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Schwab Free trades if you move your Scottrade account

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I did not see it posted before, just found last week and I am not sure for how long that offer will last, but I called on 7/3, offers was still active, submitted transfer of total 3 accounts to Schwab, all was processed, received 3 emails confirming that offer applied to each and that I have free trades till 7/3/2029 - yes full 12 years  That is how long we had accounts with Scottrade. I expect transfer to be finalized this week. 
 
http://www.schwab.com/public/schwab/nn/tradeoffer.html 

Terms & Conditions 
Current Scottrade clients who enroll in the offer and transfer assets from Scottrade into an eligible retail Charles Schwab & Co., Inc. (“Schwab”) brokerage account will receive commission-free online equity trades in that enrolled account for the number of years1 they were Scottrade clients and $4.95 online equity commissions2for the remainder of the time their enrolled account remains open at Schwab.This offer applies only to equity and exchange-traded fund (ETF) commissions for trades placed through Schwab.com, Schwab trading platforms, and Schwab Wireless. Trades placed through all other Schwab channels, including through a live representative, are subject to standard published pricing. Foreign transaction, exchange, and all other fees and charges still apply.Schwab reserves the right to terminate or change the offer at any time without notice. This offer does not apply to: (1) brokerage accounts managed by independent investment advisors or enrolled in an advisory service, (2) the Schwab Global Account™, (3) ERISA-covered retirement plans, (4) certain tax-qualified retirement plans and accounts, or (5) education savings accounts. This offer is not transferable, saleable, or valid in conjunction with certain other offers and is available to U.S. residents only. Employees, contractors, or persons similarly associated with Schwab or a Schwab affiliate; or their spouses; and employees of any securities regulatory organization or exchange are not eligible. Other restrictions may apply. Recent IRS guidance may impact your ability to make more than one IRA-to-IRA rollover in a one-year period. Any taxes related to the offer are your responsibility.1. Rounded up to the nearest year.2. Enrolled accounts will receive the better of $4.95 or the then-published standard equity commission pricing.

Member Summary
Most Recent Posts
In addition to the free trades did Schwab reimburse for the fees that Scottrade charges for transferring the account?

Thomas4 (Jul. 22, 2017 @ 9:40p) |

I actually have a scottrade account for years with $0 balance but never closed it. I wonder if I should deposit some mon... (more)

avalon6 (Jul. 23, 2017 @ 3:21a) |

Thanks for this post. Transferred account and received this email

Thank you for transferring your assets to Schwab. In ap... (more)

azzkikr1337 (Jul. 26, 2017 @ 3:45p) |

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rated:
Forgot to mention, that when searched for the offer link, saw that in some cases Scottrade is trying to make a counter offer to match free trades PLUS offer $ bonus in brokerage account if you stay with them, nothing offered to me but they did call to ask why we are moving. May be size of our accounts did not warrant the counter offer or they did not want to match 12 years, but still keep in mind that it is out there.

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Thanks for posting this. Another angle to use is to call schwab and push for free trades to stay.

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Dumb question : how does Schwab know how old your Scottrade account was?

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jerosen, when I called, they asked me about that, approximate value of the account, what are the holdings and some other questions, said that they need preliminary info before they initiate transfer. I am not sure if that is something that will be provided by Scottrade but person on the phone said that cost basis will be transferred also, so I guess they may get full account history.

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Is there anything special about Scottrade? Any similar offers for TD Ameritrade, E*Trade, Merrill Edge, etc?  Also, Schwab should offer benefits for customers that have been loyal to Schwab.  I would think a customer who has been a loyal Schwab customer for a dozen years with a sizable balance should be offered a discount, not just customers who have been loyal to a competitor.

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burgerwars said:   Is there anything special about Scottrade? Any similar offers for TD Ameritrade, E*Trade, Merrill Edge, etc?  Also, Schwab should offer benefits for customers that have been loyal to Schwab.  I would think a customer who has been a loyal Schwab customer for a dozen years with a sizable balance should be offered a discount, not just customers who have been loyal to a competitor.
Here's the start of a script to get free trades from Schwab:  

You:"Hi, I wanted to know what the fees are for moving my account to another brokerage"
Schwab: "I can certainly give you that information, do you mind me asking why you want to leave Schwab?"
You:"Sure, I'm being offered a year of free trades from the other broker."
 

