An ACAT (Automated Customer Account Transfer) out request allows you to move assets from your Firstrade account to another financial institution. While most transfers are processed successfully, an ACAT out request may be rejected if certain requirements are not met.
Below are the most common reasons an ACAT out request is rejected and what each one means.
Common Reasons an ACAT Out Is Rejected
Name and Account Type Do Not Match
The name and account type must exactly match between both firms. Any name discrepancy or account type mismatch (e.g., individual vs. joint) will cause a rejection. Confirm both match before resubmitting.
Insufficient Funds to Cover the Transfer Fee
Your account must have enough funds to cover the transfer fee — $75 for a full transfer or $55 for a partial transfer with at least $500 in assets or cash remaining. Add sufficient cash or adjust the transfer type before resubmitting.
Options Expiring Within the Next 7 Days
Transfers cannot be processed if your account contains options contracts expiring within the next week. Wait for the options to expire or close the positions before resubmitting.
Tax Identification Numbers Do Not Match
The tax ID on file must match between both institutions. This is most common when transferring between domestic and international accounts. Verify the tax ID and account registration details with both firms before resubmitting.
An Account Restriction Exists
Accounts with active restrictions cannot be transferred. Check your email for any outstanding documentation or verification requests and complete them before resubmitting.
Margin or Options Not Supported by the Receiving Account
Transfers will be rejected if the receiving account is not approved for margin or options trading. Ensure the receiving account has the appropriate approvals or close those positions before submitting.