ACAT
ACASIA TECH INC A
stock OTC

you are missing the point ... $50 is a min purchase amount for this MMF in WellsTrade to buy this MMF, and you pay no fees of course ... then you ACAT \[ partial ACAT is free\] it to Fidelity and start using it there ...

you are missing the point ... $50 is a min purchase amount for this MMF in WellsTrade to buy this MMF, and you pay no fees of course ... then you ACAT \[ partial ACAT is free\] it to Fidelity and start using it there ...

You’re right, ACAT transfers are initiated at the new broker and you don’t have to involve the old broker at all. I’ve done ACAT transfer between brokers at least four times in the last year and it’s always initiated at the new broker and I never had to contact the old broker.

Thanks for clarifying, but I'm not sure it matches what the IBKR site says nor what F8NRA says. . It's been quite a while since my last ACAT transfer, but I did not have to contact the old brokerage at all. Even the IBKR support page states that you use IBKR to initiate the request.

I actually got a retention offer to stay at Schwab ($X, 12 month hold period) when I transferred a decent sum out during Robinhood's 3% promotion.
I was seriously considering it after some back and forth but the ACAT hit before they came up with a final number I'd accept and it wasn't worth unwinding at that point.