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Written by Sam Pennington on May 4, 2022
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How To Transfer From Public To SoFi 2022

Public has exploded in popularity since launch in 2019. The app currently has over 50,000 reviews in the app store with an average rating of 4.7 stars. Investors love the capability of merging social media and investing.

Though for some investors, they may be looking for a more comprehensive app, such as Sofi with its access to cryptocurrencies, loan options, banking, and more.

Whatever the case may be, if you want to move your assets to Sofi, then keep reading! In this article, we cover the steps to transfer from Public to Sofi, step by step.

Let's dive in!

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Transfer From Public To Sofi

Transferring your assets from Public to Sofi is actually pretty simple as both brokers offer ACATS (Automated Customer Account Transfer Service).

With ACATS, the process is as simple as requesting a trade, though the process can take up to 10 business days to complete.

In order to initiate the trade, there are 3 simple steps to complete:

  1. Create a new Sofi Account
  2. Find your Public account number
  3. Request ACATS Transfer

Let's cover these steps in more detail.

1. Create a new Sofi Account

SoFi Robo Advisor

Opening a Sofi account is easy and only takes a few minutes. (If you already have a Sofi account, you can skip to the next step.)

  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 setup 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 allows you to choose your own investments)
  7. Next, input your information such as address, SSN, job, investing experience, etc.

After finishing the steps, your new account will need to be verified. This can take 1-2 business days, though if you ID verification and name match, it could be finished much sooner.

2. Locate Public Account Number

Public Logo

Before requesting an ACATS transfer, you may need your Public account number. (With Sofi, you will be using Plaid to login to your Public account. In some instances, you will need to enter in your account number manually.)

To find your brokerage account number in the Public app, follow the two steps below:

  1. Select your Profile Icon in the top left corner
  2. You will see your account number at the top, next to your profile picture, under your username

3. Request ACATS Transfer

Requesting the transfer is quick and easy. However, you need to ensure that your new Sofi account has the same name as your Public account.

Follow the steps below to initiate the transfer:

  1. Log in to your 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 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 login with your username and password for Public.
  5. After logging in, you will simply follow the prompts to execute the transfer.

The ACAT transfer request may take 1-2 weeks to finalize.

Please note that you must ensure the name of your new Sofi account matches your Public account. You will also need to ensure that the account type is the same. If either of these are not the same, your transfer could be delayed or canceled.

It's also important to note that you cannot transfer mutual funds, cryptocurrency, or OTC or pink sheets stocks into Sofi. If you have any of these assets, you will need to liquidate them prior to requesting an ACATS transfer.

If you are unsure if Sofi can support a particular investment, then check their app for that investment by searching for it. It is supported if it shows up in the search.

ACATS Transfer Fee Reimbursement

While Sofi does not charge any fees for an incoming ACATS transfer, you will have to pay a $75 fee from Public.

This $75 is standard for most brokers when performing an outgoing ACATS transfer. However, with Sofi, you can have that fee reimbursed! In order to qualify, the transfer must be at least $5,000.

If the transfer is at least $5,000, then you can request reimbursement by emailing [email protected] once the transfer has completed.

Sofi Account Transfer Promotion

In addition to Sofi reimbursing the transfer fee from Public, you can also qualify for their incentive program.

If you transfer your account from another brokerage to Sofi, you can qualify for up to a $5,000 bonus! Below are the transfer amounts and their corresponding bonus. For example, if you transfer an account worth $10,000, then you would be eligible to receive a $50 bonus.

  • $5,000 - $19,999.99: $50
  • $20,000 - $99,999.99: $125
  • $100,000 - $249,999.99: $250
  • $250,000 - $499,999.99: $500
  • $500,00 - $999,999.99: $1,000
  • $1,000,000 - $1,999,999.99: $2,500
  • $2,000,000+: $5,000

This promotion may not last forever! Take advantage of it while you can.

Transfer From Public To Sofi: Final Thoughts

Sofi is a top rated platform, and it is easy to see why. With banking, credit and debit cards, personal loans, investments, and more, Sofi has quickly gained notoriety since its launch in 2011.

If you want to transfer from Public to Sofi, then you are in luck. The process is fairly simple as both companies support ACATS transfers.

It is important to double check that your investments are supported by Sofi. If you own a particular investment that is not supported by Sofi, then you will need to liquidate that asset prior to requesting a transfer.

Once your transfer is complete, don't forget to request a reimbursement for the ACATS transfer fee from Public by emailing their support team.

Article written by Sam Pennington
Sam is a personal finance writer. While in college, he dedicated his spare time to learning about personal finance, investing, and real estate. Sam currently works as a business analyst for one of the top food manufacturers in the world.

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