3. Navy Federal Credit Union.

Navy Federal Credit Union.

Ally6770
Ally6770   |     |   2,792 posts since 2010

Sent my Roth IRA conversion from credit union to credit union by standard mail on Tuesday and saved the $25 they charged to do that. Navy Credit union has already put the check into my Roth IRA CD that you can have deposits added.

By having the conversion transferred from the traditional Ira to the Roth IRA savings and then having that money the next day put into a cashiers check made out to Navy as a Roth IRA transfer to the Roth IRA CD for the benefit of me Navy had done it quickly and correctly. I signed the check (not necessary) and said to Navy Credit union for me) Just another example of how efficient and quickly Navy Federal Credit Union does things and CORRECTLY.

I am so thankful that Ken gave his readers a heads up years ago that Navy was buying a credit union (I believe it was in California) and if anyone did not have an opening to join Navy that this was your opportunity. Again kudos to Ken. I only hope that he knows how much he has helped his readers.

My sister has had a CD check sitting on a desk for 3 weeks without being processed. I went in with her after they had insisted they had never received the check. Her desk had so much on it I don't know how she found anything. No in or out basket even. I found the check under the calculator while she was getting help to get my sister and I out of her office. I had told her that I had spoken to the person that distributed the mail. She remembered it because it was from another credit union and addressed personally to her. She kept insisting she never received it and the check was addressed to her personally. I found it still in the original envelope unopened just as her entourage were coming into her office. But no apologies from her. I had her back date the certificate the 3 weeks for the new CD at the higher rate for my sister. 

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me1004
me1004   |     |   874 posts since 2010
Ally6770, don't forget, when you move the money in an IRA yourself, rather than a custodian to custodian transfer, you have to file a bunch of paperwork. I know that has to be done, but I have never actually done it other than custodian to custodian, so can't tell you just what paperwork you need to file. (Also, I'm sure you know that you now have to pay your taxes on the entire amount converted.)
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Ally6770
Ally6770   |     |   2,792 posts since 2010
You just fill out the papers for the RMD and the Roth conversion. When the check is made out to the new credit union and with a Roth you have no other paperwork to do.  You do fill out the Roth conversion papers, etc. at the credit union that you convert it at. I have done this since we were able to do this. I do pay taxes on this amount and have more than enough taken out of SS and my pension, I also have taxes taken out of my RMD. Never on the Roth transfer. I do my custodian to custodian usually when I do a traditional IRA transfer. This CD will mature in Jan and I will most likely transfer that custodian to custodian. I did another transfer I believe last summer and that was done custodian to custodian. With traditional IRA's you can do one every 12 months. With Roths the laws are different. Thanks for looking out for me. Appreciate it!!!! The old credit union will send me the papers for my RMD and the conversion and I will use that when I file my taxes.
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