Moving your investments from one brokerage to another can feel like a daunting task, but with a clear understanding of the process, it's entirely manageable. This comprehensive guide will walk you through every step of transferring your assets from E*TRADE to Webull, ensuring a smooth transition for your portfolio.
Ready to take control of your investments and potentially explore new trading opportunities with Webull? Let's dive in!
A Detailed Guide: How to Transfer Money (Assets) from E*TRADE to Webull
When you talk about "transferring money" between brokerage accounts, it typically refers to transferring your invested assets (stocks, ETFs, options, etc.) and any associated cash, rather than just sending a simple money transfer like you would from a bank account. This is usually done through a process called an Automated Customer Account Transfer Service (ACATS).
Understanding ACATS: Your Key to a Smooth Transfer
The ACATS system is a standardized and automated way to move your brokerage account from one firm (the "delivering firm," in this case, E*TRADE) to another (the "receiving firm," Webull). It's designed to make the process efficient and minimize human error. Most publicly traded stocks, ETFs, cash, and even some mutual funds and options can be transferred via ACATS.
Step 1: Prepare Your E*TRADE Account (The Delivering Firm)
Before you even think about logging into Webull, it's crucial to get your E*TRADE account in order. This proactive approach will help prevent delays and potential rejection of your transfer request.
1.1 Verify Your Account Information:
Ensure the account types match: If you're transferring a Traditional IRA from E*TRADE, you'll need to transfer it to a Traditional IRA at Webull. Similarly, an individual brokerage account should transfer to an individual brokerage account. Mismatched account types can cause immediate rejections.
Confirm names and addresses: Make sure the name and address on your E*TRADE account exactly match the name and address on your Webull account. Even minor discrepancies can flag the transfer. If there are differences due to marriage, divorce, or other legal changes, you might need to provide supporting documentation (e.g., a marriage certificate) to Webull.
Locate your ETRADE account number:* You'll need this for the transfer request on Webull's side. You can usually find it on your ETRADE statements or by logging into your ETRADE account and navigating to your "Complete View" or "Account Summary."
1.2 Address Any Account Restrictions or Issues:
Resolve margin calls: If you have an outstanding margin call on your E*TRADE account, resolve it before initiating the transfer.
Check for unsettled trades: Allow all your recent buy and sell orders to settle. Trades typically settle on T+2 (trade date plus two business days). Initiating a transfer with unsettled trades can cause delays or partial transfers.
Opt out of securities lending (if applicable): If you participate in a securities lending program with E*TRADE, you may need to opt out and wait a few business days for the change to process before initiating the ACATS transfer.
Liquidate ineligible assets: While ACATS handles most common securities, some assets might not be transferable. These can include:
Fractional shares: ACATS typically only transfers full shares. Any fractional shares will usually be liquidated by E*TRADE, and the cash proceeds will be transferred along with your other assets.
Proprietary mutual funds: E*TRADE might offer certain mutual funds that are exclusive to their platform and cannot be transferred "in-kind" to Webull. These will need to be sold, and the cash transferred.
Alternative investments or unlisted securities: These are generally not ACATS-eligible and would need to be handled separately.
Options nearing expiration: Some brokers may not transfer options contracts expiring within a very short timeframe (e.g., 7 days).
1.3 Check for Transfer-Out Fees from E*TRADE:
ETRADE does charge a fee for outgoing full account transfers. As of the latest available information, this fee is typically $75 for full transfers. Be aware of this fee, as it will be deducted from your ETRADE account balance during the transfer process. Ensure you have sufficient cash in your E*TRADE account to cover this fee, or it could delay the transfer.
Step 2: Initiate the Transfer on Webull (The Receiving Firm)
The ACATS transfer process is always initiated by the receiving firm. This means you'll start the process directly on the Webull platform.
2.1 Log In to Your Webull Account:
Open the Webull app or log in to your Webull account on their website.
2.2 Navigate to the "Transfer In" or "Account Transfer" Section:
Look for a section related to "Transfers," "Deposits," "Add Funds," or "Account Transfer." On the Webull app, you might find it by tapping the "Webull logo" at the bottom of the screen, then "Transfers" at the top, and then "Shares Transfer In."
2.3 Select "Transfer Stocks/Assets from Another Brokerage":
Webull will likely present options for depositing funds. Choose the option that allows you to transfer assets from another brokerage, which will initiate the ACATS process.
2.4 Provide E*TRADE Account Information:
You will be prompted to enter details about your E*TRADE account. This will typically include:
Delivering Brokerage Name: Select "E*TRADE" from the list of financial institutions.
ETRADE Account Number:* Enter the exact account number you found in Step 1.1.
Account Type: Specify if it's an Individual, Joint, IRA, etc., ensuring it matches your E*TRADE account.
Full or Partial Transfer: Decide if you want to transfer all eligible assets from E*TRADE (full transfer) or only specific assets (partial transfer). For a partial transfer, you'll need to specify which securities and how many shares you want to move.
Upload Statement (Recommended/Required): Webull may require you to upload your most recent E*TRADE account statement (dated within the last 90 days). This helps verify your account information and holdings. Having this ready from Step 1.2 is a lifesaver!
2.5 Review and Submit:
Carefully review all the information you've entered to ensure accuracy. Any typos can lead to delays or rejections.
Read and agree to the terms and conditions for the transfer.
Submit your transfer request.
Step 3: Monitor the Transfer Process
Once you've submitted the request on Webull, the ball is largely in their court. They will communicate with E*TRADE to facilitate the transfer.
3.1 Check Webull's Transfer Status:
Webull usually provides a status tracker within their platform (e.g., "Transfer History" or "Transfer Status"). Keep an eye on this to see the progress of your transfer.
