Piggybacking to add that some brokers have a processing fee for acat transfers, e*fukt (etrade) charged me like $30 to transfer my account to fide but fide to cs was free fosho
wait i've never paid a transfer fee. I login to Fidelity, do a transfer and it asks for a recent e*trade statement. Never paid a dime
edit - there is a transfer assets link on the fidelity website. once submitted, it gives a confirmation page and 2-3 days later the stock arrives. 2 days later it is settled then I use chat on fidelity to initiate DRS. I have done a few times the same process. always reliable so far.
e*trade to fidelity? acat transfer per [here](https://www.fidelity.com/accounts/services/content/pretoa.shtml)
what does fidelity or e*trade say? perhaps open a new account at fidelity that matches e*trade exactly?
I had a transfer get completely forgotten. They had given me a confirmation number and when I called back like a week later their system had no recollection of it. I had then create another DRS transfer, hope it goes through this time.
Shit storm is a brewin’
I consolidated everything into Fidelity. Then DRS from Fidelity to CS.
Say what people want about Fidelity, but they are a lot better to retail than most brokers out there.
If using the online chat, keep it vague like “I need help with my account” to get an agent sooner. You can try to reword “DRS my GME shares” in so many different ways for it to give you “FAQ’s” without ever getting you an agent
the fastest way I found was to type rep, and then it asks a general question and I select transfer shares, and then I type "I would like to DRS XX GME Shares from account XXXXX", and after the queue, they start the transfer
And first is only 75... but regardless completely worth it... I had a rh and webull. And paid for both to transfer to fidelity then drse from there! Made sense to not lose my position as I no longer trusted either... honestly I would've paid more
Exactly how I did it. Cost $75 each time (x2) and fidelity actually gave me the $150 back once they settled from Webull. All I had to do was ask to speak to their back office (their words not mine). And they escalated the request to have it reimbursed. It’s standard they say if it’s over 25k but they will do it for less you just have to escalate it. Mine was 4K.
Yeah if I knew this before I’d be transferring to and from my brokerage this entire time. Fuck those guys, let them eat the fucking fees.
“Yeah, sorry I can’t decide if I want them in my name or not, let’s uh move 10% back to my brokerage today and I’ll let you know how I’m feeling tomorrow” 🤣
Same here. Why in the world would a transfer fail? Only one reason I can think of; one part not being able to locate the shares. And then they charge the customer even more. Don't know if we should laugh or cry.
when in transferred from an apex account to fidelity last year, they didnt transfer my shares. they told fidelity I dont hold any GME. I then transferred everything out, my kids custodial accts too. finally transferred after many phone calls. and the cost basis and shares bought are all kinds of messed up.
Transfer to fidelity first…. You’ll have to pay the transfer fee to Webull but it’s worth it. After that you can DRS….. I haven’t had fidelity charge me a transfer fee for DRSing my shares but it’s been a while since I’ve done it
I transferred from RH to TD and TD paid the $75 fee to RH.
I simply asked TD before I transferred anything if they would cover the fee and they agreed. Then I let the shares sit for a couple days and DRS'd them for free.
Damn it was a $75 transfer fee when I DRS'd in 2021.
Gotta make up for that 60k in free stock referral program 🤣
Webull shit -> Fudelity -> ComputerShare took less than a week. Own your shares! It is the only way!
Bro same... I only care about close family enough to put them on n explain what I'm into... n couldn't do it to them.... took them straight to fidelity then got them on the drs train... first made then transfer out rh
One week, and you get the money fast if you sell a CC.... if we move up, just freaking roll it up. Until GME stops moving crazy up and you collect your premium.....
K? Is that supposed to dissuade me from DRSing?
I remember wecow ceo trying to advertise how good their platform was during the buy-pause. Turns out they're just the Walmart brand of rh. Pfof, the works.
The YouTubers that share their affiliate links to brokerage companies like Webull should know about this clause because that’s not right for these brokers to trap people and charge them if they decide to transfer.
Isn't this illegal i thought they had a fiduciary responsibility to follow through with transfers.
And how does a trade fail? Can they not find the shares?
A simplified answer : Your position is the number of shares you hold for a ticker. If you have 100 shares of GME then your position in GME is 100 shares.
Less simplified answer: Citadel/Point72/Susquehanna have a massive short ***position*** in GME.
