Yes, you are able to transfer bonds to an external account.
Please refer to the customer information brochure for a full list of fees (please note that Pershing, our clearing broker, will assess a $65 charge if the account is fully moved via an ACAT (Automated Customer Account Transfer) to an outside custodian; if a single bond is moved there is no charged assessed).
To move forward we will need to get a few more pieces of information.
- Please confirm with your broker/ advisor that your brokerage account is set up to receive securities from DTC (Depository Trust Company), the mechanism in which municipal securities clear. It is helpful to get a copy of your brokerage firm's Delivery Instructions. This information is important because if your firm fails to accept the security you could get charged additional fees.
- Send us an message confirming your brokerage firm account is set up to accept Delivery from DTC. In your message, it would be helpful to include a copy of the Delivery Instructions and a page from your most recent brokerage account statement that has both your name and account number.
- Once we receive the information in #2 we will need a digital signed version of a Letter of Authorization (LOA) indicating the below:
-Preference for date asset(s) to be moved
-From account (including account name and number at Pershing)
-To account (including account name and number, and DTC #)
-Assets to be moved including CUSIP (e.g. security/cash/etc.)
Upon receipt of the LOA we will add the instructions to your account and every subsequent purchase can be delivered to the account on file if you so please.