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Zecco.com » General Investing » Tax Matters » Moving from Sharebuilder to Zecco -...
Last post 03-24-2008, 10:42 PM by nickcatal. 4 replies.
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  •  03-24-2008, 10:08 AM 25573

    Moving from Sharebuilder to Zecco - Best Way

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    I am moving from Sharebuilder to Zecco. I only have 2 active positions on SB. SB wants me to pay them $50 + $10/position to move over to Zecco. I can sell those 2 positions for $20 then buy them at Zecco for either $0 or $8. BUT that would require me to liquidate those positions on Sharebuilder.

    Is this going to be a big enough issue to make paying the $70 better than paying $28? Or is it all the same in the eyes of the IRS?

  •  03-24-2008, 10:30 AM 25575 in reply to 25573

    Re: Moving from Sharebuilder to Zecco - Best Way

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    I am going through the same thing right now.  I am leaning towards selling out of my 2 positions and then transferring the $ to Zecco not because of the $ but because of at least the 30 days time frame.

    I believe the fee to transfer is $50.  Here is the e-mail I got from SB:

    There is a fee charged by ShareBuilder for transferring assets to another brokerage. For full account transfers, the fee is $50. For partial transfers, the fee is $10 per security and $10 for cash funds, up to a maximum fee of $50. The amount of the fee must be available in your money market cash balance when the transfer request arrives from the other brokerage. Please be aware that an account transfer will take approximately 30 days to be completed.


     

     

  •  03-24-2008, 10:40 AM 25576 in reply to 25575

    Re: Moving from Sharebuilder to Zecco - Best Way

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    If time is of essence and the sell or buy price is not that important, or you don't see much volatility when sell (in Sharebuilder) and buy (in Zecco), I would recommend selling the securities and buying them at Zecco, instead of transferring.

    Its a matter of personal comfort with the price volatility with the securities you hold. I transferred some securities from Sharebuilder to Zecco, and it took me a long time to transfer. About a month and half.

    JMHO. Good Luck !

  •  03-24-2008, 12:10 PM 25581 in reply to 25576

    Re: Moving from Sharebuilder to Zecco - Best Way

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    i am in the process of liquidating my sharebuilderm account, well, as we all know prime time for buying stocks has just passed, and sharebuilder wired my funds to the wrong account, i suggest not closing the account and just transfering the 2 equities, then you only pay 20 dollars

  •  03-24-2008, 10:42 PM 25609 in reply to 25581

    Re: Moving from Sharebuilder to Zecco - Best Way

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    danheil:
    i am in the process of liquidating my sharebuilderm account, well, as we all know prime time for buying stocks has just passed, and sharebuilder wired my funds to the wrong account, i suggest not closing the account and just transfering the 2 equities, then you only pay 20 dollars


    Great idea... I didn't even think of doing a partial transfer. Thanks!

    That is less $$$ than either of my ways above. Then I can just move all of the funds out of my SB account and call them and tell them to close the account.
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