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Written by Drew Cochran on August 25, 2022
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How To Transfer From Webull To SoFi 2023

Webull offers advanced trading controls and in-depth analysis for seasoned active investors who want a mobile experience - but sometimes it's easy to get lost, and not every mobile brokerage is for everyone.

Some Webull users have found themselves looking for a more streamlined experience, and may be curious about the various personal finance services SoFi has to offer.

Not only can you invest using SoFi, but SoFi has dedicated themselves to being a friendly, reliable one-stop shop for all your online banking needs. Recently, SoFi has even offered a 2% interest earning savings account - something unheard of in recent years, even among online banks.

Regardless of why you might be looking to switch over, it's easy to get confused about how to bring your portfolio from Webull to SoFi.

Today, we're going to show you precisely how to transfer your stocks and assets into SoFi from your Webull account, step by step.

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How To Transfer From Webull To SoFi

Luckily for us, transfering stocks from Webull to SoFi is actually pretty easy: all you'll have to do is perform what's called an "ACATs" transfer.

ACATs, or Automated Customer Account Transfer Service, is a way brokers allow their users to move their assets between brokerages without needing to sell off and rebuy their assets (which often creates a taxable event for us, not fun).

For your ACATs transfer, all you'll need to do is the following:

  1. Locate your Webull account information
  2. Sign up for SoFi
  3. Transfer into SoFi

ACATs usually have fees attached, as the brokerage you're leaving doesn't want you to take your assets away from them into another bank.

Fortunately, most brokers also have incentives for users who want to switch over, where they'll either pay your ACATs fees outright, or provide a rebate for qualified accounts after the fact. More on that in step 3!

For now, we'll start by gathering your Webull account information.

1. Locate Your Webull Account Info

Before we do anything in SoFi, you'll need to find and securely copy down some of your Webull account info.

You will need to safely copy the following details:

  • Type of Brokerage Account (Personal/Individual/Taxable, Roth IRA, traditional IRA, etc)
  • Your Webull Account Number

With ACATs transfers, if the names and account types in each brokerage don't match, your transfer could be delayed or even cancelled, which nobody wants.

Here's how to find everything inside Webull:

  1. Click on your profile icon in the top right corner
  2. Click "Help Center"
  3. Scroll down to see your account number and type

2. Sign Up For SoFi

SoFi Robo Advisor

Next, we'll sign up for SoFi, including your SoFi Invest account. Setting everything up is pretty quick.

Already have your SoFi Invest account set up? Move on down to step 3!

Follow these steps carefully:

  1. Go to SoFi's homepage or download their app
  2. Choose "Invest Now"
  3. Set up your general SoFi account by entering your name, email, and password.
  4. Now, we'll have to set up your SoFi Invest account. Choose the Invest tab (bottom menu in the app)
  5. Select "Start Investing"
  6. Choose the investment account of the same asset and type as your Charles Schwab account (Choose the option that lets you choose your own investments)
  7. Provide the personal information required, including your address, SSN, income level, investing experience, etc.

When you're finished, SoFi will need to verify your new account, which can take up to 2 business days max.

If your name and ID match during sign up, the processing time is usually really fast.

3. Transfer Into SoFi

Now that your Webull account info is on hand, and your SoFi invest account is all set up, and both account types match, we can initiate your ACATs transfer.

How to Initiate Your ACATs Transfer:

  1. Log into SoFi and select "Invest"
  2. Choose "Transfer Account" in the app, or "Begin Transfer" on the dashboard
  3. Search for Webull among the brokerages, and select it.
  4. Continue your transfer inside of the safe third-party security company Plaid.
  5. Sign into your Webull account inside of Plaid
  6. Follow the remaining prompts to finalize the transfer

This transfer can take up to 1-2 weeks to process.

Transferring out of Webull will cost you $75. However, if your transfer amount is at least $5000, SoFi will pay you back for the fee.

After your ACATs has fully processed, email SoFi's customer support team at [email protected] to receive your money back.

Bonus: How To Earn 2% APY with SoFi Savings Account

Because of inflation, the spending power of each single dollar erodes over time, at a historical rate of about 3% each year.

If you're keeping your emergency fund or other savings inside of bank accounts that aren't earning any interest, you may want to consider a SoFi savings account.

At the time of writing, SoFi is offering a very accessible savings account that can earn 2% interest - one of the highest rates you can find. Most high-yield savings accounts require a minimum deposit or account balance in order to access the interest yield, but SoFi's is pretty open:

  • Must have direct deposit set up with this account
  • No minimum deposit
  • No account fees
  • No minimum account balance

Even if you can't set up direct deposit with SoFi (if you have anything resembling a corporate 9-5, you should be able to set this up, double check with your HR department or your manager), you'll still be able to earn 1% with SoFi.

How To Open Your SoFi Money Account

  1. Click on the "Money" tab
  2. Select "Open an Account"
  3. Select "Individual" or "Joint"
  4. Provide your address (they will mail your debit card to this address)
  5. Enter and verify your mobile number
  6. Answer regulatory questions, and read & agree to SoFi's Terms of Service (assuming you do agree)

After providing your info, SoFi will review and verify your account, which is usually fast.

When you've been verified, you'll be prompted to transfer money into SoFi by linking your bank, or with a debit card.

How To Set Up Direct Deposit In SoFi

  1. Go to the "Money" tab
  2. Select the "More" button
  3. Select "Direct Deposit"
  4. Enter your direct deposit account details in the field provided.

Alternatively, from this page, you can also pre-fill your direct deposit information manually:

  1. Select "Direct Deposit" (the next page will say "Let's pre-fill your form")
  2. Choose whether to deposit your entire paycheck, a percentage, or a dollar amount.
  3. Enter your employer's name
  4. Add your signature and click Confirm

After your direct deposit form is generated by SoFi, you can e-mail it to your HR department or employer to finalize.

Article written by Drew Cochran

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