How do transfers work?
Updated over a week ago

Once we receive your transfer form, this kicks off our back-office process to complete your request:

  1. Transfer is received and reviewed

  2. If paperwork is not in good order, the client and/or ADR are notified (examples below):
    a. Medallion needed, how to pay
    b. Originals required
    c. Need physical signature

  3. If paperwork is in good order:

    1. Faxed, emailed, or mailed to custodian with delivery instructions and ASL

    2. Provide DTC instructions (if needed)

    3. Provide shell accounts or sub account numbers (if needed)

      1. These can delay processing as they have to be requested for setup

  4. In 2-3 business days, we reach out to the custodian for a status update by phone or email

  5. We continue to reach out every 3-4 business days until funds/asset paperwork are received

  6. If the transfer is cash only, we verify when funds are received via blotters provided by our Accounting Department (Accounting sends a notification to client when funds are posted)

  7. If a client is transferring assets, the following steps depend on the asset type

    1. If the asset requires accepting paperwork, it is created once releasing paperwork is received. Next, it will be mailed or emailed to asset or client for review, signatures, and AOR

      1. We obtain medallions, notary stamps, and our signatures

    2. If transferring electronic assets, we provide DTC or Shell account information to the custodian. Once received at holding account, asset can be keyed into account at Choice

    3. If transferring metals, once the report is provided to us by the depository, the assets can be keyed into the account at Choice

  8. Once all cash/assets are received and keyed into account at Choice

    1. Transfer ticket is closed

    2. Email snippet is generated to client/ADR that the transfer is complete

    3. Paperwork is filed

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