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I transferred my accounts (Brokerage + Traditional IRA + Roth IRA) from E*Trade to Edward Jones in full. I didn't realize a couple things in the process:

  • That fees would be assessed ($180).
  • That the E*Trade accounts would be closed instead of just 0'd out.
  • That Edward Jones would do the transfer without my express permission.

Is there any way for me to roll back the transfer?

Also, if I wanted to let the transfer stand but keep the E*Trade accounts open with a $0 balance, how would I do that?

Chris W. Rea
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user3032
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2 Answers2

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  1. The fees are assessed by E*Trade and usually the receiving broker reimburses for the transfer. You have to ask.

  2. Most brokers keep the account open atleast till the end of the year since you have to have access to tax records (especially if you've opted for online delivery). Check with E*Trade.

  3. No one can transfer without your permission. Something isn't right.

If you want to keep your eTrade account open, you do what's called a partial ACAT transfer (which may or may not have a fee depending on the broker).

I suggest you read up on ACATs.

You may find this article useful : http://www.moneycone.com/switching-brokers-what-you-need-to-know-to-avoid-getting-hit-with-fees/

(that's my blog)

JoeTaxpayer
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MoneyCone
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You can always submit the paperwork to transfer. All you want. But (a) how/why would you expect Edward Jones to refuse an incoming transfer and (b) why would you think a broker (eTrade) would keep accounts open? A 100% transfer implies you've left them. It's not malice, it's closing an account per the transfer.

JoeTaxpayer
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