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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →Yes. In the United States, you can generally move cash and eligible investments from one online broker to another by requesting a full or partial account transfer. Many transfers use the Automated Customer Account Transfer Service (ACATS), but whether a holding moves in kind depends on the asset and whether the receiving broker accepts it. Check each position and both firms’ terms before starting.
How to transfer a brokerage account
The broker you are leaving is the carrying firm; the broker you are joining is the receiving firm. Start with the receiving firm: it provides an authorized Transfer Initiation Form (TIF) or equivalent process and, when both firms are eligible ACATS participants, submits the transfer request through ACATS. Some transfers require manual handling if a firm or asset is not eligible. FINRA’s transfer overview and Rule 11870 describe the process.
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- Open or confirm the destination account. Check that it has the same registration and account type as the account or assets you intend to move, and ask whether any minimum or eligibility requirement applies.
- Check every holding. Give the receiving firm the position names or tickers and ask which it can accept in kind, which require a different process, and which it cannot carry.
- Ask about practical effects. Confirm transfer fees, account restrictions, open orders, fractional or residual positions, and how cash or credits arriving after the main transfer will be handled.
- Submit the request through the receiving firm. Specify whether you want a full account transfer or only designated assets. Follow both firms’ instructions if a position needs separate disposition arrangements.
What can move between brokers?
FINRA says cash, domestic-company stocks and bonds, and listed options are generally readily transferable through ACATS. Some mutual funds may transfer too, depending on the particular fund and the receiving firm’s arrangements. These categories are not a guarantee that a specific broker will accept every position. FINRA Regulatory Notice 22-19, dated August 8, 2022, summarizes common transferable assets and portability limits.
A product may be nontransferable if the receiving firm does not support it or lacks the arrangement needed to carry it. A broker’s proprietary product is generally nontransferable unless the receiving firm agrees to accept it. Some unusual assets may instead require manual handling—for example, limited partnerships or products that need re-registration, as discussed in FINRA’s 2006 task-force report. Ask both firms about the specific holding rather than relying on its broad asset category.
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Full versus partial transfers
FINRA Rule 11870 covers transfers of an entire securities account or specifically designated assets. A partial transfer can leave some holdings or cash behind at the old broker; ask how those remaining assets will be managed. A full-account transfer may be affected by the receiving firm’s account eligibility or minimum requirements. For a whole-account transfer, the rule provides that after validation the carrying firm freezes the account and open orders are generally canceled. The rule also addresses certain residual credit balances that arise after the main transfer.
How long does a transfer take?
For transfers covered by Rule 11870, the carrying firm generally must validate the instruction or take a permitted exception within one business day after the instruction is established. After validation, it generally has three business days to complete the transfer. The firms must promptly resolve exceptions, and the rule says they must “expedite and coordinate activities with respect to the transfer.” These are regulatory milestones, not a guarantee that every asset will be available to trade within a fixed number of calendar days. Manual processing, unresolved exceptions, unsupported holdings, and operational issues can extend the overall wait.
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What if the new broker will not accept a stock or other holding?
Before initiating a whole-account transfer, ask what will happen to each nontransferable asset. Depending on the holding and the brokers’ procedures, you may be able to leave it at the carrying firm for your benefit, liquidate it, or arrange for it to be transferred directly to you. FINRA’s rule requires the customer to receive information about specified nontransferable assets in a whole-account transfer and request disposition instructions.
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- Leaving the asset behind: Confirm that the old firm will continue to hold it, what account access or fees apply, and how you can later sell or otherwise manage it.
- Liquidating it: Ask about timing, redemption terms, and any liquidation or other fees. Confirm where the proceeds will go and whether they will be transferred separately.
- Taking direct delivery: Ask what registration or receiving account is required and whether additional paperwork or costs apply.
If the assets are in a retirement account, ask the carrying firm how each disposition choice could affect taxes or penalties. FINRA assigns the carrying firm responsibility to inform the customer that the selected disposition method may create tax or penalty liability. The tax treatment depends on the account, asset, and circumstances; do not assume that every transfer or disposition has the same result.
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Questions to ask both brokers before you move your account
- Can the receiving broker accept each security, fund, option, and other product in kind?
- Will it accept the account’s current registration and account type, and does it have a minimum balance or other eligibility requirement?
- Are there incoming or outgoing transfer fees, or fees for liquidating an unsupported holding?
- What happens to open orders, fractional or residual positions, and assets that cannot transfer?
- How will cash, residual balances, or later credits be handled after the main transfer?
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