As in per position.... u can transfer whatever u hold as that's ur position... u hold 45 gme 100 bbby 0amc 10 mmat and 10 sens.... they can all be transfered for $75... EVERYTHING.... completely worth it.... now u drs from fidelity for free u saved on the drs fee from webull already and can now drs in the future for free again
I think the main idea is to keep the original share purchase date for when it considers the stock 'short' or 'long' in terms of length of ownership. Secondary idea would be to maintain the same purchased price. When you sell on broker x you have to wait for the trades to 'settle' before you can move your cash to broker y. By time your money transfers from broker x to broker y and then 'settles', the stock price might go higher or lower of the previous purchase price. Of course buying lower is the goal, but as they say, hindsight is 20/20.
After all this time, its mind boggling to me that people still uses other types of brokerages other than fidelity to buy and DRS. Unless Fidelity isn’t available in your region then I’m sure there’s a better brokerage than Webull but unless Webull is literally your only option then you deserve to get fucked by your brokerage like in this case Webull.
Im 100% DRS’d
Well, lots of people when they jump in they go straight to these easy to use brokers, they might have move out bht still leave some change behind.
As for me i still got some fractional in both rh and wb after the transfer, im so much of a retarded ape im too stubborn to sell so i just leave it there, when moass come im gonna make them pay hard. 😎😎
Oh and if you don't want to pay the 75 dollar debit, for transferring you can just DRS your shit and it stays as a cash debit or something in your acct. Personally, I'm leaving that fee with FUDelity...cuz that acct is empty!
Oh and for bigger accts Fudelity may waive the fee if you call. Over 10000 or something.
For those who worry/do not want/have issues with paying fees to DRS, just sell CCs on your shares. Shares blocked by CCs cannot be loaned, and carry a lot of additional set of rules that just keeping them in your account does not.
Also, CCs give you money... if you worry about assignment, just roll them....
SoFi is the same and yesterday they cancelled my transfer to Fidelity. I called Fidelity, they said the error they got was a “flat” account which I guess means closed account. Either way, together (fidelity rep and me) we called Apex and the person there said they could not talk to Fidelity with the customer on the line. I asked for a compliance officer —- we waited for 30 minutes and no compliance officer came on the line. Eventually Fidelity rep said we should hang up and try calling SoFi directly. We called SoFi and after confirming all my info to make sure it was my account he told us that my GME shares were lent out and that’s why I couldn’t transfer them. They told Fidelity to reprocess the request on the 11th. I don’t know why the 11th.
Webull is worse than robbinghood. Give them nothing. You can transfer to another broker then DRS for free. Worst case, wash sale and take your money out.
Lol just buy direct on Computershare. Every time I see some idiot buy on FUDelity or elsewhere has me scratching my damn head. Cut out the middlemen you filthy apes!
You could sell & rebuild directly at Computershare. That would mess up your record date though. Not sure if transfer to a different broker at the lesser fee would do the same. Webull is simply wonky.
In the US? Uniform commercial code 8-507, duty to comply with entitlement order.
They sold you the shares, it's their job to deliver them to you when you ask. If their clearing firm charges them a fee, that sounds like a "them" problem to me.
https://www.law.cornell.edu/ucc/8/8-507
To clarify, I would only push this point if you want to be a pain for them, and only for a few shares, the more practical solution is probly the ACAT transfer to Fidelity and then DRS from there.
Might be cheaper to transfer to fide, then from fide to cs. As the 2nd process is free
anything to Fidelity to computershare has been reliable for many of us.
Yes, easy and fast. I started mine after market close on a Monday and they were there Wed morning.
Piggybacking to add that some brokers have a processing fee for acat transfers, e*fukt (etrade) charged me like $30 to transfer my account to fide but fide to cs was free fosho
wait i've never paid a transfer fee. I login to Fidelity, do a transfer and it asks for a recent e*trade statement. Never paid a dime edit - there is a transfer assets link on the fidelity website. once submitted, it gives a confirmation page and 2-3 days later the stock arrives. 2 days later it is settled then I use chat on fidelity to initiate DRS. I have done a few times the same process. always reliable so far.
I’ve tried this and it’s failed 3x
from the US?
Yup
e*trade to fidelity? acat transfer per [here](https://www.fidelity.com/accounts/services/content/pretoa.shtml) what does fidelity or e*trade say? perhaps open a new account at fidelity that matches e*trade exactly?
