Transfer with ACATS (what it is)
ACATS (Automated Customer Account Transfer Service) automates and standardizes moving assets between firms via NSCC/DTCC. Most transfers complete within a few business days.
Pre-transfer checklist
Match title/registration exactly
Account names and Social Security Numbers must match perfectly.
Settle all open trades
Wait for T+2 settlement on recent purchases before initiating transfer.
Close options near expiry
Options expiring soon may not transfer cleanly.
Note non-transferable assets
Some mutual funds, CDs, or proprietary products may not transfer.
Download statements and tax documents
Keep records before losing access to your old account.
Initiate the transfer
The Process
- 1. Open your new receiving account first
- 2. Submit transfer form at the receiving broker
- 3. Receiving firm triggers the ACATS request
- 4. Delivering firm validates and processes
- 5. Assets move via DTCC systems
Fees & timing
Typical Fees
- • Outgoing transfer: $50-$125
- • Partial transfer: Often higher fees
- • Full transfer: May be reimbursed by new broker
- • Check with both firms for exact costs
Timeline
- • Standard: 3-6 business days
- • Complex accounts: Up to 2 weeks
- • Delays from: margin debit, unsettled funds
- • International holdings may take longer
After the move
Re-enroll dividend reinvestment plans (DRIPs)
DRIP elections typically don't transfer automatically.
Update options trading permissions
May need to reapply for complex options strategies.
Subscribe to market data feeds
Real-time quotes and Level 2 data subscriptions.
Link bank accounts
Set up ACH transfers and wire instructions.
Transfer Note: Account moves use ACATS via DTCC/NSCC. The receiving broker handles the paperwork, but you should monitor progress and follow up if delays occur.
Frequently Asked Questions
How long does an ACATS transfer take?
Most complete in 3-6 business days once initiated, barring issues like unsettled trades or registration mismatches.
Will cost basis transfer?
Yes for covered securities in the US, but verify after arrival and keep your own records as backup.
Can I trade during the transfer?
Your old account will be frozen during transfer. Plan accordingly or maintain separate funds for trading.