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i'm happy with ETrade , if they have a offer for ETrade , i going to switch. then open another account at ETrade .

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burgerwars said:   Is there anything special about Scottrade? Any similar offers for TD Ameritrade, E*Trade, Merrill Edge, etc?  Also, Schwab should offer benefits for customers that have been loyal to Schwab.  I would think a customer who has been a loyal Schwab customer for a dozen years with a sizable balance should be offered a discount, not just customers who have been loyal to a competitor.
I like how Scottrade's Flexible Re-Investment Plan (FRIP) is setup.  It lets you pool all the dividends that you earn from your investments and it will automatically buy more stock at regular intervals from the same or different companies without fees.  Most brokerages have the plain Dividend Re-Investment Plan (DRIP) option where you re-invest the dividends back into the same company's stock but Scottrade's is really flexible.  

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Nice! I've been with Scottrade for 13 or 14 years but have not been active with them for a long time. I transferred all my accounts except traditional a while ago. My traditional only has $100 in cash and I was hesitant to close it out because of the fees.

I'm a current Schwab client but not seeing any exclusion in the terms for current clients. Will try to see if they can upgrade my existing account or get a new account set up.

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Wow, this is a really hot deal if you qualify. Thanks OP!

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Anyone is willing to share data points regarding total assets and whether Schwab said Yay or Nay to transfer with free trades?

Anyone had luck with total account value of under $20K?

Thanks!

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FW10001, all 3 of our accounts have value in range of $30-40k, I do not think there is any limit.
At least it is not listed in the link and was not voiced over the phone.

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any similar offer for fidelity accounts?

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I recently went thru this exercise a couple of months ago. In addition to the bonus cash I was interested in the lowest margin rates. ETrade won the battle, but did it thru a specialist who specifically deals with these issues.

I would contact the below contact to see what he could do for you. Good luck!

Dustin Schulz
Financial Consultant
E*TRADE Securities LLC
E*TRADE Capital Management, LLC
4005 Windward Plaza
Alpharetta, GA 30005
Phone: (866) 746-5338 Ext. 8297; (888) 319-5456 Ext. 8297
Fax: (571) 227-0241

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Dcpois, how low a rate did you get?

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called Scottrade and they gave me 20 free trades that expire on 10/31. I guess I'll keep calling them every few months

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Is the Schwab offer better than the Merrill Preferred offer? Free trades on Merrill if you meet requirements. And balances in Merrill account qualify for threshold requirements. The nice thing is that it qualifies you also for better rewards on credit card (up to 75% bonus) but the nice thing about Schwab is that the linked bank account (you have to open it) has no foreign fees and ATM reimbursements.

https://www.fatwallet.com/forums/finance/1550002

rated:
Stubtify said:   burgerwars said:   Is there anything special about Scottrade? Any similar offers for TD Ameritrade, E*Trade, Merrill Edge, etc?  Also, Schwab should offer benefits for customers that have been loyal to Schwab.  I would think a customer who has been a loyal Schwab customer for a dozen years with a sizable balance should be offered a discount, not just customers who have been loyal to a competitor.
Here's the start of a script to get free trades from Schwab:  

You:"Hi, I wanted to know what the fees are for moving my account to another brokerage"
Schwab: "I can certainly give you that information, do you mind me asking why you want to leave Schwab?"
You:"Sure, I'm being offered a year of free trades from the other broker."
 


With Schwab, I have a taxable account with zero balance because of benefits on the bank side on international travel.
I asked them last month that I have a old 401k above $25k that I wanted to transfer in and I would open a new retirement account - also said that E*TRADE was giving $200 and free trades for a few months. Schwab didn't even try to offer me anything, so I opened a new account at E*TRADE instead.

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In addition to the free trades did Schwab reimburse for the fees that Scottrade charges for transferring the account?

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I actually have a scottrade account for years with $0 balance but never closed it. I wonder if I should deposit some money so I can do this deal.

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Thanks for this post. Transferred account and received this email

Thank you for transferring your assets to Schwab. In appreciation of your relationship with us, your account listed above will receive commission-free online equity trades until 07/2028, after which they will receive $4.95 online equity commissions1 for the remainder of the time the enrolled account remains open at Schwab

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