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Wednesday, November 17, 2010 - 1:50 PM
(1 stars)
PNC For IRA Rollover Has No Wire Transfer & Only Accept Original Document
PNC Bank, National Association (1 stars)My husband's IRA CD will mature soon but we haven't even received the CD maturity notice from PNC(2 days away from that maturity date)!
But the most ridiculous thing is PNC doesn't even provide the wire transfer service for IRA CD rollover!
The detailed story --
1. I have to send the secure email to ask why we haven't received the CD maturity notice from PNC yet when it was only 6 days away from the CD maturity date. PNC replied was we have to call their IRA office. We called and PNC just said it already passed their 3-weeks notification timeframe of the maturing CD notice so they won't send it.
2. We then asked PNC to rollover my husband's IRA CD to other financial institution via "wire transfer". Surprisingly, PNC told us PNC does not provide wire transfer for IRA rollover; PNC only uses "regular postal mail to send checks" with $25 charge and they only accept "original documents" (no fax, no wire transfer). IRA rollover procedure has to be done via "regular postal mail" although the receiving financial institution provides wire transfer.
3. PNC do not track the mail either so it is up to the customer to track. We called PNC IRA department and they confirmed that the time line for customer to track the mail is as follows:
1) customer sends mail to receiving bank to initiate the IRA transfer. (PNC only accepts original documents)
2) when receiving bank sends the IRA transfer form to PNC, customer needs to call PNC for 7-10 days to find out if PNC receives the IRA transfer form.
3) when PNC receives the IRA transfer form, customer needs to call PNC for the next 2-3 days to find out when PNC finishes processing and sends the check to receiving bank.
4) since PNC only use regular mail (not certified, not registered, not FedEx, not UPS) which cannot be tracked, customers needs to call the receiving bank for the next 7-10 days to see if the check is received by the receiving bank.
5) if the receiving bank does not receive the check in 7-10 days, customer needs to call PNC. It takes 2-3 days for PNC to research. So customer needs to call PNC for the next 2-3 days to find out if PNC will re-issue and re-mail the check.
6) If PNC mails the check again, repeat the steps 4 and 5.
The whole process is complicated, insecure, and time-consuming. PNC dumps the horrible burden/hassles to customers under their ridiculous IRA rollover method. We waited in the post-office for 40 minutes just by sending the initiating letter to receiving bank. Consider PNC is one of the top US banks, their service is unbearable.
PLEASE NOTE: This procedure can lead to many problems, e.g. if step 6) repeated many times, your money will just end up in PNC bank forever but without any interest.
But the most ridiculous thing is PNC doesn't even provide the wire transfer service for IRA CD rollover!
The detailed story --
1. I have to send the secure email to ask why we haven't received the CD maturity notice from PNC yet when it was only 6 days away from the CD maturity date. PNC replied was we have to call their IRA office. We called and PNC just said it already passed their 3-weeks notification timeframe of the maturing CD notice so they won't send it.
2. We then asked PNC to rollover my husband's IRA CD to other financial institution via "wire transfer". Surprisingly, PNC told us PNC does not provide wire transfer for IRA rollover; PNC only uses "regular postal mail to send checks" with $25 charge and they only accept "original documents" (no fax, no wire transfer). IRA rollover procedure has to be done via "regular postal mail" although the receiving financial institution provides wire transfer.
3. PNC do not track the mail either so it is up to the customer to track. We called PNC IRA department and they confirmed that the time line for customer to track the mail is as follows:
1) customer sends mail to receiving bank to initiate the IRA transfer. (PNC only accepts original documents)
2) when receiving bank sends the IRA transfer form to PNC, customer needs to call PNC for 7-10 days to find out if PNC receives the IRA transfer form.
3) when PNC receives the IRA transfer form, customer needs to call PNC for the next 2-3 days to find out when PNC finishes processing and sends the check to receiving bank.
4) since PNC only use regular mail (not certified, not registered, not FedEx, not UPS) which cannot be tracked, customers needs to call the receiving bank for the next 7-10 days to see if the check is received by the receiving bank.
5) if the receiving bank does not receive the check in 7-10 days, customer needs to call PNC. It takes 2-3 days for PNC to research. So customer needs to call PNC for the next 2-3 days to find out if PNC will re-issue and re-mail the check.
6) If PNC mails the check again, repeat the steps 4 and 5.
The whole process is complicated, insecure, and time-consuming. PNC dumps the horrible burden/hassles to customers under their ridiculous IRA rollover method. We waited in the post-office for 40 minutes just by sending the initiating letter to receiving bank. Consider PNC is one of the top US banks, their service is unbearable.
PLEASE NOTE: This procedure can lead to many problems, e.g. if step 6) repeated many times, your money will just end up in PNC bank forever but without any interest.
9
2. Wednesday, November 17, 2010 - 8:25 PM
I have never dealt with a bank or credit union that will do a wire transfer with an IRA. They will accept a wire when contributing to a new IRA or will debit your account, but I have never heard of a wire with a transfer. You should have the bank that will receive the money to send the papers to PNC requesting the money (there are specific forms for you to fill out that the receiving instituion will furnish) or you can bring the papers to PNC yourself. You also can go to a branch and request a rollover and mail the check yourself or overnight it. They will make the check out to the new bank or credit union. I have done this also. This last March I drove 50 miles to a bank, requested a rollover and had 2 checks made out because I was converting some to a Roth and overnighting the other to a Texas bank. I lost no interest and saved the $25 closing cost. I know that if a cashier check is lost in the mail quite often banks and credit unions will make you wait 30 days before a replacement can be made. I have had IRA's since 1978 and have not had one bank or credit union around the country able to wire an IRA transfer. I assumed it was not legal. Several banks and credit unions if you ask give you interest from the day the CD matured even though they have not received the money as yet. I have had many do that for us over the years. I have never heard of only accepting the original copy of the IRA CD. It is not necessary to have the paper copy. No bank or credit union has ever requested the original IRA CD in order for a transfer or rollover for us. I have never presented the original CD paper to any institution. I am really upset that the IRA person was not more helpful to you. I know a few people at PNC and just emailed them a copy of your posting.
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3. Wednesday, November 17, 2010 - 11:06 PM
I would suggest you do a 60 day rollover. This would circumvent the entire probem. You take possession of the money( they wire funds to your bank) and then rollover to IRA account within 60 days. You are allowed to do this once a year from the IRA account you withdrew the money and the IRA account the money was deposited into.
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