Hi Bogleheads, new member here.
I have some ESPP from my prior employer that is currently at computershare. I recently received a notice from the employer that due to my severed relation with the company, I will now incur an annual account management fee (45/year). One option is to transfer the shares out to another broker.
I have a Citi DC card and just received the national promotion of cash bonus if I open a self-directed or PWM account. My question is this: will the transfer of my ESPP to a PWM qualify as "New-to-Citi Funds"? I'm not planning to sell these shares anytime soon. Just looking to see if this transfer will quality for the cash bonus and take advantage of the citigold rebate.
Details from my email is copied down below for reference. Looking at the T&C, It does not state ESPP is disqualified as new-to-city funds. Thanks in advance for your insight!
What are New-to-Citi Funds?
Cash or securities must come from an external, non-Citi, source through a standard transfer method (e.g., a standard Transfer of Assets form, check, electronic funds transfer, ADM deposit). “New-to-Citi Funds” are 1) funds deposited from external accounts or payees other than Citibank, N.A. and 2) must be deposited using domestic ACH transfer, Direct Deposit, checks drawn on banks other than Citibank, N.A., wire transfer, trustee to trustee transfer, or ACAT securities transfers or using “Enhanced Direct Deposit.” An Enhanced Direct Deposit includes all deposits via Zelle® and other P2P payments when made via ACH using providers such as Venmo or PayPal. Citi employee's compensation payments may also qualify. Cash deposits, Citi Global Transfers and international ACH do not qualify as New-to-Citi Funds. New-to-Citi Funds may be deposited into a Citibank Checking or Savings account on or after 07/01/24 and transferred to the eligible CPWM account during the Account Funding Period outlined in the chart above. However, transfers of funds held prior to 07/01/24 from a Citibank Checking or Savings account are not considered New-to-Citi Funds for the purpose of this promotion. The amount of the cash bonus reward is based on the total New-to-Citi Funds received during the promotional period.
What accounts are eligible and ineligible for this offer?
The promotion is only available for certain account types, including individual and joint accounts. Accounts not eligible for this promotion, include but are not limited to:
Corporate and other business/entity accounts
Trust accounts (except Living Revocable Trusts and Family Revocable Trusts which are eligible)
Retirement plan accounts (except IRAs and SEPs which are eligible)
Estate accounts
UGMA/UTMA accounts
529 college savings plan accounts
Citi® Wealth Builder and Citi Self Invest accounts
Insurance products (including annuities)
I have some ESPP from my prior employer that is currently at computershare. I recently received a notice from the employer that due to my severed relation with the company, I will now incur an annual account management fee (45/year). One option is to transfer the shares out to another broker.
I have a Citi DC card and just received the national promotion of cash bonus if I open a self-directed or PWM account. My question is this: will the transfer of my ESPP to a PWM qualify as "New-to-Citi Funds"? I'm not planning to sell these shares anytime soon. Just looking to see if this transfer will quality for the cash bonus and take advantage of the citigold rebate.
Details from my email is copied down below for reference. Looking at the T&C, It does not state ESPP is disqualified as new-to-city funds. Thanks in advance for your insight!
What are New-to-Citi Funds?
Cash or securities must come from an external, non-Citi, source through a standard transfer method (e.g., a standard Transfer of Assets form, check, electronic funds transfer, ADM deposit). “New-to-Citi Funds” are 1) funds deposited from external accounts or payees other than Citibank, N.A. and 2) must be deposited using domestic ACH transfer, Direct Deposit, checks drawn on banks other than Citibank, N.A., wire transfer, trustee to trustee transfer, or ACAT securities transfers or using “Enhanced Direct Deposit.” An Enhanced Direct Deposit includes all deposits via Zelle® and other P2P payments when made via ACH using providers such as Venmo or PayPal. Citi employee's compensation payments may also qualify. Cash deposits, Citi Global Transfers and international ACH do not qualify as New-to-Citi Funds. New-to-Citi Funds may be deposited into a Citibank Checking or Savings account on or after 07/01/24 and transferred to the eligible CPWM account during the Account Funding Period outlined in the chart above. However, transfers of funds held prior to 07/01/24 from a Citibank Checking or Savings account are not considered New-to-Citi Funds for the purpose of this promotion. The amount of the cash bonus reward is based on the total New-to-Citi Funds received during the promotional period.
What accounts are eligible and ineligible for this offer?
The promotion is only available for certain account types, including individual and joint accounts. Accounts not eligible for this promotion, include but are not limited to:
Corporate and other business/entity accounts
Trust accounts (except Living Revocable Trusts and Family Revocable Trusts which are eligible)
Retirement plan accounts (except IRAs and SEPs which are eligible)
Estate accounts
UGMA/UTMA accounts
529 college savings plan accounts
Citi® Wealth Builder and Citi Self Invest accounts
Insurance products (including annuities)
Statistics: Posted by ishyjo — Fri Aug 09, 2024 7:25 am — Replies 0 — Views 70
