Snail mail IRA Transfers. What year is this?

[blue_green_sparks]

I find that the financial world is always full of small surprises. I was assuming I could just bank-wire the money and drove down to the credit union with my $25 to initiate, but oops, nope. With this particular institution it's a 2-to-3 week pull process involving a paper check and the US Postal service, LOL. Website makes no mention but does have wire instructions.  It was a very high interest long-term CD holding some of our safest money and is now probably destined for an IRA treasury bond, however I didn't factor in the lost interest for maybe up to a month when all is said and done.

[reeshau]

A lot of credit unions don't run their own systems, but are in effect customers of banks or other financial institutions.  That extra layer can make many things slower, such a direct deposits.

Resorting to mail does seem extreme, though.  And mail is not necessarily more secure, as the IRS knows.

[blue_green_sparks]

A lot of credit unions don't run their own systems, but are in effect customers of banks or other financial institutions.  That extra layer can make many things slower, such a direct deposits.

Resorting to mail does seem extreme, though.  And mail is not necessarily more secure, as the IRS knows.

I asked the assistant manager "where do the funds actually reside while the check is in the mail?". I assumed some sort of escrow account or something. She said it stays in a "check clearing account". On the aggregate, that must be a huge chunk of money at any given time.