Transfer limit from brokerage to bank to Vanguard?

[Mr Nice]

Just wondering when you electronically transfer money from brokerage TDameritrade account to a bank, then transfer money from bank into Vanguard account... (just moving cash into Vanguard for future investments).

I know of the $10,000 deposit amount the IRS is notified about.

But is there a limit as to the cash transfer limit ?

 

[Al]

Originally Posted By: Mr Nice
Just wondering when you electronically transfer money from brokerage TDameritrade account to a bank, then transfer money from bank into Vanguard account... (just moving cash into Vanguard for future investments).

I know of the $10,000 deposit amount the IRS is notified about.

But is there a limit as to the cash transfer limit ?



I don't know why there would be. I have transferred 100's of thousands (at a time) from Fidelity to Wells Fargo and then to Vanguard. Also IO have written checks well over 10,00

 

[stockrex]

no limit, go for it.

 

[raytseng]

The 10000 thing is a literal cash thing. In terms of you show up to the teller with a stack of paper bills. And its not a limit or illegal, it just means paperwork and flagging you to explain where all this came from.

If its not literally physical cash, but bookkeeping "cash" no such limit.

 

[Wolf359]

Yeah the 10k can trigger a SAR which is a suspicious activity report. If you know the tellers though they might not send one.

Transferring money electronically doesn't really trigger anything. I sell houses and people wire hundreds of thousand all the time to buy a home.

 

[Mr Nice]

OK, thanks for the info.

Found out TD Ameritrade does have a daily cash transfer limit.

 

[SatinSilver]

Why not transfer directly from TD to Vanguard?

 

[Mr Nice]

Good question. I plan to close my TD account.

Since I already have electronic setup for TD, it was easier not to add Vanguard. I don't want TD to have Vanguard account info.

 

[raytseng]

If youre going to close. Call them up and tell them. Otherwide you end up with a dead account where either sweep or some dividend dribbles in and you have an account with $6 in it.

 

[raytseng]

If you are transfering a large sum that you hit an ach transfer limit, you may want to pay for a wire instead, as the interest from the few days for ach will cancel out the wire fees.

 

[SatinSilver]

If Vanguard charges a fee for receiving a wire transfer I wouldn't be surprised if they would waive it. Esp on a larger amount. If they have a fee it's prob in place for smaller balances being wired.

edit:

https://thefinancebuff.com/how-to-do-a-free-wire-transfer.html

Kind of interesting, skip down to "Free Wire Transfers". It talks about Vanguard.