Can I transfer my brokerage account out of GalaxyOne? (outbound ACATS transfer)
If you want to move your GalaxyOne brokerage account to another firm, you will initiate the transfer from the receiving firm's platform, not from GalaxyOne. This process is called an outbound ACATS transfer.
How to initiate
Log in to your external brokerage account follow that firm's process for requesting an incoming account transfer. The receiving firm submits the request on your behalf.
You will need to provide the receiving firm with:
- DTC number: 2402 (DriveWealth, LLC)
- Your GalaxyOne brokerage account number, including the prefix — found in the top left corner of your monthly statement
Important: You must disable any Fully Paid Securities Lending within your GalaxyOne settings, otherwise the transfer request will be rejected. Securities that are out on loan cannot be transferred.
What positions are eligible for transfer
GalaxyOne's broker-dealer can only facilitate whole share transfers. Here is how your positions are handled:
- Whole shares transfer in kind to the receiving firm.
- Fractional shares cannot be transferred. Any fractional share positions will be liquidated and the cash proceeds will be credited to your GalaxyOne cash account. From there, you can leave them in cash to earn interest, you can withdraw the funds to a linked bank account or transfer them separately.
Timeline
ACATS transfers typically complete within 5 to 7 business days of the receiving firm submitting the request.
Note: A $65 outbound transfer fee may be assessed.