How long should a brokerage account transfer take?

Investment account transfers between brokerages should typically take 4 business days, though operationally advanced firms can complete them in 3 business days. By August 2025, this will drop to 2 days with enhancements to the primary US investment transfer system (ACATS). Surprisingly, only about 15% of typical transfer timelines published by brokerages and banks using ACATS align with the standard ACATS timeline.

Grant Ackerman

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November 26, 2024

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3

min read

Understanding brokerage account transfers

A brokerage account (aka an investment account) transfer occurs when you move investments from one firm to another. The process starts when you open a new account and initiate the transfer of assets from your old firm. In the US, most transfers use the DTCC's ACATS system, which processes about 14.4 million transfers annually totaling about $1.5 trillion in investments.

What banks and brokerages will tell you

We looked at support pages from 20 different banks and brokerages using ACATS and found that they gave 11 different estimates for what a typical transfer would take. These estimates ranged from 3-4 business days to 10+ business days, with 5-7 business days as the most common. Only 3 firms out of 20 (15%) provided estimates that align with the typical ACATS process of 3-5 business days. This discrepancy might stem from outdated information, intentionally padded expectations for clients, or inefficient processes that wrap around the ACATS process, but it's ultimately hard to tell. Let's look at what's actually happening under the hood.

The typical transfer timeline

For a standard full account transfer in good order:

Operationally advanced receiving firms can "accelerate" the process after the deliverer adds assets on Day 1. This acceleration instruction reduces their review to 1 day and shortens the overall timeline to 3 business days.

Currently, 80% of full transfers complete within 4 business days, according to DTCC.

The future of transfers

By August 2025, DTCC will remove Day 3 (called “settle prep”) from the above timeline by modernizing their system, allowing 80% of full transfers to complete within 3 business days. With acceleration, advanced firms can complete most transfers in just 2 business days.

Important caveats

Transfers can take longer when:

However, these cases represent exceptions rather than the norm, as over 80% of transfers proceed without issues.

How we can help

While many firms still rely on manual processes that extend transfer times unnecessarily, technological improvements are driving the industry toward faster, more efficient transfers. The upcoming DTCC modernization in 2025 marks a significant step toward two-day standard transfers, benefiting both firms and their clients.

Our team specializes in helping brokerages and banks optimize their transfer operations. We provide technology solutions and expertise to:

Contact us to learn how we can help your firm achieve industry-leading transfer efficiency.