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stock transfer services tips
Many investors transfer their accounts from one brokerage firm to another without a hitch. If your
transfer goes smoothly, count on the whole process taking two to three weeks. But this time frame
may vary depending upon such factors as the assets involved, the types of accounts, and the
institutions between which the transfer occurs.
Transfersmay be delayed if:
-the wrong transfer form is used;
-the transfer form has been incorrectly completed;
-the transfer involves a request to liquidate some or all of your assets;
-the transfer includes a margin account;
-the transfer is from one type of account into a different type of account;
-a change in the account owner is made; or
-the transfer involves a retirement account.
-This document walks you through the transfer process and provides tips on how to avoid
Use the Right Form
Use the correct form to ensure your transfer goes smoothly. Some firms allow you to use one
form for all account transfers while others have different forms depending on the type of account
you are transferring (for example, an IRA account or a margin account). To get the right form, call
the new firm where you want to transfer your account or visit its Web site.
Review the Form Carefully
As you start filling in the transfer form, review the account statement from your old firm where
your account is held. All firms require you to attach a copy of your most recent account statement
to the transfer form.
The form usually asks for the name on your account, the type of account you want to transfer,
account number, the firm where the account is held, and your social security or tax identification
number. Be sure you provide this information exactly as it appears on your old account. For
instance, if your middle name or initial appears on your old account, you may run into delays if
you forget to include it. When transferring only some of the securities in your account, carefully list
the securities you want to transfer on the form.
The easiest way to transfer your account is to keep the type of accounts the same (joint account
transfers to joint account; IRA to IRA) and account owner the same. You can change account
type or ownership at the time of the transfer, but this may delay the transfer. You may need to
provide documents proving changes to ownership, such as a marriage certificate, divorce decree,
or death certificate.
If you have questions about how to complete the form, contact the new firm for help. Once
completed, keep a copy of the form for your records.