How do I transfer stock out of my Bumped account?
You can transfer stocks and cash to other brokerages through ACATS (Automated Customer Account Transfer Service) transfer.
To begin the process, you'll need to contact your other brokerage and have them initiate the transfer. They’ll submit the transfer instructions to our clearing partner, Apex Clearing.
Please Note: Requesting an ACAT will result in the closure of your Bumped account without notice and may initiate trades that could have tax consequences. Please consult with a financial advisor to better understand your personal financial situation before requesting an ACAT.
What happens to your assets?
Any full, settled shares should be transferred to the other brokerage. If you have any fractional shares during a full account transfer, they may be sold, and the resulting funds will be transferred to the receiving brokerage as cash during a residual sweep.
Things to consider
When you request to transfer stock to another firm, we’ll close your account and restrict ACH transfers and selling stock. Any future dividend payments will be transferred to the receiving brokerage. Also, transferring an account with pending rewards where the stock has not yet been purchased will result in the forfeiture of those rewards. With that in mind, if you have any missing rewards please contact [email protected] before you initiate the transfer.
Note that while Bumped does not charge a fee to ACAT, many other brokerage services do. You will be responsible for any fees that are incurred outside of your Bumped brokerage account.
Still have questions? Contact Bumped Support.