My question involves personal finance in the State of: CA
I have an investment account with a stock broker. The brokerage is merging / being taken over by another brokerage.
They said they will "automatically" transfer all customer accounts to the new brokerage.
I don't wish to be a customer of that other brokerage, and object to transferring my account. They are trying to charge $75 to transfer my assets out to a broker of my choice.
Are they allowed to charge a fee when I object to transferring my account and become a customer of the brokerage they are merging with?
I read FINRA rule 3260
but I am unable to determine if this rule came into effect, or what the current regulation is.