Friday, October 21, 2011

Finalizing the Transfer from Ameriprise

Yesterday, I received a letter from Ameriprise advising me that they had not been able to send my old account holdings over to Scottrade.  There were six ETFs in the account and the CUSIP numbers required reinvesting profits and dividends - and apparently these CUSIPs aren't acceptable ("holdable") at Scottrade, so they sent the shares back.

I could have had Scottrade sell them anyway, but that would have involved a broker fee of $50 each - $300 total.  That would have taken a little time and worry to make up, so I had them sent back over to Ameriprise and began trying to navigate how to dispose of them.

Finally, I get this letter, dated 10/13/2011, which says to call them and they will take care of it.  It also says that if I didn't do so within 30 days of the date of the letter, they'd reopen the old account with these shares "subject to applicable fees."

I got on the horn with them this morning.  A very pleasant rep named Jeffrey took my order and arranged for the sale, then called me back to confirm. The funds will settle on 10/24 and I can then roll them over to Scottrade.

The good news is the estimated proceeds from these ETFs are $42K or so.  I'm sure there will be fees.  But if the bulk of that is transferred, when combined with what already came over, it means my starting point is $48K - remember from the first post on this blog, my initial goal will be to rebuild the account to $77K as fast as I can. 

Only $29K to go!

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