First, let's define ACAT or Automated Customer Account Transfer.
It's a system developed by the National Securities Clearing Corporation (NSCC) to facilitate the transfer of securities from one trading account to another between different brokers and banks.
If you are interested in moving your portfolio to InvestSky, we certainly can help with that! In order for us to process the transfer we need two main documents:
Account statement from your existing broker. This needs to show your account number and the shares being held. The statement must be dated within the past 60 days.
ACAT transfer form, which can be found here. Please fill the form and send it back to us.
Please note, that fractional shares cannot be transferred, so you have two options:
Transfer the whole shares and keep the fractional shares with your existing broker, or
Liquidate the fractional shares and transfer the cash as part of the ACAT transfer.
Additional point: If you want to do a full transfer, please fill out the first page only and sign the second page. Please send it back to us once done.
Once we receive both documents we will liaise with our broker to determine if the request is eligible for ACAT transfer, if so the process can take from 5 to 10 business days. If it's not eligible for an ACAT transfer you will need to reach out to your existing broker for transfer instructions.
Any questions 💬? Talk to us! 🥰 You can reach us at [email protected] or chat with us directly in the app (Account > Support > Chat With Us).