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Webull

Transfer From Webull To TD Ameritrade (Complete 2022 Guide!)

Jamey Muller
Updated: July 14, 2022
8 min read

Security accounts can be transferred from one brokerage firm to another. The process is straightforward and will take no more than a few days.

If you have an account on Webull and want to switch to TD Ameritrade, this guide is for you.

How to Transfer From Webull to TD Ameritrade:

Brokerage account transfers are typically accomplished using the Automated Customer Account Transfer Service (ACATS). 

1.     Create an account with TD Ameritrade and generate an ACAT request.

2.     Indicate Webull Financial LLC as your current firm.

3.     Key in your Webull account number and choose your account type.

4.     Ensure that the name on the account being transferred is the same as the name on the receiving TD Ameritrade account.

5.     Wait for a few days for the transfer to come through.

Most customer account transfers go through an automated process. They are done via the ACATS, which is operated by National Securities Clearing Corporation (NSCC)

There are different assets and securities that you can transfer from one broker-dealer firm to another. These include stocks, bonds, options, and cash.

To begin the transfer process, you need to fill out a Transfer Initiation Form (TIF). This TIF will be sent to the brokerage you want to move your account to.

The receiving firm will then communicate with your current firm to ask for your pertinent data, including your account name, account number, and social security number.

All these will be accomplished electronically through the ACATS.

When transferring accounts from Webull to TD Ameritrade, the TIF will be forwarded to TD Ameritrade as the receiving firm for valuation.

Once the request is approved, Webull will send the account assets to TD Ameritrade within five to 14 days.

You should note that not all assets are transferable to TD Ameritrade. The platform only supports stocks, mutual funds, exchange-traded funds (ETFs), options, bonds, and CDs. 

Before initiating a transfer request, make sure to contact your receiving firm to confirm and avoid problems later on.

During the transfer process, you will not get access to the positions you are switching. Do not worry. You will get to manage those assets on the TD Ameritrade platform once the transfer is complete.

You can also choose from either total or partial account transfer. Just tick off the appropriate box when accomplishing the ACAT.

When you choose a partial transfer, you need to list the specific assets and quantities you want to move to TD Ameritrade.

In the case of cash transfers, you should indicate the exact amount in dollars and cents. However, this type of transfer cannot be done via ACATS. 

You will need to complete the online External Account Transfer Form for cash transfers to TD Ameritrade.

Keep in mind that even though the transfer process is automated, there are still certain factors that may impact its progress. This may result in delays or rejections.

How Long Does It Take To Transfer From Webull to TD Ameritrade?

You will have to wait five to eight business days for the transfer process from Webull to TD Ameritrade to be completed.

The waiting time usually depends on the type of transfer you are requesting.

If you asked for a total transfer, the process will take roughly five to eight days upon initiation to be finalized.

For partial transfers, it will take about three to five days from the date you submitted the paperwork.

Non-ACATS partial transfers take longer. For instance, the transfer of mutual funds directly by a mutual fund company will take up to three to six weeks.

Sometimes, the transfer process experiences delays for certain reasons. One may be due to trading activities in your Webull account after you initiated a transfer request.

Another probable cause of holdup is insufficient funding. Webull charges for transfers, so you need to have money left in your account to cover the fee.

If you do not have enough funds in your Webull account for the transfer, the platform will likely put your request on hold until such time that you provide the correct payment.

Restrictions may also be imposed on certain accounts. If this happens, you should communicate with Webull to see what went wrong with the transaction.

You can keep track of the progress of your transfer request on the TD Ameritrade website or app. 

First, access the TD Ameritrade platform and select Account tools. From there, choose transfers on the drop-down menu.

You will be asked to choose between ACATS and Non-ACATS transfer on a different drop-down menu. 

The Account Transfers page will display all your transactions in a table format. To check where the transfer is in the process, simply locate Status in the columns.

You can also search for a particular account on the TD Ameritrade Account Transfers page. 

Locate the Account Number field on the top part of the table, then input the account number you are seeking out. This will narrow the search results considerably.

The Status column may be difficult to comprehend for a first-timer. To understand the labels, you only need to click on the question mark icon next to Status.

This will display the status explanations via a pop-up window. Scroll the bar on the right-hand side to see more details.

If there is a problem and your request cannot be completed, a notification will be sent to you. 

Canceling of account transfers from one brokerage to another is allowed, but this depends on the stage you are already at during the transfer process.

