Transferring Assets

[LuxLiving]

For informational purposes to you guys and also to keep track for myself I'm cross-posting this entry...

On 1/11/07 I sent in the paperwork to get our Roth IRA's transferred from ING over to Fidelity. In this a.m.'s e-mail bag was this notice:

"Your transfer was initiated by Fidelity on 01/19/2007. Based on our experience with this firm (ING), your estimated completion date is 02/06/2007."

Here's hoping!

[kv968]

Good luck!!!

[creditcardfree]

That seems like a fairly good turn around time. It will probably take less than that.

[MonkeyMama]

I think they estimated about 8 weeks for my dh's (just transferred some to Vanguard last month) and his slow as molasses broker actually sent the money over in about a week. I was impressed.

Hopefully yours will get there faster too!!!!

[LuxLiving]

On Saturday 1/27/07 I was checking this out and they moved Hubster's IRA monies but left mine and the boys'. Wonder why??? All four papers were filled out and mailed off in the same envelope. I'm going to give a day or two and if nothing happens will be calling them up.

[Aleta]

They did the same thing to us last year. As a matter of fact, they moved one or two accounts at a time for just me. I wanted everything moved at once. You have to call them up and remind them. Sometimes, if you look they'll have one of your dates to be transferred way into the future. I would call and ask them what is happening. I did and it got the ball rolling. I had them transferred to Vanguard.
Vanguard is a great company, but it was MFS that was the problem.

[LuxLiving]

Of course this got all screwed up - Hubster's Roth IRA (post tax monies) got put into his Rollover IRA (pre-taxed monies)....hooohummmm....mine and the boys accounts didn't get opened although I called in mid-December to set it up to receive the $$'s. Grrrrr....

Now we have to write a letter to have his Roth monies rebooked as Roth and resend mine and the boys papers.

Several emails and still they have my name spelled wrong...

So -- Two days - four hours of phone calls later trying to discover what happened....

DEEP SIGH

...and the beat goes on!

Working on it. Why is this stuff never easy? I've just come to expect poor customer service. Not that the people aren't polite and nice, but does no one watch what they are doing in the workplace anymore???? You'd think they could see they were working on a Roth Transfer form????

How about you guys?

[kv968]

Originally Posted by LuxLiving

Of course this got all screwed up - Hubster's Roth IRA (post tax monies) got put into his Rollover IRA (pre-taxed monies)....hooohummmm....mine and the boys accounts didn't get opened although I called in mid-December to set it up to receive the $$'s. Grrrrr....

Now we have to write a letter to have his Roth monies rebooked as Roth and resend mine and the boys papers.

I'd make sure that they get the rebooking right and not treat it as a withdrawl or cashing out of the Rollover IRA. That would be the icing on the cake...having them penalize you on a "withdrawl" of the post-tax money and subjecting you to taxes and penalties on it.
Is this all Fidelity's doing?

[creditcardfree]

Lux, I would speak with a supervisor. You should not have to write a letter explaining how to correct their error. They should be able to look at the items you sent in and see that they made the error and have it corrected in their adjustment department. They will correct it so that it will look like it never happened and won't create a tax implication.

Just my prior mutual fund experience lending a hand.