Expect updates: You'll likely receive email notifications from Webull as your transfer progresses.
3.2 Be Patient - Transfer Times Vary:
ACATS transfers typically take 3 to 7 business days to complete, but in some cases, they can take longer (up to 21 business days) depending on various factors like:
Accuracy of information provided: Incorrect details are the leading cause of delays.
Complexity of your portfolio: Accounts with a wide variety of assets or illiquid securities might take longer.
Pending activity: Any unsettled trades or corporate actions on your E*TRADE account will delay the transfer until resolved.
Weekends and holidays: These do not count as business days.
3.3 Potential for Communication from E*TRADE or Webull:
ETRADE:* While you initiate with Webull, E*TRADE will receive the transfer request. They might contact you to confirm the transfer or if there are any issues on their end (e.g., insufficient funds for the transfer fee).
Webull: If there are any discrepancies or missing information, Webull will reach out to you for clarification or additional documentation. Respond promptly to any requests to avoid further delays.
3.4 Account Restrictions During Transfer:
During a full ACATS transfer, your E*TRADE account will typically be restricted. This means you won't be able to buy or sell securities, deposit or withdraw cash, or enter new orders for the assets being transferred. This restriction helps ensure a smooth transfer and prevents further activity that could complicate the process. You still own your securities during this time.
Step 4: Verify Assets in Your Webull Account
Once Webull notifies you that the transfer is complete, it's time to do a thorough check.
4.1 Confirm All Assets Have Arrived:
Log in to your Webull account and meticulously compare your new holdings to your last E*TRADE statement.
Verify that all the securities you intended to transfer have arrived, and the share counts are accurate.
Check for any cash balance that was transferred, especially if fractional shares were liquidated.
4.2 Check Cost Basis Information:
This is crucial for tax purposes! Ensure that the cost basis (your original purchase price) for your transferred securities is accurate in your Webull account. Sometimes, this information can take a few extra days to transfer over after the assets themselves. If you notice any discrepancies, contact Webull customer support immediately with your E*TRADE statements as proof.
4.3 Reallocate or Adjust as Needed:
Once your assets are safely in Webull, you can begin trading or rebalancing your portfolio according to your investment strategy.
Important Considerations & Tips for a Seamless Transfer:
Keep Records: Save copies of all E*TRADE statements, Webull transfer confirmations, and any correspondence related to the transfer. This documentation is invaluable if any issues arise.
Don't Close Your E*TRADE Account Prematurely: Do NOT close your E*TRADE account until you have fully confirmed that all your assets have been transferred correctly to Webull, including cost basis information. Residual transfers (small amounts of cash or newly settled dividends) can sometimes occur after the main transfer is complete.
Consider a Partial Transfer First (Optional): If you're hesitant about moving your entire portfolio, you could consider initiating a partial transfer with a small number of shares or a specific holding to get familiar with the process before committing to a full transfer.
Contact Customer Support: Both E*TRADE and Webull have customer support teams dedicated to assisting with account transfers. Don't hesitate to reach out to them if you have questions or encounter any problems. Provide them with as much detail as possible.
Understand Tax Implications (Generally None for ACATS): An "in-kind" ACATS transfer (where you transfer shares without selling them) is generally not a taxable event. You are not selling your investments, merely moving them to a new custodian. However, if E*TRADE liquidates fractional shares or any ineligible assets, those liquidations would be taxable events. Consult a tax professional if you have complex holdings or specific tax concerns.
Frequently Asked Questions (FAQs)
Here are 10 common "How to" questions related to transferring assets between brokerages, with quick answers:
How to check my E*TRADE account number for the transfer?
You can typically find your ETRADE account number on your monthly statements, or by logging into your ETRADE online account and navigating to your "Accounts" or "Complete View" section.
How to find the ACATS transfer form on Webull?
On the Webull app, go to the "Webull logo" at the bottom, then "Transfers" at the top, and look for "Shares Transfer In" or "Transfer Stocks/Assets from Another Brokerage." The form will be part of the online initiation process.
How to avoid transfer delays from E*TRADE to Webull?
Ensure all your E*TRADE account information (name, address, account type) exactly matches your Webull account. Resolve any margin calls, unsettled trades, or fractional shares before initiating the transfer.
How to transfer fractional shares from E*TRADE to Webull?
ACATS generally does not transfer fractional shares. E*TRADE will typically liquidate (sell) your fractional shares, and the cash proceeds will be transferred along with your other assets to Webull.
How to know if my E*TRADE account has a transfer-out fee?
ETRADE typically charges a $75 fee for outgoing full ACATS transfers. You can confirm this on ETRADE's official "Pricing and Rates" page or by contacting their customer service.
How to track the progress of my E*TRADE to Webull transfer?
You can usually track the transfer status within your Webull account's "Transfer History" or "Transfer Status" section after you've initiated the request. Webull will also likely send you email updates.
How to handle ineligible securities during the transfer?
Any securities not eligible for ACATS transfer (e.g., proprietary mutual funds, certain alternative investments) will generally need to be liquidated (sold) by E*TRADE before the transfer can complete. The cash proceeds will then be transferred.
How to ensure my cost basis transfers correctly to Webull?
After the assets arrive in Webull, closely review your new account to ensure the cost basis for each security is accurate. If you find discrepancies, contact Webull customer support immediately and provide them with your E*TRADE statements.
How to contact Webull customer support for transfer issues?
You can typically find Webull's customer support contact information (phone, email, live chat) within their app or on their official website's "Help" or "Contact Us" section.
How to cancel an initiated ACATS transfer from E*TRADE to Webull?
To cancel an ACATS transfer, you would generally need to contact the receiving firm (Webull) as soon as possible and inform them of your intention to cancel the request. Depending on the stage of the transfer, it might be possible to halt it.