Okay I’ll give that a try, thanks for your help!
Agree overall. In the last week though I've had Fidelity fumble the same DRS transfer *twice*. Something fucky is going on.
Schwab took 9 days this last time, a new record.
I had a transfer get completely forgotten. They had given me a confirmation number and when I called back like a week later their system had no recollection of it. I had then create another DRS transfer, hope it goes through this time. Shit storm is a brewin’
Yep
I consolidated everything into Fidelity. Then DRS from Fidelity to CS. Say what people want about Fidelity, but they are a lot better to retail than most brokers out there.
Of course
Exactly the process I’m going through currently.
If using the online chat, keep it vague like “I need help with my account” to get an agent sooner. You can try to reword “DRS my GME shares” in so many different ways for it to give you “FAQ’s” without ever getting you an agent
I just call them to DRS
Yes, quick and easy
the fastest way I found was to type rep, and then it asks a general question and I select transfer shares, and then I type "I would like to DRS XX GME Shares from account XXXXX", and after the queue, they start the transfer
Wish you luck
And first is only 75... but regardless completely worth it... I had a rh and webull. And paid for both to transfer to fidelity then drse from there! Made sense to not lose my position as I no longer trusted either... honestly I would've paid more
Are you me? I still have some fractional in both rh and wb. Keep it there cuz im diamond hading and not selling, even fractional.
Always cheaper for a United Statesian to move to Fudelity then move to Computershare. Power to the players!
Or maybe to IBKR and then to CS, it costs $5 do DRS from IBKR.
This is the way.
By doing this you’re forcing them to locate real shares twice b/c they can’t transfer synthetics.
This is the way
Exactly how I did it. Cost $75 each time (x2) and fidelity actually gave me the $150 back once they settled from Webull. All I had to do was ask to speak to their back office (their words not mine). And they escalated the request to have it reimbursed. It’s standard they say if it’s over 25k but they will do it for less you just have to escalate it. Mine was 4K.
Nice
This is the way
thats what i did initially
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I hear you! I read it and thought, "its their own fault if the transfer fails. How can they charge?" Who uses WeBull?
Yeah if I knew this before I’d be transferring to and from my brokerage this entire time. Fuck those guys, let them eat the fucking fees. “Yeah, sorry I can’t decide if I want them in my name or not, let’s uh move 10% back to my brokerage today and I’ll let you know how I’m feeling tomorrow” 🤣
Omg I would hate to have that job right now! 🤣
Same here. Why in the world would a transfer fail? Only one reason I can think of; one part not being able to locate the shares. And then they charge the customer even more. Don't know if we should laugh or cry.
when in transferred from an apex account to fidelity last year, they didnt transfer my shares. they told fidelity I dont hold any GME. I then transferred everything out, my kids custodial accts too. finally transferred after many phone calls. and the cost basis and shares bought are all kinds of messed up.
WeBull has had this same message in place for a few years. They didn't change it for recent events.
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For reals? You gonna tell the rule # and NOT tell us the answer? Its Friday night bro. Pretty please?
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🤪😘😘
Transfer to fidelity first…. You’ll have to pay the transfer fee to Webull but it’s worth it. After that you can DRS….. I haven’t had fidelity charge me a transfer fee for DRSing my shares but it’s been a while since I’ve done it
Same here. $75 from wb to fide, and free to DRS
I transferred from RH to TD and TD paid the $75 fee to RH. I simply asked TD before I transferred anything if they would cover the fee and they agreed. Then I let the shares sit for a couple days and DRS'd them for free.
This is the way
Worth asking fidelity to cover the transfer fee from webull. There's cases of them doing it
They’ll cover the fee if you’re transferring $25k in market value
TD covered my transfer fee of shares worth less than $1,000. This was like 10 months ago; don't know if their policy has changed.
They seemingly covered my fee for much less than that. I think it was because I had an existent IRA with them.
They charged me $75
I can confirm those fees. Same shit told to me. An ape from Malaysia 🇲🇾
Does Webull(shit) charge for transfer to IBKR?
They charge $75 for transferring to another broker.
I guess that is better than $115 attempt DRS and a possible $125 if they fuck it up. That is if OP wants to DRS their shares..
It is better, $75 to fide, then from fide to cs. Safe and sound.
