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Tuesday, November 1, 2011 - 3:32 PM

Penfed Takes Too Long To Process IRA Transfer Paperwork

Pentagon Federal Credit Union (2 stars)
I called them to find out about the transfer of my IRA account to another bank.  They received the paperwork from my bank, but, told me that they were "running a little behind" and that it would take 4-7 BUSINESS days to get the check IN THE MAIL to my new bank.  I asked if I could have the funds wired.  They said no.  I am very unhappy with their procedures on this matter.  I am collecting almost no interest in their IRA money market account as I wait because they are "running a little behind". 
4
mikeHmikeH1 posts since
Jan 24, 2011
Rep Points: 5
1. Tuesday, November 1, 2011 - 10:14 PM
Do a 60 day rollover. Transfer the money to a Penfed checking account and deposit the funds yourself in the bank where you want to open an IRA account.
3
loulou196 posts since
Aug 3, 2010
Rep Points: 1,171
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