You may also need to contact your current firm if TD Ameritrade cannot terminate the transfer process.

How Much Does It Cost to Transfer From Webull to TD Ameritrade?

Webull will charge you a transfer fee of $75 for every outgoing ACAT transfer. The amount applies to both partial and full transfers.

Once the transfer is complete, TD Ameritrade will refund you the full amount. The brokerage can reimburse up to a $100 fee for account transfers between platforms.

Typically, fees charged during transfers will depend on your current broker. The receiving brokerage does not charge clients fees.

If you do not have enough funds left on your current firm, this may result in a debit balance.

Refunds will not be credited to you automatically. You need to contact TD Ameritrade for the refund to be processed.

The platform may also ask you for additional information regarding the transaction.

Is TD Ameritrade Really Better Than Webull?

Many investors attest to TD Ameritrade being better than Webull in terms of the trading platform, market research, and customer service.

TD Ameritrade is one of the top brokerages in the world, with around 11 million client accounts across the globe who enjoy a wide array of services. 

The platform is excellent for beginners, providing access to educational resources such as articles and instructional videos that cover everything from investing basics to advanced strategies.

You can also sign in for free online courses to become a more informed investor. 

TD Ameritrade offers weekly online webcasts that allow clients to interact with educational coaches and fellow investors.

In terms of investment options, TD Ameritrade offers a more diverse selection than Webull. You can get access to stock and options trading, mutual funds, forex and international trading, and advisor services.

TD Ameritrade also offers powerful trading tools and a better mobile app. Likewise, its market research is superior to Webull’s.

Many top-rated brokerages have included online banking in their services. TD Ameritrade clients can have checking accounts, debit, and credit cards.

Meanwhile, Webull does not offer these on its platform.

Can You Transfer Crypto From Webull to TD Ameritrade?

No. Because cryptocurrency is not supported in the ACATS transfer system, you will not be able to transfer crypto from Webull to TD Ameritrade.

If you want to initiate a full transfer and there is cryptocurrency involved, you will need to liquidate crypto for Webull to facilitate the transaction.

You may request a new partial transfer without cryptocurrency if you do not want to liquidate your asset.

For partial transfer, make sure that you choose the correct type of account transfer before sending the request.

Can You Transfer Options From Webull to TD Ameritrade?

Yes, you can transfer option contracts from Webull to TD Ameritrade. 

Options are supported in the TD Ameritrade platform, so transfers are permitted provided that the options are not expiring within seven days.

If the options you plan to move will elapse within the declared period, TD Ameritrade has the right to reject the transfer.

Furthermore, you cannot use the assets in your TD Ameritrade portfolio as collateral for inbound option positions. Any collateral required for options should come over as part of the transfer.

You should note that TD Ameritrade has to approve your options applications before the actual transfer. This is so the platform can prepare your account to support strategies regarding options trading levels.

Why Can’t I Transfer From Webull to TD Ameritrade?

Account transfer requests may be rejected for several reasons. If your transfer from Webull to Ameritrade did not push through, it may be because you are moving ineligible assets.

Generally, a security is transferable if it is purchasable in a platform. If TD Ameritrade cannot support the assets you are bringing in, you will not be able to complete the transfer.

This is why it is important to always check what types of securities your receiving broker can support before initiating the transfer process.

If you have a negative or margin debt in Webull, this may also be another cause for setbacks. 

Just like with options trading, you need to have margin investing enabled in the receiving broker for the margin balance to be carried over to your account.

Your TD Ameritrade account should be able to maintain the margin balances and positions you will carry over to prevent problems.

Another probable holdup in the transfer process is buying and selling stocks during the switch. 

If you want to trade, you should do it before entering the transfer request stage. This way, you can prevent needless setbacks.

Finally, you should always check if you are keying in the correct account number when filling out the transfer request.

This is a simple mistake that will set you back a few days or weeks if you are not careful.

Each brokerage follows a specific pattern in its account numbers. This can either be alphanumeric or numeric.

If you are not sure, you can always call your receiving firm to check.

Sources:

Webull: What does Webull charge to transfer stocks?

Written by
Jamey Muller
I'm the head-writer @ Knowledge Eager (or, in plain English, I'm the guy writing the majority of the content here). Addicted to the stock market, football, sushi and tacos.
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Jamey Muller
I'm the head-writer @ Knowledge Eager (or, in plain English, I'm the guy writing the majority of the content here). Addicted to the stock market, football, sushi and tacos.