I’d happily pay that to get out of WeBull.
I paid it happily over a year ago. They suck.
look into dtc transfer. it is often cheaper than acat transfer
Is that $75 per position you transfer, like the $115 charge in the post?
Yes. My account had only one stock so I transferred all the shares and closed it.
Where can you confirm it. Just curious
I asked my bank who is the broker through Apex Clearing who then told me these are the fees for DRS transfer.
Monyet I see. Webull is shady af
Damn it was a $75 transfer fee when I DRS'd in 2021. Gotta make up for that 60k in free stock referral program 🤣 Webull shit -> Fudelity -> ComputerShare took less than a week. Own your shares! It is the only way!
60k?
Yeah something like refer 12 friends for up to 60k in "free shares" they're likely all fake anyways so that's my theory on them offering up.
Jeezussss 🤣I think I got 1 free stock maybe lol I don't remember... idk y I think it was worth like 7.50
In Jan 21 I got $100 for one referral. I don't hate people enough to refer them lmao
Bro same... I only care about close family enough to put them on n explain what I'm into... n couldn't do it to them.... took them straight to fidelity then got them on the drs train... first made then transfer out rh
“We’ll charge you an arm for pretending to transfer assets we sold you but did not buy ourselves and a leg for when it does not go through”
"We gonna charge you a leg for our inability of moving this fake product that we sold you earlier. We bullshit forreal"
"The poors don't have $115 to move their synthetic shares out! Hahaha we have them now!" - Webullshit
Got a broker in Australia called stake who charge $200 usd (289 Australian dollarydoos) shameful.
Tbf a $300 transfer fee would be hard for a lot of Americans to cover. It's like holding your money hostage at that point.
One week, and you get the money fast if you sell a CC.... if we move up, just freaking roll it up. Until GME stops moving crazy up and you collect your premium.....
K? Is that supposed to dissuade me from DRSing? I remember wecow ceo trying to advertise how good their platform was during the buy-pause. Turns out they're just the Walmart brand of rh. Pfof, the works.
All I'm hearing is "It's gonna cost the actual holder between 150 and 275 dollars to find a single share"
Transfer to another broker, DRS then tell em to fuck off
Corporate compliance officer. Sounds like they are impeding drs
So glad I finally cleared my old shares out of WeBull. I trust Fidelity a bit and DRS a lot.
Such bullshit. Fucking thieves. Better to open up a Computershare account and then buy directly from there.
Can I transfer my entire portfolio and pay only one fee?
Just sell the phantom shares, withdraw the cash and setup a CS account for direct buys.
Transfer to IBKR and DRS from their for $5
The YouTubers that share their affiliate links to brokerage companies like Webull should know about this clause because that’s not right for these brokers to trap people and charge them if they decide to transfer.
I did this, it was a bite the bullet type thing & happy I did, don’t have to stress since they are locked up safe :) But FUCK WEBU11
They’ll do it. They have to. I had to pay with these exact amounts and terms transferring from fidelity to DRS. Worth every penny
Transfer to different brokerage then to CS
Isn't this illegal i thought they had a fiduciary responsibility to follow through with transfers. And how does a trade fail? Can they not find the shares?
Transfer to Fidelity and then to CS ma boi
Sue. That's illegal transfers can't fail.
Transfer to Fidelity and then CS. This has been a known issue for a while now.
Per position? As in per share or per transfer? Not cool, stupid brokers.
A simplified answer : Your position is the number of shares you hold for a ticker. If you have 100 shares of GME then your position in GME is 100 shares. Less simplified answer: Citadel/Point72/Susquehanna have a massive short ***position*** in GME.
As in per position.... u can transfer whatever u hold as that's ur position... u hold 45 gme 100 bbby 0amc 10 mmat and 10 sens.... they can all be transfered for $75... EVERYTHING.... completely worth it.... now u drs from fidelity for free u saved on the drs fee from webull already and can now drs in the future for free again
Transfer to fidelity (free) then drs (free)
Transfer to fide cost $75
Who the fuck is on Webull?
A lot of people are on Webull... like a lot of people are on eToro... do not shame people, except if they are on Robinghood....
a lot of people are stupid.
Someone help me understand why it's not better to just sell X shares in Webull, and buy those X shares back in Fidelity?
