loyal3 is FolioFirst.

http://info.foliofirst.com/

  
Clever.............I'm looking for something without a monthly fee though. Thanks for playing.  

 It wasn't a joke.  FolioFirst was expressly built for Loyal3 customers.  If you make two or three trades a month, you won't find anything cheaper.  I've been buying six stocks a month which would cost $30 a month at almost any other brokerage.

Of course, if you don't make any trades at all, then it's not worth the fee.  Most other brokerages don't charge a fee because they charge commissions that are usually at least $5 per trade.

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Is it possible to transfer the stock to places like Scottrade or Fidelity?  How would you go about doing it?

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moneynomore said:   Is it possible to transfer the stock to places like Scottrade or Fidelity?  How would you go about doing it?
  Contact Scottrade or Fidelity and ask for a transfer form. There are sometimes bonuses for opening new accounts -- Ameritrade has them.

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Argyll said:   
moneynomore said:   Is it possible to transfer the stock to places like Scottrade or Fidelity?  How would you go about doing it?
  Contact Scottrade or Fidelity and ask for a transfer form. There are sometimes bonuses for opening new accounts -- Ameritrade has them.

  best bonuses for transfering?

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vickh said:     best bonuses for transfering?
Bonuses depend on the amount transferred or deposited. Google it or call the broker you are interested in.  I use Ameritrade which offers free trades and/or cash for new account opening or transfer.

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anyone hear of or used Stockpile.com. seems similar to loyal3, allows fractional stock buys but charges 99 cent a transaction.

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For those that don't have that many stocks & wont mind any tax implications .. the simplest way might be .. just sell the shares - take money out of loyal3 and open a new broker account.

If they have a signup bonus ... it is triggered by net asset - so whether you transfer cash or shares .. should not matter.

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"Thank you for being a Loyal3 customer." Pffff. They "no longer answer phone calls or accept voice mails" on their customer support line, presumably due to the mass exodus that they were completely unprepared to handle. I submitted a sell order and transfer request well before their deadline. I can't tell that any sell order has been executed, and the funds certainly haven't been transferred. Their site is inaccessible (at least for my account - it tells me I MUST call - but wait, they're not taking calls - what a joke!) The only contact is by e-mail, which, as several others on here have said, is a waste of time and effort. Voice message says they are working through all closing and transfer requests received before 5/19.

Not sure it's legal for them to (figuratively) close the doors and deny clients access to their accounts and their funds, but Loyal3/FolioFirst is doing it.   

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Sold my shares after Loyal3 never responded to transfer request. Proceeds never able to be transferred out before closing. Don't see any balance in FolioFirst.

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BTW stockpile told me this when i transferred to them... "The industry sponsored ACAT transfers normally take 5-7 business days however we were recently informed by Loyal3 that they are not a member of the ACAT system and thus all their transfer activity beyond their default process to their designated broker is manual. Given that we've been told this could take 2-4 weeks."

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Hmm...Maybe the transfer to Wells Fargo brokerage will still show up then and just REALLY delayed. Of course, the transfer would just be cash now.

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Same thing happened to me.  I initiated the transfer two weeks before the deadline and nothing happened.  I called them and asked what happens if they receive the transfer request on the last day of the deadline and was told that it would be transferred to my designated brokerage as long as the request was submitted by the 15th.  I still don't see anything being transferred and the phone number no longer works.  I had opened a support ticket via email before the 15th and now received a reply stating the support ticket has been transferred to FolioFirst.  WTF!!!  LOYAL3 must have violated numerous SEC rules in these circumstances by mishandling accounts. 

I'm filing a complaint with SEC and Tmobile.

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People!  This has been a nightmare!  I mailed my transfer request to Ally on Thursday, April 20th and I received an email stating that it had been received and was being processed. I waited the max time out of 10 days, per Ally customer service, and my 2 stock accounts AAPL and MSFT had still not been transferred.  I have sent Loyal3 NUMEROUS emails and they respond with a generic answer that really is a non  answer. Their phone system refers you to email them and when you do they come back with nothing.  I sold my KO and INTC a week after the announcement and the CASH has NOT been transferred to my checking account'  I can still sign in on their website but my account is LOCKED and has been since Friday, April 28th. I have filed a complaint with FINRA  and I was informed that an investigator would be in contact with me. The manager at Folio First told me that they have been contacted by other customers whose accounts have not been transferred to Folio First and they cannot contact anyone at Loyal3.  The SEC has been in contact with Folio First too.  WTF is going ON??  The manager at FF told me that FF was NOT BUILT for Loyal3;  Loyal3 contacted them to take their customers. Sot hat part of the story is a LIE! Loyal3 is full of it!  They've got over $5,000.00 of my money and they are not answering their phones  and send you a bullshit email response. Has anyone else had any success?

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Has anyone tried contacting T-Mobile about this nightmare? these shares were originally part of the TMO Tuesday promo.

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I would also file a complaint with FINRA: https://www.finra.org/investors?landingpage=investors

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Has anyone at all successfully transferred their assets out of Loyal3?

I requested a transfer, initiated by Fidelity about a week before their deadline. Fidelity says they are waiting for a response from Loyal3. Loyal3's support phone # just has generic information and you can't actually talk to anyone.

I haven't received any communication from Folio First, and I don't want to sign up with them to check my account in case it triggers something that interferes with the transfer. When I log into Loyal3, I can still see my account holdings and info behind their pop-up.

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Thanks for the reply yakk0! This BS is running me crazy! The red flag was up for me when I did not get the email from Folio First giving me instructions as to sign into the account. I contacted them and spoke with a manager who later emailed me to inform me that they did not receive an account related to my email address. And yes, the same thing is happening to me when I sign in on L3's website...I can see my account holdings behind their pop-up. Yakk0 PLEASE go to the FINRA.org/complaint website and file your complaint online to receive a File ID#. They request that you upload any pertinent docs but I really don't know the proceedure to do that, so I am going to fax them once someone is assigned to it. I can't believe the nerve of these people. FINRA's phone number is 240.386.4357. The more people they hear from, the better. Keep me updated on this site. We've got to get our money back!

Skipping 9 Messages...
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If anyone can help me-

I have to sell my "account value" in order to transfer $$ into my bank account?

My account currently has $0.00 "cash available for withdraw".

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