Initiating a full account transfer can be done online:
SoFi Invest is capable of receiving assets directly from another brokerage account if that brokerage firm is ACAT eligible. SoFi does accept ACAT requests of fractional shares if it comes from another firm that clears through APEX. Typically, your transferring brokerage firm will automatically liquidate the fractions, then send the proceeds with the ACAT request. (Note: There should be no additional action needed from you to submit your ACAT request with us, however, some firms may have that requirement.) If unsure of eligibility or liquidation practices, please contact your current brokerage firm.
To Submit the Request on the SoFi App:
- Tap on ‘Invest’ and either tap on ‘Transfer account’ or go directly to the Invest account and tap on ‘Transfer to SoFi’ on the account itself.
- You will be able to search with Plaid for the firm where your assets are currently held.
- Plaid will have you enter the login information for the other firm. Once you have entered in the login credentials, Plaid will be able to get the information needed for your ACAT request. You will just need to follow the prompts to complete the request.
If you do not want to use Plaid or your institution is not available via Plaid, you can manually enter the information for the ACAT request. You can tap on the ‘X’ in the top right corner of the screen then tap on ‘Transfer account manually’. Then fill out the required information for the request.
To Submit the Request on the SoFi Website:
- Select ‘Invest’ from the products and click on the ‘Transfer account’ icon or go directly to the Invest account and click on the ‘Transfer account’ button on the account itself.
- Select ‘Transfer account’ from the funding options.
- You will be able to search with Plaid for the firm where your assets are currently held.
- Plaid will have you enter the login information for the other firm. Once you have entered in the login credentials, Plaid will be able to get the information needed for your ACAT request. You will just need to follow the prompts to complete the request.
If you do not want to use Plaid or your institution is not available with Plaid, you can manually enter the information for the ACAT request. You can tap on the ‘X’ in the top right corner of the screen then tap on ‘Transfer account manually’. Then fill out the required information for the request.
The ACAT transfer request may take 1 - 2 weeks to finalize.
Please Note:
- We do not accept mutual funds, options, margin balances, or crypto. These investments would need to be liquidated prior to initiating an ACAT with SoFi. Please contact your brokerage firm to complete this action, prior to submitting an ACAT.
- We do not accept stocks that trade on OTC, Pink Sheets, and/or most low-priced securities. Check our Invest platform for any associated stocks you may be interested in transferring - if they appear in SoFi Invest, they are eligible to be transferred to us!
- If you do not want to liquidate those assets, you can do a partial ACAT and only transfer the eligible assets.
- You can only ACAT between the same type of account. I.e. Roth IRA to Roth IRA, or Individual to Individual.
- If the firm cannot accommodate an ACAT request, please call or chat with one of our Investment Specialists. They will be able to assist you with a Non-ACAT Request.
Finally, we do not charge any fees to transfer an investment account INTO SoFi Invest! However, for Active Invest and Automated Invest brokerage accounts, there is a $75 outgoing ACAT fee should you decide to transfer your account to another broker. It is also possible that other firms may charge an ACAT fee. If you transfer over a brokerage account using the SoFi ACAT system, SoFi will cover up to $75 of any ACAT Outgoing Fees you may incur from your current brokerage firm as long as the transfer is for $5,000 or more. Once the transfer is successfully completed, you can request reimbursement by calling us at 855-525-7634 or chat with us online.
Check Status:
To check the status of your retirement account rollover or ACAT, please contact a licensed Investment Specialist by phone at 855-525-7634.