What is the ACAT transfer fee?
The Automated Customer Account Transfer Service (ACATS) is a system that automates and standardizes procedures for the transfer of assets in a customer account from one broker to another. Generally, the account balances and positions will transfer directly to the new broker, except Fractional shares which cannot be transferred via ACAT. Typically, any Fractional Shares will liquidate soon after the transfer, and the residual cash will be transferred soon after.
Transferring assets To Firstrade can be initiated in your Firstrade Account after login by clicking Account – Deposit/Transfer – Account Transfer and complete the requested fields.
Transferring assets From Firstrade should be initiated from your account at the other broker. Be aware that Apex Clearing will charge a $55 Partial Transfer fee and $75 Full ACAT Transfer fee. The funds must be available in your Firstrade account Cash Balance in order to complete the outgoing transfer.