ROTH IRA mistake (or resentment) on the banks side

[anvancamp]

If they knew what they were doing or not it is still their mistake. We told them exactly what we were wanting to do and that was a roll over on her ROTH IRA. And the banker told us with absolute confidence that this was the correct way to do it, so yes it is indeed their fault. We have ignorance on our side, they have no excuse.

[Nika]

We wouldn't have been changing banks if it wasn't for their policies I'm not a banker, so I listen to one that is. I'm not a mechanic, so I listen to someone who is. I'm an hvac tech so if I'm working on your ac and you don't know anything about acs you should listen to me.

A teller is not a banker. He is probably a part-time employee who was trained about a limited specific set of transactions and can't provide in-depth advice.

[anvancamp]

it was a banker if not the head banker at the branch.

[anvancamp]

I'm not that stupid. I know ROTH IRAs are above tellers.

[Petunia 100]

If they knew what they were doing or not it is still their mistake. We told them exactly what we were wanting to do and that was a roll over on her ROTH IRA. And the banker told us with absolute confidence that this was the correct way to do it, so yes it is indeed their fault. We have ignorance on our side, they have no excuse.

Well, it was one way to do it. It got done, right?

Your old custodian can't use the code for a rollover if they cut a check directly to you (or in this case, your girlfriend). This makes sense if you think about it, because anyone can say that they will be doing a rollover. But once you take the check and walk out the door, they have no way to know what you did with the money.

But again, you're fine, just hang on to the paperwork.

In the future if you want to roll an IRA, just remember this frustration and ask your new custodian to handle it, or ask your old custodian to make out the check to New Custodian, For Benefit Of Anvancamp's IRA.

[jpg7n16]

But what's done is done and I need to know how to handle it.

The posters above have already told you what to do. Your Chase rep was wrong in telling you it would be taxable.

Just deposit the check to the Roth, code as 60 day rollover. File taxes as described above. No tax due.

And the banker told us with absolute confidence that this was the correct way to do it, so yes it is indeed their fault.

The point is, that cutting a check IS a correct way to do it. It's one of two correct ways. It's not a mistake, and it doesn't hurt you at all tax-wise. In fact, since you were going to Chase within the hour to deposit the check, it was a much more efficient means of getting it done. Unless of course you wanted to fill out the TOA paperwork, submit it and wait a few business days for them to process it.

You're pissed off at WF for helping you do what you needed done, and then being incorrectly told by Chase that WF was wrong.


I just find it odd that you're super bitter at WF for helping you out.