TD Ameritrade 300

Sofi Invest Transfer Fee (ACAT) and Brokerage Account Closing Charge 2022


How much does Sofi Invest charge in ACAT fee for full and partial brokerage account transfer (stock positions, mutual funds, and ETFs). Cost to close Sofi Invest account.


ACAT Fee For Transfers Into Sofi Invest


Sofi Invest does not charge any fees if you are transferring account to them. You can use a promotion link below to open an account and initiate the transfer:


Open Sofi Account


Sofi Invest Account Closing Fee


Sofi Invest has no fee to close both taxable and IRA accounts.


Sofi Invest Account Transfer (ACAT) Fee (Transferring OUT)


Sofi Invest has $75 Account Transfer Fee also known as ACAT fee for both partial and full account transfers. If you move your account to TD Ameritrade, they will reimburse up to $125 of this ACAT fee (must have a minimum $2,500 account balance).


Sofi Invest Top Competitors


Broker Review Promotion
Offer
Stock/ETF
Commission
Mutual Fund
Commission
Maintenance
Fee
Annual IRA
Fee
Ally Invest Up to $3,000 cash bonus + $0 commission trades. $0 $9.95 $0 $0
WeBull 6 FREE stocks valued $34-$12,600 give-away at Webull. $0 na $0 $0
TD Ameritrade $0 commissions + transfer fee reimbursement. $0 $49.99 ($0 to sell) $0 $0


What are ACAT Fees?


The Automated Customer Account Transfer System (ACATS) is the National Securities Clearing Corporation's (NSCC) central processing system for the transfer of positions and accounts between brokerage firms that are participants of the NSCC's ACAT program. The ACAT system allows broker dealers to enter, review, and settle account transfers in a fully automated manner.

You need to have an approved account with a firm to which you are transferring an existing account before you start the ACAT transfer. The ACAT process will take longer when a customer attempts to transfer positions that are not paid in full, have unsettled funds (for example, if you just executed an order at some firms it will take 3 days to settle), or restricted stock. You need to take this time factor into account when you transfer positions.


Sofi Invest


Most full transfers take 10 to 20 business days. Any residual balances that remain with the delivering brokerage firm after your transfer is completed will follow in approximately 10-20 business days although this can vary depending on the residual sweep schedule set up with the delivering firm. If you have any questions regarding residual sweeps, please contact the delivering firm directly so that they can force out the remaining balance. Most partial transfers take 10 days to 2 weeks, although this time frame is dependent upon the transferring firm, and may take longer.

Some mutual funds cannot be held at all brokerage firms. This typically applies to proprietary and money market funds. These funds will need to be liquidated prior to transfer. There is a similar situation with some penny stocks - ask your delivering firm if you could transfer your specific penny stocks.


About the Author
Chad Morris is a financial writer with more than 20 years experience as both an English teacher and an avid trader. When he isn’t writing expert content for Brokerage-Review.com, Chad can usually be found managing his portfolio or building a new home computer.