Author Topic: How long does it usually take to transfer an IRA?  (Read 5416 times)

Mustachio Bashio

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How long does it usually take to transfer an IRA?
« on: February 09, 2017, 08:45:37 AM »
Had a slightly frustrating experience talking to Vanguard yesterday to transfer over my account from Betterment.  The person I spoke to had no idea what tax loss harvesting was and had never heard of Betterment, so she really wasn't able to answer any questions I had about possible things to be considering with the transfer.  Also, why do they have an electronic signature part of their transfer process but then I have to actually print out the forms and mail them in?  It seems so antiquated.  In the process, it was mentioned that it would take 4-6 weeks to transfer over my accounts, and that's after I mail in my forms.  Is this is typical turn around time?  I feel like transferring from Fidelity to Betterment took far less time (and didn't involve me printing forms I just e-signed).

Heroes821

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Re: How long does it usually take to transfer an IRA?
« Reply #1 on: February 09, 2017, 09:46:31 AM »
I did a 401k rollover from Transamerica in November to IRAs in Vanguard and the whole process took about a month.  Print the forms mail them in have everything appear in the appropriate places on Vanguard.com.  So that seems accurate. The most complicated part for me was that I had roth and pre-tax money to move.

As far as antiquated... I agree but I believe it's due to federally mandated processes that are in place to slow down or stop shady money transfers.

Aggie1999

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Re: How long does it usually take to transfer an IRA?
« Reply #2 on: February 09, 2017, 10:21:52 AM »
Based on my experience it seems to vary by institution the assets are being transferred from. I transferred a Roth IRA from Wealthfront to Vanguard without any physical paperwork. Few clicks through the Vanguard website and two weeks later the transfer was complete. Doing the exact same thing when trying to transfer a Roth IRA from Betterment to Vanguard required physical paper work to be mailed in, a medallion signature, etc.

Car Jack

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Re: How long does it usually take to transfer an IRA?
« Reply #3 on: February 09, 2017, 10:25:49 AM »
Call Fidelity.  We moved from New York Life who was a pain in the ass.  We had to fill out a 19 page form for all of $3500 from an old 403b.  I actually made my first visit to a brick and mortar Fidelity store and had them fill out this stupid form.  They did it, explaining what they were doing, notarized our signatures (just in case) and noted the correct addresses.  On Fidelity's site, they have a spot in your account where you can see the progress of the transfer.  In all cases, the "from" company is where the hold ups come from.  I've never gone more than 3 weeks for a full transfer and some were complete in less than a week.

Vanguard seems to be a rotating door of front line support.  I don't know if they're paying less than McDonalds these days or if people are being promoted.  I've seen lots of posts about incorrect information being given out, no call backs and overall lack of acceptable service.  They're not the Vanguard of 10 years ago.

Chesleygirl

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Re: How long does it usually take to transfer an IRA?
« Reply #4 on: July 19, 2017, 03:44:01 PM »
I am transferring IRAs right now to Fidelity and they told me, it usually takes a week. You can also go into the account and look up transfer tracker, to see the progress of the transfer. But that's with Fidelity. I don't know about Vanguard. Vanguard is very popular right now and I think they are swamped with customers and it may take longer with them.

Bartleby_the_Scrivener

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Re: How long does it usually take to transfer an IRA?
« Reply #5 on: July 19, 2017, 03:47:52 PM »
As someone who was an unabashed Vanguard fan, I have to say that I've not been impressed with their customer support as of lately. I filed paperwork ten weeks ago to transfer money to Vanguard; four weeks later, I discovered that Vanguard hadn't initiated the transfer. Everything was correct with the paperwork.

Then, three weeks later, I discovered that Vanguard had my check from the other institution. The customer service representative on the phone told me that Vanguard couldn't deposit the check because my middle name was on the check but not the account. No one at Vanguard had bothered to call me, even though the check arrived six or seven days prior to that. The representative said that she would send me a form to change my name at Vanguard, a form that had to be mailed back. I was so flustered that I said okay and ended the call.

