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Written by Drew Cochran on October 21, 2022
Category: 
FTC Disclosure

How To Transfer From ETrade To SoFi 2022

E*Trade is a popular online brokerage that allows many people to invest and trade from the comfort of their phone and desktop browser. They offer a wide range of traditional investment classes, including stocks, options, ETFs,  bonds, futures, and mutual funds.

SoFi is an online banking platform that offers its users online investing, as well as interest-earning accounts, credit, loans, and even insurance. Their mission is to "help people reach financial independence to realize their ambitions", and many E*Trade users are wondering what SoFi can do for them.

Maybe you're curious about one of the new things SoFi is doing, and want to make the switch.

Transferring assets between banks can get messy, even in today's online world of instant business.

That's why we're going to show you step-by-step how to move your E*Trade account into SoFi, right now.

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How To Transfer From E*Trade To SoFi

Transferring to SoFi with your E*Trade is pretty simple. We'll be using an ACATS transfer to move your E*Trade assets, including stocks and cash, into a SoFi account of the same type.

ACATs transfers, or Automated Customer Account Transfer Service, is a convenient way to move all available assets from one bank account into another bank. This avoids the need to sell off and rebuy assets, which in turn avoids a taxable event for you.

While ACATS are pretty convenient overall, they do come with a fee, usually from the bank you're leaving.

In this instance, E*Trade charges $75 for a full account transfer, and $25 for a partial account transfer.

With SoFi, there is a way for qualified accounts to get this fee reimbursed - more about that in step 3!

Transferring From E*trade To SoFi:

  1. Locate your E*trade Account Info
  2. Sign Up For SoFi
  3. Initiate ACATs Transfer To SoFi

1. Locate E*Trade Account Info

Before we start moving everything into SoFi, we'll need to grab your 8-digit E*Trade account number, and note the account type:

  1. Log in to your E*TRADE account.
  2. In the main menu, under “Accounts” — click “Complete View”.
  3. The last 4 digits of your account number is available next to the account name on the following screen. Click “Show Number” to reveal the full 8-digit account number.
  4. Note the type of account you want to transfer (individual, taxable, etc). You'll need to open the same kind of account in SoFi for your ACATS

Once this information is securely copied down, we can get started with SoFi!

2. Sign Up For SoFi

SoFi Robo Advisor

Getting SoFi set up is really quick and simple. If you've applied for any other online bank or broker before, it's all the same stuff: enter your information, verify your identity, and get your account approved.

Already set up with a SoFi Invest account? Move on to step 3!

Here's how to open a new SoFi account:

  1. Go to Sofi's Invest website or download the Sofi app
  2. Click or tap "Invest Now"
  3. Enter in your name, email, and password. This creates a Sofi account. In order to invest, you will need to set up a Sofi Invest account.
  4. Tap "Invest" along the bottom menu in the app
  5. Tap "Start Investing"
  6. Select the type of investment account you would like to create (in this case, you should select the option that matches your E*Trade account)
  7. Next, input your information such as address, SSN, job, investing experience, etc.

After your information is in their system, SoFi will need to verify your identity. If your name and ID matches during sign up, this can be instantaneous, but it could take up to 2 business days.

3. Initiate ACATs Transfer In SoFi

Now that your SoFi Invest account is ready to go, and you have your E*Trade information on hand, we can start your ACATs transfer.

Follow these steps to initiate your ACATs:

  1. Log in to your SoFi account and click on the "Invest" tab.
  2. If you’re using the app, then click on the "Transfer Account" button; if you’re using the SoFi.com dashboard, then click on the "Begin transfer" button.
  3. Search for the name of the firm where your assets are currently held.
  4. After selecting your brokerage, a new window will appear from Plaid, which is a third-party security company. Plaid will prompt you to log in with your username and password for E*Trade.
  5. After logging in, you will simply follow the prompts to execute the transfer.

If your account types between E*Trade and SoFi aren't the same type, it can delay or cancel your transfer. ACATs transfers can take up to 2 weeks to finalize.

Additionally, at time of writing, SoFi does not allow the transfer of mutual funds, cryptocurrencies, or OTCs or pink sheet stocks. For these kinds of assets, you will have to either keep them in your E*Trade account, or sell off and rebuy them in SoFi or another online brokerage that accepts assets of those types (at the moment, you can buy crypto inside SoFi, but they do not offer individual crypto wallets).

If you're unsure if SoFi can support a specific asset you own, check their app for that asset type by searching for it in the app. If it shows up in your search, SoFi supports it!

SoFi ACATS Transfer Fee Reimbursement

If the value of your ACATs transfer is $5000 or more, you qualify to get your ACATs fee reimbursed by SoFi.

After completing your transfer, email [email protected] to request your reimbursement.

Transferring From E*Trade To SoFi: Final Thoughts

SoFi seems like it has something for everyone, and it's easy to see why anyone would want to try it out.

If your E*Trade account value is close to that $5000 mark, it may be worth it to delay your ACATs transfer and keep building funds in E*Trade, so you can get your $75 fee reimbursed. For some, this may not be a viable option, but why leave money on the table if you can help it?

Enjoy your time in SoFi!

Article written by Drew Cochran

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