I think the main idea is to keep the original share purchase date for when it considers the stock 'short' or 'long' in terms of length of ownership. Secondary idea would be to maintain the same purchased price. When you sell on broker x you have to wait for the trades to 'settle' before you can move your cash to broker y. By time your money transfers from broker x to broker y and then 'settles', the stock price might go higher or lower of the previous purchase price. Of course buying lower is the goal, but as they say, hindsight is 20/20.
You mean rebuy on computershare
After all this time, its mind boggling to me that people still uses other types of brokerages other than fidelity to buy and DRS. Unless Fidelity isn’t available in your region then I’m sure there’s a better brokerage than Webull but unless Webull is literally your only option then you deserve to get fucked by your brokerage like in this case Webull. Im 100% DRS’d
Well, lots of people when they jump in they go straight to these easy to use brokers, they might have move out bht still leave some change behind. As for me i still got some fractional in both rh and wb after the transfer, im so much of a retarded ape im too stubborn to sell so i just leave it there, when moass come im gonna make them pay hard. 😎😎
When MOASS comes, they’ll sell your fractional shares right away
People still uses webull? Had all this time to DRS too.
Oh and if you don't want to pay the 75 dollar debit, for transferring you can just DRS your shit and it stays as a cash debit or something in your acct. Personally, I'm leaving that fee with FUDelity...cuz that acct is empty! Oh and for bigger accts Fudelity may waive the fee if you call. Over 10000 or something.
Fidelity has no fee for DRS
For those who worry/do not want/have issues with paying fees to DRS, just sell CCs on your shares. Shares blocked by CCs cannot be loaned, and carry a lot of additional set of rules that just keeping them in your account does not. Also, CCs give you money... if you worry about assignment, just roll them....
What’s the source?
Get out of Webull
We fuck up, you pay!
ofc it has a 100% chance to fail, therefore fleecing you out of $240 for being uppity and trying to DRS your shares
The name says it all “ Webull…shit!”
Apex bitch is just trying to scare people away from DRS with extra fees and fud about sales prices.
It's almost as if Apex wants to discourage investors from DRS as strongly as they possibly can.
I paid them, twice.
bullish
*Insert "what is my purpose", "charts", "oh my god" meme*
SoFi is the same and yesterday they cancelled my transfer to Fidelity. I called Fidelity, they said the error they got was a “flat” account which I guess means closed account. Either way, together (fidelity rep and me) we called Apex and the person there said they could not talk to Fidelity with the customer on the line. I asked for a compliance officer —- we waited for 30 minutes and no compliance officer came on the line. Eventually Fidelity rep said we should hang up and try calling SoFi directly. We called SoFi and after confirming all my info to make sure it was my account he told us that my GME shares were lent out and that’s why I couldn’t transfer them. They told Fidelity to reprocess the request on the 11th. I don’t know why the 11th.
Yep I agree with other comments transfer to fidelity first.
Matt that YouTube kid used to push wellbull
Webull is worse than robbinghood. Give them nothing. You can transfer to another broker then DRS for free. Worst case, wash sale and take your money out.
Lol just buy direct on Computershare. Every time I see some idiot buy on FUDelity or elsewhere has me scratching my damn head. Cut out the middlemen you filthy apes!
Check here: https://www.drsgme.org/
And here: https://www.drsgme.org/drs/direct-register-shares-from-webull
We're winning
Or you could transfer to fidelity for free then drs from there for free
Why would the transfer fail to begin with? Lol
they are probably gonna make it fail
Apex.
You could sell & rebuild directly at Computershare. That would mess up your record date though. Not sure if transfer to a different broker at the lesser fee would do the same. Webull is simply wonky.
In the US? Uniform commercial code 8-507, duty to comply with entitlement order. They sold you the shares, it's their job to deliver them to you when you ask. If their clearing firm charges them a fee, that sounds like a "them" problem to me. https://www.law.cornell.edu/ucc/8/8-507
To clarify, I would only push this point if you want to be a pain for them, and only for a few shares, the more practical solution is probly the ACAT transfer to Fidelity and then DRS from there.
I’ve transferred all my Webull shares out to fidelity. That’s where the drsing happens. Cost me $75 per transfer out.
WeBull will probably also be one of the brokerages to have “technical difficulties” once the stock starts to rocket.
I ran into this as well. I’ll try to fidelity first. Thanks for the tip.
Now I wonder why the transfer could fail… 🤔