ACAT Fee For Transfers Into Public
Public does not charge any fees if you are transferring an account to them. You can use
a promotion link below to open an account and initiate the transfer:
Open Public Account
Cancel Public Account Fee
Public does not charge account closure fees for both regular brokerage joint or individual accounts.
Public ACAT Fee (Transferring OUT)
Public account transfer fee (also known as ACAT fee) is $75. If you move your account to
TD Ameritrade,
they will reimburse this ACAT fee.
Public Wire Transfer Fee
Domestic wire transfers at Public.com have a $30 charge.
Public Top Competitors
How To Cancel Public Account
To close Public investing account, you first move your cash to your bank or another broker. If you have investments you can either
sell them (you might face tax consequences in this case) or transfer to another broker. Then you email Public customer service and ask them to cancel your account.
Public Fees Comparison
In today’s cut-throat brokerage industry, $0 trades are now the norm. Some zero-commission brokers have lower miscellaneous fees than Public. For example, Fidelity charges nothing for an ACAT transfer. TD Ameritrade charges $25 to stop a payment and just $2 for paper statements.
E*Trade charges $25 for broker-assisted trades and $20 for overnight shipments.
Other zero-commission brokers offer more services than Public. For example, Ally Invest offers trading in options, mutual funds, and forex. And SoFi Invest offers IRAs and cryptocurrency trading.
Commission-Free Trading
Some brokers offer certain securities with no commissions. Several on-line firms, including E*Trade and Schwab, waive commissions for some ETF’s. In order to attract new customers, brokerage houses will offer commission-free trades for a specified amount of time, such as two months. There’s usually a limit on the number of free trades as well.
Downsides of Free Trades
If a broker is providing financial advice and making money off of commissions at the same time, there is automatically a potential conflict of interest. This situation isn’t necessarily illegal, but there could be an incentive for the firm to recommend a product that has a higher commission because it earns more from the trade.
Also keep in mind that a fund that is commission-free at a broker may be so because the fund has paid the broker to include the security on the broker’s list of commission-free products. The fund is not necessarily there because it’s a good buy. And it may have a high expense ratio to help offset the lack of a transaction fee.
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.
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