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Time lag with rollovers
Posted on 2/10/24 at 6:25 am
Posted on 2/10/24 at 6:25 am
Over the years, I’ve rolled over a few accounts to consolidate the number of accounts to a more manageable number. It seems to take much longer for the institutions to transfer the money out, and most do not offer an ACH/wire transfer option.
The latest has taken almost two weeks to generate a check made out to Schwab- which they said they had to send to my house, then we have to send to Schwab. It’s retarded.
Are they just making 5.22% per day that it lags?
The latest has taken almost two weeks to generate a check made out to Schwab- which they said they had to send to my house, then we have to send to Schwab. It’s retarded.
Are they just making 5.22% per day that it lags?
3
Posted on 2/10/24 at 7:48 am to makersmark1
On our HSA it took 5 weeks.
Posted on 2/10/24 at 9:29 am to makersmark1
quote:. Checks sent to the participant are pretty much standard operating procedure at any 401k custodian.
The latest has taken almost two weeks to generate a check made out to Schwab- which they said they had to send to my house, then we have to send to Schwab. It’s retarded.
You could have the check overnighted to speed up the process, typically at a cost of $25.
Posted on 2/10/24 at 9:50 am to makersmark1
They are extremely slow, think my last rollover took like 5 weeks
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