2022: Does Ally Invest reimburse account transfer (ACAT) fee for moving brokerage or IRA account from another investment firm?

Ally Invest Refunds ACAT Transfer Fees

If you’ve been thinking about transferring a brokerage account to Ally Invest, but have hesitated due to your current broker’s transfer fee, get ready to start moving.

Ally Invest will reimburse any transfer fee (up to $75) charged by the outgoing brokerage firm when the transfer is sent electronically through the Automated Customer Account Transfer (ACAT) Service. This promotion is valid for one transfer per customer, and a minimum of $2,500 must be moved. Moreover, the ACAT transfer must be requested within 15 days of opening the new Ally Invest account.

Ally Invest’s rebate cannot be applied to maintenance or termination fees charged by the old brokerage house. It could take up to a month for Ally to issue the rebate to the new account.

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Making the Transfer

To transfer your old brokerage account to Ally Invest, you’ll first want to open your new Ally Invest account. Once you’ve done this, log into your new account and click on My Accounts in the top menu. In the drop-down menu that appears, click on Transfer Funds and then select Transfer an Account.

On the next screen, Ally’s website will lead you step-by-step through the transfer process. Everything is done electronically for your convenience. If you prefer the old-fashioned way, you can fill out this paper transfer request form and then mail it to Ally.

The names on both accounts must match. And Ally Invest does not accept the transfer of penny, worthless, or foreign securities.

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Wait...There’s More

On top of the ACAT fee refund, Ally Invest is also offering a cash bonus for customers who can bring more than $2,500. The bonus special starts at $50 for depositing $10,000. Larger bonuses are available for larger deposits. Here’s the schedule:

Ally Invest BonusDeposit or Transfer
$3,000 $2 MM
$2,500 $1MM - $1.99MM
$1,200 $500k - $999.9k
$600 $250k - $499.9k
$300 $100k - $249.9k
$250 $25k - $99.9k
$100 $10k - $24.9k

And in case you’re wondering, yes, there is some fine print:

- Ally Invest reviews each new account 60 days after it’s opened to verify the transfer or deposit amount. So you have that long (and no longer) to meet the minimum deposit/transfer amount.
- Ally Invest will deposit its bonus within 10 business days. So it apparently is a little faster here than with the ACAT fee refund.
- The cash bonus cannot be withdrawn for 300 days.
- If you withdraw your deposit during that time, Ally will revoke the bonus.

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