I want to move *half* of my Apple vested RSUs from etrade to Chase (or Wells) to get a discount on mortgage rate. If anyone has done this before can you please guide or point me to the process? Also, how long does this transfer take? To clarify - I dont want to sell my RSUs but just transfer between banks. Muchas Gracias! (Obligatory) TC: 450k :)
I would just call the bank...
You can't move shares to a bank - you can only move them to another brokerage - call WF brokerage services and ask them what the process looks like & how much they will charge $.
e-trade will let you transfer stock without selling it to another brokerage, just call them. Also if you have the premium account with wells fargo, there are no commissions for the first 100 trades. Be careful if you are transferring esops / RSUs where you have already paid income tax on part of the cost basis - that information doesn't transfer and you will have to keep all the documentation for when you sell and pay taxes.
Thank you.
If the new destination is another broker, you can just call them and usually everything is free and smooth. Moved to Fidelity and it was very easy.
As mentioned in other post, cost basis became 0, right ? You need to manually manage during taxes.
The new broker usually can initiate that transfer for you. And as the other people already said the new broker will not have the original acquired date and cost basis and they will put all the Rsu in the same lot. I transfer my Rsu form E*TRADE to Merrill lynch last year and I submitted a request to update the cost basis today. They said it will take 30 days to update the 1099-B so keep that in mind
I am in the same situation now… I moved RSUs from Etrade to Merrill, and now it shows cost basis as 0 when doing tax return. So have to contact ETrade to provide detail information of all the transferred RSUs?
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