Often if you do it in the right order, you can get the ACAT fees reimbursed. Don't open the new account, put some money in it, wait around, and THEN try to transfer...do it as a part of opening the account. Basically call them up and say "I currently have XXY broker and I want to switch to you, what can you do for me?" I always see ads in magazines that are like: ACAT FEES REFUNDED PLUS $150 BONUS CASH FOR OPENING A NEW ACCOUNT.
Originally Posted by threeleggeddog
I second Fidelity. I opened an e-trade account. Besides getting nailed with tons of e-trade marketing, they randomly locked my account one day and told me I needed to fax in my Social Security card (I am still clueless what prompted this). I said "F that" opened a fidelity account, which has been smooth and painless (I even opened a second checking account). Unfortunately, I still had to fax in the SS card just to get my money out of E-Trade - bastards.
Umm...brokerage accounts have pretty serious tax implications so it doesn't seem weird to me that they would want proof of something like this. Unless you are operating in such a way that you have a Tax ID, your SSN is how the IRS knows you.