IRA Funds Transfers Taking Long Time To Complete

Been_There | May 20, 2019 | 7 posts since 2019

IRA Trustee to Trustee transfers are taking long time to complete. I think Congress should be asked to mandate the electronic funds transfer of the IRA funds to the receiving institutions without any cost to the account holders. I am curious to know what Ken and DA members think.

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Confused1 | May 21, 2019 | 87 posts since 2018

I totally agree although I don't think it's standard practice to delay the funds with all institutions. My recent transfer was a nightmare with Synchrony Bank, took 19 days for Frontwave to receive the funds. On the other hand, US Alliance mailed the check same day I requested it which was a Friday and Frontwave had it on the Monday. I have filed a complaint with the OCC a couple of weeks back, they gave me a case number and nothing since. Some institutions don't accept electronic transfers of IRA funds but at least if there is a law in place that says they have to process and mail a check within X days or get hit with a hefty penalty for every day that they are late that would certainly help. If I don't hear anything soon, maybe I will contact my local congressman. Thanks for the idea...

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