In general, you can transfer brokerage accounts, Traditional, Roth, Rollover and SEP IRAs, custodian accounts and estate trusts, as long as the ownership of the two accounts is the same. Please contact us before initiating a transfer of an account with a power of attorney.
Although we can accept transfers of retirement assets, restrictions may apply. For example, assets cannot be transferred without penalty from a SIMPLE IRA to a Traditional or Rollover IRA for two years from the first contribution. Instead, you must transfer assets from a SIMPLE IRA to another SIMPLE IRA during that time period. After the initial two-year period, you can transfer assets from a SIMPLE IRA to a Traditional or Rollover IRA without penalty.
Some mutual funds may not be eligible for transfer.
Certificate of Deposits (CDs) typically take four to six weeks to transfer. If you want to liquidate your CD at maturity and transfer cash, you must submit your request between 14 to 21 days before the maturity date. If we receive your request 14 days or less from the maturity date, we will process the transfer on a best effort basis. No transfers will be processed for CDs that mature beyond 21 days. Please note: If you liquidate a CD before maturity, you will likely incur a penalty. Please contact your transferring bank or credit union for more information.
If you would like to transfer margin positions, you must have a valid Merrill Edge margin agreement in place for the account you want to transfer these assets to. If you do not have a Merrill Edge margin agreement, please contact us before starting the transfer process.