However, I was irritated enough to call back that night and ask if there wasn't some way for me to prove that I were I. The new customer service representative checked and said that my name on the check was all right but that a supporting document the other institution sent had my middle name. I have no idea why this mattered; Vanguard has every bit of identifying information about me, as did the other institution.

However, I had to call back in the morning so Vanguard could call the other institution and verify my identity. All said, it took about eight weeks and six or seven phone calls. My enthusiasm for the company has cooled somewhat.

Chesleygirl

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Re: How long does it usually take to transfer an IRA?
« Reply #6 on: July 19, 2017, 04:18:17 PM »
As someone who was an unabashed Vanguard fan, I have to say that I've not been impressed with their customer support as of lately. I filed paperwork ten weeks ago to transfer money to Vanguard; four weeks later, I discovered that Vanguard hadn't initiated the transfer. Everything was correct with the paperwork.

Then, three weeks later, I discovered that Vanguard had my check from the other institution. The customer service representative on the phone told me that Vanguard couldn't deposit the check because my middle name was on the check but not the account. No one at Vanguard had bothered to call me, even though the check arrived six or seven days prior to that. The representative said that she would send me a form to change my name at Vanguard, a form that had to be mailed back. I was so flustered that I said okay and ended the call.

However, I was irritated enough to call back that night and ask if there wasn't some way for me to prove that I were I. The new customer service representative checked and said that my name on the check was all right but that a supporting document the other institution sent had my middle name. I have no idea why this mattered; Vanguard has every bit of identifying information about me, as did the other institution.

However, I had to call back in the morning so Vanguard could call the other institution and verify my identity. All said, it took about eight weeks and six or seven phone calls. My enthusiasm for the company has cooled somewhat.

This is why I did not return to Vanguard. Too many similar issues. I know they are very popular right now and have good, low-priced index funds. But there are other companies with the same. That's why I decided on Fidelity. Better customer service. And they're not getting currently swamped with new customers like Vanguard is. I think Vanguard tries but they can't keep up with their own popularity.

Aggie1999

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Re: How long does it usually take to transfer an IRA?
« Reply #7 on: July 20, 2017, 07:35:38 AM »
eSignatureGuarantee is a digital web-based platform that allows you to obtain a signature medallion guarantee (no matter your bank) online - so you don't even need to go into your financial institution to obtain one, and it's a great option if your bank has stopped offering it. Usually speeds up the security transferring process as well.

www.esignatureguarantee.com

Hope that helps!

Hmm...

Quote
www.esignatureguarantee.com uses an invalid security certificate. The certificate is only valid for esignatureguarantee.com Error code: SSL_ERROR_BAD_CERT_DOMAIN

If the site can't even figure out a wild card certificate I'd be reluctant to use them for anything financial.

Mustachio Bashio

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Re: How long does it usually take to transfer an IRA?
« Reply #8 on: July 20, 2017, 10:07:53 AM »
It's funny, I forgot about posting about this, but I still have the forms to transfer my Roth sitting on my desk...Everything is still where it started in Betterment (though I've stopped investing there, and all new money has gone into Vanguard).  I keep telling myself I'm waiting till a year in Betterment comes around and then I'll deal with all the hassle.  I need to go to my bank (Chase) anyway, cause they never ended up giving me the bonus for signing up for a checking account with them and apparently I need to go into the actual bank to clear it up with them...

BrandNewPapa

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Re: How long does it usually take to transfer an IRA?
« Reply #9 on: July 20, 2017, 11:04:50 AM »
I've rolled over an Fidelity 401k and a Hewitt 401k into Betterment.

It took about 4 weeks for Fidelity to cut me the check, mail it to me (refused to send to Betterment), sign it, mail it to Betterment and have them deposit.

It took about 2 weeks for the Hewitt. They sent the check direct to Betterment and it showed up quickly.

Chesleygirl

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Re: How long does it usually take to transfer an IRA?
« Reply #10 on: July 23, 2017, 08:29:03 PM »
Most of my IRA took less than a week to be received by Fidelity. I was impressed. However, Edward Jones is still holding on to one fund and taking their time to liquidate it. I guess they don't like turning loose of money.