Moving from Webull to Schwab and Vice Versa
Do you have a Webull brokerage account? Do you want to try Schwab? Or are you at Schwab but want to give Webull a shot? With the following step-by-step guide, you can move an account from one broker to the other easily and pain-free.
General Outline
To move an investment account from one firm to another, you’ll want to complete the following five steps:
Step One: Verify that both brokerage houses accept and send account transfers through the Automated Customer Account Transfer Service (ACATS) network.
Step Two: Open a new account with the broker you want to try.
Step Three: Prepare your old account. For a full transfer, this generally means closing open orders, eliminating margin balances, and allowing trades to settle.
Step Four: Submit a transfer request with the new brokerage firm.
Step Five: Monitor the transfer for accuracy.
Transfer Schwab Account to Webull
Step One: Both Schwab and Webull send and accept ACATS transfers, so there’s no need to perform any other transfer type.
Step Two: Now you need to open a Webull account if you don’t already have one. This is easy
to do with their link:
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The name on the account and the account type must match your Schwab account exactly. If you plan to transfer in any option spreads, you must open a margin account.
Step Three: Now it’s time to get your Schwab account ready for the imminent transfer. Any investments that Webull doesn’t accept must be liquidated if you plan to do a full account transfer. These assets include mutual funds, fixed-income securities, OTC stocks, foreign equities, and futures contracts. Webull won’t accept fractional shares, but Schwab should convert any you have into cash before sending positions to Webull.
Step Four:
This could be done on either Webull’s mobile app or website.
On the website, click on the settings menu (represented by your name in the upper-right corner)
and then select My Account. Choose Transfer Stocks in the left menu.
On the mobile app, click on the Webull icon in the middle of the bottom icons. Next, in the top
menu tap Transfers, and then tap on the Transfer Stocks into Webull icon.
Schwab’s logo is prominently displayed as a potential outgoing broker. Tap on Schwab’s logo to pre-fill some information. You will need your account number and a recent statement.
Webull will credit your new account $75 if your Schwab transfer is valued at $2,000 or more. If you’re moving an IRA, the minimum is $5,000. This offer is only valid for customers who have never transferred an account to Webull before. Schwab itself charges $50 for an outgoing full transfer or $25 for an outgoing partial transfer.
Step Five: Wait about two weeks and all the assets you requested from Schwab should appear in your Webull account. If they don’t, or if there are any discrepancies, give Webull a call at (888) 828-0618.
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Transfer Webull Account to Schwab
Step One: As mentioned in the previous section, both firms participate in the ACATS network.
Step Two:
Open a Schwab account. It must be either an individual account, Roth IRA, or Traditional IRA, because that’s all that Webull offers. If you have any option spreads coming over from Webull, you’ll need to add margin to your Schwab account.
Step Three: Schwab doesn’t offer cryptocurrency trading, so you won’t be able to transfer digital currencies. If you have any, you’ll need to sell them, do a partial transfer and leave them in your Webull account, or make sure they’re in a separate account.
Step Four: Now it’s time to submit an ACATS request at Schwab. In the top menu on the Schwab website, hover over Accounts and then click on Transfer Account under Transfers & Payments. Just follow the instructions on the online form and you’ll be all set.
Webull does charge $75 for an outgoing ACATS transfer, and Schwab doesn’t reimburse it. However, Schwab does have a current $100 promotion for transferring in at least $25,000.
Step Five: Schwab’s website displays the status of transfer requests under the Transfer
Account tab.
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Open Schwab Account
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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