There are three ways to transfer securities into a new Place Trade Financial account. Transfer all securities from your current broker as a FULL transfer or transfer select securities as a PARTIAL transfer.
Place Trade Financial does not charge clients a fee to transfer in an account. However, we suggest contacting your delivering broker to establish fees you may incur before transferring. Delivering firms usually charge fees to transfer out an account. This could result in a debit balance.
- Direct Transfers (DTC) are completed within 2-3 business days.
- Full Account Transfers are usually completed within 6-10 business days from the date completed paperwork is received.
- Partial Account Transfers may take approximately 3-4 weeks from the date completed paperwork has been received. Completion of your account transfer depends on the response time of your current broker. Remember to list the specific number of shares for each asset to be transferred. Cash must be listed as dollars and cents with a specific amount.
For Our International Investors, Place Trade Financial will attempt to expedite the transfer of foreign accounts within the same time frame as our domestic customers. However, every foreign transfer has individual circumstances that will be handled according to the situation and individual needs.
Important Transfer Information:
- Complete an Account Transfer Form along with a Place Trade Financial Account Application if you do not have an existing account.
- For your protection, the names(s)/title on your transferring account must match the name(s)/title on the receiving Place Trade Financial account.
- If you have an existing Place Trade Financial account the name(s)/title on the account being transferred must also match the name(s)/title on the receiving Place Trade Financial account.
- If you are transferring assets between Place Trade Financial accounts, contact Customer Service at 1-800-50-PLACE for a Letter of Authorization to Transfer (LOA)
- Include a copy of your brokerage's last monthly statement.
- Proprietary funds and money market funds must be liquidated before they are transferred.
- Indicate whether the transfer is to be a TOTAL or PARTIAL transfer. For a PARTIAL transfer list specific assets and quantities to be transferred.
- Internal Place Trade Financial Transfers: Trading in an account which is involved in a transfer will delay the transfer and may cause rejection of the transfer.
- Sign and date the Transfer Form. Your Transfer Form must be signed and dated by all account owners. If a debit balance is part of your transfer, the receiving account owner(s) signature also will be required.
Account Transfer Facts
Debit Balances
If your delivering firm charges a fee to transfer your account you may incur a debit balance after your account transfer is completed. You may deposit the required transfer fee into your delivering account or liquidate assets within the account to avoid a debit balance.
Options Contracts
To avoid delays in the transfer of option contracts, Place Trade Financial suggests completing your transfer paperwork two weeks prior to options expiration. This will prevent a delay in your transfer.
Mutual Funds
When transferring mutual funds held in a brokerage account, list the fund name and mutual fund account number and complete a separate transfer form for each mutual fund company. If all mutual funds are held at the same mutual fund company, list several funds on one transfer form.
It is necessary to choose if you want each mutual fund to transfer as shares or to be liquidated and transferred as cash. Transferring as shares requires you to choose whether you would like dividends and future capital gains reinvested into shares, or paid in cash.
Direct Rollover from a Qualified Plan
- Place Trade Financial suggests contacting the administrator of your Qualified Retirement Plan to obtain instructions and eligibility to remove funds from the plan. Place Trade Financial cannot request funds on your behalf. You may be required to establish an account number for your receiving IRA with Place Trade Financial prior to facilitating a rollover.
- You may choose a Traditional Contributory IRA or a Rollover IRA for your transfer. Be aware that the IRS does not allow Qualified Retirement Plan accounts to be put directly into Roth IRAs. They must first be moved into a Traditional IRA and then converted.
- Transfer time depends on your plan administrator and could take from 30-90 days from the time completed paperwork is received.
- Place Trade Financial may be asked to sign a letter of acceptance from your plan administrator. This requires a Place Trade Financial Transfer Form to be signed and completed.
Bank/CD/Annuity Transfers
- Cash transfers may be made by personal check.
- CDs and annuities must be redeemed before transferring. If transferring a CD at the maturity date, your transfer request must be received no later than 21 days before the maturity date. Annuities must be surrendered immediately upon transfer.
- Contact your financial institution for penalties you may incur.
- These types of transfers may take 3-6 weeks to complete from the date your paperwork has been received.